MS Amlin AG names Swiss Re’s Wiest as CEO
MS Amlin has appointed Swiss Re reinsurance COO Robert Wiest as CEO of its Zurich-based reinsurance operation, MS Amlin AG.
KBW: “Feasible” that Zurich has exhausted agg cover after floods and Ida
Zurich Insurance Group is yet to disclose its exposure to the German floods and Hurricane Ida, but it is “feasible” the insurance giant has already exhausted the $405mn of available limit on its aggregate reinsurance cover for this year, according to KBW’s William Hawkins.
California protects 325,000 policyholders with wildfire moratorium
More than 325,000 residential property insurance policyholders impacted by this year’s devastating wildfires in Northern California have been protected from the threat of non-renewal by their carrier after the state’s insurance commissioner Ricardo Lara issued a moratorium.
Brit launches claims algorithm in response to cat events
Fairfax-owned Brit has launched a machine learning algorithm designed to accelerate the identification of post-catastrophe property damage.
Bolttech extends Series A to $210mn
Expansive insurtech Bolttech has extended its previously announced Series A funding round to $210mn thanks to two new strategic investors, in a move which cements the firm’s unicorn status.
Insurers launch advisory group to tackle SME policyholder failings
Insurers in Australia have formed an advisory group to improve the affordability and availability of commercial insurance products for small and medium-sized businesses after a review found urgent improvements were needed.
Dive In attendees highlight mental health as biggest concern
A survey of registered attendees at this year’s Dive In Festival has identified mental health as the most important issue for the global insurance sector to prioritise over the next year.
Reports: Allianz asset management head Hunt in talks to depart
Allianz is looking to shake up its management board, with talks reportedly taking place over the potential exit of asset management head Jacqueline Hunt as the German insurance and financial services giant continues to deal with lawsuits and regulatory probes into its Structured Alpha Funds.
Swiss Re’s Ojeisekhoba: Wellbeing of “intellectual capital” crucial following Covid-19
The mental wellbeing of staff at Swiss Re has been a “recurring topic” for the executive committee as the group navigates its way through the impact of Covid-19 both from a business and personnel point of view, according to reinsurance CEO Moses Ojeisekhoba.
Genworth raises $535mn from relaunched Enact IPO and private sale
Private mortgage insurer Enact Holdings has completed an initial public offering (IPO) as well as a private sale of shares to Bayview Asset Management, with parent Genworth intending to use the $535mn in proceeds it received after underwriters’ fees to repay a note secured to cover a settlement with Axa.
Sompo Intl’s Del Col to retire with Axa XL’s Lawrence named GC
Sompo International Holdings has named Windy Lawrence as its new general counsel, succeeding John Del Col who will retire at the end of the year after 19 years with the Bermudian (re)insurer and its predecessor company.
Wefox hires ex-Zurich exec Huber as chief insurance officer
Peter Huber, who left his role as CEO of Zurich International last month, has joined Wefox as chief insurance officer, as the German insurtech looks to grow following its $650mn funding round in June.
Sompo Intl to acquire Italian agri insurer ARA
Sompo International has agreed to purchase Assicurazioni Rischi Agricoli VMG 1857 (ARA), a deal that strengthens the Bermudian’s European agricultural book through increased geographical and exposure distribution.
Judge denies Marsh’s motion to dismiss Aon suit over Florida hires
A Florida circuit court judge has denied Marsh’s attempt to dismiss a lawsuit brought by rival Aon over the hire of more than 40 Florida-based staff including East Coast managing director Michael Parrish.
Patriot closing in on recap with GI Partners
Patriot Growth Insurance Services is set to announce a recapitalisation with private equity firm GI Partners that could value the fast-growing insurance agency and broker consolidator platform at close to $1.7bn, The Insurer can reveal.
BHSI targeting multinational clients with 170-country network
Berkshire Hathaway Specialty Insurance is embarking on a global growth drive with the expansive carrier in the process of establishing its own worldwide network of locally based companies to better serve multinational customers, The Insurer has learned.
Acrisure Re adds senior quartet to corporate advisory and solutions division
Acrisure Re has named Nick Godfrey as head of capital markets and Jonathan Zisaruk as head of legacy as part of a quartet of senior appointments within the intermediary’s corporate advisory and solutions division.
IRB names MetLife executive Carvalho as new CEO
The board of IRB Brasil Re has elected Raphael Afonso Godinho de Carvalho as CEO of the reinsurer, taking over from Wilson Toneto on 1 October.
BMS Re confirms Farrell hire
BMS Re has confirmed the appointment of Jerry Farrell in a move first revealed by The Insurer last week.
Cover Whale launches trucking program on Everspan paper
Commercial auto insurtech Cover Whale Insurance Solutions has launched an E&S trucking program in partnership with participatory fronting carrier Everspan.
Axa XL names Clark as marine liabilities global practice leader
Axa XL has appointed Stephen Clark as its new marine liabilities global practice leader in addition to his current responsibilities as North America hull and liabilities practice leader.
