TMK builds out Singapore team with Chubb hire
Tokio Marine Kiln (TMK) has appointed Jamie Tang as a property underwriter in Singapore.
Peak Re unveils $75mn sidecar Lion Rock Re
Hong Kong-headquartered Peak Re has unveiled a $75mn special purpose insurer (SPI) which it describes as Asia’s first-ever sidecar.
StarStone ends QS with ILS fund Securis
StarStone has ended its partnership with major ILS provider Securis, The Insurer can reveal.
Markel didn’t invest in CatCo’s $2.3bn+ “reload”
Markel Corp didn’t invest in CatCo’s mammoth $2.3bn+ fund raising that occurred in late 2017 after Hurricanes Harvey, Irma and Maria caused more than a $100bn+ of industry losses while tying up billions of dollars of capital among ILS funds.
Sanford leads trio of PartnerRe exits
PartnerRe is set to see the departure of a trio of senior underwriting executives led by Head of North America P&C Richard (Dick) Sanford, The Insurer can reveal.
Enstar completes $200mn AmTrust investment
Bermudian legacy-to-live carrier Enstar has completed its $200mn investment in Evergreen.
CNA gets improved deal on PL quota share
US insurer CNA has been rewarded by reinsurers for the performance to date of its professional liability quota share with an extra half a point of ceding commission, The Insurer can reveal.
Gallagher snaps up aviation broker Boston Marks
Arthur J Gallagher has snapped up Boston Marks Group which includes Boston Marks Insurance NZ in New Zealand, BMG Aviation in Australia and the book of business of Boston Marks Insurance Brokers in the United Kingdom.
Markel CatCo shares fall to all-time low following regulatory investigation revelation
Shares in the listed fund of retro investment specialist Markel CatCo fell 25 percent in London trading today (06 December) as the firm revealed US and Bermuda authorities are looking into loss reserves recorded in late 2017 and early 2018 at CatCo and its subsidiaries.
Axa XL ratings upgraded following mega-merger completion
XL Group and Axa have both had their ratings removed from under review with developing implications and their financial strength rating upgraded by AM Best.
Validus Specialty swoops on Argo for CUO hire
Validus Specialty has appointed Stephen McGill as Senior Vice President and Chief Underwriting Officer of Validus Specialty, Western World and Crop Risk Services, effective immediately.
Markel CatCo under investigation by US/Bermuda authorities
Markel CatCo - a leading provider of collateralised retro capacity - confirmed last night it is under investigation by “US and Bermuda authorities” over its loss reserves.
Majority of $10bn+ wildfire damage to be covered by insurance: Aon
The majority of the losses stemming from the wildfires that ravaged parts of California last month will be insured, according to Aon.
Ed names Kendall head of cat & exposure management
Global reinsurance, wholesale and specialty broker Ed has appointed Jo Kendall as head of catastrophe and exposure management.
AM Best upgrades global reinsurance market to stable
AM Best has revised its outlook for the global reinsurance segment to stable from negative.
Mercer to name JLT exec as new COO
Investment consultancy Mercer will make the CEO of JLT’s employee benefits arm, Bala Viswanathan, its chief operating officer when the acquisition of JLT by its parent company MMC completes.
AIR pegs Camp Wildfire insured losses at $6bn - $9bn
Catastrophe risk modeling firm AIR Worldwide estimates that industry insured losses from the Camp Fire in Northern California will be between $6bn and $9bn.
European P&C insurers face deteriorating CR in 2019
European Property & Casualty insurers will likely experience a modest deterioration in combined ratios and investment returns in 2019.
P&C market must transform digitally to offset “sluggish” growth: EY
Property & Casualty insurers must focus on technology and innovative initiatives that optimize costs, drive wider distribution and market reach and explore local niche market segments in order to spur growth, EY has said.
AIG to be hit with up to $800mn cat bill in Q4
US insurance giant AIG has said it expects to incur a cat bill in the region of $750mn to $800mn on a pre-tax basis in the fourth quarter.
Beazley on the hook for $40mn Cali wildfire losses
London insurer Beazley has pegged its loss bill for the 2018 California wildfires at $40mn net of reinsurance.
CNA Hardy’s post-Brexit structure approved
CNA Hardy is the latest carrier this week to be given the green light for its Part VII transfer by the High Court of England and Wales.
JLT notifies staff of £100mn retention awards ahead of new global structure
As the post-takeover operating structure of MMC and JLT begins to take shape, JLT’s qualifying staff have been notified of their entitlements under the £100mn retention bonus scheme that was announced as part of the £4.3bn acquisition.
