Excess capacity fleeing certain construction classes
CRC Group has reported that reductions in capacity are challenging the US construction industry, particularly for commercial auto where the wholesale broker is often having to write buffers.
WTW names JLT’s Danyluk London head of international property
Willis Towers Watson has named JLT’s former London power broking head Andrzej Danyluk as head of international property, London.
Gallagher’s Pen names Bree COO
Pen Underwriting – Gallagher’s managing general agent – has promoted Michelle Bree to chief operating officer, with effect from 1 December 2019.
Lloyd’s sets sights on European business after Brexit: Neal
The chief executive of Lloyd’s has set out plans to target more business on the continent following the UK’s departure from the European Union.
Pool Re mulling move from XoL to treaty structure
UK reinsurance terrorism mutual Pool Re is considering a shift from providing excess-of-loss cover to treaty reinsurance.
Pool Re launches terrorism knowledge-sharing Solutions unit
The UK’s government-backed terrorism reinsurer Pool Re has launched a specialist unit created to support its membership by sharing understanding, terrorism modelling and risk management techniques.
GC confirms senior Aon Bermuda hires in island restructuring
Guy Carpenter has confirmed the hire of Aon’s Robert Johnston and Peter Komposch in Bermuda, a move first revealed by The Insurer in May.
Swiss Re-backed Zego awarded Gibraltar licence in UK insurtech first
Gig economy-focused Zego has become the first UK insurtech to be granted an insurance licence, allowing the tech firm to build and sell its own products.
Argo to conclude run-off proposal process in Q4
Argo Group expects to close the process of obtaining reinsurance cover for its run-off segment before year end, while it will also continue the pruning of its international segment that saw it withdraw from marine hull and certain coverholder business in Q3.
BP Marsh to back Prospect Insurance Brokers
Insurance-focused UK investment firm BP Marsh is set to take a stake in independent London market intermediary Prospect Insurance Brokers (PIB) as the broker gears up for expansion, The Insurer can reveal.
Construction PI premiums more than double as cladding cover tightens: report
Professional indemnity (PI) policies for workers in the construction sector have seen premiums rise “to well in excess of 100 percent”, as insurers increasingly exclude cladding or have pulled out of PI entirely.
Global insurtech funding down 13% in October: KBW
Insurtech transaction funding stood at $511.3mn in October 2019, down from $587.4mn this time last year, reflecting a year-on-year slowdown of transactions, according to analysts at Keefe, Bruyette & Woods.
Navigators property head Wallace leaves for Munich Re
The Hartford-owned Navigators’ head of E&S property Jim Wallace has resigned from the carrier and is set to join Munich Re’s expansive US specialty insurance platform, The Insurer can reveal.
CAC Specialty adds Schaper to lead real estate practice
Expansive US specialty insurance brokerage CAC Specialty has hired former Lockton executive Chelley Schaper as senior vice president to lead its new real estate practice, The Insurer can reveal.
Cat and D&O lines to lead rate increases into 2020: USI
Troubled public D&O accounts could see rates more than double, according to retail broker USI in its latest forecasts for pricing in the US commercial insurance sector going into 2020.
Reps & warranties carriers face several large $50mn and $100mn+ claims
A flurry of large claims against reps & warranties (R&W) insurers in the US this year is likely contributing to a deceleration of rate softening in the sector, despite abundant capacity, according to broker USI.
Hyperion names Craig group CFO
Hyperion – which owns brokers Howden and RKH, as well as managing general agent Dual – has named Mark Craig as group chief financial officer, effective 1 January 2020.
Commercial insurance rates surge 8% in Q3: Marsh
Global commercial insurance pricing has increased by 8 percent in the third quarter of this year, on average, marking the eighth consecutive quarter of pricing increases.
Sirius 1945 leads Q3 PPL table as Lloyd’s syndicates beat target
Sirius Syndicate 1945 has topped the third quarter league table of Lloyd’s adopters of the e-placing platform PPL, with Lloyd’s syndicates accepting more than the mandated target of 60 percent of ‘in scope’ risks.
Channel Syndicate inks 2017 and prior years RITC
Scor-owned Channel Syndicate has agreed a reinsurance to close deal for its 2017 and prior years of account, subject to regulatory approval.
Blenheim 5886 secures 16% capacity increase
Asta-managed Blenheim Syndicate has received approval from Lloyd’s to increase its capacity to £250mn ($320.1mn) in 2020, up from £215mn in 2019.
Talanx Q3 profit soars as turnaround programme gathers pace
Talanx Group – which includes HDI Specialty and Hannover Re – has delivered a third quarter operating profit of Eur619mn ($682mn), up from the Eur259mn it reported in the third quarter of 2018.
E&S pace of change remains “rapid and unprecedented”: AmWINS
Hardening conditions in E&S property are expected to continue well into 2020, while casualty submissions are surging and the IPO D&O market is the hardest in history, according to wholesale giant AmWINS.
