IM-Everest-Jim_Williamson-John_P_Doucette

Doucette to leave Everest Re with Williamson stepping in as reinsurance head

2021-05-10T20:49:00+01:00

John Doucette is leaving Everest Re to “pursue other opportunities”, with current executive vice president and COO Jim Williamson taking over as the head of the Bermudian’s reinsurance division with immediate effect.

Pelican Ventures

Wolyniec returns with Pelican-backed MGA platform Tango Specialty

2021-05-10T14:34:00+01:00

Former Ascot US president and CEO Greg Wolyniec has re-emerged in the market at the helm of a new MGA platform called Tango Specialty, backed by Jim Stanard and Rod Fox-founded Pelican Ventures, having bought specialty program administrator V3 Insurance Partners as part of its launch.

Mosaic Insurance

Mosaic confirms addition of Hamilton’s PL head Jay and FI leader Webb

2021-05-10T13:01:00+01:00

Start-up Mosaic has confirmed it has hired Anna Jay and Chris Webb from Hamilton Managing Agency, as this publication first reported in November 2020.

IM-BridgetDonley-McGill-Partners

McGill and Partners adds WTW’s Donley to NY aerospace team

2021-05-10T22:28:00+01:00

McGill and Partners has strengthened its New York office’s capabilities with the hire of Willis Towers Watson’s Bridget Donley as a partner in its aviation and aerospace team.

Maiden Holdings YTD share price…

Maiden Q1 operating profit grows to $47.3mn on share repurchase gain

2021-05-10T22:22:00+01:00

Maiden Holdings has announced a strong increase in operating earnings in the first quarter to $47.3mn from $3.1mn in the prior year period, which primarily reflects the gain from preference share repurchases.

Sid Sankaran  – Sirius Point

SiriusPoint posts underwriting profit and 96.6 CR in Q1

2021-05-10T22:17:00+01:00

Newly formed SiriusPoint closed 2021’s first quarter with net underwriting profit of $8.7mn and a combined ratio of 96.6 percent, as the company benefited from what chairman and CEO Sid Sankaran said was a focus on underwriting discipline as well as positive rate improvement at the 1 January renewals.

White Mountains and Ark

Ark doubles GWP in Q1 as White Mountains sees decline in BVPS

2021-05-10T14:55:00+01:00

Scaled-up specialty (re)insurer Ark more than doubled its top line in the first quarter – booking $405mn in gross written premiums – but Winter Storm Uri pushed the carrier into the red on underwriting with a GAAP combined ratio of 109 percent.

Cincinnati

Judge denies CinFin’s bid to dismiss Alabama restaurants’ Covid-19 BI case

2021-05-10T14:44:00+01:00

Cincinnati Financial has been denied a motion to dismiss in a case brought by a group of Alabama restaurants, with the Northern District of Alabama judge stating that Covid-19 does not necessarily have had to have altered the restaurants’ property for there to be coverage. 

Axis

Axis Re overhauls divisional leadership; creates global property division

2021-05-10T14:17:00+01:00

Axis Re has named Ann Haugh president of a new global property division as part of a series of changes to the reinsurer’s leadership team designed to simplify the overall structure.

Maria Grace – AGCS

AGCS names Everest’s Grace as global head of property

2021-05-10T13:51:00+01:00

Allianz Global Corporate & Specialty (AGCS) has named Everest Re’s Maria Grace as global head of property.

Enstar

Enstar: run-off pipeline strong despite increased competition and portfolio volatility

2021-05-10T13:41:00+01:00

Bermudian Enstar has said it has a strong pipeline of legacy transactions and is poised to build on the ~$3bn of run-off liabilities it has already acquired in 2021.

Hub Ion

Hub expands in Connecticut with Ion Insurance deal

2021-05-10T13:05:00+01:00

Hub International Limited has acquired Ion Insurance Corporation as the US broker targets growth in New England.

Kevin O’Donnell – RenaissanceRe

RenRe increases authorisation on share repurchase program to $500mn

2021-05-10T12:46:00+01:00

RenaissanceRe’s board has increased the total current authorisation on its share repurchase program to $500mn after president and CEO Kevin O’Donnell said on the Bermudian’s Q1 earnings call that its stock was undervalued.

Axa XL – Lloyd's

Axa XL names Zurich’s Jadav UK and Lloyd’s retail P&C CUO

2021-05-10T12:17:00+01:00

Axa XL has appointed Zurich’s Anish Jadav as chief underwriting officer for retail property and casualty, UK and Lloyd’s.

Cyber attack

US passes emergency powers following pipeline ransomware strike as demand for cover grows

2021-05-10T12:13:00+01:00

The US government introduced emergency legislation on Sunday in an effort to keep fuel supply lines open as fears of shortages rose following a ransomware cyber attack at a major US pipeline on Friday.

