Japanese wind covers price up 20-30% as reinsurers reassess risk
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.
RenRe deal close brings cull of TMR executives
Almost all of Tokio Millennium Re’s executive management team have exited the reinsurer with the close of its acquisition by RenaissanceRe today.
MMC’s JLT acquisition to close 1 April following EC approval
The European Commission has approved Marsh & McLennan Companies’ acquisition of Jardine Lloyd Thompson, conditional on the divestment of JLT’s global aerospace practice.
RenRe closes Tokio Millennium acquisition
RenaissanceRe has confirmed the closing of its deal to buy Tokio Millennium Re (TMR) for just over book value.
‘Lloyd’s is better than this’: Neal
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 reveals up to Eur120mn Boeing loss
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.
Pasquesi to replace Iordanou as Arch chairman
Arch Capital Group has announced that John Pasquesi will succeed Constantine Iordanou as chairman in September upon the completion of Iordanou’s term.
Mullen takes reins at Artex
Bermuda-based alternative risk management solutions provider Artex has confirmed the official return of Peter Mullen as its CEO.
BGC and AmWINS frontrunners in RFIB sale process
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.
Market responds to Lloyd’s sexual harassment reports
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.
Bermuda premier vows to get island off EU blacklist
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”.
Analyst ups Allstate Q1 profit projections after Feb cats estimate
KBW analyst Meyer Shields raised his Q1 earnings forecasts for Allstate after the US insurance giant reported lower-than-expected catastrophe losses for February.
Townsville flood claims total 25,778 as bill hits $742mn: ICA
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 re-domiciles European business to Luxembourg
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.
Accredited agrees new partnership deal with Californian auto MGA Pronto
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.
AM Best withdraws Atlas Financial’s ratings
Following large reserve increases and a delay to its 10-K filing, Atlas Financial Holdings has asked for its ratings to be withdrawn.
Orchid appoints ex-Lockton CEO as chair
John Lumelleau has joined US property catastrophe specialist Orchid Underwriters Agency as chairman, succeeding Steve Carlsen.
Gallagher vs Ardonagh: Chilton weighs in on “underhand tactics”
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.
Hydro confirms cyber insurance in place after attack
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.
Steve Lockton sent ‘vulgar, profane and threatening texts’, allege defectors
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.
Alesco launches $3.5bn Equatorial Guinea upstream energy reinsurance facility
Gallagher-owned Alesco has launched a reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea.
Perils lowers Sydney hailstorm losses to A$633mn
Loss aggregation firm Perils has dropped its estimated insured property losses stemming from the Sydney hailstorms in December to A$633mn ($448.7mn).
Arch confirms backing of Simpson’s HNW MGA Archipelago
Arch has confirmed its investment in a new UK MGA Archipelago Risk Services, as first revealed by The Insurer.
US program insurer Accredited receives AM Best boost
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.
Scor’s Blanc named reinsurance CEO in executive shake up
French reinsurer Scor has promoted Michel Blanc to CEO of reinsurance, in a swathe of executive promotions across the group.
Citizens confirms potential PLA reinsurance purchase
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.
Irma effect driving AOB increase: Citizens’ CEO
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.
Gallagher vs Ardonagh dispute puts spotlight on war for London broker talent
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 ...
New NFIP rating system will transform flood pricing in 2020
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.
Munich Re signals Eur1bn share buy-back; P&C unit returns to profit in 2018
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.
French Gilets Jaunes insured losses over Eur170mn
RSG’s PERse opens Miami platform and adds execs
Arch closes $342mn mortgage reinsurance ILS deal
Gallagher's Matson reported “irregular” £625,000 Ardonagh loan to the FCA
Chaucer teams with marine insurtech Concirrus
Lockton to step up pursuit of injunctive relief against Alliant defectors
Gallagher v Ardonagh: the case so far
Swiss Re seeks to dismiss $200mn+ Integrand case and force arbitration
Ex-Ironshore Environmental chair Boren joins Synapse advisory board
Allianz considers merging asset manager arm with DWS : reports
Antares swoops on Channel for FI head
Preservation Capital completes MGA platform build-out
LSM promotes Sankey to global oil and gas head
Talanx Q4 profit hit by nat cat losses
Markel: “We will learn” to make ILS a key results contributor
PE-backed quake specialist insurer Palomar files for IPO
Integrand downgraded to C++ after regulatory curb on new business
Sompo Pro to revamp architects and engineers offering with new head
Berkshire’s Three now approved in six states ahead of April launch
AM Best puts US and Swiss Canopius subs under negative review
Puls to take over from Hinsch as HDI Global CEO
Lockton seeks TRO and preliminary injunction against Alliant-bound team
Maiden posts $269mn Q4 loss
Perils pegs Townsville flood losses at $677mn
Merck insurers resist NotPetya silent cyber claim
Pioneer names Greggains US CEO
SoCal Edison paid $121mn for $300mn Berkshire back-up cover
Thomas decision threatens $1bn Aegis and EIM-led SoCal Edison tower
Hamilton will benefit from Pembroke’s earnings diversification: AM Best
Validus Re to set up Canada office
Europe asks MMC rivals to comment on sale of JLT's aerospace unit
Aegis looks to grow Lloyd’s syndicate 5% in 2019
Transverse targets April start after securing preliminary A- rating
Winter Storm Eberhard insured losses could reach Eur1.5bn: AIR
Generali’s P&C unit grows top and bottom line in 2018
FM Global slashes cyber limits to $1mn in property coverages
Hamilton sees US growth opportunity with Pembroke acquisition
AM Best to introduce new innovation rating criteria
Carriers face $200mn+ of liability losses for Ethiopian Airlines
Willis Towers Watson names Marsh’s Ripton head of global marine
Hamilton snaps up Liberty’s Pembroke and Ironshore Europe
Swiss Re proposes $2bn share buy-back programme
Aon partners with insurtech for AI-driven wildfire modelling
McDaniel-led Lockton team leaving to join Alliant
Ardonagh defence claims Gallagher’s Matson targeted Burton with “cliff-vest” loan
Willis Towers Watson names Hiles power and utilities head
Charles Taylor to conduct ‘strategic review’ of managing agency
Standard Diversified cancels $54mn Tri-State acquisition
Budding US marijuana market needs greater (re)insurance capacity
Liberty puts Ironshore HNW business up for sale