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NewsArk doubles GWP in Q1 as White Mountains sees decline in BVPS
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.
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Judge denies CinFin’s bid to dismiss Alabama restaurants’ Covid-19 BI case
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.
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Wolyniec returns with Pelican-backed MGA platform Tango Specialty
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.
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Axis Re overhauls divisional leadership; creates global property division
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.
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AGCS names Everest’s Grace as global head of property
Allianz Global Corporate Specialty (AGCS) has named Everest Re’s Maria Grace as global head of property.
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Enstar: run-off pipeline strong despite increased competition and portfolio volatility
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.
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Hub expands in Connecticut with Ion Insurance deal
Hub International Limited has acquired Ion Insurance Corporation as the US broker targets growth in New England.
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Mosaic confirms addition of Hamilton’s PL head Jay and FI leader Webb
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.
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RenRe increases authorisation on share repurchase program to $500mn
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.
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Axa XL names Zurich’s Jadav UK and Lloyd’s retail P&C CUO
Axa XL has appointed Zurich’s Anish Jadav as chief underwriting officer for retail property and casualty, UK and Lloyd’s.
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US passes emergency powers following pipeline ransomware strike as demand for cover grows
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.
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CSRC introduces consultation over strengthened ESG disclosures for listed firms
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.
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ICA adds trio to board
The Insurance Council of Australia (ICA) has added representatives from Munich Re, IAG and Chubb to its board of directors.
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Aon retro broker Boon heads to Lockton Re
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.
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Generali GC&C names Wekkeli head of property underwriting in Germany
Generali’s Global Corporate Commercial (GC C) division has named Marc Wekkeli as head of property underwriting in Germany.
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AM Best: No changes to ratings of Mexico City Metro’s lead insurer GMX
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.
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Transverse and Hayman-founded SPAC Lakeview files for $250mn IPO
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.
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Report: EC set to approve Aon-WTW remedies with Vestager support
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.
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Ex-Canopius renewables team secures Berkley support for new MGA Praeventus
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.
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AssuredPartners racks up 16th acquisition of 2021 with Texas deal
AssuredPartners has acquired 48-employee Texas Associates Insurors Agency (TAI), its fourth acquisition of April and 16th of the year.
