Goldstein returns as Kingstone CEO after Thatcher abruptly resigns
Barry Goldstein has returned as CEO of US regional insurer Kingstone Companies and targeted improved profits, following Dale Thatcher resigning after seven months in the role.
Moody’s upgrades Odyssey Re on strong underwriting results
Moody’s has upgraded the financial strength rating of Odyssey Reinsurance Company to A2 from A3, with a stable outlook.
XPT’s WSS launches workers comp unit with two hires
XPT Group subsidiary Western Security Surplus (WSS) has launched a workers compensation division with the hires of Dan Rieden and Matt Rieden.
Hurricane Barry insured loss estimates compared
CoreLogic is the latest to release a Hurricane Barry estimate, saying total insured losses including the National Flood Insurance Program (NFIP) will be between $400mn and $800mn.
French storms expected to cost Eur 220mn
Covea and Groupama are expected to be some of the hardest hit at the primary level following the devastating storm damage last month which caused widespread damage to fruit farmers in the Auvergne-Rhone-Alps region, the ‘orchard of France’, The Insurer understands.
UPC reveals $31mn hit from 2018 loss creep and Q2 cats
United Insurance Holdings (UPC Insurance) has warned it expects to incur $15mn of adverse development from accident year 2018 and $16mn of net losses from second quarter catastrophes.
CRC launches $15mn investment advisors cover with Markel
US wholesale broker CRC has added an investment advisors liability product to its exclusive Insurisk platform with capacity thought to be provided by specialty insurer Markel, The Insurer can reveal.
FSCS gives green light to Alpha replacement cover
The UK’s Financial Services Compensation Scheme (FSCS) has agreed a deal to secure replacement cover for bankrupt Danish insurer Alpha Insurance’s policyholders with a new, solvent insurer.
ABI calls on MOJ’s Gauke to review ‘misleading’ Ogden assessment
The Association of British Insurers (ABI) has called on UK Justice Secretary David Gauke to rethink the “misleading and wholly disingenuous” impact assessment that underpinned his decision to lift the Ogden discount rate by less than expected.
AIG appoints Goldman Sachs’ Love as real estate head
AIG has appointed James Love to the role of global head of real estate, as the carrier looks to optimise its real estate footprint globally.
Hamilton names Krishnamoorthy chief technology officer
Bermudian (re)insurer Hamilton has hired Venkat Krishnamoorthy to assume the newly-established position of chief technology officer (CTO), as the group looks to boost efficiency and bottom-line performance.
CNA appoints Winter to lead Chicago hub
US insurer CNA has named Jeremy Winter senior vice president and Chicago branch manager, replacing Steve Wachtel who is retiring after a 40-year insurance career.
Catalina looks to Armour’s Ryland for UK CEO
Bermuda-headquartered legacy firm Catalina has named Steve Ryland as CEO of its UK business.
Generali buys Portuguese insurer from Apollo in $675mn double deal
Italian insurance giant Assicurazioni Generali has reached a deal to buy Portuguese insurer Seguradoras Unidas and service company AdvanceCare from US private equity fund Apollo Global Management for a total of Eur600mn ($675mn).
Barry insured losses will not top $500mn: RMS
RMS has estimated that insured US losses from Hurricane Barry will not exceed $500mn, with about half of the total set to be absorbed by the National Flood Insurance Program (NFIP).
Heritage leads Florida shares down with 8% dip on cat losses
Investors reacted negatively to preannounced hail and wind-related losses for the second quarter from Florida homeowners insurers Heritage and FedNat.
New York fines Berkshire’s Applied Underwriters $3mn for overcharging
Applied Underwriters has said it is pleased with a settlement under which New York’s Department of Financial Services (DFS) found the Berkshire Hathaway subsidiary overcharged many small and medium-sized employers for unapproved workers compensation products that violated New York law.
RLI points to growth opportunities as casualty momentum picks up
US specialty carrier RLI Corp struck a noticeably more optimistic tone than in the recent past as it commented on pricing momentum in its second quarter earnings call this morning.
Lowther to leave Hiscox Re ILS
Richard Lowther, managing principal at Hiscox Re Insurance Linked Strategies, is to leave the company.
Munich Re expects Q2 profit to jump to Eur1bn
German powerhouse Munich Re has said it expects to make a profit of Eur1bn ($1.12bn) in the second quarter, delivering a consolidated result 37 percent higher than the Eur728mn in the same three-month period in 2018.
FCA’s Bailey highlights need for post-Brexit regulatory shake-up
The Financial Conduct Authority (FCA) plans to reassess its conduct regulation after Britain has completed its withdrawal from the European Union, the regulator’s chief executive Andrew Bailey has said.
