Travelers bought a new $430mn North American property aggregate cat excess-of-loss cover at 1.1 that it says it would have fully recovered on in each of the last two years given the elevated level of industry losses.
K2 Insurance Services has completed a deal to buy agricultural-focused specialty MGA Mid-America Risk Managers (MARM).
The chief executive of Cathedral Underwriting Limited Andrew McKee is to leave the Lloyd’s carrier at the end of the month.
Former QBE Re executive Sean Ramlal has joined Chubb and Blackrock’s joint venture reinsurer ABR Reinsurance Capital Holdings as underwriting director.
Travelers reported fourth quarter core income broadly in line with Wall Street forecasts despite higher cat losses and lower reserve releases as better underlying underwriting performance, higher investment income and a lower tax rate boosted the bottom line.
Zurich’s importance as a European reinsurance hub has been recognised by the London-headquartered search firm Eliot Partnership with the launch of a new hub in Switzerland.
The Insurer has opened a New York editorial office, with two experienced journalists joining the growing team.
In light of the ousting of its founding CEO Tony Belisle, The Insurer tracks the development of CatCo from its roots in the London broker Oxygen to become a dominant ILS retro market dependent upon Guy Carpenter and that is now under investigation for its loss disclosures…
Paris-headquartered Axa has named Shali Vasudeva as chief operating officer of Axa UK and Ireland.
Carriers are on the hook for $90bn for losses stemming from natural catastrophes in 2018, according to Aon.
Ambitious European legacy firm Darag has agreed to purchase a portfolio of Italian non-life business from Donau Versicherung AG (Donau).
Axis, Swiss Re and RSA all have significant exposure on the Gard-led hull claim for the Star Centurion vessel which collided with a tanker in the South China Sea earlier this month, The Insurer can reveal.
Germany has signed an agreement with China designed to boost the level of understanding and cooperation between the two countries on (re)insurance business and pledged to further open market access and deepen cooperation to broaden economic ties.
UK insurer RSA is bracing itself for another major loss as a shipyard in Panama City, Florida – which was devastated by Hurricane Michael in October – has been named a total loss, The Insurer can reveal.
Markel has handed Jed Rhoads and Andrew “Barney” Barnard the reins to investment manager Markel CATCo following the shock departure of CEO Tony Belisle and Bermuda CEO Alissa Fredricks on Friday (18 January).
Insurance giant Chubb has said it expects to suffer catastrophe losses of $585mn pre-tax in the fourth quarter.
Markel CatCo CEO Tony Belisle and Bermuda CEO Alissa Fredricks have both left the company after an internal review found the executives had violated company policies relating to an undisclosed personal relationship.
RenRe’s London-based property underwriter Alex Shepherd has left the firm and has been linked with a move to the Arcus Syndicate 1856 once his notice period is completed, The Insurer understands.
Axa XL has completed the transfer of its European insurance company, XL Insurance Company SE (XLICSE), from the UK to Dublin ahead of the UK’s exit from the EU in March 2019.
Lodestar, the London-based fixed premium P&I MGA, is in advanced talks with Aspen to secure 2019 capacity following the decision by its previous backer RSA to withdraw its support, The Insurer can reveal.
North P&I has secured its post-Brexit trading following confirmation that its Irish subsidiary, North of England P&I DAC, has received approval as a non-life insurer from the Central Bank of Ireland.
Beach Associates CEO Jason Howard has added to the calls for greater distinction between lead and follow markets while warning (re)insurers that the continued consolidation among brokers will lead to pressure on returns.
London carrier Beazley has named Sally Lake as its finance director, replacing Martin Bride.
Swiss Re has named former Bank of Ireland governor Archie Kane as the non-executive chairman of its UK-based closed book business ReAssure.
Bermudian carrier Argo expects its fourth quarter 2018 results to be hit by pre-tax catastrophe losses of $32mn, primarily related to Hurricane Michael and the California Wildfires.
JLT Re’s lead analyst David Flandro has secured a senior position at Guy Carpenter in the reshuffle of senior staff that will come into effect when MMC completes its acquisition of the London headquartered broking house.
Lloyd’s is introducing new risk-based oversight of syndicates as part of its performance review initiative.
The aviation insurance market continued to harden during the fourth quarter as renewal activity intensified, JLT has said.
Guy Carpenter has unveiled a new business unit - Global Capital Solutions Group – with JLT Re’s Ed Hochberg taking a top role.
North Carolina-headquartered financial services group BB&T said broking revenues in its insurance holdings arm climbed to a “record” $487mn in the fourth quarter 2018.