Downstream energy losses trumped capacity by $2bn in 2018: JLTThe downstream energy market was hit with a loss bill of $3.75bn last year, outstripping the premium pool for the class by more than $2bn, according to JLT.
Canopius, BMS unveils London energy hiresLloyd’s insurer Canopius has confirmed the hiring of Beazley’s deputy head of energy Rachel Sabbarton to replace veteran Geoff Tin.
Alesco names RKH’s Smith managing partner of energyGallagher-owned specialist broker Alesco has named Jonathan Smith as managing partner of energy, replacing Simon Clarkson who is promoted to deputy chairman of the division.
Insurers win final appeal on $470mn Noreco energy lossThe energy insurance market has swerved a $470mn loss as a nearly decade long legal battle drew to a close yesterday, Re-Insurance understands.
Alesco bolsters energy division with Miller hireLondon market wholesaler Alesco has hired Steve Dewey from rival firm Miller.
BMS continues energy team build-out with more Price Forbes hiresLondon wholesaler BMS has continued to build out its nascent energy insurance team with three more hires from rival Price Forbes and a fourth addition from JLT.
IGI taps Axis for downstream energy underwriterMiddle Eastern carrier IGI has strengthened its energy offering with the appointment of James Green as senior underwriter for downstream energy.
Insurance industry playing catch-up to cover corporate risksCarriers remain behind the curve when it comes to developing products that buyers want, according to Adriano Bastiani, head of casualty facultative at Munich Re.
Price Forbes bolsters power team with trio of hiresWholesaler Price Forbes has grown its power, utilities and nuclear team with a trio of hires including former Marsh managing director Simon Howell, re-Insurance.com understands.
Lockton takes Willis Re’s Ridge as marine and energy reinsurance bossIndependent broker Lockton has hired Jerry Ridge from Willis Re to head up its global marine and energy reinsurance division.
Liberty’s long-serving marine and energy underwriter Pursey departsLiberty Specialty Markets’ global manager for energy exploration and production, Richard Pursey, has left the carrier, re-Insurance.com can reveal.
Lloyd’s targets seven loss-making classes in new £6.4bn crackdownLloyd’s has instructed its managing agents to provide quarterly reports and an “action plan” on the underwriting performance of seven under-performing classes of business as part of a wider initiative to improve the market’s poor results, re-Insurance.com can reveal.
Hiscox veteran Simon Williams reappears at ArchThe former head of marine and energy at Hiscox, Simon Williams, has joined Arch Insurance Europe as senior vice president for strategy and distribution.
GCube’s Richardson heads to Travelers as renewable energy bossCharlie Richardson, senior energy underwriter at Lloyd’s coverholder GCube, is leaving the firm for Travelers.
BMS continues build out of new energy teamIndependent BMS Group is continuing to build out its new energy division following re-Insurance.com revealed the firm’s ambitions with the hire of former Price Forbes executive James Chicken earlier this year.
Energy insurers must ‘choose between two evils’: WillisUnderwriters of upstream energy face a dilemma over whether to continue to invest in the line of business or to scale back operations until the class becomes more profitable, a new study from Willis Towers Watson has found.
Talanx combined ratio slips into the red after hurricane lossesHannover Re-owner Talanx saw its 2017 combined ratio slip into the red as last year’s earthquakes, storms and wildfires took their toll on its bottom line.
Lloyd’s insurer Ark in $57mn PartnerRe energy renewal rights dealPartnerRe has sold the renewal rights of its leading London market energy insurance book to Lloyd’s insurer Ark, re-Insurance.com can reveal.
Chicken joined by more hires in BMS’s new energy divisionLondon market wholesaler BMS has made two further appointments in its newly-formed primary market energy division.
BMS hires Price Forbes executive to launch new direct energy operationThe London market wholesaler BMS is to launch an energy insurance division later this year, led by Price Forbes executive James Chicken.