Waller Helms appointed for potential Breckenridge sale
WR Berkley is looking to divest of its $200mn-plus premium MGA platform Breckenridge Group and has appointed investment bank Waller Helms to run a process that could lead to a potential full sale, The Insurer can reveal.
UK govt commits to secondary competitiveness objective
The UK government is to issue new remit letters to the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) as part of chancellor Jeremy Hunt’s Edinburgh Reforms to overhaul the regulatory framework for the financial services sector.
Moody’s forecasts mid-single digits organic growth for US-listed brokers in 2023
US-listed investment grade brokers will produce organic revenue growth in the mid-single digits in 2023 while profit margins will hold steady or expand for most and companies will be increasingly selective in their acquisitions, Moody’s has forecast in a new report.
Gallagher brings in ex-England captain Robshaw as business development executive
Gallagher has hired former England rugby union captain Chris Robshaw as a business development executive within its specialty sports practice.
Airmic: Large supply chain risks require bespoke and cross-class insurance solutions
There is scope in the global (re)insurance market to provide bespoke solutions for large risks through cross-class parametric covers to index and respond to the impact of a supply chain event, according to Airmic.
WTW hires Aon’s Mahoney as head of North American casualty, London
WTW has announced the hire of Aon’s Jim Mahoney as head of North American casualty, London.
WTW hires BPL’s Freely as global head of financial solutions
WTW has hired Evan Freely as its new global head of financial solutions, with the executive joining from BPL Global.
Prime Insurance withdraws New York carrier application
US specialty insurer Prime Holdings Insurance Services has withdrawn its application to establish a New York admitted insurer.
Malaysian Re: Insurers and regulators will be key to $800bn ASEAN decarbonisation
The insurance industry is positioned to play a pivotal role in managing climate risk, building resilience and decarbonising the economies of ASEAN countries, according to Malaysian Re’s Insurance Pulse survey.
Risk Strategies promotes Bussiere and Pontillo to fine art leadership roles
Risk Strategies has expanded its national fine arts practice leadership team, naming Margaret Bussiere as practice leader and Mary Pontillo as product leader, with both executives having joined the retail broker with its acquisition of DeWitt Stern in 2014.
Gallagher: 40% of US/UK product contamination and recall carriers entered in past three years
Despite the return of “some sizeable losses”, product contamination and recall carriers in the US and UK are offering flat to down rate changes following an influx of new entrants, according to Arthur J Gallagher.
Axis Capital authorises $100mn common share repurchase
Axis Capital’s board of directors has authorised the repurchase of up to $100mn of the company’s common shares, although the Bermudian’s management has recently commented it does not anticipate any buybacks for the “at least the next few quarters”.
Industry welcomes UK govt plans to launch competitiveness objective for regulators
Prominent London market bodies have given their backing to government plans to shake up UK financial services regulation, which will see the introduction of a competitiveness objective for the City’s regulators.
Ardonagh completes acquisition of Portuguese broker MDS Group
Ardonagh Group has completed the acquisition of Portuguese Lloyd’s broker MDS Group.
WTW confirms Marsh’s Sallada to lead casualty in North American CRB division
WTW has confirmed the appointment of James Sallada as head of casualty within the firm’s North American corporate risk and broking (CRB) segment, a move first revealed by this publication at the start of this month.
Langley wins controversial City election as she calls on London market to use its “powerful voice”
Sue Langley, the non-executive chair of Gallagher UK and future Lord Mayor, is calling on the London (re)insurance market to use its “powerful voice” and fully engage with the City of London Corporation after years of under-representation.
German reinsurance duo best positioned to take advantage of opportunities at “late and messy” 1.1 renewal
Germany’s big two reinsurers Munich Re and Hannover Re will enter the 1 January renewal with superior financial flexibility to capitalise on opportunities compared with their European peers having materially outperformed their rivals during 2022, according to KBW analyst Darius Satkauskas.
Swiss Re puts forward Tischhauser and Lau as board nominees
Swiss Re will nominate Vanessa Lau and Pia Tischhauser for election as new members of the board at its upcoming annual general meeting on 12 April 2023.
WTW names three new directors as O’Neill and Rabbitt set to stand down in 2023
WTW has appointed three new board directors as part of its multi-year succession planning process, each effective from 1 April 2023.
Swiss Re: Traditional reinsurance capital down 30% in 9M 2022
Reinsurance capital has fallen by 30 percent this year compounding the supply/demand imbalance at the upcoming 1 January renewals, Swiss Re estimates.
Florida’s TMSA program accepted by Fannie Mae and Freddie Mac
More than four months after the Florida Office of Insurance Regulation (OIR) established the Temporary Market Stabilization Arrangement (TMSA) for carriers that are downgraded, federally backed home mortgage companies Fannie Mae and Freddie Mac have accepted the program.
AGCS makes five North America cyber appointments
Allianz Global Corporate & Specialty (AGCS) has appointed five professionals to its cyber underwriting team in North America, including new hires from Axis Capital, L&F Indemnity and Zurich North America.
