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Chubb names Miller as country president for Switzerland
Chubb has named Dawn Miller as country president for Switzerland, effective 1 March.
Axa continues legacy growth with latest German deal
Axa Liabilities Managers (Axa LM) has received regulatory approval from the German regulator BaFin for the acquisition of a legacy assumed treaty reinsurance portfolio from Axa Versicherung.
Euro insurance stocks fall heavily as coronavirus sell-off continues
European insurance stocks fell for a fourth consecutive day as the market tumult sparked by the growing coronavirus crisis sees European stocks follow Asia’s lead with heavy declines in morning trading.
Munich Re authorises Eur1bn share buyback
Munich Re intends to buy back around 3.9 million of its shares for a maximum price of Eur1bn, ($1.1bn) beginning 30 April 2020 and finalising transactions before its annual general meeting (AGM) on 28 April 2021.
HDI invests in SME cybersecurity start-up Enginsight
HDI Group has taken a stake in cybersecurity start-up Enginsight, which focuses on automated protection against hacking, for an undisclosed sum.
Thomas Miller America confirms Jarrett retirement as Kirchner steps up
Thomas Miller has confirmed the previously announced retirement of Mike Jarrett is now in effect, with Leo Kirchner succeeding him in the Americas CEO role.
RSA shares up 3% on earnings beat
London-listed RSA saw its shares climb nearly 3 percent in early trading on Thursday after the insurance giant beat analyst expectations for 2019 after restructuring its international business.
MAP automates compliance with Clausematch insurtech
Managing Agency Partners (MAP) – owner of Lloyd’s syndicates 2791 and 6103 – has employed the services of Lloyd’s Lab graduate Clausematch to manage all its policy and procedures documentation through a single platform.
Scor top and bottom line swell in Q4 despite cat hit
French reinsurance powerhouse Scor has reported an uplift in gross written premium and operating profit in the fourth quarter of 2019 and at full year, despite suffering losses of Eur383mn ($417mn) from Japanese Typhoons Hagibis and Faxai.
RSA operating profit increases by 15% as exit actions take effect
The UK’s RSA saw operating profits increase by 15 percent in 2019 to some £597mn as its group combined ratio improved and the impact of exiting unprofitable areas of business under current CEO Stephen Hester continues to be felt.
US commercial P&C insurance price increases accelerated in Q4: CIAB
Commercial P&C insurance premium prices in the US increased by an average of 7.5 percent in Q4 2019, accelerating from +6.2 percent in the third quarter, led by a 13.6 percent average rise in umbrella, according to the latest survey from The Council of Insurance Agents & Brokers.
Argo downgraded by AM Best
AM Best has downgraded the financial strength ratings of a raft of Argo operating subsidiaries from A to A- with their long-term issuer credit ratings also cut from “a” to “a-” and the long-term ICRs of the Bermudian parent lowered from bbb to bbb-, among other actions.
US retailer Heffernan close to acquiring London broker Prospect
A Lloyd’s intermediary backed by US retail broker Heffernan Group is closing in on a deal to acquire London market broker Prospect Insurance Brokers (PIB), The Insurer can reveal.
Worldwide Facilities hires leader for new Denver office
US wholesale broker Worldwide Facilities has brought in professional, cyber and liability specialist Brad Foote to lead its new Denver, Colorado office.
CNA promotes Miralles to CFO after Anderson resigns
CNA has appointed Al Miralles as executive vice president and chief financial officer, succeeding James Anderson who has resigned to pursue other opportunities.
ProAssurance’s ratings cut after performance drops and Norcal deal
Medical malpractice specialist ProAssurance has seen its ratings downgraded by AM Best on the back of a deterioration in its operating performance as well as its planned $450mn acquisition of Norcal Group.
Direct Insurance Group’s ConsiliumRe hires reinsurance head
London’s ConsiliumRe has brought in Christian Warrener from RFIB as its new head of reinsurance, The Insurer has learned.
Nationwide and Generali tap $33bn program market with N2G launch
US carrier Nationwide and Italian insurance giant Generali have teamed up and launched a New Jersey-based joint venture to underwrite multinational program insurance for international commercial risks.
Axis co-founder and chairman Butt to step down
Axis’ chairman and co-founder Michael Butt is to retire from the Bermudian carrier in September, to be succeeded by Henry Smith.
Lloyd’s to launch four new SIABs says Neal
Lloyd’s is set to welcome four new syndicate-in-a-box platforms drawn from smaller participants to the market in coming months, according to Lloyd’s CEO John Neal.
Lloyd’s to take 40% stake in PPL as it outlines 2020 transformation targets
Lloyd’s will take a 40 percent stake in the London market’s electronic placing platform (PPL) as it commits to building a complex risk platform infrastructure as one of its key 2020 priorities in CEO John Neal’s “Future at Lloyd’s” transformation programme.