Sirius searching for deal to ease shareholder concentration amid CMI sale reports
Sirius International Insurance Group is still actively working to find a solution to resolve its stock’s “unique illiquidity situation” and shareholder concentration, according to president and CEO Kip Oberting.
Hallmark looks to capitalise on E&S tailwinds after Q3 growth
Hallmark Financial Services reported its gross written premiums increased 33 percent in the third quarter, as the US specialty insurer benefited from the big rate increases being seen on E&S business.
Blue River president Kelley to leave as Breckenridge exits continue
Stephen Kelley is set to leave his position as president of Breckenridge Insurance Group’s Blue River Underwriters (BRU) at the end of the year, the latest in a series of executive departures from the WR Berkley-owned program manager and wholesaler, The Insurer can reveal.
PartnerRe reveals $93mn Q3 Dorian and Faxai hit
PartnerRe swung to a non-life $49mn underwriting profit in the third quarter despite $93mn in pre-tax losses from Hurricane Dorian and Typhoon Faxai, net of retrocession and reinstatement premiums.
Insurtech MGA AllDigital Specialty adds Micheals from Hiscox
Blockchain and AI-driven start-up AllDigital Specialty has hired Eric Micheals from Hiscox USA as CUO and COO as it builds out a twin-track offering as an MGA and technology as a service (TaaS) provider, The Insurer can reveal.
NFIP rating revamp pushed back a year
Fema has announced that its Risk Rating 2.0 initiative will now be implemented in October 2021, a year later than it originally announced, against a backdrop of political criticism of the new rating system.
Hiscox suffers Lloyd’s “blue-eyed boy” syndrome: Canaccord
London-listed carrier Hiscox is suffering from “blue-eyed boy” syndrome after its shares initially fell over 14 percent in trading yesterday following US casualty loss fears, according to Canaccord Genuity.
James River tipped for ADC as Uber collateral disagreement revealed
Former Standard Syndicate active underwriter launches marine cyber MGA
Satellite rates to double: Greenlight’s Burton
Axa: time to focus on performance of XL urges KBW
Compre buys second AG Insurance legacy portfolio
TMK syndicates’ 2017 loss ranges narrow
Allianz shares dip 2% as analyst dubs Q3 a “low quality meet”
Beazley shares climb 7 percent on positive Q3
Vibe Syndicate enters run-off
Lloyd’s to merge Council and Franchise Board
Allianz sees P&C third quarter operating profit fall by 10%
Beazley now predicts 100-102 CR following cats and US casualty pressure
Aon sues Alliant over alleged corporate raid on construction practice
Argo’s SEC subpoena response has “diminished credibility”: AM Best
“Time is antidote” for AM Best’s negative outlook: Third Point Re’s Malloy
Third Point Re eyes retro XoL opportunities for 2020
Expect more cyber ILS as Hudson completes two transactions: Millette
FedNat joins Florida peers in upping Irma gross loss
Hagibis insured losses to extend into billions of dollars: Aon
Leadenhall expands with Deutsche hire
Enstar’s live operations report Q3 underwriting losses
Hiscox seeks to reassure after mammoth share price slump
Liberty in $1.3bn ADC with Berkshire Hathaway
Quarter of syndicate-in-a-box requests to go live in 12 months: Neal
Ed names Aon’s Turner Bermuda chair
China in talks to sell 98% Anbang stake as takeover deadline nears: report
Gard sees 2019 H1 bottom line increase to $65mn
Hiscox shares fall 14% as analyst warns of ‘casualty catastrophe’
Lancashire shares climb 7% on strong Q3
RSA UK premium income down 3%; underwriting profit up
Zurich North America rates increase by 7% in Q3
Munich Re sees Q3 operating result fall by 6%
Johnston to become CEO of Lancashire Insurance Company
Generali 9M profits up 17%
Lancashire top line up 14%; expects $33.2mn Dorian/Faxai hit
ProSight reports strong growth in Q3
James River falls to operating loss on Uber reserve charge
Interim CEO “clearly not satisfied” as Argo swings to Q3 operating loss
Higher cat losses send Sirius combined ratio to 123%
Greenlight Re delivers underwriting and investment profits in Q3
Voce says Argo board “cannot be trusted” to choose leadership or direction
Clune to take over as Lockton CEO
Alternative capital market fatigued: Duperreault
Axa XL estimates Eur200mn loss from Hagibis
Worldwide Facilities promotes Kitchen to MGA president
Swiss Re confirms China Pacific stake interest
Hyperion X’s Flandro calls on Lloyd’s to modernize market with trading index
Hamilton-owned Lloyd’s insurer Pembroke shows cyber ambitions with rival hires
Guy Carp shuffles top legal and compliance roles
Hamilton to leverage technology across underwriting platform