CRC Group – construction

Excess capacity fleeing certain construction classes

2019-11-12T13:54:00+00:00

CRC Group has reported that reductions in capacity are challenging the US construction industry, particularly for commercial auto where the wholesale broker is often having to write buffers.

Andrzej Danyluk – Willis Towers Watson

WTW names JLT’s Danyluk London head of international property

2019-11-12T12:04:00+00:00

Willis Towers Watson has named JLT’s former London power broking head Andrzej Danyluk as head of international property, London.

Michelle Bree – Pen Underwriting

Gallagher’s Pen names Bree COO

2019-11-12T12:02:00+00:00

Pen Underwriting – Gallagher’s managing general agent – has promoted Michelle Bree to chief operating officer, with effect from 1 December 2019.

John Neal Lloyd's EU

Lloyd’s sets sights on European business after Brexit: Neal

2019-11-12T11:46:00+00:00

The chief executive of Lloyd’s has set out plans to target more business on the continent following the UK’s departure from the European Union.

Julian Enoizi – Pool Re

Pool Re mulling move from XoL to treaty structure

2019-11-12T10:01:00+00:00

UK reinsurance terrorism mutual Pool Re is considering a shift from providing excess-of-loss cover to treaty reinsurance.

Julian Enoizi

Pool Re launches terrorism knowledge-sharing Solutions unit

2019-11-12T09:01:00+00:00

The UK’s government-backed terrorism reinsurer Pool Re has launched a specialist unit created to support its membership  by sharing understanding, terrorism modelling and risk management techniques.

Guy Carpenter – Bermuda

GC confirms senior Aon Bermuda hires in island restructuring

2019-11-12T08:23:00+00:00

Guy Carpenter has confirmed the hire of Aon’s Robert Johnston and Peter Komposch in Bermuda, a move first revealed by The Insurer in May.

Insurtech

Swiss Re-backed Zego awarded Gibraltar licence in UK insurtech first

2019-11-12T07:55:00+00:00

Gig economy-focused Zego has become the first UK insurtech to be granted an insurance licence, allowing the tech firm to build and sell its own products.

Kevin Reinberg – Argo Group

Argo to conclude run-off proposal process in Q4

2019-11-12T04:44:00+00:00

Argo Group expects to close the process of obtaining reinsurance cover for its run-off segment before year end, while it will also continue the pruning of its international segment that saw it withdraw from marine hull and certain coverholder business in Q3.

Colin Bird and Brian Marsh

BP Marsh to back Prospect Insurance Brokers

2019-11-11T17:29:00+00:00

Insurance-focused UK investment firm BP Marsh is set to take a stake in independent London market intermediary Prospect Insurance Brokers (PIB) as the broker gears up for expansion, The Insurer can reveal.

Engineering construction

Construction PI premiums more than double as cladding cover tightens: report

2019-11-11T16:39:00+00:00

Professional indemnity (PI) policies for workers in the construction sector have seen premiums rise “to well in excess of 100 percent”, as insurers increasingly exclude cladding or have pulled out of PI entirely.

insurtech, generic

Global insurtech funding down 13% in October: KBW

2019-11-11T16:36:00+00:00

Insurtech transaction funding stood at $511.3mn in October 2019, down from $587.4mn this time last year, reflecting a year-on-year slowdown of transactions, according to analysts at Keefe, Bruyette & Woods.

Jim Wallace – Munich Re

Navigators property head Wallace leaves for Munich Re

2019-11-11T16:10:00+00:00

The Hartford-owned Navigators’ head of E&S property Jim Wallace has resigned from the carrier and is set to join Munich Re’s expansive US specialty insurance platform, The Insurer can reveal.

Chelley Schaper – CAC Specialty

CAC Specialty adds Schaper to lead real estate practice

2019-11-11T13:25:00+00:00

Expansive US specialty insurance brokerage CAC Specialty has hired former Lockton executive Chelley Schaper as senior vice president to lead its new real estate practice, The Insurer can reveal.

USI

Cat and D&O lines to lead rate increases into 2020: USI

2019-11-11T13:04:00+00:00

Troubled public D&O accounts could see rates more than double, according to retail broker USI in its latest forecasts for pricing in the US commercial insurance sector going into 2020.

USI

Reps & warranties carriers face several large $50mn and $100mn+ claims

2019-11-11T12:23:00+00:00

A flurry of large claims against reps & warranties (R&W) insurers in the US this year is likely contributing to a deceleration of rate softening in the sector, despite abundant capacity, according to broker USI.

