Lloyd’s syndicates denied recovery of $500mn Chevron “Big Foot” loss
The Fifth Circuit appeals court has denied efforts by Lloyd’s syndicates - including ones owned by Munich Re, QBE, Chaucer and Aegis - to recoup more than $500mn in losses from a steel tendon failure on a Chevron oil-drilling platform in 2015.
Canopius signs AmTrust at Lloyd’s merger agreement
PE-backed Canopius has moved a step closer to completing its landmark merger of its Lloyd’s business with AmTrust’s, after signing a definitive sale and purchase agreement, a move that will catapult the carrier into being a top-five Lloyd’s insurer.
Munich Re Syndicate Singapore partners with coverholder Nectar
Munich Re Syndicate Singapore – the Asia-Pacific arm of the Dominick Hoare-led Lloyd’s syndicate – has continued its expansion in the region, entering a partnership with coverholder Nectar Specialty Risk.
Appeals court gives reinsurers a victory in Equitas asbestos ruling
The keenly-anticipated Equitas v MMI judgment has provided the reinsurance industry with welcome judicial guidance that insurers cannot present 100 percent of employers’ liability (EL) mesothelioma claims to any year of cover they choose.
PRA demands business plans of underperforming insurers
The Prudential Regulation Authority has required all insurers with poor recent underwriting results to provide it with a copy of their 2019 business plan and a justification of why their plans are appropriate.
Canopius signs AmTrust at Lloyd’s merger agreement
PE-backed Canopius has moved a step closer to completing its landmark merger of its Lloyd’s business with AmTrust’s, after signing a definitive sale and purchase agreement, a move that will catapult the carrier into being a top-five Lloyd’s insurer.
Canopius pushed to Lloyd’s top-five with AmTrust deal
PE-backed Canopius will be catapulted into being a top-five Lloyd’s carrier responsible for circa £2.01bn of annual written premiums on the assumption it completes its acquisition of AmTrust’s Lloyd’s business, analysis by The Insurer shows.
Insurance M&A forecast to slow over H1 2019
After a buoyant 2018 the pace of insurance M&A is set to slow in the first half of this year as political and economic uncertainty across multiple regions detracts investors, according to forecasts.
Biba hires TMK’s Blundell as head of general insurance
The British Insurance Brokers’ Association (Biba) has hired Alistair Blundell, former head of distribution at Tokio Marine Kiln, to take on the role of head of general insurance.
Neal takes over LM TOM oversight until Khoury-Haq replacement found
Lloyd’s CEO John Neal has taken over effective responsibility for overseeing process efficiencies in the London Market, a project called LM TOM, until the Corporation appoints a new chief operating officer.
Bird to land at Lloyd’s broker Prospect as chairman
Former Besso CEO Colin Bird is set to join the board at fellow Lloyd’s intermediary Prospect Insurance Brokers (PIB) as chairman, The Insurer can reveal.
O’Donohoe leaves Hamilton; Barrett takes new specialty role
Hamilton at Lloyd’s CEO Dermot O’Donohoe is leaving the carrier just weeks after its Bermudian parent announced it had agreed a deal to buy Pembroke and other operations from Liberty Mutual.