IGI receives final Tiberius merger approvals from UK regulators
International General Insurance Holdings (IGI) has been given the regulatory green light by the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) for its previously announced merger with Nasdaq-listed Tiberius Acquisition Corp.
McGill adds to energy practice with StarStone onshore head Wilson
Expansive broking house McGill and Partners has continued to build out its energy and power team with the hire of Ben Wilson.
MS Amlin’s Taffs emerges as UIB deputy aviation and space MD
Broker UIB has appointed Miles Taffs as deputy managing director of its aviation and space team, effective 16 March.
FCA admits data breach as 1,600 records go public
The UK’s Financial Conduct Authority (FCA) has confirmed its website was the source of a data breach after personal information was published online in response to a Freedom of Information Act request in November 2019.
Skuld sees P&I tonnage increase by 4.6%
Norwegian marine insurer Skuld recorded a 4.6 percent net increase in mutual P&I gross tonnage year-on-year from 2019 to 2020.
QIC Global confirms Van der Straaten as international CEO
QIC Global – the parent company of Lloyd’s carrier Antares and Bermuda-based Qatar Re – has confirmed the appointed of Mike van der Straaten as CEO of QIC Global (International), a move first revealed by The Insurer.
Marsh JLT Specialty replaces global aviation head Harker with Hanrahan
Marsh has promoted Garrett Hanrahan to global head of aviation at Marsh JLT Specialty, to succeed Simon Harker who is retiring after 44 years in the industry.
Asia-Pacific insurance stocks trade down again as coronavirus shakes market
Insurance stocks in Asia-Pacific fell for a third day on Wednesday following another sharp sell-off on Wall Street and in Europe sparked by a warning that the spread of the coronavirus in the US was inevitable and rising concerns of new cases in Europe.
Golden Ray to cost cargo market $120mn
Losses stemming from the capsized vehicle carrier the Golden Ray are expected to cost the cargo market $120mn, The Insurer understands.
Clear Blue not for sale despite approaches
AGCS to maintain MENA book despite Dubai operation closure
Argo aiming for profitable US growth alongside exits and cost cutting
Kivu names Navigators’ Choi associate director
Sanders to lead combined $4bn US platform under Markel Specialty banner
Prudential to enter talks with activist Third Point over US/Asia split
AIG accelerates $500mn of $2bn share buyback
P&C (re)insurers have limited exposure to Coronavirus despite sell-off: KBW
Chubb partner Grab targets insurance with $856mn funding round
The Hanover names Egan as Condron’s successor in chair transition
Japanese insurance stocks trade down on coronavirus crisis
QBE names Postlewhite reinsurance head as Parry steps down
Arch takes Eur480mn stake in Coface
Generali launches ‘green’ ILS framework
ProSight Global beats by a penny despite CR deterioration
Argo falls to operating loss as new CEO insists future is bright
TransRe’s LatAm and Caribbean CUO departs
Third Point’s Loeb calls for further Prudential splits
Swiss Re NA fac premium grew 60% in 2019
Insurance stocks trade down on coronavirus fears
Guy Carpenter and KCC agree cat modelling deal
IGI unveils post-Tiberius merger directors
TigerRisk adds Conway to Bermuda reinsurance and retro team
Euclid Transactional announces underwriting promotions
Korean Re to launch Colombia branch in LatAm push
Triton Insurance Brokers loses FCA permissions
Buffett to put Jain and Abel in investor spotlight
Spencer Day launched as foundation heads for record 2020 giveaway
Convex backs Brockwell’s £46mn transactional risks book
Case accelerates ‘Aon United’ strategy as co-president O’Connor exits
Chinese regulator returns Anbang to private ownership
Antares latest to retrench from marine hull market
European insurance stocks dip as coronavirus takes hold in Italy
Allstate facing $58mn pre-tax cat hit in January
Berkshire Hathaway shares under pressure following earnings miss
Berkshire Hathaway Q4 UW loss drags down full-year performance
Nexus launches US financial lines division with PSIC capacity
Christoff to replace departing El-Sayegh as Scor Canada CEO
THB hires reinsurance president in Brazil
James River says open to ADC for Uber run-off book, while shares rise over 6%
EU upgrades Bermuda to tax ‘whitelist’; adds four to ‘blacklist’
AIG’s Blackboard receives approval in Virginia
Hertz’s $23mn dispute with D&O insurers heads to mediation
SEC approves IGI-Tiberius merger
AGCS reserve charge of Eur600mn slashes Allianz P&C profitability
PartnerRe deal would weaken Covéa balance sheet and increase underwriting risk: Moody’s
The Hartford adds Allstate’s Winter to board
Coronavirus coverage issues in spotlight as global cases climb
IRB Brasil Re sees 34% increase in international premium in 2019
Pool Re adds new £100mn lower layer in XoL 1.3 renewal