Latest news
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NewsDownstream market facing $500mn Port Neches refinery loss
The beleaguered downstream energy market is facing the prospect of a $500mn loss in relation to a large fire at TPC Group’s petrochemical plant in Port Neches, Texas, The Insurer can reveal.
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Lloyd’s to pilot 2020 ILS trade and may review three-year accounting
Lloyd’s has committed to executing at least one ILS transaction next year under its soon-to-be-developed capital solutions platform and may review the market’s three-year accounting cycle to enable investors to exit their investments earlier, CEO John Neal confirmed today in his widely-anticipated Blueprint One paper.
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Munich Re to launch Lloyd’s first ‘Syndicate-in-a-Box’ with another live by 1.1
Munich Re will be the first carrier to launch a ‘Syndicate-in-a-Box’ at Lloyd’s, a cornerstone initiative of the Corporation’s ‘The Future at Lloyd’s’ blueprint that has been launched today, with a second also to be live by 1.1.2020.
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Neal: Future at Lloyd’s to cost “hundreds of millions not billions”
Lloyd’s CEO John Neal has promised the costs of his bold transformation programme will be “manageable” as he unveiled the widely-anticipated 147-page Blueprint One document that provides the first steps towards an advanced digital, data-led (re)insurance marketplace.
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The Hanover uses Chaucer funds for $250mn accelerated buyback and special dividend
US carrier The Hanover Insurance Group is buying back $150mn of its stock in an accelerated share repurchase agreement (ASR) and has also declared a $100mn special dividend as it competes the deployment of the $850mn funds generated from its sale of Lloyd’s insurer Chaucer last year.
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Gallagher names Partington CEO of Canadian retail P&C broking
Gallagher has appointed Dave Partington chief executive of its expansive Canadian retail property and casualty broking operations, replacing Steven Bryant who has left the company.
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Rivera named CEO of MMC’s Latin American Fac unit
Marsh and Guy Carpenter’s Latin American facultative reinsurance arm has named Carlos Rivera as CEO.
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Guy Carpenter says close to resolving dispute with Lockton Re defectors
Guy Carpenter is close to resolving its dispute with three executives that left to launch the Lockton Global Re platform, according to a letter filed with the court yesterday (4 December).
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RFIB hires former JLT Re retro veteran Dunn
London market wholesaler RFIB has added former JLT Re retro partner Richard ‘Dickie’ Dunn to its London-based team, The Insurer can reveal.
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Moody’s issues claims cost warning
Increasing claims costs and low investment yields are the two dark clouds on the property casualty horizon, according to Moody’s Investor Services, with the potential to constrain profit margins.
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Former Axis FL underwriters land at AWAC and Beazley
Two underwriters from Axis’ London-based financial lines business – Benjamin Reed and Joanne Hayward – have taken on new roles at Allied World and Beazley respectively, The Insurer understands.
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Aston Lark acquires Wright Insurance Brokers
Goldman Sachs-backed Aston Lark has acquired Irish commercial broker Wright Insurance Brokers.
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Asia Capital Re deal continues 2019 legacy boom
Bermudian legacy firm Catalina Holdings’ in-principle agreement to acquire Singapore-headquartered Asia Capital Reinsurance Group (ACR) is the latest in a series of significant deals in recent months in what is turning out to be a fruitful season for the legacy market.
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PG&E edges towards $13.5bn deal with wildfire victims: reports
California utility firm Pacific Gas Electric Company (PG E) is reportedly close to finalising terms for a $13.5bn payout to victims of wildfires ignited by its power lines, just weeks after the utility agreed a deal to settle all insurance subrogation claims arising from the 2017 Northern California ...
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Blanc to become chair of ERS
ERS has named Amanda Blanc as non-executive director and chair-designate of ERSSML, the managing agent of the specialist motor insurer’s Syndicate 218 at Lloyd’s.
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Chaucer and Qomplx team up on parametric multi-peril insurance for SMEs
Virginia-based analytics platform Qomplx and specialty carrier Chaucer have launched the first multi-peril parametric insurance product specifically aimed at small to medium-sized enterprises (SMEs), The Insurer can reveal.
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Kershaw named Lancashire CFO
Natalie Kershaw is to be the new group CFO at Lancashire Holdings.
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Catalina Holdings to acquire Asia Capital Re
Bermuda-headquartered legacy firm Catalina Holdings has reached an in-principle agreement to acquire Singapore-headquarted Asia Capital Reinsurance Group (ACR), its first such deal in Asia.
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Burns & Wilcox denied TRO in CRC dispute
Burns Wilcox has been denied a temporary restraining order and preliminary injunction in its litigation with rival wholesale broker CRC Group over the hiring of almost 50 of its employees.
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BHSI hires AIG’s Adams for Canada surety head
Berkshire Hathaway Specialty Insurance has appointed Andrew Adams as head of surety in Canada.