Lockton Re trio argues Guy Carp’s claims not valid in new filing
Three Lockton Re executives have made a new filing in their dispute with Guy Carpenter, saying their former employer’s claims of violations of their fiduciary duties and restrictive covenant agreements (RCAs) are “an illegitimate attempt to stifle fair competition”.
Jefferies: hard market now extends to commercial lines
US Commercial insurance prices have risen for six consecutive quarters, creating a “long-awaited” hard market, according to analysis from equity analysts Jefferies.
Artex makes COO and CFO appointments
Bermuda-based alternative risk management solutions provider Artex has promoted Stephen Thompsett to chief operating officer and Brandon Marshall to chief financial officer.
Lockton appoints Willis’s Dagostino as cyber practice leader
Anthony Dagostino has joined Lockton as executive vice president and global cyber and technology practice leader.
BB&T Insurance organic growth surges to 11.6% in Q2
US retail and wholesale broker BB&T Insurance Holdings has reported organic growth for the second quarter that more than doubled from 5.2 percent to 11.6 percent to reach what it said was the highest level in its history.
Ed hires Price Forbes’ D’Arcy to head fac
Wholesale and specialty broker Ed has appointed marine cargo specialist Jennifer D’Arcy to the new role of executive vice president and head of facultative reinsurance.
Allstate Q2 losses exceed $1bn but miss cat cover
US insurance giant Allstate has pegged its second quarter losses at $1.07bn pre-tax, with no single event expected to attach to its reinsurance program.
Heritage pegs second quarter weather losses at $21.5mn
Florida-based homeowners specialist Heritage expects approximately $21.5mn of net weather-related losses in the second quarter, primarily from four wind and hail storms in the southeast.
Allianz invests $20mn in big data firm Arabesque S-Ray
Allianz X, the $1bn technology investment arm of German giant Allianz, has injected $20mn into environmental, social, and governance (ESG) metrics provider, Arabesque S-Ray, in a bid to make more sustainable investment decisions.
Schroders acquires full ownership of Swiss ILS specialist Secquaero
AFL take UIB duo for property and energy business
Tokio Marine HCC looks to Chubb and Euler Hermes for European surety hires
Darag buys One Re in first UK acquisition
AssuredPartners sets sights on UK after Birmingham buy
California commissioner Lara faces backlash over industry donations
ABIR elects Hamilton’s Albo deputy chair
FedNat reports $15.5mn non-Florida cat losses in Q2
Willis hires Marsh trio for Canada FI unit
Higher investment income and reserve releases help RLI to earnings beat
Adams countersues JenCap/MJ Kelly as legal dispute escalates
Active shooter insurance demand surges since 2016
Acrisure fundraising to keep consolidator on course for record 2019
AGCS names Zurich’s Smithson South America CEO
Allied World’s Carmilani to take Fairfax role, Iglesias named successor
Saga shares leap 13 percent as activist Elliott discloses stake
Aon hires Walker to lead IP product development
Carolin takes top job at B3i
Lloyd’s pays 20% premium for non-execs
Plymouth Rock to acquire motorcycle specialist Rider Insurance
Axis hires Asta’s Godfrey for exposure management head
Low interest rates greatest credit risk for European insurers: Moody’s
Barry insured loss pegged at close to $300mn
ProSight begins IPO with pricing expected at $16-18 a share
Everest adds former Charles Taylor exec to lead fine art and specie
Darag reinsures historic Protector home sale liabilities
Apollo hires former Fidelis specialty chairman Burkinshaw as CUO
Munich Re on $416mn Vega space loss
WTW names Dunlap North American construction head
Markel confirms Fredricks settlement and Belisle binding arbitration agreed
Fired CatCo CEO’s $65.8mn lawsuit against Markel settled
Catalina facing UK Section 166 regulatory probe
Hudson Structured leads RiskGenius investment round
Convex looks to Cytora for AI-enhanced underwriting
Small broking houses have to change: Gallagher CEO
RKH takes JLT’s MENA specialty head Mockett
BP Marsh takes A$1.47mn stake in Australian agriculture MGA
Industry bodies disappointed with Ogden rate change
Risk Strategies adds Winter Group to growing wholesale platform
Akinova launches new funding round
Barry swerves New Orleans as inland flooding threat issued
UK motor insurers’ stocks dip following MoJ discount change
UK insurers hit by negative discount rate change
Mid-year Texas surplus lines premium surges 13.4% as monthly records fall
Workers comp specialist Benchmark working with KBW on potential sale
AM Best affirms AIG but warns of pressure if results don’t improve soon
Slow moving Barry brings New Orleans flooding threat
EIOPA proposes streamlined Solvency II reporting
Aviation market tightens cover as Q2 claims burden builds
Hiscox casualty re head departure latest in line of senior exits