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.
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.
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 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.
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.
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).
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.
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 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.
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 has transitioned into her new of group finance director at blue chip insurer Beazley, replacing Martin Bride.
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.
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 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.
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.
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.
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.
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 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.
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.
The Hartford’s acquisition of specialty insurer The Navigators Group has closed today for $2.2bn in cash, including expenses.
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.
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.
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.
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.
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 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.
French reinsurance powerhouse Scor has acquired Coriolis Capital – a fund manager specializing in ILS – taking its assets under management to $2.1bn.
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.