Loss struck wind specific layers of excess-of-loss (XoL) covers bought by the Japanese “Big Three” carriers are seeing significant rate increases of 20-30 percent as reinsurers react to dramatic creep on Typhoon Jebi losses, The Insurer has learned.
Almost all of Tokio Millennium Re’s executive management team have exited the reinsurer with the close of its acquisition by RenaissanceRe today.
The European Commission has approved Marsh & McLennan Companies’ acquisition of Jardine Lloyd Thompson, conditional on the divestment of JLT’s global aerospace practice.
RenaissanceRe has confirmed the closing of its deal to buy Tokio Millennium Re (TMR) for just over book value.
The chief executive of Lloyd’s of London has chastised the market for prioritising expansion and diversification over profitability in recent years and has vowed to return the institution to its former glory.
Munich Re expects losses between Eur100mn and Eur120mn from the Ethiopian Airlines crash and subsequent grounding of Boeing 737 Max 8 planes. This follows fellow German reinsurer Hannover Re estimating losses in the low two-digit million euros.
Arch Capital Group has announced that John Pasquesi will succeed Constantine Iordanou as chairman in September upon the completion of Iordanou’s term.
Bermuda-based alternative risk management solutions provider Artex has confirmed the official return of Peter Mullen as its CEO.
BGC Partners, the owner of London market brokers Ed and Besso, and expansive US wholesaler AmWINS have emerged as two of the frontrunners in the chase for up-for-sale RFIB Insurance Brokers, The Insurer can reveal.
Newly installed LMA CEO Sheila Cameron has called on the sector to ensure both victims and witnesses are encouraged to come forward following damning reports of sexual harassment within Lloyd’s.
Premier David Burt has acknowledged concerns in Bermuda about being placed on the European Union’s tax haven blacklist but says the island will be removed from it “at the earliest opportunity”.
KBW analyst Meyer Shields raised his Q1 earnings forecasts for Allstate after the US insurance giant reported lower-than-expected catastrophe losses for February.
Insured losses emanating from the flood event which impacted the Australian city of Townsville earlier this year are estimated at A$1.04bn ($742mn), according to the Insurance Council of Australia (ICA).
Liberty Specialty Markets has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg ahead of the UK’s exit from the European bloc at the end of March.
US program insurer Accredited Surety & Casualty Inc (Accredited) has inked another fronting deal this time with the Californian auto MGA Pronto General Insurance Agency Ltd.
Following large reserve increases and a delay to its 10-K filing, Atlas Financial Holdings has asked for its ratings to be withdrawn.
John Lumelleau has joined US property catastrophe specialist Orchid Underwriters Agency as chairman, succeeding Steve Carlsen.
As the war of words continues between Gallagher’s London wholesaler Alesco and subsidiaries of the Ardonagh Group, industry heavyweight and former Gallagher UK CEO Grahame ‘Chily’ Chilton said he was both “shocked” and “surprised” that two employees would pass over sensitive information to rival firms.
Norwegian aluminium company Norsk Hydro said the situation is “quite severe” following a cyber attack but has confirmed it has an insurance programme that includes business interruption cover.
A legal filing by seven producers who left Lockton for Alliant last week alleges former colleague Steve Lockton sent a “blunderbuss of vulgar, profane and threatening texts” to the defectors.
Gallagher-owned Alesco has launched a reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea.
Loss aggregation firm Perils has dropped its estimated insured property losses stemming from the Sydney hailstorms in December to A$633mn ($448.7mn).
Arch has confirmed its investment in a new UK MGA Archipelago Risk Services, as first revealed by The Insurer.
The US’s fastest growing fronting insurer Accredited Surety & Casualty Company Inc (Accredited) predicts AM Best’s recent decision to increase its group rating will enable it to access more program business.
French reinsurer Scor has promoted Michel Blanc to CEO of reinsurance, in a swathe of executive promotions across the group.
Florida’s Citizens has confirmed it is looking to buy reinsurance for its personal lines account (PLA) as well as additional private cover around the state cat fund for its coastal account.
There is an “Irma effect” that is dramatically increasing the number of assignment of benefits (AOB) related litigated cases in Florida, according to Citizens president and CEO Barry Gilway.
The ongoing legal battle between Gallagher’s London market wholesaler Alesco and subsidiaries of the Ardonagh Group over a bitter staff and energy business poaching case has highlighted the extent of the war for talent among senior producers in the London market and, in some cases, the extraordinary lengths employers must ...
The US National Flood Insurance Program (NFIP) has announced a new system for rating flood risk called Risk Rating 2.0 that will become available in April 2020.
German reinsurance powerhouse Munich Re has outlined plans to buy-back Eur1bn ($1.4bn) of shares in 2018 and has upped profit estimates for the year ahead as its P&C business swings back into the black.