Doucette to leave Everest Re with Williamson stepping in as reinsurance head
John Doucette is leaving Everest Re to “pursue other opportunities”, with current executive vice president and COO Jim Williamson taking over as the head of the Bermudian’s reinsurance division with immediate effect.
Wolyniec returns with Pelican-backed MGA platform Tango Specialty
Former Ascot US president and CEO Greg Wolyniec has re-emerged in the market at the helm of a new MGA platform called Tango Specialty, backed by Jim Stanard and Rod Fox-founded Pelican Ventures, having bought specialty program administrator V3 Insurance Partners as part of its launch.
Mosaic confirms addition of Hamilton’s PL head Jay and FI leader Webb
Start-up Mosaic has confirmed it has hired Anna Jay and Chris Webb from Hamilton Managing Agency, as this publication first reported in November 2020.
McGill and Partners adds WTW’s Donley to NY aerospace team
McGill and Partners has strengthened its New York office’s capabilities with the hire of Willis Towers Watson’s Bridget Donley as a partner in its aviation and aerospace team.
Maiden Q1 operating profit grows to $47.3mn on share repurchase gain
Maiden Holdings has announced a strong increase in operating earnings in the first quarter to $47.3mn from $3.1mn in the prior year period, which primarily reflects the gain from preference share repurchases.
SiriusPoint posts underwriting profit and 96.6 CR in Q1
Newly formed SiriusPoint closed 2021’s first quarter with net underwriting profit of $8.7mn and a combined ratio of 96.6 percent, as the company benefited from what chairman and CEO Sid Sankaran said was a focus on underwriting discipline as well as positive rate improvement at the 1 January renewals.
Ark doubles GWP in Q1 as White Mountains sees decline in BVPS
Scaled-up specialty (re)insurer Ark more than doubled its top line in the first quarter – booking $405mn in gross written premiums – but Winter Storm Uri pushed the carrier into the red on underwriting with a GAAP combined ratio of 109 percent.
Judge denies CinFin’s bid to dismiss Alabama restaurants’ Covid-19 BI case
Cincinnati Financial has been denied a motion to dismiss in a case brought by a group of Alabama restaurants, with the Northern District of Alabama judge stating that Covid-19 does not necessarily have had to have altered the restaurants’ property for there to be coverage.
Axis Re overhauls divisional leadership; creates global property division
Axis Re has named Ann Haugh president of a new global property division as part of a series of changes to the reinsurer’s leadership team designed to simplify the overall structure.
AGCS names Everest’s Grace as global head of property
Allianz Global Corporate & Specialty (AGCS) has named Everest Re’s Maria Grace as global head of property.
Enstar: run-off pipeline strong despite increased competition and portfolio volatility
Bermudian Enstar has said it has a strong pipeline of legacy transactions and is poised to build on the ~$3bn of run-off liabilities it has already acquired in 2021.
Hub expands in Connecticut with Ion Insurance deal
Hub International Limited has acquired Ion Insurance Corporation as the US broker targets growth in New England.
RenRe increases authorisation on share repurchase program to $500mn
RenaissanceRe’s board has increased the total current authorisation on its share repurchase program to $500mn after president and CEO Kevin O’Donnell said on the Bermudian’s Q1 earnings call that its stock was undervalued.
Axa XL names Zurich’s Jadav UK and Lloyd’s retail P&C CUO
Axa XL has appointed Zurich’s Anish Jadav as chief underwriting officer for retail property and casualty, UK and Lloyd’s.
US passes emergency powers following pipeline ransomware strike as demand for cover grows
The US government introduced emergency legislation on Sunday in an effort to keep fuel supply lines open as fears of shortages rose following a ransomware cyber attack at a major US pipeline on Friday.
CSRC introduces consultation over strengthened ESG disclosures for listed firms
China’s Securities Regulatory Commission has launched a consultation over plans to ask listed companies to include separate environmental, social and governance reporting within annual reports.
ICA adds trio to board
The Insurance Council of Australia (ICA) has added representatives from Munich Re, IAG and Chubb to its board of directors.
Aon retro broker Boon heads to Lockton Re
Expansive reinsurance intermediary Lockton Re has hired Aon non-marine property retro broker James Boon as it continues to build out its retro practice, The Insurer can reveal.
AM Best: No changes to ratings of Mexico City Metro’s lead insurer GMX
AM Best has not made any changes to Grupo Mexicano de Seguros (GMX)’s ratings even though the carrier is facing possibly significant losses owing to its position as the lead insurer of Mexico City’s subway system.
Generali GC&C names Wekkeli head of property underwriting in Germany
Generali’s Global Corporate & Commercial (GC&C) division has named Marc Wekkeli as head of property underwriting in Germany.
Transverse and Hayman-founded SPAC Lakeview files for $250mn IPO
Hybrid fronting carrier Transverse and former AIG executive and Zurich board member Jeffrey Hayman have launched blank check company Lakeview Acquisition Corporation (LAC) and filed for a $250mn initial public offering to raise funds to buy a business in the US insurance sector.
Report: EC set to approve Aon-WTW remedies with Vestager support
European Commission regulators are set to green-light the divestments proposed for the Aon-Willis Towers Watson transaction with Margrethe Vestager – the EVP responsible for competition policy – said to be supporting the remedy packages, according to a report by The Capitol Forum.