Liberty Specialty Markets appoints Axa XL’s Harth to lead the Germany office
Liberty Specialty Markets has hired Michael Harth as country manager for Germany, starting in January 2022.
UK (re)insurance industry calls for “leadership” from PM on climate issues
Almost 100 UK businesses, including eight representing Britain’s (re)insurance sector, have written to Prime Minister Boris Johnson urging him to show strong “domestic leadership” that can help deliver global progress on climate change.
Brown & Brown’s Bridge subsidiary acquires NJ-based Gremesco
Brown & Brown subsidiary Bridge Specialty Group has acquired New Jersey-based wholesale broker Gremesco.
Lloyd’s says one third of new hires should be from ethnic minority backgrounds
Lloyd’s has said it plans to mandate the collection of ethnicity data as part of a move to drive up the representation of ethnic minorities across the market.
KCC estimates Hurricane Nicholas insured losses at $950mn
Hurricane Nicholas will cost insurers close to $950mn, according to a preliminary estimate from Karen Clark & Company.
Scor leads European P&C losses in global equity slump
European P&C stocks followed Asian equities sharply lower on Monday with the majority of major carriers seeing their share prices decline on wider market concerns over wholesale energy prices and inflation.
Atrium confirms MacColl appointment as head of hull and war
Atrium Underwriting has confirmed the appointment of Axa XL’s Mike MacColl to head up its hull and war business, as revealed by The Insurer in March this year.
Convex chooses Luxembourg for new European insurance entity
Convex has created a Luxembourg-based European insurance entity to serve clients within the European Economic Area.
The legacy market: poised for the next wave?
Later this morning the UK run-off market will be leaving their desks – whether at home or in the office – and jumping on the Brighton train for the first in-person legacy conference since the start of the pandemic.
Argenta’s senior casualty and specialty treaty underwriter exits
Fitch: ESG cat bonds a “catalyst” for ILS market growth
Lockton Re bolsters cyber offering with Marsh’s Tigleanu
Fry: Acacia “not trying to be all things to all people” as hones focus on retro XoL
Alera acquires California-based The Brokerage
Doxa buys Indianapolis-based MGU/wholesale broker Caitlin Morgan
Miller: Marine hull now “a hard market” after repeated rate rises
Mercury General expands CUO Joseph’s role to also include COO
Coralisle to buy Barbados-based insurer Massy United for $90.5mn
Ascot operating units’ credit ratings upgraded on improved diversification
BFL taps WTW Canada again as P&C broking leader Wong joins
Schaper takes over AlphaCat leadership with Brooks departure
AM Best takes GIC’s credit rating off negative outlook
Wilson takes strategic leadership roles at Deans & Homer and Covie
Reinsurers take share of Progressive’s $510mn Ida loss from Gulf and Northeast
Wuller named RSGUM CEO following Clark exit
Gallagher appoints Etihad’s Rossiter to aerospace practice
Apollo lands Canopius’ Sandi to lead new casualty treaty unit
Munich Re’s Golling: Sector must write cyber to stay relevant
Leadenhall Capital lifts AuM to record $6.6bn
UK Covid-19 BI payouts top £1bn
Insurtechs should be seen as value-add innovators not competitors
PIA urges Fema to delay start of new NFIP rating methodology
RPS: Habitational is hardest area of “unpredictable” casualty market
WIA reveals deals for med mal specialist Argus and specialty risks broker ORM
Risk Innovations’ Peddle named Jencap Insurance Services president
Hamilton continues E&S push with Ironshore’s Marzec
Brokerage CUO Goodloe in Ategrity exit
RMS Ida estimate jumps to $31bn to $44bn on inland flooding
Farrell set to re-emerge at BMS Re
Aon confirms Gale as head of legacy unit and adds PwC’s Nelligan
ILS: Navigating the new normal
Galway’s Jencap takes Hahn and team from CRC
AM Best: Surplus lines grew 17.5% in 2020 but UW profitability “elusive”
AmTrust backs insurtech Foxquilt in $8mn financing round
Beazley names Sanchez global head of cyber services
Allstate hands more than half of $1.4bn Ida loss to reinsurers
AGCS’ Vassallo succeeds Hunt as regional head of energy and construction
Jensten completes Tasker acquisition
Kunreuther: Climate change “uninsurable” if left to the private sector alone
Pool Re names former Treasury minister Knight as chair
Dale receives in-principle approval from Lloyd’s to set up managing agency
Covid-19 compounded MGA challenges obtaining capacity
MS Amlin professional lines duo linked with move to Markel
Amwins Global Risks looks to Beazley and Lloyd’s for senior operations hires
Fitch’s Mazzuoli: Inflation and interest rate movements a “significant headwind” for reinsurance sector
Tort claimants’ committee opposes Hartford’s $787mn Boy Scouts settlement
Fortitude Re to acquire Prudential legacy variable annuities book in $2.2bn deal
CAC adds surety specialist Wonder to natural resources team
2021 cat losses delay FedNat strategic review process and potential M&A