1.4 Japan renewals analysis

Japanese wind covers price up 20-30% as reinsurers reassess risk

2019-03-22T21:33:00+00:00

Loss struck wind specific layers of excess-of-loss (XoL) covers bought by the Japanese “Big Three” carriers are seeing significant rate increases of 20-30 percent as reinsurers react to dramatic creep on Typhoon Jebi losses, The Insurer has learned.

Renaissance and Tokio Marine i

RenRe deal close brings cull of TMR executives

2019-03-22T22:02:00+00:00

Almost all of Tokio Millennium Re’s executive management team have exited the reinsurer with the close of its acquisition by RenaissanceRe today.

Dan Glaser – handshake

MMC’s JLT acquisition to close 1 April following EC approval

2019-03-22T17:35:00+00:00

The European Commission has approved Marsh & McLennan Companies’ acquisition of Jardine Lloyd Thompson, conditional on the divestment of JLT’s global aerospace practice.

Kevin O’Donnell – RenaissanceRe

RenRe closes Tokio Millennium acquisition

2019-03-22T17:02:00+00:00

RenaissanceRe has confirmed the closing of its deal to buy Tokio Millennium Re (TMR) for just over book value.

John-Neal

‘Lloyd’s is better than this’: Neal

2019-03-22T15:33:00+00:00

The chief executive of Lloyd’s of London has chastised the market for prioritising expansion and diversification over profitability in recent years and has vowed to return the institution to its former glory.

Ethiopian Airlines

Munich Re reveals up to Eur120mn Boeing loss

2019-03-22T08:27:00+00:00

Munich Re expects losses between Eur100mn and Eur120mn from the Ethiopian Airlines crash and subsequent grounding of Boeing 737 Max 8 planes. This follows fellow German reinsurer Hannover Re estimating losses in the low two-digit million euros.

Dinos

Pasquesi to replace Iordanou as Arch chairman

2019-03-21T20:30:00+00:00

Arch Capital Group has announced that John Pasquesi will succeed Constantine Iordanou as chairman in September upon the completion of Iordanou’s term.

Peter Mullen – Artex

Mullen takes reins at Artex

2019-03-21T17:41:00+00:00

Bermuda-based alternative risk management solutions provider Artex has confirmed the official return of Peter Mullen as its CEO.

RFIB for sale sign

BGC and AmWINS frontrunners in RFIB sale process

2019-03-21T17:07:00+00:00

BGC Partners, the owner of London market brokers Ed and Besso, and expansive US wholesaler AmWINS have emerged as two of the frontrunners in the chase for up-for-sale RFIB Insurance Brokers, The Insurer can reveal.

Lloyd's building

Market responds to Lloyd’s sexual harassment reports

2019-03-21T17:07:00+00:00

Newly installed LMA CEO Sheila Cameron has called on the sector to ensure both victims and witnesses are encouraged to come forward following damning reports of sexual harassment within Lloyd’s.

E. David Burt

Bermuda premier vows to get island off EU blacklist

2019-03-21T16:53:00+00:00

Premier David Burt has acknowledged concerns in Bermuda about being placed on the European Union’s tax haven blacklist but says the island will be removed from it “at the earliest opportunity”.

Allstate

Analyst ups Allstate Q1 profit projections after Feb cats estimate

2019-03-21T16:00:00+00:00

KBW analyst Meyer Shields raised his Q1 earnings forecasts for Allstate after the US insurance giant reported lower-than-expected catastrophe losses for February.

US flood

Townsville flood claims total 25,778 as bill hits $742mn: ICA

2019-03-21T11:21:00+00:00

Insured losses emanating from the flood event which impacted the Australian city of Townsville earlier this year are estimated at A$1.04bn ($742mn), according to the Insurance Council of Australia (ICA).

Luxembourg

Liberty re-domiciles European business to Luxembourg

2019-03-21T10:50:00+00:00

Liberty Specialty Markets has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg ahead of the UK’s exit from the European bloc at the end of March.

Accredited and Pronto Insurance

Accredited agrees new partnership deal with Californian auto MGA Pronto

2019-03-21T07:45:00+00:00

US program insurer Accredited Surety & Casualty Inc (Accredited) has inked another fronting deal this time with the Californian auto MGA Pronto General Insurance Agency Ltd.