Mark Craig – Hyperion

Hyperion names Craig group CFO

2019-11-11T11:56:00+00:00

Hyperion – which owns brokers Howden and RKH, as well as managing general agent Dual – has named Mark Craig as group chief financial officer, effective 1 January 2020.

Composite insurance pricing change

Commercial insurance rates surge 8% in Q3: Marsh

2019-11-11T11:50:00+00:00

Global commercial insurance pricing has increased by 8 percent in the third quarter of this year, on average, marking the eighth consecutive quarter of pricing increases.

PPL Lloyd's

Sirius 1945 leads Q3 PPL table as Lloyd’s syndicates beat target

2019-11-11T11:06:00+00:00

Sirius Syndicate 1945 has topped the third quarter league table of Lloyd’s adopters of the e-placing platform PPL, with Lloyd’s syndicates accepting more than the mandated target of 60 percent of ‘in scope’ risks.

Scor Channel

Channel Syndicate inks 2017 and prior years RITC

2019-11-11T10:24:00+00:00

Scor-owned Channel Syndicate has agreed a reinsurance to close deal for its 2017 and prior years of account, subject to regulatory approval.

Blenheim – Lloyd's

Blenheim 5886 secures 16% capacity increase

2019-11-11T09:51:00+00:00

Asta-managed Blenheim Syndicate has received approval from Lloyd’s to increase its capacity to £250mn ($320.1mn) in 2020, up from £215mn in 2019.

Talanx Q3 results

Talanx Q3 profit soars as turnaround programme gathers pace

2019-11-11T08:48:00+00:00

Talanx Group – which includes HDI Specialty and Hannover Re – has delivered a third quarter operating profit of Eur619mn ($682mn), up from the Eur259mn it reported in the third quarter of 2018.

AmWINS State of the market

E&S pace of change remains “rapid and unprecedented”: AmWINS

2019-11-08T22:55:00+00:00

Hardening conditions in E&S property are expected to continue well into 2020, while casualty submissions are surging and the IPO D&O market is the hardest in history, according to wholesale giant AmWINS.

Sirius-share-price

Sirius searching for deal to ease shareholder concentration amid CMI sale reports

2019-11-08T21:26:00+00:00

Sirius International Insurance Group is still actively working to find a solution to resolve its stock’s “unique illiquidity situation” and shareholder concentration, according to president and CEO Kip Oberting.

Hallmark Financial Q3 results

Hallmark looks to capitalise on E&S tailwinds after Q3 growth

2019-11-08T20:27:00+00:00

Hallmark Financial Services reported its gross written premiums increased 33 percent in the third quarter, as the US specialty insurer benefited from the big rate increases being seen on E&S business.

Stephen J. Kelley

Blue River president Kelley to leave as Breckenridge exits continue

2019-11-08T20:10:00+00:00

Stephen Kelley is set to leave his position as president of Breckenridge Insurance Group’s Blue River Underwriters (BRU) at the end of the year, the latest in a series of executive departures from the WR Berkley-owned program manager and wholesaler, The Insurer can reveal.

PartnerRe

PartnerRe reveals $93mn Q3 Dorian and Faxai hit

2019-11-08T19:35:00+00:00

PartnerRe swung to a non-life $49mn underwriting profit in the third quarter despite $93mn in pre-tax losses from Hurricane Dorian and Typhoon Faxai, net of retrocession and reinstatement premiums.

Eric Micheals and Athula Alwis

Insurtech MGA AllDigital Specialty adds Micheals from Hiscox

2019-11-08T19:14:00+00:00

Blockchain and AI-driven start-up AllDigital Specialty has hired Eric Micheals from Hiscox USA as CUO and COO as it builds out a twin-track offering as an MGA and technology as a service (TaaS) provider, The Insurer can reveal.

National Flood Insurance Program’s new rating system

NFIP rating revamp pushed back a year

2019-11-08T17:07:00+00:00

Fema has announced that its Risk Rating 2.0 initiative will now be implemented in October 2021, a year later than it originally announced, against a backdrop of political criticism of the new rating system.

Hiscox share price i

Hiscox suffers Lloyd’s “blue-eyed boy” syndrome: Canaccord

2019-11-08T16:50:00+00:00

London-listed carrier Hiscox is suffering from “blue-eyed boy” syndrome after its shares initially fell over 14 percent in trading yesterday following US casualty loss fears, according to Canaccord Genuity.