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Dawn Miller – Chubb

Chubb names Miller as country president for Switzerland

2020-02-27T12:52:00+00:00

Chubb has named Dawn Miller as country president for Switzerland, effective 1 March.

AXA logo on building

Axa continues legacy growth with latest German deal

2020-02-27T12:21:00+00:00

Axa Liabilities Managers (Axa LM) has received regulatory approval from the German regulator BaFin for the acquisition of a legacy assumed treaty reinsurance portfolio from Axa Versicherung.

STOXX coronavirus

Euro insurance stocks fall heavily as coronavirus sell-off continues

2020-02-27T11:51:00+00:00

European insurance stocks fell for a fourth consecutive day as the market tumult sparked by the growing coronavirus crisis sees European stocks follow Asia’s lead with heavy declines in morning trading.

Munich Re share price

Munich Re authorises Eur1bn share buyback

2020-02-27T10:55:00+00:00

Munich Re intends to buy back around 3.9 million of its shares for a maximum price of Eur1bn, ($1.1bn) beginning 30 April 2020 and finalising transactions before its annual general meeting (AGM) on 28 April 2021.

HDI Global Specialty

HDI invests in SME cybersecurity start-up Enginsight

2020-02-27T10:02:00+00:00

HDI Group has taken a stake in cybersecurity start-up Enginsight, which focuses on automated protection against hacking, for an undisclosed sum.

Leo Kircher

Thomas Miller America confirms Jarrett retirement as Kirchner steps up

2020-02-27T09:58:00+00:00

Thomas Miller has confirmed the previously announced retirement of Mike Jarrett is now in effect, with Leo Kirchner succeeding him in the Americas CEO role.

RSA Q4 results

RSA shares up 3% on earnings beat

2020-02-27T09:19:00+00:00

London-listed RSA saw its shares climb nearly 3 percent in early trading on Thursday after the insurance giant beat analyst expectations for 2019 after restructuring its international business.

Freddie Frith – ClauseMatch

MAP automates compliance with Clausematch insurtech

2020-02-27T08:59:00+00:00

Managing Agency Partners (MAP) – owner of Lloyd’s syndicates 2791 and 6103 – has employed the services of Lloyd’s Lab graduate Clausematch to manage all its policy and procedures documentation through a single platform.

Scor Q4 results

Scor top and bottom line swell in Q4 despite cat hit

2020-02-27T07:54:00+00:00

French reinsurance powerhouse Scor has reported an uplift in gross written premium and operating profit in the fourth quarter of 2019 and at full year, despite suffering losses of Eur383mn ($417mn) from Japanese Typhoons Hagibis and Faxai.

RSA

RSA operating profit increases by 15% as exit actions take effect

2020-02-27T07:50:00+00:00

The UK’s RSA saw operating profits increase by 15 percent in 2019 to some £597mn as its group combined ratio improved and the impact of exiting unprofitable areas of business under current CEO Stephen Hester continues to be felt.

CIAB-US-map

US commercial P&C insurance price increases accelerated in Q4: CIAB

2020-02-26T23:49:00+00:00

Commercial P&C insurance premium prices in the US increased by an average of 7.5 percent in Q4 2019, accelerating from +6.2 percent in the third quarter, led by a 13.6 percent average rise in umbrella, according to the latest survey from The Council of Insurance Agents & Brokers.

Argo

Argo downgraded by AM Best

2020-02-26T22:31:00+00:00

AM Best has downgraded the financial strength ratings of a raft of Argo operating subsidiaries from A to A- with their long-term issuer credit ratings also cut from “a” to “a-” and the long-term ICRs of the Bermudian parent lowered from bbb to bbb-, among other actions.

Costero Brokers, Heffernan and Prospect

US retailer Heffernan close to acquiring London broker Prospect

2020-02-26T21:33:00+00:00

A Lloyd’s intermediary backed by US retail broker Heffernan Group is closing in on a deal to acquire London market broker Prospect Insurance Brokers (PIB), The Insurer can reveal.

Brad Foote – Worldwide Facilities, LLC

Worldwide Facilities hires leader for new Denver office

2020-02-26T20:10:00+00:00

US wholesale broker Worldwide Facilities has brought in professional, cyber and liability specialist Brad Foote to lead its new Denver, Colorado office.

Al Miralles – CNA

CNA promotes Miralles to CFO after Anderson resigns

2020-02-26T20:05:00+00:00

CNA has appointed Al Miralles as executive vice president and chief financial officer, succeeding James Anderson who has resigned to pursue other opportunities.

