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NewsAspen completes giant $3.57bn LPT with Enstar
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.
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AP-sponsored Accretive hires ECC’s Roth as wholesale head
AssuredPartners-backed Accretive Insurance Solutions has hired Rob Roth from ECC Insurance Brokers to lead its wholesale practice.
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Amwins’ Bernacki: Golden age of MGAs will lead to more product diversity
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.
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Amex Ventures invests in insurtech Trellis
Amex Ventures has invested a reported $5mn in Trellis, a San Francisco-based company that makes it easier for consumers to switch insurers.
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Lemonade reaches $4mn settlement of Illinois biometric suit
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.
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R&Q pushes back shareholder vote deadline as £482mn buyout threshold tantalisingly close
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.
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Tower Hill FOTs highlight FL renewal dynamics with 90% RoL on first layer
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 ...
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Panel: Expectations for Florida special session “not very encouraging”
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”.
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Alera buys P&C agency West Michigan Insurance
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.
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Aviva enters exclusive talks to acquire with Azur’s HNW unit
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.
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Aviation war market on alert as pilot suicide explored in China Eastern crash
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.
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Everest boosts European footprint with trio of hires
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.
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Chubb approves extra emissions reporting but rejects proposal on climate underwriting
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.
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Catalina brings in ex-Aon APAC CEO Steingold as restructures leadership
Run-off specialist Catalina has hired Malcolm Steingold to lead its expansion in the Asia Pacific region as the firm reorganises its global leadership.
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TMHCC posts 87.9% CR in 2021 as NA growth drives 22% NWP increase in intl unit
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.
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MS Amlin posts FY21 CR of 107.4% as books £296mn cat losses
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.
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High noon for controversial R&Q £482mn take-out offer
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.
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Zurich to sell Russian business to local team and exit market
Zurich has become the latest western insurer to exit Russia after confirming today that it is transferring its business to local management.
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Sompo International posts CR of 93.9% in fiscal 2021 as GWP increases 31%
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.
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Perils increases February European storm loss estimate to €3.61bn
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).
