PRA ‘not going to go soft’ on Solvency II despite UK insurer consultationThe deputy governor of the Bank of England and head of the Prudential Regulation Authority (PRA) Sam Woods has warned insurers that the regulator is not about to soften its overall approach to Solvency II despite an ongoing review over its impact.
Irish Central Bank places CBL under administrationFollowing a similar move by its counterpart in New Zealand, the Irish regulator has petitioned the country’s high court today (26 February) to appoint an administrator for CBL’s European operations.
CBL’s downfall: As it happenedThings appeared to be going pretty well for CBL this time last year when it announced its 2016 results.
Angerstein: Gala InvitesFresh from the collapse of his insurance company CBL, will CEO Peter Harris still go to Monte Carlo later this year to represent NZ in the world entrepreneur of the year competition? Angerstein suspects not…
Why Gibraltar’s French construction storm may spread beyond CBLWhy has the French construction class “dommages-ouvrage” blown a hole in CBL’s balance sheet and will other (re)insurers be affected?
CBL puts itself into administrationEmbattled New Zealand carrier CBL Group has placed itself into voluntary administration in the wake of a High Court order forcing it to put its insurer into interim liquidation late last week.
Calamos doubles down in $41.7mn Exin disputeGreek-American billionaire John Calamos has upped the ante in his dispute with Matt Fairfield’s Exin after he filed another lawsuit against the pan-European carrier in its home jurisdiction of the Netherlands.
Exin requests extension for EUR720mn Ethniki bid deadline: reportsMatt Fairfield’s Exin has written to the Greek regulator to request a 15 day extension for its deadline to line up backing for its proposed acquisition of state-owned carrier Ethniki as the company fights to secure funding for the deal.
Axa combined ratio falls to 94.6% as commercial lines improveFrench insurance giant Axa saw its combined ratio improve marginally by 40 basis points to 94.6 percent for 2017.
Scor escapes worst of Q4 painFrench reinsurer Scor appears to have avoided the worst of the fourth quarter losses after it posted an improved combined ratio of 91.6 percent in its P&C unit for the period.
The Swedish Club loses appeal over $15mn Renos lossA cohort of hull and machinery underwriters led by the Swedish Club have lost an appeal looking to dodge a $15mn loss after a freighter ship the MV Renos was destroyed by fire six years ago.
Irish authorities order CBL to halt writing businessThe Central Bank of Ireland has instructed New Zealand-listed construction specialist carrier CBL to stop writing business in the country with immediate effect as concerns over the company’s financial position spread to Europe.
Division where unity is required…The anti-insurer headlines are easy to imagine. A terrorist once again uses his vehicle to maim and kill and – in the aftermath of the atrocity – the notoriously aggressive British tabloid press seize on the revelation that UK motor insurers have recently changed their coverage to exclude liability for terrorist attacks.
What next for Ethniki?With an apparent deadline later this week, Re-Insurance.com wonders what the team of impressive US and Greek financiers compiled by Ethniki acquirer Exin will do following the recent revelations of legal action between the firm and some of its backers…
Carriers finally ‘called time’ on rate reductions: Willis“Already on the ropes and fatigued” (re)insurers have finally “responded to the towel entering the ring” to call time on rate reductions, according to a report from Willis Towers Watson.
Softbank looks for Swiss Re board seatSoftbank, the Japanese tech conglomerate that stunned markets last week after reports emerged it was mulling a $30bn stake in Swiss Re, is pushing for a seat on the carrier’s board in a bid to have a say in how the reinsurer spends its $161bn investment pot.
UPDATE: Bäte remains coy on Allianz-XL acquisition speculationAllianz CEO Oliver Bäte has said the German giant remains committed to investing in the P&C arena, but declined to comment on speculation that Mike McGavick’s XL is the next target on the firm’s radar.
Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki dealMatt Fairfield’s inchoate pan-European insurer Exin is facing two separate deadlines - with one only days away - to buy Greece’s largest insurer, if Greek reports are correct.
Tokio Marine falls to nine month reinsurance and Europe lossJapanese insurance giant Tokio Marine’s reinsurance and European units both fell to a loss in the nine months to 31 December as catastrophe losses and currency fluctuations ate into the company’s profits for the period.
RSG takes on Lodestar Marine from Tawa GroupRyan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.