Barry Goldstein

Goldstein returns as Kingstone CEO after Thatcher abruptly resigns

2019-07-19T22:08:00+01:00

Barry Goldstein has returned as CEO of US regional insurer Kingstone Companies and targeted improved profits, following Dale Thatcher resigning after seven months in the role.

Odyssey Re

Moody’s upgrades Odyssey Re on strong underwriting results

2019-07-19T22:50:00+01:00

Moody’s has upgraded the financial strength rating of Odyssey Reinsurance Company to A2 from A3, with a stable outlook.

WSS

XPT’s WSS launches workers comp unit with two hires

2019-07-19T22:40:00+01:00

XPT Group subsidiary Western Security Surplus (WSS) has launched a workers compensation division with the hires of Dan Rieden and Matt Rieden.

Hurricane Barry

Hurricane Barry insured loss estimates compared

2019-07-19T18:50:00+01:00

CoreLogic is the latest to release a Hurricane Barry estimate, saying total insured losses including the National Flood Insurance Program (NFIP) will be between $400mn and $800mn.

Fruit farming

French storms expected to cost Eur 220mn

2019-07-19T15:33:00+01:00

Covea and Groupama are expected to be some of the hardest hit at the primary level following the devastating storm damage last month which caused widespread damage to fruit farmers in the Auvergne-Rhone-Alps region, the ‘orchard of France’, The Insurer understands.

John Forney – UPC Insurance

UPC reveals $31mn hit from 2018 loss creep and Q2 cats

2019-07-19T15:22:00+01:00

United Insurance Holdings (UPC Insurance) has warned it expects to incur $15mn of adverse development from accident year 2018 and $16mn of net losses from second quarter catastrophes.

Insurisk and Markel

CRC launches $15mn investment advisors cover with Markel

2019-07-19T14:20:00+01:00

US wholesale broker CRC has added an investment advisors liability product to its exclusive Insurisk platform with capacity thought to be provided by specialty insurer Markel, The Insurer can reveal.

FSCS taxi

FSCS gives green light to Alpha replacement cover

2019-07-19T13:42:00+01:00

The UK’s Financial Services Compensation Scheme (FSCS) has agreed a deal to secure replacement cover for bankrupt Danish insurer Alpha Insurance’s policyholders with a new, solvent insurer.

Housesof parliament

ABI calls on MOJ’s Gauke to review ‘misleading’ Ogden assessment

2019-07-19T11:57:00+01:00

The Association of British Insurers (ABI) has called on UK Justice Secretary David Gauke to rethink the “misleading and wholly disingenuous” impact assessment that underpinned his decision to lift the Ogden discount rate by less than expected.

AIG – New York

AIG appoints Goldman Sachs’ Love as real estate head

2019-07-19T11:14:00+01:00

AIG has appointed James Love to the role of global head of real estate, as the carrier looks to optimise its real estate footprint globally.

Venkat Krishnamoorthy – Hamilton

Hamilton names Krishnamoorthy chief technology officer

2019-07-19T09:15:00+01:00

Bermudian (re)insurer Hamilton has hired Venkat Krishnamoorthy to assume the newly-established position of chief technology officer (CTO), as the group looks to boost efficiency and bottom-line performance.

Jeremy Winter – CNA

CNA appoints Winter to lead Chicago hub

2019-07-19T08:22:00+01:00

US insurer CNA has named Jeremy Winter senior vice president and Chicago branch manager, replacing Steve Wachtel who is retiring after a 40-year insurance career.

Steve Ryland – Catalina Holdings

Catalina looks to Armour’s Ryland for UK CEO

2019-07-19T07:33:00+01:00

Bermuda-headquartered legacy firm Catalina has named Steve Ryland as CEO of its UK business.

Generali and Tranquilidade – Portugal

Generali buys Portuguese insurer from Apollo in $675mn double deal

2019-07-19T07:14:00+01:00

Italian insurance giant Assicurazioni Generali has reached a deal to buy Portuguese insurer Seguradoras Unidas and service company AdvanceCare from US private equity fund Apollo Global Management for a total of Eur600mn ($675mn).

Hurricane Barry

Barry insured losses will not top $500mn: RMS

2019-07-19T00:37:00+01:00

RMS has estimated that insured US losses from Hurricane Barry will not exceed $500mn, with about half of the total set to be absorbed by the National Flood Insurance Program (NFIP).

