E&S pricing momentum to carry into 2020: QBE’s DiBattista
E&S underwriters are heading to San Diego this weekend for the annual marketplace of the Wholesale & Specialty Insurance Association. The mood at the meeting is likely to be upbeat, if this publication’s conversation with Jude DiBattista, head of E&S property casualty at QBE North America, is anything to go ...
Risk Strategies wholesale rebrands and adds senior broking execs
Risk Strategies has rebranded its Matt Power-led wholesale business as One80 Intermediaries and added a number of senior executives to the platform, including Donovan Nowell and Brad Keller as financial lines and property practice leaders, The Insurer can reveal.
Ping An fintech unit joins insurtech Huize in seeking US listing: report
Ping An is reportedly seeking a New York listing for its OneConnect fintech platform in mid-November, following Chinese insurtech Huize filing for an IPO earlier this month.
Japanese market can expect $2.8bn Faxai loss
The domestic general insurance market can expect losses relating to Typhoon Faxai in the region of 300bn yen ($2.8bn), according to the General Insurance Association of Japan (GIAJ).
AM Best affirms R&Q credit rating; subsidiaries receive A-financial strength rating
Ratings agency AM Best has affirmed the financial strength rating of A- (excellent) of Randall & Quilter subsidiaries Accredited Surety and Casualty Company (ASCC), based in Orlando, Florida and Accredited Insurance (Europe) Limited (AIEL), based in Malta.
Hurricane Jerry set to bypass the Bahamas
Hurricane Jerry, the tenth named storm of the Atlantic hurricane season, is expected to swerve an encounter with the Bahamas on Sunday, according to the latest advisory notice from the US National Hurricane Center.
House passes NFIP extension as part of funding bill
The US House of Representatives has passed a continuing resolution that includes an extension of the National Flood Insurance Program to 21 November.
AM Best upgrades Russian carrier Ingosstrakh
AM Best has said Ingosstrakh’s strong balance sheet, as well as the improved operating environment in Russia has informed its upgrade of the non-life carrier.
Acrisure launches AI-based brokerage JV with investment firm Tulco
Insurance broker consolidator Acrisure and investment company Tulco Holdings have unveiled Altway Insurance, a direct-to-consumer brokerage platform fully supported by artificial intelligence.
Generali launches US specialty unit to write warranty business
The US arm of Italian insurer Generali Group has launched a specialty insurance division that will focus on providing warranty services and solutions.
MS&AD reveals $930mn Faxai loss estimate
Japanese insurer MS&AD has revealed it expects almost $1bn in losses from Typhoon Faxai, with Sompo reportedly on the hook for a similar amount of losses.
Compre commits to Lloyd’s platform by 2020 after missing out on Standard Syndicate
Legacy specialist Compre has outlined its intentions to gain a foothold in Lloyd’s of London by next year after narrowly missing out in its bid for the Standard Syndicate.
Analysis: Analysts give Neal’s turnaround plans a cautious thumbs up
Lloyd’s half-year result was met with cautious optimism by analysts as market-wide pre-tax profits climbed from £0.6mn in 2018 H1 to £2.3bn this year.
Axa Liabilities Managers acquires Munich Re Malaysia portfolio
Axa Liabilities Managers has continued to expand its Asian legacy portfolio with the acquisition of the non-life legacy portfolio of Munich Re Malaysia for an undisclosed sum.
Charles Taylor accepts £261mn PE takeover bid
London-listed Charles Taylor has agreed to a £261mn ($325.6mn) deal which will see the firm be taken private by Lovell Minnick.
Purdue considers self insurance amid liability capacity challenge
Purdue Pharma has detailed its insurers in a bankruptcy filing in which it also revealed it is looking at setting up a captive because of the challenge of finding liability insurance from third parties.
Employers Mutual takeover of EMCI wins shareholder vote
The board of EMC Insurance Group (EMCI) has won sufficient support from shareholders for the revised $36 a share buyout offer from majority owner Employers Mutual Casualty Company (EMCC) that it recommended earlier this year, bringing the M&A saga to an end.
US mutual insurers’ underwriting results improving
The mutual insurers rated by AM Best reported significant improvement in their underwriting performance in 2018, which contributed to solid surplus growth.
Brit to grow US casualty XOL book after getting A rating for BDA platform
Brit has secured an A financial strength rating from AM Best for the Bermudian platform it will use to expand its reinsurance portfolio in 2020 with a focus on US casualty excess-of-loss (XOL) business.
Brit looks to significantly increase AUM at Sussex Capital
Specialty (re)insurer Brit is meeting with ILS investors as it looks to raise funds to upsize its third-party capital platform, including collateralized reinsurance fund Sussex Capital and sidecar Versutus, The Insurer can reveal.