Pro Assurance

ProAssurance’s ratings cut after performance drops and Norcal deal

2020-02-26T19:58:00+00:00

Medical malpractice specialist ProAssurance has seen its ratings downgraded by AM Best on the back of a deterioration in its operating performance as well as its planned $450mn acquisition of Norcal Group.

Christian-Warrener-–-Consilium-Re

Direct Insurance Group’s ConsiliumRe hires reinsurance head

2020-02-26T18:41:00+00:00

London’s ConsiliumRe has brought in Christian Warrener from RFIB as its new head of reinsurance, The Insurer has learned.

N2G, Generali and Nationwide

Nationwide and Generali tap $33bn program market with N2G launch

2020-02-26T15:39:00+00:00

US carrier Nationwide and Italian insurance giant Generali have teamed up and launched a New Jersey-based joint venture to underwrite multinational program insurance for international commercial risks.

Michael Butt – Axis

Axis co-founder and chairman Butt to step down

2020-02-26T15:13:00+00:00

Axis’ chairman and co-founder Michael Butt is to retire from the Bermudian carrier in September, to be succeeded by Henry Smith.

John Neal – The Future at Lloyd's

Lloyd’s to launch four new SIABs says Neal

2020-02-26T14:01:00+00:00

Lloyd’s is set to welcome four new syndicate-in-a-box platforms drawn from smaller participants to the market in coming months, according to Lloyd’s CEO John Neal.

Jennifer Rigby and John Neal – Lloyd's

Lloyd’s to take 40% stake in PPL as it outlines 2020 transformation targets

2020-02-26T13:58:00+00:00

Lloyd’s will take a 40 percent stake in the London market’s electronic placing platform (PPL) as it commits to building a complex risk platform infrastructure as one of its key 2020 priorities in CEO John Neal’s “Future at Lloyd’s” transformation programme.

IGI

IGI receives final Tiberius merger approvals from UK regulators

2020-02-26T13:05:00+00:00

International General Insurance Holdings (IGI) has been given the regulatory green light by the UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) for its previously announced merger with Nasdaq-listed Tiberius Acquisition Corp.

McGill & Partners

McGill adds to energy practice with StarStone onshore head Wilson

2020-02-26T13:05:00+00:00

Expansive broking house McGill and Partners has continued to build out its energy and power team with the hire of Ben Wilson.

Aviation

MS Amlin’s Taffs emerges as UIB deputy aviation and space MD

2020-02-26T13:00:00+00:00

Broker UIB has appointed Miles Taffs as deputy managing director of its aviation and space team, effective 16 March.

FCA London market

FCA admits data breach as 1,600 records go public

2020-02-26T12:10:00+00:00

The UK’s Financial Conduct Authority (FCA) has confirmed its website was the source of a data breach after personal information was published online in response to a Freedom of Information Act request in November 2019.

Skuld

Skuld sees P&I tonnage increase by 4.6%

2020-02-26T09:50:00+00:00

Norwegian marine insurer Skuld recorded a 4.6 percent net increase in mutual P&I gross tonnage year-on-year from 2019 to 2020.

Michael Van Der Straaten – QIC

QIC Global confirms Van der Straaten as international CEO

2020-02-26T09:40:00+00:00

QIC Global – the parent company of Lloyd’s carrier Antares and Bermuda-based Qatar Re – has confirmed the appointed of Mike van der Straaten as CEO of QIC Global (International), a move first revealed by The Insurer.

Garrett Hanrahan – Marsh JLT Specialty

Marsh JLT Specialty replaces global aviation head Harker with Hanrahan

2020-02-26T09:39:00+00:00

Marsh has promoted Garrett Hanrahan to global head of aviation at Marsh JLT Specialty, to succeed Simon Harker who is retiring after 44 years in the industry.

Corona virus

Asia-Pacific insurance stocks trade down again as coronavirus shakes market

2020-02-26T08:01:00+00:00

Insurance stocks in Asia-Pacific fell for a third day on Wednesday following another sharp sell-off on Wall Street and in Europe sparked by a warning that the spread of the coronavirus in the US was inevitable and rising concerns of new cases in Europe.

Container ship

Golden Ray to cost cargo market $120mn

2020-02-26T07:34:00+00:00

Losses stemming from the capsized vehicle carrier the Golden Ray are expected to cost the cargo market $120mn, The Insurer understands.