Heritage Insurance – Florida

Heritage leads Florida shares down with 8% dip on cat losses

2019-07-18T21:35:00+01:00

Investors reacted negatively to preannounced hail and wind-related losses for the second quarter from Florida homeowners insurers Heritage and FedNat.

New York

New York fines Berkshire’s Applied Underwriters $3mn for overcharging

2019-07-18T20:32:00+01:00

Applied Underwriters has said it is pleased with a settlement under which New York’s Department of Financial Services (DFS) found the Berkshire Hathaway subsidiary overcharged many small and medium-sized employers for unapproved workers compensation products that violated New York law.

US-Casulaty

RLI points to growth opportunities as casualty momentum picks up

2019-07-18T19:13:00+01:00

US specialty carrier RLI Corp struck a noticeably more optimistic tone than in the recent past as it commented on pricing momentum in its second quarter earnings call this morning.

Richard Lowther

Lowther to leave Hiscox Re ILS

2019-07-18T17:47:00+01:00

Richard Lowther, managing principal at Hiscox Re Insurance Linked Strategies, is to leave the company.

Munich-Re-Hurricanes-i

Munich Re expects Q2 profit to jump to Eur1bn

2019-07-18T17:28:00+01:00

German powerhouse Munich Re has said it expects to make a profit of Eur1bn ($1.12bn) in the second quarter, delivering a consolidated result 37 percent higher than the Eur728mn in the same three-month period in 2018.

Andrew Bailey-FCA

FCA’s Bailey highlights need for post-Brexit regulatory shake-up

2019-07-18T16:07:00+01:00

The Financial Conduct Authority (FCA) plans to reassess its conduct regulation after Britain has completed its withdrawal from the European Union, the regulator’s chief executive Andrew Bailey has said.

Guy Carpenter and Lockton

Lockton Re trio argues Guy Carp’s claims not valid in new filing

2019-07-18T15:34:00+01:00

Three Lockton Re executives have made a new filing in their dispute with Guy Carpenter, saying their former employer’s claims of violations of their fiduciary duties and restrictive covenant agreements (RCAs) are “an illegitimate attempt to stifle fair competition”.

Jefferies

Jefferies: hard market now extends to commercial lines

2019-07-18T14:21:00+01:00

US Commercial insurance prices have risen for six consecutive quarters, creating a “long-awaited” hard market, according to analysis from equity analysts Jefferies.

Steve Thompsett and Marshall Brandon – Artex

Artex makes COO and CFO appointments

2019-07-18T14:09:00+01:00

Bermuda-based alternative risk management solutions provider Artex has promoted Stephen Thompsett to chief operating officer and Brandon Marshall to chief financial officer.

Anthony Dagostino – Lockton

Lockton appoints Willis’s Dagostino as cyber practice leader

2019-07-18T14:05:00+01:00

Anthony Dagostino has joined Lockton as executive vice president and global cyber and technology practice leader.

John Howard

BB&T Insurance organic growth surges to 11.6% in Q2

2019-07-18T14:03:00+01:00

US retail and wholesale broker BB&T Insurance Holdings has reported organic growth for the second quarter that more than doubled from 5.2 percent to 11.6 percent to reach what it said was the highest level in its history.

Jennifer Darcy – Ed

Ed hires Price Forbes’ D’Arcy to head fac

2019-07-18T14:03:00+01:00

Wholesale and specialty broker Ed has appointed marine cargo specialist Jennifer D’Arcy to the new role of executive vice president and head of facultative reinsurance.

Allstate

Allstate Q2 losses exceed $1bn but miss cat cover

2019-07-18T13:25:00+01:00

US insurance giant Allstate has pegged its second quarter losses at $1.07bn pre-tax, with no single event expected to attach to its reinsurance program.

Heritage Insurance – Florida

Heritage pegs second quarter weather losses at $21.5mn

2019-07-18T13:19:00+01:00

Florida-based homeowners specialist Heritage expects approximately $21.5mn of net weather-related losses in the second quarter, primarily from four wind and hail storms in the southeast.

Nadim Cetin – Allianz and Arabesque

Allianz invests $20mn in big data firm Arabesque S-Ray

2019-07-18T13:10:00+01:00

Allianz X, the $1bn technology investment arm of German giant Allianz, has injected $20mn into environmental, social, and governance (ESG) metrics provider, Arabesque S-Ray, in a bid to make more sustainable investment decisions.