Florida

Florida stand-off continues as renewal deadline nears

2019-05-24T22:16:00+01:00

The outcome of a complex and fraught Florida renewal remains uncertain going into its final week as brokers test the resolve of the market and several of the biggest reinsurers hold back authorizations.

Mark Watson Argo

Argo directors approved at AGM, executive comp narrowly passed

2019-05-24T20:19:00+01:00

Argo’s shareholders have voted to elect all five of its Class III directors to the Bermudian (re)insurer’s board, based on a preliminary count provided by its proxy solicitor, and narrowly approved its executive compensation.

Aviation

Chad to leave JLT Aerospace ahead of Gallagher takeover

2019-05-24T09:21:00+01:00

Senior aviation executive Marcel Chad is understood to have signalled his intention to exit JLT ahead of the planned £190mn transfer of JLT Aerospace to rival broking house Gallagher, The Insurer can reveal.

US government. Washington

House fails to act after Senate passes NFIP extension

2019-05-24T16:25:00+01:00

US Congress looks to have failed to pass reauthorisation of the National Flood Insurance Program (NFIP) in time to stop it lapsing on 31 May, after the House of Representatives did not approve a disaster relief measure passed by the Senate.

British steel

Insurers face legal action over £30mn British Steel claim

2019-05-24T15:32:00+01:00

Insurance advisory firm Mactavish is preparing legal action against the insurers of British Steel over an unpaid £30mn ($38mn) insurance claim filed before the manufacturer collapsed into liquidation on Wednesday.

Hong Kong city skyline

Delek to sell insurer Phoenix to PE firms Centerbridge and Gallatin Point

2019-05-24T15:31:00+01:00

Israel-based Delek Group has signed an agreement to sell a 32.5 percent stake in its insurer Phoenix Holdings to private equity firms Centerbridge Partners and Gallatin Point Capital for 1.72bn shekels ($476mn).

Hyperion and MMC justice scales

JLT launches legal proceedings against Hyperion as defections intensify

2019-05-24T15:13:00+01:00

MMC-owned JLT has begun legal proceedings in the UK against the London-headquartered intermediary Hyperion following a flurry of high-profile resignations, The Insurer can reveal.

Johannesburg_Skyline

Old Mutual board suspends CEO Moyo

2019-05-24T12:29:00+01:00

The chief executive of South African carrier Old Mutual Life Assurance Company, Peter Moyo, has been suspended by the insurer’s board of directors after a “material breakdown in trust and confidence,” in an announcement filed on the Johannesburg Stock Exchange today.

Japanese flag image

Japanese carriers hit by additional reinsurance costs following 2018 nat cats

2019-05-24T12:00:00+01:00

Japanese non-life insurers are facing pressure to rebuild catastrophe reserves amid rising reinsurance costs that follow a catastrophe loss-heavy year in 2018, according to a market segment report from AM Best.

everest logo

Everest Re adds Hartzband to board

2019-05-24T09:37:00+01:00

Bermudian Everest Re Group has appointed Stone Point Capital founding partner Meryl Hartzband to its board of directors. She will join the carrier’s audit, compensation and nominating & governance committees.

Sally Lake Beazley

Beazley’s Lake replaces Bride as finance director

2019-05-24T06:49:00+01:00

Sally Lake has transitioned into her new of group finance director at blue chip insurer Beazley, replacing Martin Bride.

lloyds city

Lancashire CFO Whelan to step down

2019-05-24T06:33:00+01:00

Lancashire’s chief financial officer and CEO of the carrier’s Bermudian arm Elaine Whelan is to retire from her top role at the carrier next year.

National Flood Insurance Program’s new rating system

Senate passes bill extending NFIP to end of September

2019-05-23T22:29:00+01:00

The Senate has voted 85-8 to pass an emergency disaster relief measure agreed with President Trump that includes extending National Flood Insurance Program (NFIP) authorisation to 30 September.

Ron DeSantis Florida governor

Florida governor signs AOB bill into law

2019-05-23T21:44:00+01:00

Florida’s legislation reforming assignment of benefits (AOB) has been signed into law by Governor Ron DeSantis, and will come into effect 1 July.

MS&AD – Jebi

$4bn of MS&AD’s Japan cat losses reinsured; Akibare cat bond a total loss

2019-05-23T21:16:00+01:00

MS&AD has revealed that 70 percent of its gross Japanese catastrophe losses in 2018 were covered by reinsurance, including an expected total loss of its Akibare 2016-1 cat bond.

Cyber security

CFC launches instant quote and bind platform for SME cyber policies

2019-05-23T19:25:00+01:00

London-based MGA CFC Underwriting has developed an online trading platform that brokers can use to generate and customise cyber policies for their small to medium enterprise (SME) clients, without underwriter involvement.