TAXI image

AM Best withdraws Atlas Financial’s ratings

2019-03-20T21:59:00+00:00

Following large reserve increases and a delay to its 10-K filing, Atlas Financial Holdings has asked for its ratings to be withdrawn.

Orchid logo

Orchid appoints ex-Lockton CEO as chair

2019-03-20T20:53:00+00:00

John Lumelleau has joined US property catastrophe specialist Orchid Underwriters Agency as chairman, succeeding Steve Carlsen.

Grahame Chilton

Gallagher vs Ardonagh: Chilton weighs in on “underhand tactics”

2019-03-20T17:59:00+00:00

As the war of words continues between Gallagher’s London wholesaler Alesco and subsidiaries of the Ardonagh Group, industry heavyweight and former Gallagher UK CEO Grahame ‘Chily’ Chilton said he was both “shocked” and “surprised” that two employees would pass over sensitive information to rival firms.

Hydro

Hydro confirms cyber insurance in place after attack

2019-03-20T17:28:00+00:00

Norwegian aluminium company Norsk Hydro said the situation is “quite severe” following a cyber attack but has confirmed it has an insurance programme that includes business interruption cover.

Steve Lockton and Chuck McDaniel

Steve Lockton sent ‘vulgar, profane and threatening texts’, allege defectors

2019-03-20T14:50:00+00:00

A legal filing by seven producers who left Lockton for Alliant last week alleges former colleague Steve Lockton sent a “blunderbuss of vulgar, profane and threatening texts” to the defectors.

Energy, US oil fields

Alesco launches $3.5bn Equatorial Guinea upstream energy reinsurance facility

2019-03-20T13:32:00+00:00

Gallagher-owned Alesco has launched a reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea.

Hail storm damage i

Perils lowers Sydney hailstorm losses to A$633mn

2019-03-20T10:02:00+00:00

Loss aggregation firm Perils has dropped its estimated insured property losses stemming from the Sydney hailstorms in December to A$633mn ($448.7mn).

Archipelago – Lloyd's

Arch confirms backing of Simpson’s HNW MGA Archipelago

2019-03-20T09:58:00+00:00

Arch has confirmed its investment in a new UK MGA Archipelago Risk Services, as first revealed by The Insurer.

Todd Campbell – R&Q

US program insurer Accredited receives AM Best boost

2019-03-20T08:12:00+00:00

The US’s fastest growing fronting insurer Accredited Surety & Casualty Company Inc (Accredited) predicts AM Best’s recent decision to increase its group rating will enable it to access more program business.

222 scor logo

Scor’s Blanc named reinsurance CEO in executive shake up

2019-03-20T08:08:00+00:00

French reinsurer Scor has promoted Michel Blanc to CEO of reinsurance, in a swathe of executive promotions across the group.

Citizens considers PLA reinsurance stack

Citizens confirms potential PLA reinsurance purchase

2019-03-19T22:03:00+00:00

Florida’s Citizens has confirmed it is looking to buy reinsurance for its personal lines account (PLA) as well as additional private cover around the state cat fund for its coastal account.

Citizens – Florida

Irma effect driving AOB increase: Citizens’ CEO

2019-03-19T21:53:00+00:00

There is an “Irma effect” that is dramatically increasing the number of assignment of benefits (AOB) related litigated cases in Florida, according to Citizens president and CEO Barry Gilway.

David Ross and Simon Matson

Gallagher vs Ardonagh dispute puts spotlight on war for London broker talent

2019-03-19T17:43:00+00:00

The ongoing legal battle between Gallagher’s London market wholesaler Alesco and subsidiaries of the Ardonagh Group over a bitter staff and energy business poaching case has highlighted the extent of the war for talent among senior producers in the London market and, in some cases, the extraordinary lengths employers must ...

National Flood Insurance Program’s new rating system

New NFIP rating system will transform flood pricing in 2020

2019-03-19T17:36:00+00:00

The US National Flood Insurance Program (NFIP) has announced a new system for rating flood risk called Risk Rating 2.0 that will become available in April 2020.

Joachim Wenning – Munich-Re

Munich Re signals Eur1bn share buy-back; P&C unit returns to profit in 2018

2019-03-19T17:29:00+00:00

German reinsurance powerhouse Munich Re has outlined plans to buy-back Eur1bn ($1.4bn) of shares in 2018 and has upped profit estimates for the year ahead as its P&C business swings back into the black.