Florida stand-off continues as renewal deadline nears
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 directors approved at AGM, executive comp narrowly passed
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.
Chad to leave JLT Aerospace ahead of Gallagher takeover
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.
House fails to act after Senate passes NFIP extension
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.
Insurers face legal action over £30mn British Steel claim
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.
Delek to sell insurer Phoenix to PE firms Centerbridge and Gallatin Point
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).
JLT launches legal proceedings against Hyperion as defections intensify
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.
Old Mutual board suspends CEO Moyo
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 carriers hit by additional reinsurance costs following 2018 nat cats
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.
Everest Re adds Hartzband to board
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.
Beazley’s Lake replaces Bride as finance director
Sally Lake has transitioned into her new of group finance director at blue chip insurer Beazley, replacing Martin Bride.
Lancashire CFO Whelan to step down
Lancashire’s chief financial officer and CEO of the carrier’s Bermudian arm Elaine Whelan is to retire from her top role at the carrier next year.
Senate passes bill extending NFIP to end of September
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 governor signs AOB bill into law
Florida’s legislation reforming assignment of benefits (AOB) has been signed into law by Governor Ron DeSantis, and will come into effect 1 July.
$4bn of MS&AD’s Japan cat losses reinsured; Akibare cat bond a total loss
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.
CFC launches instant quote and bind platform for SME cyber policies
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.
NOAA forecasts 2-4 major hurricanes in 2019 season
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.
2018 D&O profitability up despite $3bn Petrobras, $480mn Wells Fargo settlements
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.
Risk Strategies to consolidate and build wholesale platform under Power
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.
Real estate investor sues Mapfre for $37mn unpaid Maria claims
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.
NTA expected to significantly expand MS Amlin-led trucking quota share
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 completes Navigators purchase
The Hartford’s acquisition of specialty insurer The Navigators Group has closed today for $2.2bn in cash, including expenses.
New players intensifying US inland marine competition
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.
Downstream market sees rates rebound
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.
Ex-Marsh exec Jeremy Cooke partners with SSL founder Sturdy to launch Abu Dhabi Re
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.
Ardonagh Q1 loss increases to £24.7mn as debt finance costs climb
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 Re joins Lloyd’s Mexico platform
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.
Kelly follows TMR’s O’Flynn to Ariel Re
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.
Scor expands ILS arm with Coriolis Capital acquisition; takes AuM to $2.1bn
French reinsurance powerhouse Scor has acquired Coriolis Capital – a fund manager specializing in ILS – taking its assets under management to $2.1bn.
Lockton generates 11% organic growth in the US
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.
Puerto Rico insurer Triple-S taken off negative review
FHCF yet to make decision on reinsurance: sources
TRIPRA uncertainty is creating additional reinsurance demand: Marsh
Nationwide, Sedgwick among investors in Snapsheet’s $29mn round
Aviation market faces $1bn cash call in 2019
Nevada reaches tentative settlement in Little Valley Fire case
Run-off to drive further consolidation in Europe: Moody’s
ProAssurance names Rand CEO
US P&C insurers’ operating income up 16% in Q1: AM Best
Goldstein to launch insurance platform with PE backing
Marine blockchain platform Insurwave pens MoU to boost trade in China
Ariel Re swoops on TMR EVP O’Flynn to lead financial lines
Willis Re partners with insurtech Concirrus
Former AIG exec Jeremy Johnson named Protective CEO
Gulfstream names Natherson CEO
AIG shareholders approve executive compensation
Former Lloyd’s CFO John Parry joins Armour
Three JLT Re partners resign in London
Argo says Voce using revoked regulatory approvals as an “excuse”
HIIG in $50mn+ fundraise ahead of slated 2020 IPO
AmWINS to strengthen insurer relationships on MGA platform
Fairfax CFO David Bonham dies suddenly
Regulators force Voce to withdraw candidates for Argo board
Ardonagh valued at $2.4bn as KKR, Pimco sell stakes
LSM lures AIG’s Kunzer to lead trade credit XoL
MS Amlin takes minority stake in MGA Envelop Risk
Gibraltar-based insurer files for liquidation as debts mount
Brit swoops on Aviva’s Drew for head of outwards reinsurance
Greenlight Re makes sixth insurtech investment
Safe Auto files for $50mn IPO
MGM’s insurers on hook for $751mn of possible Las Vegas shooting settlement
EC approves £190mn JLT Aerospace deal with Gallagher
FRC completes £6mn investigation into KPMG Lloyd’s audit failures
QBE North America VP Byerly to lead UK financial lines
MS Amlin losses narrow in 2018
Aston Lark owners Bowmark confirm sale to Goldman Sachs
Athene upgrade latest win for investment heavyweight Apollo
Tokio Marine international profit climbs 30%; reinsurance returns to black
HDI Global Specialty taps Neon for aviation and space head
Sompo International 2018 profits slump; returns to u/w profit
Watford Re gets bullish analyst coverage and Best affirmation
War exclusion confusion irking cyber market
Palomar debuts with increased underlying income
EC poised to approve £190mn JLT Aerospace deal to Gallagher
Atlas Financial warns over reserves in notice of late filing
EU removes Bermuda from blacklist
Korean Re expands into Switzerland
P&C rates firm by 3.5% in Q1: CIAB
AM Best places Third Point Re on negative outlook
Higher proposed Citizens budget includes new PLA placement