Ex-Canopius renewables team secures Berkley support for new MGA Praeventus
Praeventus, the new MGA launched by Canopius’ former renewable energy team, will begin underwriting on 1 June backed by capacity providers led by Berkley Offshore and a panel of Lloyd’s insurers including Munich Re Syndicate Ltd.
AssuredPartners racks up 16th acquisition of 2021 with Texas deal
AssuredPartners has acquired 48-employee Texas Associates Insurors Agency (TAI), its fourth acquisition of April and 16th of the year.
Former BTG, Argo and Berkley execs revamp Brazil’s Seguradora Invest to launch Kovr
The former president of BTG Pactual Seguradora and the previous Brazilian heads of Argo and Berkley’s insurance operations have partnered with Seguradora Invest and rebooted and rebranded the 45 year old company into a technologically-driven and efficiency-focused new platform called Kovr Seguradora, The Insurer has learned.
First Indemnity launches new excess casualty coverage
First Indemnity Insurance Group has launched a new excess casualty lawyers professional liability product for law firms with one to 750 attorneys in response to rising rates and restricted capacity in the sector.
AM Best downgrades James River FSR to A-
AM Best has downgraded James River’s financial strength rating (FSR) from A to A- over concerns about a reduction in its assessment of the carrier’s enterprise risk management, a move that comes in the wake of the specialty insurer’s $170mn Uber-related reserve charge.
AIG expects earned margin expansion into 2022 as underwriting actions take effect
AIG shares were trading up 2 percent earlier today after the insurer said it expects to deliver earned margin expansion through 2021 and into 2022 as it also forecast strong net written premium growth and committed to achieving its sub-90 percent accident year ex-cat combined ratio target by the end ...
Greg Abel: Naming of Buffett’s heir means business as usual for BH insurance ops
The relatively little-known chairman of Berkshire Hathaway Energy Greg Abel has been thrust into the spotlight over the past week after being named as Warren Buffett’s likely successor at the vast conglomerate.
Enstar swings to $284mn Q1 operating income
Enstar’s net and operating results returned to profit in the first quarter of 2021, on the back of a reduction in losses and loss adjustment expenses, as well as favourable prior-year development.
Vantage enters ILS market with $225m Vista Re cat bond
The Insurer TV: NAIC involvement crucial to help standardise US IBT structure
Arcus active u/w Shepherd and NA treaty head James out as ERS brings in new talent
HCI’s Patel: 1 June renewals “look a lot smoother” than last year
Skuld reports 108% combined ratio for 2020/21 financial year
Numis raises Lancashire price target on specialty lines expansion
The Insurer TV: Split RITCs – the next evolution of Lloyd’s legacy?
Zurich promotes Robinson to group CUO
Talanx shareholders back exec pay and dividend proposals
Suncorp’s Johnston calls for faster action on climate mitigation
RSA says goodbye with best results in a decade
Perils estimates A$1.05bn loss bill from Australia floods
ProAssurance’s S&P credit ratings drop to BB as Norcal deal weakens financial risk profile
HCI beats as GPW jumps 64.4% in Q1
Alleghany swings to Q1 UW profit despite $181mn storm losses
AIG GI returns to UW profit despite cats in Q1 earnings beat
Greenlight Re shareholders vote against exec pay and lead director
Ki CEO: more competitors will adopt digital follow-only model
Aspen hires Markel’s Shane as outwards re MD and launches Aspen Capital Partners
Kemper CEO Lacher takes on additional role of chairman
UK government awards Linklaters lucrative contract as fears grow over Pool Re future
Scope latest exec to arrive at Corant BDA as talks with Bermuda Brokers break down
FM denied in bid to end Cinemark’s Covid-19 lawsuit
James River shares plunge 30% amid big Uber charge and downgrade expectation
State Auto falls to Q1 operating loss as Texas storms add 17 points to CR
Liberty Mutual operating profit up 14% despite $1bn Q1 cat losses
FedNat’s shares drop 15% as Braun bemoans “challenging” homeowners market
ProAssurance completes Norcal acquisition
CEO panel: Cyber market must attract ILS and PPPs to take on systemic risk
TransRe’s Brandt: Systemic event would be “big mess” for inconsistent cyber market
Howden Specialty hires Wijaya as divisional director
Lockton appoints Haraden president of Boston unit
Munich Re surprised by “minimal” reduction to Covid IBNR claims
Aon creates EMEA advisory board for M&A and transactions practice
The legacy market: a renaissance in the making
BMS: North America to drive record take-up in M&A cover in 2021
Talanx Q1 profit jumps on lower Covid impact
QBE welcomes imminent arrival of “inclusive” Beazley boss Andrew Horton
WTW expected to divest more aerospace assets than mandated by EC
Guy Carpenter launches Asia Pacific Catastrophe Advisory Group
Munich Re P&C re CR improves 7.1 points despite €450mn winter storm hit
Global Indemnity swings to Q1 underwriting loss as cats bite
Palomar GWP rises 44% in Q1 with E&S fuelled expansion
UPC confident Florida reforms will mitigate accelerating litigation trends
ProAssurance falls to UW loss as Lloyd’s CR hits 123.4%
Allstate to scale up cat cover after highlighting reinsurance role in its Q1 results
Root loss ratio improves 22 points in Q1 to 70.9%
Greenlight Re swings to net profit despite CR deterioration in Q1
James River expects downgrade after $170mn Uber charge despite capital raise plan
Heritage combined ratio jumps to 107.7% after weather impacted Q1