R&Q ballot

R&Q pushes back shareholder vote deadline as £482mn buyout threshold tantalisingly close

2022-05-20T15:51:00+01:00

Randall & Quilter (R&Q)’s shareholder vote over its £482mn ($602mn) go-private transaction with Brickell has been adjourned until Wednesday after the deal fell short of the required 75 percent majority approval.

China Eastern crash

Aviation war market on alert as pilot suicide explored in China Eastern crash

2022-05-20T13:21:00+01:00

The aviation war market is closely monitoring an investigation into the recent China Eastern Airlines crash as reports that flight data indicate the plane was intentionally put into a nose-dive have emerged, The Insurer can reveal.

IM-Aspen-Enstar-Bermuda

Aspen completes giant $3.57bn LPT with Enstar

2022-05-21T00:30:58.38+01:00

Aspen’s mammoth $3.57bn ground-up loss portfolio transfer (LPT) deal with Enstar has completed with the legacy specialist assuming $3.12bn of the Bermudian (re)insurer’s net loss reserves relating to 2019 and prior years.

IM-Accretive-RobRoth

AP-sponsored Accretive hires ECC’s Roth as wholesale head

2022-05-21T00:30:00+01:00

AssuredPartners-backed Accretive Insurance Solutions has hired Rob Roth from ECC Insurance Brokers to lead its wholesale practice.

IM-AWM

Amwins’ Bernacki: Golden age of MGAs will lead to more product diversity

2022-05-20T20:41:00+01:00

The continued flow of talent and premium into the programs world in recent years has contributed to an MGA boom, which Amwins’ group chief underwriting officer Mark Bernacki has described as a “golden age” that he says will lead to more product diversity for the segment.

IM-Trellis-AMEX

Amex Ventures invests in insurtech Trellis

2022-05-20T20:26:00+01:00

Amex Ventures has invested a reported $5mn in Trellis, a San Francisco-based company that makes it easier for consumers to switch insurers.

Daniel Schreiber – Lemonade

Lemonade reaches $4mn settlement of Illinois biometric suit

2022-05-20T18:58:00+01:00

New York-listed insurtech Lemonade has reached a settlement of a consolidated class action lawsuit filed in Illinois state court that accused it of collecting and storing biometric information without consent.

Tower Hill Insurance

Tower Hill FOTs highlight FL renewal dynamics with 90% RoL on first layer

2022-05-20T15:42:46.597+01:00

Tower Hill and its reinsurance broker TigerRisk have gone to the market with firm order terms (FOTs) on the Florida carrier’s core personal lines cat placement that include a first $10mn layer with a 90 percent rate on line (RoL) and a second $45mn layer priced at a 75 percent ...

Florida hurricane

Panel: Expectations for Florida special session “not very encouraging”

2022-05-20T15:42:00+01:00

Speakers during an AM Best briefing on the Florida insurance market gave a downbeat outlook on the potential for next week’s special session to bring meaningful change, as Mark Friedlander of the Insurance Information Institute (III) warned that at least half a dozen carriers “are on the financial cliff”.

Alera Michigan

Alera buys P&C agency West Michigan Insurance

2022-05-20T14:53:00+01:00

Alera Group has announced the acquisition of property casualty agency West Michigan Insurance, the second deal the private equity-backed broker consolidator has announced this month. 

Aviva Azur

Aviva enters exclusive talks to acquire with Azur’s HNW unit

2022-05-20T13:43:00+01:00

Aviva has entered into exclusive negotiations with specialist London MGA Azur Underwriting to acquire its high-net-worth (HNW) personal lines business in the UK and Ireland.

Everest Europe

Everest boosts European footprint with trio of hires

2022-05-20T13:05:00+01:00

Everest Insurance has announced the appointments of Anne Charon, Bernd Wiemann and Joe Ramon Morales to lead its operations in France, Germany and Spain respectively as it seeks to grow its European business.

Chubb fossil fuels

Chubb approves extra emissions reporting but rejects proposal on climate underwriting

2022-05-20T10:30:00+01:00

Chubb shareholders have approved a proposal that requires the carrier to report on how it intends to measure and reduce greenhouse gas emissions but rejected a resolution calling on the firm to stop underwriting new fossil fuel supplies.

Malcolm Steingold – Catalina

Catalina brings in ex-Aon APAC CEO Steingold as restructures leadership

2022-05-20T10:13:00+01:00

Run-off specialist Catalina has hired Malcolm Steingold to lead its expansion in the Asia Pacific region as the firm reorganises its global leadership.

Tokio Marine FY results

TMHCC posts 87.9% CR in 2021 as NA growth drives 22% NWP increase in intl unit

2022-05-20T09:37:00+01:00

A strong performance from Tokio Marine’s US operations helped drive premium growth of almost 22 percent within the Japanese insurer’s international operations during the fiscal year ended 31 March 2022.

