Apollo

Apollo 1969 plans 2023 stamp increase to £530mn

2022-08-12T07:23:00+01:00

Apollo’s Syndicate 1969 plans to increase its stamp capacity by ~18 percent in 2023, becoming the latest syndicate to add double-digit headroom to its Lloyd’s plan for next year, The Insurer can reveal.

IM-atbay-relay-cyber

Cyber insurtech At-Bay closing in on deal to buy Relay Platform

2022-08-11T20:58:00+01:00

Cyber-focused unicorn MGA At-Bay is closing in on a deal to acquire placement and quoting specialist Relay Platform, in a deal that could mark the start of a pickup in insurtech M&A activity, as businesses that previously gained traction look to navigate an increasingly murky economic picture, The Insurer can ...

Piotr Nowakowski Peak Re

Peak Re promotes Nowakowski to CUO

2022-08-12T12:19:00+01:00

Hong Kong-based reinsurer Peak Re has promoted Piotr Nowakowski to the role of chief underwriting officer.

Seoul flood Fitch

Fitch: South Korean motor claims likely to trigger reinsurance recoveries

2022-08-12T09:21:00+01:00

Insured losses from severe flooding in South Korea will put pressure on the financial performance of the country’s non-life insurers, Fitch Ratings has warned.

Jencap

Jencap names new P&C binding and transportation heads

2022-08-12T07:28:00+01:00

Jencap Insurance Services Inc (JCIS) has appointed Tara Gudenkauf as property and casualty binding practice leader while the wholesaler has also promoted Roman Atkielski to transportation and garage practice leader.

Allied World Gregory

Allied World unit hit by UK haulage firm’s pandemic BI suit

2022-08-12T07:23:08.8+01:00

Allied World’s European arm is pushing back on a claim that it should pay out £8mn ($9.8mn) to a UK-based haulage company to cover losses suffered as a result of the Covid-19 pandemic.

Nick Hawkins IAG

IAG CEO Hawkins: Rate just one of many levers to combat inflation

2022-08-12T06:56:00+01:00

IAG saw mid- to high single-digit inflationary impacts across its business during the 2022 financial year, managing director and CEO Nick Hawkins told analysts during the group’s earnings call.

QBE

QBE looks to simplify reinsurance structure ahead of anticipated orderly renewal

2022-08-12T06:52:00+01:00

QBE has said it expects an orderly renewal of its outwards reinsurance program for 2023, with CFO Inder Singh revealing the group will be looking to simplify its reinsurance structure at the upcoming renewal.

IAG FY

IAG sounds climate warning after cat claims double in FY22

2022-08-12T00:20:00+01:00

Australian insurance giant IAG has increased its annual natural perils allowance by almost a fifth to A$909mn ($645mn) for the 2023 financial year on the back of an increased severity and frequency of extreme weather events in FY2022.

IM-RyanSpecialty-PatRyan-TimTurner

Pat Ryan: Flow into E&S channel remains at “historically high levels”

2022-08-11T23:01:00+01:00

Ryan Specialty chairman and CEO Pat Ryan has said the flow of business into the non-admitted channel has continued to remain at “historically high levels” and the industry remains in the “prolonged stages of a historically hard market”, as his company lifted its full-year organic revenue guidance after reporting its ...

IM-Kingstone-BarryGoldstein

Kingstone extends Griffin Highline exclusivity agreement over potential takeover

2022-08-11T22:27:00+01:00

Kingstone Companies has reported a widening operating loss for the second quarter, and revealed that it has extended its exclusivity agreement with Griffin Highline Capital over the Northeast regional insurer’s potential takeover by the investment firm.

IM-Demex-MARKEL-SnowRemoval

Demex launches Markel-backed snow insurance products

2022-08-11T22:18:00+01:00

The Demex Group – a technology firm that offers a platform for analysing, pricing and transferring climate-linked risks – has launched two snowfall insurance products backed by non-admitted paper from Markel subsidiary Evanston Insurance Company.

IM-Hagerty-MckeelHagerty

Hagerty shares rise 8% on Q2 results, inflation slows new business count

2022-08-11T22:16:00+01:00

Hagerty’s share price closed up 8 percent on Thursday after the classic car MGA reported strong premium growth and progress towards the launch of its partnership with State Farm, but management acknowledged the inflationary environment drove slower-than-anticipated new business count.

IM-Ryan-Specialty

Ryan Specialty organic rev growth accelerates to 22.3% in Q2, margins narrow YoY

2022-08-11T21:47:00+01:00

Organic revenue growth at wholesale intermediary Ryan Specialty accelerated to 22.3 percent in the second quarter - up from 20.1 percent in the first quarter - though its adjusted Ebitdac margin compressed to 33.8 percent from 36 percent a year ago.

IM-Hippo-RickMcCathron-Q2-Results

Hippo gross loss ratio improves 83pp to 78% in Q2

2022-08-11T21:20:00+01:00

Hippo has reported a much reduced gross loss ratio of 78 percent for the second quarter, with the homeowners insurtech updating its full-year guidance by improving its loss ratio outlook but lowering its expectations for total generated premium and revenue.

