Early damage indications suggest insured losses from Hurricane Sally may be higher than initially anticipated with widespread wind damage in and around Pensacola likely to drive up the cost of the event.
AM Best holds a negative outlook on the US surplus lines sector. But the data for the first half of 2020 shows strong momentum, despite the challenges of Covid-19.
The first US landfalling hurricane of the year serves as a warning that the peak period of the Atlantic hurricane season is approaching.
Aon has added Camilo Ruiz to its Reinsurance Solutions facultative business in Colombia.
Beazley has created a new executive risk leadership team in the US which will be led by Jeremie Saada.
Teddy has become the second major hurricane of the 2020 Atlantic season and could become the second storm in a week to impact Bermuda over the weekend.
US insurance giant State Farm has agreed a deal to buy non-standard auto (NSA) insurer Gainsco for around $400mn in cash in what represents its first acquisition of an insurance company in its 98-year history.
UK broker consolidator Global Risk Partners (GRP) has completed its majority share purchase of leading Irish commercial broker, Crotty Insurance Brokers.
Intact Financial subsidiary OneBeacon has acquired the renewal rights to Brit Global Specialty USA’s admitted ‘First Dollar Package’ public entity portfolio, with Sharon Wright joining as part of the deal.
The UK’s Competition and Markets Authority (CMA) has found Ardonagh Group’s £26mn ($33.9mn) deal to acquire motorcycle specialist broker Bennetts could lead to higher prices, less choice and worse services for policyholders in the UK.
Simon Minshall-led Eur500mn start-up Marco Capital Holdings has launched with backing from Oaktree Capital and a board of European heavyweights including former Allianz and Zurich group CFO Dieter Wemmer as chairman and ex Lloyd’s Franchise Board Director Rolf Tolle among its directors.