Lockton Global Re takes Finpro exec Spore from Marsh
Lockton’s expansive reinsurance intermediary platform has hired Marsh JLT Specialty US Finpro placement leader Greg Spore, The Insurer can reveal.
AFG counts the cost of its enervating Lloyd’s experience
American Financial Group’s decision earlier this week to withdraw from the Lloyd’s market – taking a $50-60mn Q4 charge in the process – marks the end of a painful relationship that has cost the Cincinnati-headquartered insurance group over $500mn in entry and departure fees and underwriting losses in between, analysis ...
Social inflation to prompt “stair stepping” of reserves: Dowling
VJ Dowling has predicted that social inflation will be a huge issue in fourth quarter reporting, partly as an excuse for under-reserving in recent years.
Gemini launches crypto captive with Aon and Marsh support
Gemini has launched a Bermudian captive insurer to cover its cryptocurrency exchange platform up to a limit of $200mn, with Aon acting as the captive manager and Marsh placing the captive’s excess reinsurance into the commercial market.
Mercury General takes $36mn Q4 Cali wildfires hit
Los Angeles-based Mercury General Corporation has become the latest carrier to preannounce Q4 catastrophe losses, with a $36mn pre-tax hit primarily from California wildfires that will not trigger its cat reinsurance programme after it raised its retention at 1 July last year.
MMA adds PE expertise with Ironwood acquisition
Marsh & McLennan Agency (MMA) has acquired Ironwood Insurance Services, an Atlanta, Georgia-based independent broker with 85 employees with particular expertise in private equity.
Altamont hires Orchid’s Zuk to drive insurance investments
Joe Zuk has left Orchid Underwriters after less than a year to join Altamont Capital Partners as an operating partner focused on its insurance investments.
Florida – this time the squeeze is real
For the third time in four years, Florida’s homeowners insurance market is entering the first quarter in a state of great uncertainty as the deteriorating operating environment again brings the prospect of ratings downgrades in the crucial months leading up to the hurricane season.
Tysers-RFIB deal continues trend - but can UK broker valuations hold up in 2020?
For UK insurance brokers, 2019 will be remembered as a vintage year. Whereas carriers in the UK market such as Barbican were able to achieve only modest price to book multiples, the valuations realised by intermediaries have been truly impressive.
MMA adds PE expertise with Ironwood acquisition
Marsh & McLennan Agency (MMA) has acquired Ironwood Insurance Services, an Atlanta, Georgia-based independent broker with 85 employees with particular expertise in private equity.
Altamont hires Orchid’s Zuk to drive insurance investments
Joe Zuk has left Orchid Underwriters after less than a year to join Altamont Capital Partners as an operating partner focused on its insurance investments.
Pro Global replaces Niemczewski with former RSA UK CEO Lewis
Pro Global has appointed RSA’s former international and UK CEO Steve Lewis as its new chief executive, following the departure of Artur Niemczewski’s at the end of 2019.
The Plexus Groupe targets acquisitions with Hilb hire
Former The Hilb Group CEO Robert J Hilb has re-emerged in a new role at The Plexus Groupe (TPG), with a focus on acquisitions and strategic partnerships to grow the expansive US broker’s national footprint and brand.
Allianz confirms leadership changes as £1.08bn LV= GI acquisition completes
Allianz has appointed LV General Insurance (GI) senior leadership to its international and UK boards now its takeover of the remaining 51 percent of to LV’s GI business has closed for a total consideration of £1.08bn ($1.4bn).