Doug Hodo Jr – McGriff

McGriff confirms Hodo rehire in strategic growth role, names Buchwald VP

2022-08-11T20:38:00+01:00

McGriff has confirmed Doug Hodo will rejoin as chief strategic growth officer, a hire first revealed by this publication, while the Truist retail broking unit has also named Seth Buchwald vice president in its executive risk advisors transactional risk team.

IM-Kemper-BEST-Cars

Kemper downgraded to A- by AM Best on earnings deterioration

2022-08-11T18:31:00+01:00

AM Best has downgraded Kemper’s financial strength rating to A- (Excellent) from A (Excellent) following the insurer, which has a heavy auto focus, reporting prolonged earnings deterioration resulting from elevated inflation and supply chain disruptions.

Johan Slabbert Transverse MSI

Transverse to unlock US DA and open market opportunities under MSI: Slabbert

2022-08-11T16:51:00+01:00

Mitsui Sumitomo Insurance Company’s (MSI) $400mn acquisition of Transverse Insurance Group will enable the hybrid fronting carrier to access new growth channels such as open market and delegated authority business as it pivots to an insurance company with fronting capabilities, according to MS Amlin Distribution Holding’s Johan Slabbert.

Dave Obenauer Rob Carney CRC BenefitMall

Obenauer: BenefitMall acquisition matches up CRC offering to retail client needs

2022-08-11T16:15:00+01:00

The addition of BenefitMall – the largest employee benefits wholesale general agency in the US – will allow CRC Group to now provide a complete suite of offerings to retail brokers of all sizes, according to the wholesaler’s CEO Dave Obenauer.

Sara Trokan Westfield

Westfield Specialty adds claims exec Trokan and looks to enter primary E&O and cyber

2022-08-11T16:15:00+01:00

Westfield Specialty plans to enter primary E&O and cyber business as it continues the build-out of its WestfieldPro offerings and adds industry talent, including the recent hire of Sara Trokan from Chubb as senior vice president of specialty claims, The Insurer can reveal.

Tysers

Tysers’ 2021 Ebitda falls to £6.6mn as new filings highlight Covid cost

2022-08-11T15:28:00+01:00

London market wholesaler Tysers saw its operating profit decrease more than 42 percent in the year ended 31 December 2021 as Covid-19, currency fluctuations and ongoing integration-related costs from its acquisition of RFIB weighed on its revenues and bottom line.

QBE

QBE NA returns to H1 UW profitability and commits to programs sector despite $400mn cull

2022-08-11T15:17:00+01:00

QBE reported strong first-half top-line growth in North America driven by crop and rate increases and a much-improved combined ratio of 95.6 percent, as group CEO Andrew Horton said the carrier expects the region to also return to underwriting profitability for the full year, subject to cat activity.

Gallagher and Alliant – Chicago

Gallagher denied TRO in dispute with Alliant over Chicago hires

2022-08-11T15:14:00+01:00

Arthur J Gallagher has been denied a temporary restraining order (TRO) in its dispute with Alliant over the departures of eight Chicago-based employees, including construction managing director for the Midwest and Great Lakes region Kristen Long.

Skyward Q2

Skyward Specialty grows Q2 GWP 24% as combined ratio improves to 91.8%

2022-08-11T14:17:00+01:00

Skyward Specialty has reported 24.2 percent gross written premium (GWP) growth for the second quarter, with 33.6 percent growth from continuing lines, while its combined ratio improved 2.4 percentage points to 91.8 percent.

Blake Koen WTW

WTW adds global client advocate to expanding energy team in Houston

2022-08-11T14:02:00+01:00

WTW has continued the expansion of its Houston-based energy team with the appointment of Blake Koen as managing director and global client advocate for natural resources across its North America business.

TM HCC

TMHCCI moves London market operations to the Walkie Talkie

2022-08-11T11:01:00+01:00

Tokio Marine HCC International (TMHCCI) is to relocate its London market operations, including renewable energy insurer GCube, to 20 Fenchurch Street, commonly known as the Walkie Talkie.

RiverStone Vermont

RiverStone agrees first Vermont captive acquisition with deal for Western P&C

2022-08-11T10:44:00+01:00

Run-off specialist RiverStone has reached a tentative agreement to acquire Western Property & Casualty Insurance Company (Western P&C), marking the group’s first Vermont captive acquisition.

Zurich SP

Zurich shares gain on buyback and earnings beat

2022-08-11T10:07:00+01:00

Shares in Zurich pushed higher in early trading this morning as investors reacted to a consensus-beating jump in first-half operating profit and plans for a larger-than-anticipated share buyback.

Cowbell Swiss Re

Cowbell and Swiss Re partner to provide cyber coverage for cloud workloads

2022-08-11T10:01:00+01:00

Cyber MGA Cowbell has partnered with Swiss Re to provide cyber insurance coverages to businesses with up to $750mn in revenue that are building their digital footprint on Amazon Web Services (AWS).

Tokio Marine Arbor

Tokio Marine partners with Arbor Ventures to accelerate insurtech investment

2022-08-11T09:14:00+01:00

Tokio Marine Asia has announced a strategic partnership with Arbor Ventures, a Singapore-based insurtech-focused venture capital firm, in a move designed to accelerate innovation within the (re)insurance sector.