CSRC ESG

CSRC introduces consultation over strengthened ESG disclosures for listed firms

2021-05-10T10:32:00+01:00

China’s Securities Regulatory Commission has launched a consultation over plans to ask listed companies to include separate environmental, social and governance reporting within annual reports.

ICA

ICA adds trio to board

2021-05-10T09:44:00+01:00

The Insurance Council of Australia (ICA) has added representatives from Munich Re, IAG and Chubb to its board of directors. 

James Boon – Lockton

Aon retro broker Boon heads to Lockton Re

2021-05-10T07:15:00+01:00

Expansive reinsurance intermediary Lockton Re has hired Aon non-marine property retro broker James Boon as it continues to build out its retro practice, The Insurer can reveal.

GMX and AM Best

AM Best: No changes to ratings of Mexico City Metro’s lead insurer GMX

2021-05-10T07:03:00+01:00

AM Best has not made any changes to Grupo Mexicano de Seguros (GMX)’s ratings even though the carrier is facing possibly significant losses owing to its position as the lead insurer of Mexico City’s subway system.

Marc Wekkeli Generali

Generali GC&C names Wekkeli head of property underwriting in Germany

2021-05-10T07:03:00+01:00

Generali’s Global Corporate & Commercial (GC&C) division has named Marc Wekkeli as head of property underwriting in Germany.

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Transverse and Hayman-founded SPAC Lakeview files for $250mn IPO

2021-05-07T23:42:00+01:00

Hybrid fronting carrier Transverse and former AIG executive and Zurich board member Jeffrey Hayman have launched blank check company Lakeview Acquisition Corporation (LAC) and filed for a $250mn initial public offering to raise funds to buy a business in the US insurance sector.

Aon and WTW

Report: EC set to approve Aon-WTW remedies with Vestager support

2021-05-07T22:09:00+01:00

European Commission regulators are set to green-light the divestments proposed for the Aon-Willis Towers Watson transaction with Margrethe Vestager – the EVP responsible for competition policy – said to be supporting the remedy packages, according to a report by The Capitol Forum.

IM-Praeventus-European_offshore_wind_farm

Ex-Canopius renewables team secures Berkley support for new MGA Praeventus

2021-05-07T20:58:00+01:00

Praeventus, the new MGA launched by Canopius’ former renewable energy team, will begin underwriting on 1 June backed by capacity providers led by Berkley Offshore and a panel of Lloyd’s insurers including Munich Re Syndicate Ltd.

Jim Henderson – Assured Partners

AssuredPartners racks up 16th acquisition of 2021 with Texas deal

2021-05-07T20:51:00+01:00

AssuredPartners has acquired 48-employee Texas Associates Insurors Agency (TAI), its fourth acquisition of April and 16th of the year.

K

Former BTG, Argo and Berkley execs revamp Brazil’s Seguradora Invest to launch Kovr

2021-05-07T19:39:00+01:00

The former president of BTG Pactual Seguradora and the previous Brazilian heads of Argo and Berkley’s insurance operations have partnered with Seguradora Invest and rebooted and rebranded the 45 year old company into a technologically-driven and efficiency-focused new platform called Kovr Seguradora, The Insurer has learned.

IM-FirstIndemnity-Boston

First Indemnity launches new excess casualty coverage

2021-05-07T19:38:00+01:00

First Indemnity Insurance Group has launched a new excess casualty lawyers professional liability product for law firms with one to 750 attorneys in response to rising rates and restricted capacity in the sector.

II-James-River_AM-Best

AM Best downgrades James River FSR to A-

2021-05-07T17:25:00+01:00

AM Best has downgraded James River’s financial strength rating (FSR) from A to A- over concerns about a reduction in its assessment of the carrier’s enterprise risk management, a move that comes in the wake of the specialty insurer’s $170mn Uber-related reserve charge.

AIG

AIG expects earned margin expansion into 2022 as underwriting actions take effect

2021-05-07T15:34:00+01:00

AIG shares were trading up 2 percent earlier today after the insurer said it expects to deliver earned margin expansion through 2021 and into 2022 as it also forecast strong net written premium growth and committed to achieving its sub-90 percent accident year ex-cat combined ratio target by the end ...

IM-Berkshire-GregAbel-2

Greg Abel: Naming of Buffett’s heir means business as usual for BH insurance ops

2021-05-07T15:04:00+01:00

The relatively little-known chairman of Berkshire Hathaway Energy Greg Abel has been thrust into the spotlight over the past week after being named as Warren Buffett’s likely successor at the vast conglomerate.

Enstar Q1 results

Enstar swings to $284mn Q1 operating income

2021-05-07T14:57:00+01:00

Enstar’s net and operating results returned to profit in the first quarter of 2021, on the back of a reduction in losses and loss adjustment expenses, as well as favourable prior-year development.