WR Berkley Breckenridge

Waller Helms appointed for potential Breckenridge sale

2022-12-09T16:57:46.497+00:00

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.

FCA and PRA

UK govt commits to secondary competitiveness objective

2022-12-09T11:34:00+00:00

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

Moody’s forecasts mid-single digits organic growth for US-listed brokers in 2023

2022-12-09T19:54:00+00:00

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.

Chris Robshaw Gallagher

Gallagher brings in ex-England captain Robshaw as business development executive

2022-12-09T17:55:00+00:00

Gallagher has hired former England rugby union captain Chris Robshaw as a business development executive within its specialty sports practice.

Julia Graham – Aitrmic

Airmic: Large supply chain risks require bespoke and cross-class insurance solutions

2022-12-09T17:36:00+00:00

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.

Jim Mahoney WTW

WTW hires Aon’s Mahoney as head of North American casualty, London

2022-12-09T16:53:00+00:00

WTW has announced the hire of Aon’s Jim Mahoney as head of North American casualty, London.

Evan Freely – WTW

WTW hires BPL’s Freely as global head of financial solutions

2022-12-09T16:50:00+00:00

WTW has hired Evan Freely as its new global head of financial solutions, with the executive joining from BPL Global.

Rick Lindsey

Prime Insurance withdraws New York carrier application

2022-12-09T16:46:00+00:00

US specialty insurer Prime Holdings Insurance Services has withdrawn its application to establish a New York admitted insurer.

Climate change

Malaysian Re: Insurers and regulators will be key to $800bn ASEAN decarbonisation

2022-12-09T15:50:00+00:00

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.

Margaret Bussiere Mary Pontillo

Risk Strategies promotes Bussiere and Pontillo to fine art leadership roles

2022-12-09T15:16:00+00:00

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.

IM-PRODUCT-RECALL-INSURANCE

Gallagher: 40% of US/UK product contamination and recall carriers entered in past three years

2022-12-09T15:02:00+00:00

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

Axis Capital authorises $100mn common share repurchase

2022-12-09T14:00:00+00:00

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”.

LMG Liiba Parliament

Industry welcomes UK govt plans to launch competitiveness objective for regulators

2022-12-09T13:47:00+00:00

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. 

IM-MDS-Ardonagh-Portugal

Ardonagh completes acquisition of Portuguese broker MDS Group

2022-12-09T10:58:00+00:00

Ardonagh Group has completed the acquisition of Portuguese Lloyd’s broker MDS Group.

IM-WTW-Marsch-JamesSallada

WTW confirms Marsh’s Sallada to lead casualty in North American CRB division

2022-12-09T10:54:00+00:00

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.

Sue Langley

Langley wins controversial City election as she calls on London market to use its “powerful voice”

2022-12-09T08:36:00+00:00

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.

Darius Satkauskas CQ

German reinsurance duo best positioned to take advantage of opportunities at “late and messy” 1.1 renewal

2022-12-09T08:36:00+00:00

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

Swiss Re puts forward Tischhauser and Lau as board nominees

2022-12-09T08:01:00+00:00

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

WTW names three new directors as O’Neill and Rabbitt set to stand down in 2023

2022-12-09T07:51:00+00:00

WTW has appointed three new board directors as part of its multi-year succession planning process, each effective from 1 April 2023.

Swiss Re

Swiss Re: Traditional reinsurance capital down 30% in 9M 2022

2022-12-09T07:14:00+00:00

Reinsurance capital has fallen by 30 percent this year compounding the supply/demand imbalance at the upcoming 1 January renewals, Swiss Re estimates.

David Altmaier – Florida Office of Insurance Regulation

Florida’s TMSA program accepted by Fannie Mae and Freddie Mac

2022-12-08T21:36:00+00:00

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 – Cyber

AGCS makes five North America cyber appointments

2022-12-08T21:34:00+00:00

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.

IM-RAA-mapUSA

RAA-initiated disaster resilience bill passed by Congress

2022-12-08T21:33:00+00:00

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.

Andrew Maher – Axis

Axis promotes Maher to London head of cyber and technology

2022-12-08T18:04:00+00:00

Specialty insurer Axis has promoted Andrew Maher to become its new head of cyber and technology, London.

Fusion io.insure

MGA Fusion and io.insure launch online M&A solution for SMEs

2022-12-08T17:17:00+00:00

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 reinsurance renewals

CNA re-firm orders financial lines placement in the face of reinsurer resistance

2022-12-08T16:32:59.103+00:00

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.

Alannah Paul and Sarah Lamberg – Beazley

Beazley hires Hiscox USA’s Paul to head UW management for $200mn SME digital portfolio

2022-12-08T16:32:54.04+00:00

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.

Beth Costello – The Hartford

CFO Costello: Hartford expected to keep reinsurance program intact

2022-12-08T16:29:00+00:00

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.

Eiopa

EU insurance watchdog targets nat cat protection gap

2022-12-08T16:29:00+00:00

Europe’s insurance watchdog has launched an online platform to analyse the insurance protection gap for natural catastrophes across the continent. 

Lawrence Doyle Sompo Intl

Sompo appoints AIG’s Doyle as global markets COO

2022-12-08T15:59:00+00:00

Sompo International has appointed Lawrence ‘Larry’ Doyle as COO, global markets.