RAA-initiated disaster resilience bill passed by Congress
The Community Disaster Resilience Zones (CDRZ) Act of 2022 is heading to the US president’s desk after the House of Representatives passed the Reinsurance Association of America (RAA)-initiated federal legislation.
Axis promotes Maher to London head of cyber and technology
Specialty insurer Axis has promoted Andrew Maher to become its new head of cyber and technology, London.
MGA Fusion and io.insure launch online M&A solution for SMEs
Specialist MGA Fusion Specialty and insurance purchasing platform io.insure have come together to launch an online M&A insurance product for small to mid-sized businesses, in a move the firms say will address the significant risk protection gap in the SME market.
CNA re-firm orders financial lines placement in the face of reinsurer resistance
CNA has reissued firm order terms for its major 5 December financial lines quota share renewal, trimming the ceding commission after encountering resistance from reinsurers which have been adamant that commissions on D&O deals need to come down, The Insurer can reveal.
Beazley hires Hiscox USA’s Paul to head UW management for $200mn SME digital portfolio
Beazley has hired Hiscox USA’s tech E&O and cyber product head Alannah Paul to lead underwriting management for Beazley Digital, a roughly $200mn cyber portfolio that underwrites small commercial insureds, The Insurer can reveal.
CFO Costello: Hartford expected to keep reinsurance program intact
The Hartford’s CFO has said that while the insurer expects the pricing of its 1 January property catastrophe program to go up, it nonetheless intends to largely keep the expiring structure intact, and expects to benefit from its positive loss experience.
EU insurance watchdog targets nat cat protection gap
Europe’s insurance watchdog has launched an online platform to analyse the insurance protection gap for natural catastrophes across the continent.
Sompo appoints AIG’s Doyle as global markets COO
Sompo International has appointed Lawrence ‘Larry’ Doyle as COO, global markets.
Hub buys California-based agency Ivensure
FRP founders defeat Brown & Brown in court over $145mn employment contract lawsuit
Hampden Agencies names Wood CEO following Smith retirement
Miller and Dual launch new D&O product for UK construction market
SiriusPoint brings in ex-RSA MD Gibbs as CEO of international as shuffles unit
Biba names Aon’s Kielty as deputy chair
AmTrust bolsters property division with dual appointment
WTW names Howard as EMEA head of commercial lines transformation
Beazley’s Smart Tracker approved to become full syndicate
Perils pegs insured loss for October Australia floods at A$791mn
Howden names Aon’s Gugolz as reinsurance CEO for Switzerland
The Hartford says Navigators acquisition was well-timed for E&S opportunity
Zywave latest insurtech to shrink headcount following period of “hypergrowth”
Citizens CEO warns FL carriers may need state capital support even if FL reform enacted
Relm allocates portion of general reserve for FTX claims during “difficult period”
Axa launches specialist training module for risk managers to tackle climate risk
Liberty Mutual to pull first $500mn cat XoL layer as it looks to buy more at top
Markel UK becomes first carrier to strengthen broker relations with Zywave distribution
United P&C placed under administrative supervision for run-off duration
Truist CEO stays quiet on potential insurance stake sale
Alliant acquires California-based agency Polley
Former Hippo, NBIC exec Perrault joins Vantage as head of property
Chubb vice chair Krump to retire as Greenberg hails executive as example to “emulate”
Fitch downgrades Scor to A+ citing weak financial performance
BMA: Bermuda (re)insurers to take up to 25% of Ian industry losses
Tiernan: Lloyd’s expects flurry of new 2023 syndicate plans due to Q4 reinsurance crunch
TSR forecasts 2023 North Atlantic hurricane season to be closer to long-term trends
Ryan Specialty reassures investors on E&S growth trajectory
Lloyd’s to write record £56bn+ GWP in 2023 as it sees Q4 “dislocation”
FCA takes aim at “rogue” insurance promotions
Florida special session targets litigation cost, Citizens depop and reinsurance availability
Alliant hires Marsh’s Carron as private client EVP
Simply Business to offer Spinnaker-underwritten GL on Appalachian platform
BMA: Insurers use a combination of in-house and external vendor models for cat risk
High Court orders UK insurers to consolidate hospitality Covid-19 BI claims
CEA shrinks reinsurance program, warns may not meet minimum return period mandate
Tapco names long-serving execs Allred and Clancy as president and CUO
Cat-focused reciprocal SURE launches new E&S homeowners product in Florida
WTW adds Berry to London D&F team
Axa and Altrincham FC settle BI dispute ahead of London trial
Arbol reveals $10mn Ian payout to Centauri using parametric reinsurance solution
WR Berkley: “Very healthy flow” still coming out of standard market into specialty
Gallagher: 40% of UK commercial properties underinsured
Pet insurtech Odie raises $3mn in RedBird-led round
AM Best: US commercial lines outlook stable but pressures “clearly increased in 2022”
LMG’s Data Council confirms Q1 2023 implementation for market reform contract
Zurich UK appoints David Nichols as head of retail
WIA’s Novatae acquires wholesale construction specialist Olympic Advisors
UK insurers at “significantly higher” risk of cyber incidents
Next adds Farmers’ Rhodes as first chief insurance officer