Chubb approves extra emissions reporting but rejects proposal on climate underwriting
Chubb shareholders have approved a proposal that requires the carrier to report on how it intends to measure and reduce greenhouse gas emissions but rejected a resolution calling on the firm to stop underwriting new fossil fuel supplies.
Catalina brings in ex-Aon APAC CEO Steingold as restructures leadership
Run-off specialist Catalina has hired Malcolm Steingold to lead its expansion in the Asia Pacific region as the firm reorganises its global leadership.
TMHCC posts 87.9% CR in 2021 as NA growth drives 22% NWP increase in intl unit
A strong performance from Tokio Marine’s US operations helped drive premium growth of almost 22 percent within the Japanese insurer’s international operations during the fiscal year ended 31 March 2022.
MS Amlin posts FY21 CR of 107.4% as books £296mn cat losses
MS&AD-owned MS Amlin has reported a combined ratio of 107.4 percent for 2021 – down 2.0 percentage points from the previous year – with the carrier narrowing its net losses to £190mn ($237mn) from a loss of £222mn in 2020.
High noon for controversial R&Q £482mn take-out offer
Shareholders in London-listed Randall & Quilter (R&Q) will later today vote on the tabled £482mn ($602mn) go-private deal, which will see the firm sold to its largest investor if it is approved by a 75 percent majority of its shareholders.
Zurich to sell Russian business to local team and exit market
Zurich has become the latest western insurer to exit Russia after confirming today that it is transferring its business to local management.
Sompo International posts CR of 93.9% in fiscal 2021 as GWP increases 31%
Sompo International has booked $12.27bn in gross written premium (GWP) for the fiscal year ended 31 March 2022 – a 31.1 percent increase on the prior-year period – with the carrier also shaving 3.9 percentage points off its combined ratio.
Perils increases February European storm loss estimate to €3.61bn
Loss aggregator Perils has disclosed its second loss estimate for the European windstorms which affected the British Isles and continental Europe from 16-21 February 2022, pegging insured losses at €3.61bn ($3.82bn).
NFP unveils Canadian executive leadership team to support growth and clients
NFP has formed a new executive leadership team (ELT) for its fast-growing Canadian platform as the broker looks to create a unified platform across the country that will better support its expansion and clients.
IGI’s Q1 CR improves to 72.2% helped by reserve releases
International General Insurance Holdings (IGI) has improved its combined ratio by 12.4 points in the first quarter to 72.2 percent, with the Bermuda-registered (re)insurer benefiting from $17.5mn of favourable reserve development, while gross written premiums (GWP) increased 27.3 percent.
PartnerRe sees top and bottom line growth in Q1 as CR falls 12 points
PartnerRe posted big increases in both its top and bottom line in Q1 2022 while its non-life combined ratio improved 12 points year on year as the company faced a lower level of large losses during the period.
Cat bond issuance spreads approaching six-year high: Leadenhall Capital
Average catastrophe bond issuance spreads are approaching a six-year high, Leadenhall Capital Partners has highlighted in an update, with a sudden reversal unlikely because issuance activity is expected to remain strong.
AIG airlines underwriting manager Dowlen exits as reshuffles aerospace leadership
London-based James Dowlen is understood to have resigned from his role as underwriting manager – airlines at AIG, marking the latest high-profile change in personnel within the insurer’s aerospace team, The Insurer can reveal.
Leader Gaze leaves Lloyd’s Lab
Ed Gaze, who has been head of the Lloyd’s Lab since 2018, announced today that he will be leaving the innovation hub in August.
Starr acquires Thai non-life insurer FPG
Starr Insurance Companies has agreed a deal with FPG Insurance Holdings Limited and local shareholders to purchase the company’s Thai subsidiary FPG Insurance Public Company Limited (FPG Thailand).
GuideOne says it is exploring “legal options” tied to Groenheide’s “wrongful conduct”
GuideOne has written a letter to the attorneys for its former head of specialty Mark Groenheide saying it is “exploring all legal options” in response to the executive’s ongoing social media campaign aimed at bringing attention to his case against the West Des Moines, Iowa-based mutual insurance company.
