ERS posts ‘frustrating’ £12.2mn loss for 2017 as Ogden impact lingersThe specialist Lloyd’s motor insurer has reported a loss of £12.2mn ($16.8mn) for 2017 as changes to the Ogden rate continue to impact ERS’s balance sheet.
Insurers ‘split’ over post-Brexit regulatory framework: CIIThe UK insurance industry is in disagreement as to what the regulatory framework should look like when Britain leaves the European Union, according to the Chartered Insurance Institute (CII).
NZ brought in CBL liquidators over $55mn payment breachThe Reserve Bank of New Zealand asked the country’s court to appoint liquidators to CBL Insurance over $55mn of overseas payments the company made against the regulator’s wishes.
UPDATE: £2.1bn Pool Re XoL restructures with new third layer and cyber triggerAnalysis of the industry’s largest XoL retro terrorism programme, together with diagram of stack and Pool Re chain of security…
Exin faces losing EUR5mn if Ethniki deal fails to completeMatt Fairfield’s Exin could be hit with a EUR5mn ($6.1mn) break clause if its faltering EUR720mn deal to buy Greek state-owned insurer Ethniki fails to complete.
Reputational riskIn February the broker Lockton became the latest US company to bow to pressure to boycott the National Rifle Association (NRA) following a mass shooting at a school in Florida earlier this month that left 17 people dead.
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?
Armour Group steels itself for potential CBL regulatory twin fightReinsurance capital likely to be trapped in two regulatory jurisdictions which could complicate collections…
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.
US tax reforms prompt new James River Bermudian vehicleJames River Group has set-up a new subsidiary - Carolina Re - in response to tax reforms in the US passed by the Trump administration last December.
New Zealand regulator puts CBL into liquidationThe Reserve Bank of New Zealand has won a court order to place CBL Insurance into interim liquidation amid concerns about the adequacy of the construction specialist’s reserving practices.
Regulatory barriersThe Chinese authorities are getting tougher on its insurance industry and its executives…
Chinese authorities take over Anbang as chairman awaits prosecutionThe China Insurance Regulatory Commission (CIRC) has announced it has taken control of the country’s insurance giant Anbang as the company’s chairman An Xiaobohu faces prosecution for alleged “economic crimes”.
Enstar seals deal with Zurich for AUD$350mn legacy motor bookEnstar has entered an agreement with an Australian subsidiary of Zurich Insurance Group to reinsure its New South Wales motor vehicle compulsory third party (CTP) insurance business.
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.
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.