The Hartford pegs Q4 losses at up to $365mn
US insurer The Hartford has said it expects to pick up a loss bill of up to $365mn in the fourth quarter.
GRP sees gross written premium climb 27% to £700mn
Specialist insurance consolidator Global Risk Partners has seen gross written premium exceed £700mn, up 27 percent on 2016/17 as the Peter Cullum led firm builds on ambitions to be a £1bn GWP business.
AIG swoops on MetLife Japan for Asia Pacific CEO
AIG has appointed Sachin Shah CEO of Asia Pacific, AIG General Insurance.
Wave of senior departures at AmTrust as go-private deal completes
There has been a trio of high-profile exits at AmTrust in the wake of the completion of its $2.95bn take-private deal with Stone Point Capital last week.
AIG promotes Lyons to CFO replacing Sankaran
AIG has promoted Mark Lyons to the role of executive vice president and chief financial officer.
Beasley takes reins as Trisura Specialty heads to $100mn GWP
US hybrid fronting carrier Trisura Specialty has named seasoned insurance executive Michael Beasley as its president and CEO as part of a management reshuffle, The Insurer can reveal.
Scor rewarded for traditional early 2019 retro renewal
Tier one global reinsurer Scor has been rewarded for its traditional early renewal of its annual P&C retro program by renewing its core XoL coverage before the November California wildfires and benefiting from a more favorable pricing environment, The Insurer can reveal.
Loss creeps “challenging” alternative capital markets: Swiss Re
Chubb pegs Michael losses at top end of estimates; expects wildfire losses up to $225mn
High Court approves RSA’s Part VII transfer
Lloyd’s in search of next cohort of InsurTech start-ups
Barbican takes CNA Hardy’s former property treaty underwriter Watson
AIG’s post-Brexit unit given stable outlook by AM Best
RSG units hires Ironshore program casualty executive
Heaney steps down from SSL Endeavour
Marriot to rival Merck as largest-ever affirmative cyber loss
WTW demonstrates PPL credentials ahead of 2019 broker league table
AIR pegs Woolsey Wildfire insured losses at $2.5bn
Labuan Re reassures after AM Best outlook downgrade; cuts back at Lloyd’s
Macey exits Tysers following Integro sale
Allianz shares dip as CEO eyes M&A
Q2 ILS issuance falls for first time since 2016, risk-return negative
Ardonagh posts £69mn loss for 9m 2018
Sirius given AM Best boost following NASDAQ listing
Lloyd’s reinsurer Labuan Re put on negative outlook
Ariel Re: Retro driving 1.1 property cat rate rises
Culture shift driving a world of ‘fewer, lighter and leaner’ carriers
Blockchain needs to be adopted by all to be of use
Axa commits to Lloyd’s following $15.3bn XL deal
RKH swoops on JLT Re for Asia Pacific marine head
Duperreault encourages more Bermuda InsurTechs
Ardonagh income climbs 11% in first nine months
Starr injects $50mn into new European insurer
Axa XL commits to using more ILS capacity to continue de-risking; raises profit targets
CNA Hardy hands Carl Day active underwriter role
R&Q inks self-insured legacy and workers comp deal
AIG sets 35% cede on groundbreaking environmental QS
AmTrust $2.95bn take-private deal gets regulatory approval
AIG sets 25% cede on giant casualty QS
Lloyd’s appoints Christian Noyer to Council and Brussels’ board
Cali wildfire property losses estimated at $15bn to $19bn
Danish insurer Qudos enters liquidation as M&A dispute gears up
Marsh receives regulatory green light for captive management in UAE
Axa takes full control of Chinese venture
Munich Re incurs major Ituango dam loss
TigerRisk Capital Markets hires Stephen Fromm
Browne named AGCS UK CEO as Kirwan steps down
Allianz gains regulatory nod for first foreign-controlled Chinese carrier
Guy Carpenter’s Carter to join Lloyd’s Council in 2019
M&A hungry Allianz extends CEO’s contract by five years
Japan 3Q cats cost international reinsurers $5.1bn
Markel CatCo share price falls to all-time low on NAV hit warning
Hiscox’s Jeremy Pinchin to retire
Resurrected Folgate handed B rating by AM Best
Citadel Re loses AM Best A- rating
Scor launches Paris-based European insurer to mitigate Brexit fallout
MS&AD sends $2.5bn Q3 bill to cat reinsurers