MGA Fusion builds team to launch new online M&A solution for US SMEs
MGA Fusion Specialty has announced the launch of Fusion Americas, a new online M&A insurance offering for SMEs in the US, with managing partner Brian Hayes leading the project.
Allstate books $316mn of cat losses in April as rate increases continue
Allstate incurred $316mn of pre-tax catastrophe losses during April driven by severe convective storm events in Texas and southeastern states.
Howden builds executive team with double Swedish swoop from WTW
Marsh set to broker $5bn East African oil pipeline: reports
Former MP Morgan warns UK insurers to expect more government scrutiny
Convex reports 91.3% CR in Q1; confirms $3bn GWP target for year-end
Beazley on target to grow cyber GWP ~60% to $1.35bn in 2022
HCI to raise up to $172.5mn of debt for stock repurchases and general purposes
Pen Underwriting targets marine, energy and aviation entry as GWP set to top £700mn
Tournant: The fund manager who made $60mn but lost Allianz $6bn
Allianz completes acquisition of Jubilee General in Tanzania
Generali beats consensus as Q1 operating profit grows to €1.6bn
Beazley eyes $1bn European platform opportunity as cyber helps fuel growth
Ardonagh reports organic growth of 8.2% in Q1; pre-tax loss widens
Tiernan says Lloyd’s can grow in 2023 “but no room for complacency”
Citizens unlikely to be able to complete $4.7bn risk transfer program as reinsurers retrench
McGriff launches personal lines platform with insurtech Covered
Great American names Mulvey FCIA - trade credit and political risk divisional president
Howden closing in on TigerRisk deal
SafePoint looks to upsize cat program as Manatee Re cat bond non-renews
Pie gets a bigger slice as it doubles GWP
WRB appoints Rivera president of Berkley Global Product Recall
FedNat appoints Fernandez interim CFO as Jordan departs
Scor unveils new oil field underwriting restrictions at AGM
UK gov says “all options” on table to cut tower block insurance costs
Jefferies: Allianz settlement with SEC removes “key headwind”
Acrisure Re launches in Hong Kong with WTW’s Ainsby
Zurich appoints Maillet as CFO for commercial insurance
Aviva GI posts Q1 CR of 96.4% as takes £70mn UK storm hit
Court dismisses $71mn marine claim against Lloyd’s underwriters
Lloyd’s unveils latest ESG report but activists hit out at lack of commitment on fossil fuels
PCF bolsters marine capabilities with Belter acquisition
Berkley Industrial Comp appoints Cox chairman as Key Risk’s Marcus joins as president
Munich Re names Tredinnick public entity president following Fry’s AIG move
PM panel: MGA sector growth will support surge of fronting carrier entrants
Ledger’s Shah: Capital markets investors don’t need fronting carrier retention
Aon’s Schilling: MGAs ex-crop outperformed broader P&C market from ’10 thru ’20
SiriusPoint CEO Sankaran resigns with Malloy succeeding him on interim basis
PM panel: Sophisticated program sector undergoing “dynamic” structural change
Global Indemnity stock hits highest point in 2022 after WRB discloses 6% holding
Premier League football clubs launch BI claim against six insurers
Ryan: AM Best PA framework “controversial but as a principle I like it”
Glatfelter and AIG Programs recruit Munich Re’s Fry as CUO
Allianz to pay ~$6bn over Structured Alpha fraud as three portfolio managers charged
Lloyd’s: ESG and inflation will be key focus for 2023 syndicate planning
First Indemnity: AM Best’s PA-3 assessment highlights “best-in-class” practices
Skyward Specialty grows GWP 18.8% in Q1 as CR improves to 91.9%
Cyber MGA Parametrix extends cloud offering through IMA tie-up
Scor returns to Dublin for imminent $150mn+ retro cat bond issue
Expansive PIB acquires Spanish broker Tractio
AerCap to “vigorously pursue” recoveries following $3.5bn Russia-Ukraine claim
Mapfre named in Peru’s $4.5bn suit against Repsol over oil spill