Ageas and Uris enter £200mn four-year partnership
Ageas Insurance has signed a new four-year contract worth £200mn with Ardonagh Group subsidiary Uris Group.
Bermuda braces for blow from Cat 3 Humberto
Bermuda schools and businesses – including the offices of (re)insurers, brokers and ILS funds – were closed today as the island bunkers down for a glancing blow from Category 3 Hurricane Humberto.
Amlin’s Western joins Ascent-Cove as CUO
Paul Western has been appointed group chief underwriting officer of managing general agents Ascent Underwriting and Cove Programs, both owned by private equity firm Preservation Capital.
AJG buys specialty construction broker and program manager
Arthur J Gallagher (AJG) has bought specialist broker Allied Insurance Brokers (AIB) and its program manager subsidiary Ascinsure Specialty Risk in a move that adds to its construction capabilities.
Markel hires Hamilton’s Slade as Lodgepine president
Brent Slade has been named president of Markel’s new retro ILS fund Lodgepine Capital Management Limited, joining from Hamilton Capital Partners.
Lloyd’s confirms Sansom in CRO role; “People officer” Andrews exits
Lloyd’s, which today reported a pre-tax profit of £2.3bn in H1 2018, has appointed David Sansom as its new Chief Risk Officer (CRO), subject to regulatory approval.
Property and energy only lines to turn H1 underwriting profit at Lloyd's
Only two of the eight businesses at Lloyd’s were profitable in the first half of 2019, pushing the corporation to an underwriting loss of £86mn, compared to a profit of £308mn in H1 2018.
Delegated business boom unsustainable: LMA
The high level of delegated authority business in the current Lloyd’s market is unsustainable, according to the findings of a new report from the Lloyd’s Market Association (LMA) and PwC.
Lloyd’s H1 profits climb to £2.3bn on investments; combined ratio slips to 98.8%
Lloyd’s of London has reported a pre-tax profit of £2.3bn for the first six months of the year – a marked improvement on the £0.6bn it posted in the same period last year – as the market continues its turnaround programme.
Axa XL hires senior underwriter from Farm Credit Administration
Axa XL has added Edward Moeller as senior underwriter in its political risk, credit and bond team.
CopperPoint buys Alaska National
Munich Re-reinsured insurtech Vouch launches with $24.5mn
Insurtech platform Broker Buddha raises $4.5mn
Holborn hires Gen Re’s Houska in Kansas
Lloyd’s approves 26 of 39 syndicate requests for growth
Trust Re forms executive committee
Lower for longer interest rates to test reinsurer resolve: Aon’s Van Slooten
Gallagher names Marsh’s Wilkinson to lead global aerospace claims
Surplus lines carriers challenged by submission flow from brokers
IUMI raises alarm over containership fire losses
Ed hires Faraday’s Stovell to build out Risk Solutions business
AIG returned to surplus lines growth last year following Validus acquisition
Surplus lines premium grew 11.2% in 2018
Hyperion hires JLT Re Colombia trio
Marsh’s Torrent unveils Hiscox-underwritten flood offering
PES insurers commit to $50mn payment from refinery fire
Vitale named Arceo.ai president as cyber insurtech raises $37mn
XPT secures $40mn financing and buys Sierra Specialty
RSA names Kevin Thompson Ireland CEO
Marsh builds out FINPRO team after Wood-led team exits
Axa XL promotes UK client & distribution trio
Vibe pulls out of A&H and property D&F
Faxai to cost insurers up to $7bn: AIR
Swiss Re settles concussion dispute with NFL
RMS estimates total Dorian insured losses could reach $8.5bn
PG&E agrees $11bn settlement with subrogation insurance group
Franks steps down as TMK CEO, hands reins to Irick
Alliant launches M&A insurance unit
Davies steps-up North American expansion with Frontier deal
NY regulator urges insurers to act in good faith over CVA claims
Edwards replaces Cain as Aspen’s UK insurance CEO
Neon’s Reith steps down as CEO
Beach & Associates looks to North American growth
Hyperion to merge Howden and RKH
Axa XL names Prato as CUO for UK entities
BGCI adds aircraft finance solutions with Boeing hire
Willis and Sompo GRS launch commercial real estate platform
Scor completes Coriolis acquisition
Axa XL targets “rare growth opportunity” with Neptune partnership
Industry tentatively sees sub-$5bn Faxai loss
Peak Re exploring upsizing $75mn sidecar
Mortgage credit business presents “compelling value proposition”
Charles Taylor confirms Standard Syndicate sale to run-off specialist Premia
Companies must seize ILS development in France
TigerRisk hires former Third Point Re exec Gupta as COO
The future of reinsurance?
Cat models à la carte
The Insurer Roundtable: The Future of Reinsurance
Underwriters have gone back to underwriting…
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