13657

NOAA forecasts 2-4 major hurricanes in 2019 season

2019-05-23T18:08:00+01:00

The National Oceanic and Atmospheric Administration (NOAA) has predicted a near-normal Atlantic hurricane season this year, with a 40 percent chance of a near-normal season, a 30 percent chance of an above-normal season and a 30 percent chance of a below-normal season.

AM Best – USA flag

2018 D&O profitability up despite $3bn Petrobras, $480mn Wells Fargo settlements

2019-05-23T17:51:00+01:00

The US directors and officers (D&O) insurance market’s performance improved in 2018. But AM Best has warned in a new report that a growing number of emerging issues including a Supreme Court ruling and the growing number of unicorn companies pose new challenges for underwriters.

Matt Power – Risk Strategies

Risk Strategies to consolidate and build wholesale platform under Power

2019-05-23T17:14:00+01:00

Fast-growing US broker Risk Strategies is looking to consolidate its existing network of specialty intermediaries into a single wholesale platform and build it out organically and through M&A under new divisional head Matt Power, The Insurer can reveal.

Capital Crossing and Mapfre – Hurricane Maria

Real estate investor sues Mapfre for $37mn unpaid Maria claims

2019-05-23T16:46:00+01:00

Capital Crossing Servicing has filed a lawsuit against Mapfre Praico Insurance Company claiming the insurer has only paid $2.6mn of $39.6mn total submitted claims related to Hurricane Maria.

NTA Trucks

NTA expected to significantly expand MS Amlin-led trucking quota share

2019-05-23T14:19:00+01:00

US specialty MGA NTA General Insurance Agency is expected to seek significant profitable growth on the trucking liability program it reinsures through a State National-fronted 100 percent quota share, The Insurer can reveal.

Hartford-Navigators*

The Hartford completes Navigators purchase

2019-05-23T14:13:00+01:00

The Hartford’s acquisition of specialty insurer The Navigators Group has closed today for $2.2bn in cash, including expenses.

AM Best

New players intensifying US inland marine competition

2019-05-23T13:55:00+01:00

New entrants are threatening the US inland marine market’s strong profitability, while CNA and Liberty Mutual held the top two spots and AIG grew its premiums 47 percent last year, according to a new report from AM Best.

Coal Power Plant At River

Downstream market sees rates rebound

2019-05-23T13:28:00+01:00

Loss-affected accounts in the downstream energy market have been able to achieve rating increases of 30 percent at recent renewals as the beleaguered sector seeks to recalibrate after two atrocious years of losses, The Insurer can reveal.

Jeremy Cooke & Andrew slade

Ex-Marsh exec Jeremy Cooke partners with SSL founder Sturdy to launch Abu Dhabi Re

2019-05-23T10:00:00+01:00

The recently retired senior Marsh executive Jeremy Cooke is teaming up with SSL founder Andrew Sturdy to launch the first underwriting platform in Abu Dhabi’s International Financial Centre.

David Ross – Ardonagh

Ardonagh Q1 loss increases to £24.7mn as debt finance costs climb

2019-05-23T09:07:00+01:00

Private equity owned UK broker consolidator The Ardonagh Group saw its losses climb to £24.7mn in the first quarter of 2019 as the cost to service its £1bn+ debt burden increased, compared with a loss of £14.2mn for the same period last year.

Rosa Flores – Lloyd's and Liberty Mutual

Liberty Mutual Re joins Lloyd’s Mexico platform

2019-05-23T08:50:00+01:00

Liberty Mutual Reinsurance (LM Re), the reinsurance arm of Liberty Special Markets (LSM), has become the latest player to open an operation in Mexico under the Lloyd’s banner.

Ariel Re – Bermuda

Kelly follows TMR’s O’Flynn to Ariel Re

2019-05-23T08:28:00+01:00

Ariel Re has swooped on Tokio Millennium Re (TMR) for the second time this week as it builds out its financial lines team with the appointment of Sean Kelly as senior vice president and specialty underwriter for credit and financial products.

Denis Kessler – Scor

Scor expands ILS arm with Coriolis Capital acquisition; takes AuM to $2.1bn

2019-05-23T07:19:00+01:00

French reinsurance powerhouse Scor has acquired Coriolis Capital – a fund manager specializing in ILS – taking its assets under management to $2.1bn.

Lockton logo

Lockton generates 11% organic growth in the US

2019-05-23T02:39:00+01:00

Lockton reported strong organic growth in the US and internationally for the fiscal year ending 30 April 2019 and said the move to build out its reinsurance platform will provide further fuel for top line expansion.