MS AMlin FY results

MS Amlin posts FY21 CR of 107.4% as books £296mn cat losses

2022-05-20T08:51:00+01:00

MS&AD-owned MS Amlin has reported a combined ratio of 107.4 percent for 2021 – down 2.0 percentage points from the previous year – with the carrier narrowing its net losses to £190mn ($237mn) from a loss of £222mn in 2020.

R&Q calendar

High noon for controversial R&Q £482mn take-out offer

2022-05-20T07:11:59.833+01:00

Shareholders in London-listed Randall & Quilter (R&Q) will later today vote on the tabled £482mn ($602mn) go-private deal, which will see the firm sold to its largest investor if it is approved by a 75 percent majority of its shareholders.

Zurich – Russia

Zurich to sell Russian business to local team and exit market

2022-05-20T07:02:00+01:00

Zurich has become the latest western insurer to exit Russia after confirming today that it is transferring its business to local management.

Sompo FY results

Sompo International posts CR of 93.9% in fiscal 2021 as GWP increases 31%

2022-05-20T06:51:00+01:00

Sompo International has booked $12.27bn in gross written premium (GWP) for the fiscal year ended 31 March 2022 – a 31.1 percent increase on the prior-year period – with the carrier also shaving 3.9 percentage points off its combined ratio.

Perils Europe

Perils increases February European storm loss estimate to €3.61bn

2022-05-20T06:40:00+01:00

Loss aggregator Perils has disclosed its second loss estimate for the European windstorms which affected the British Isles and continental Europe from 16-21 February 2022, pegging insured losses at €3.61bn ($3.82bn).

IM-NFP-Canada

NFP unveils Canadian executive leadership team to support growth and clients

2022-05-20T01:22:00+01:00

NFP has formed a new executive leadership team (ELT) for its fast-growing Canadian platform as the broker looks to create a unified platform across the country that will better support its expansion and clients.

Wasef Jabsheh – IGI

IGI’s Q1 CR improves to 72.2% helped by reserve releases

2022-05-19T21:51:00+01:00

International General Insurance Holdings (IGI) has improved its combined ratio by 12.4 points in the first quarter to 72.2 percent, with the Bermuda-registered (re)insurer benefiting from $17.5mn of favourable reserve development, while gross written premiums (GWP) increased 27.3 percent.

JACQUES BONNEAU – Partner Re

PartnerRe sees top and bottom line growth in Q1 as CR falls 12 points

2022-05-19T21:30:00+01:00

PartnerRe posted big increases in both its top and bottom line in Q1 2022 while its non-life combined ratio improved 12 points year on year as the company faced a lower level of large losses during the period.

IM-ILS-CatastropheBond

Cat bond issuance spreads approaching six-year high: Leadenhall Capital

2022-05-19T20:22:00+01:00

Average catastrophe bond issuance spreads are approaching a six-year high, Leadenhall Capital Partners has highlighted in an update, with a sudden reversal unlikely because issuance activity is expected to remain strong.

James Dowlen – AIG

AIG airlines underwriting manager Dowlen exits as reshuffles aerospace leadership

2022-05-19T17:06:00+01:00

London-based James Dowlen is understood to have resigned from his role as underwriting manager – airlines at AIG, marking the latest high-profile change in personnel within the insurer’s aerospace team, The Insurer can reveal. 

Ed Gaze Lloyds Lab

Leader Gaze leaves Lloyd’s Lab

2022-05-19T15:12:00+01:00

Ed Gaze, who has been head of the Lloyd’s Lab since 2018, announced today that he will be leaving the innovation hub in August.

Starr and FPG

Starr acquires Thai non-life insurer FPG

2022-05-19T15:06:00+01:00

Starr Insurance Companies has agreed a deal with FPG Insurance Holdings Limited and local shareholders to purchase the company’s Thai subsidiary FPG Insurance Public Company Limited (FPG Thailand).

mark groenheide – Guideone

GuideOne says it is exploring “legal options” tied to Groenheide’s “wrongful conduct”

2022-05-19T14:59:00+01:00

GuideOne has written a letter to the attorneys for its former head of specialty Mark Groenheide saying it is “exploring all legal options” in response to the executive’s ongoing social media campaign aimed at bringing attention to his case against the West Des Moines, Iowa-based mutual insurance company.

Brian Hayes Michael Mora Michael Federer Fusion

MGA Fusion builds team to launch new online M&A solution for US SMEs

2022-05-19T14:11:00+01:00

MGA Fusion Specialty has announced the launch of Fusion Americas, a new online  M&A insurance offering for SMEs in the US, with managing partner Brian Hayes leading the project.

Allstate – Tornados

Allstate books $316mn of cat losses in April as rate increases continue

2022-05-19T13:05:00+01:00

Allstate incurred $316mn of pre-tax catastrophe losses during April driven by severe convective storm events in Texas and southeastern states.