Downstream market facing $500mn Port Neches refinery loss
The beleaguered downstream energy market is facing the prospect of a $500mn loss in relation to a large fire at TPC Group’s petrochemical plant in Port Neches, Texas, The Insurer can reveal.
Holes appearing in casualty towers as double-digit hikes forecast into 2020
The state of the casualty market continues to be a dominant theme in the US P&C industry, as carriers take drastic action in response to mounting losses.
The Hanover uses Chaucer funds for $250mn accelerated buyback and special dividend
US carrier The Hanover Insurance Group is buying back $150mn of its stock in an accelerated share repurchase agreement (ASR) and has also declared a $100mn special dividend as it competes the deployment of the $850mn funds generated from its sale of Lloyd’s insurer Chaucer last year.
Guy Carpenter says close to resolving dispute with Lockton Re defectors
Guy Carpenter is close to resolving its dispute with three executives that left to launch the Lockton Global Re platform, according to a letter filed with the court yesterday (4 December).
Gallagher names Partington CEO of Canadian retail P&C broking
Gallagher has appointed Dave Partington chief executive of its expansive Canadian retail property and casualty broking operations, replacing Steven Bryant who has left the company.
PG&E edges towards $13.5bn deal with wildfire victims: reports
California utility firm Pacific Gas & Electric Company (PG&E) is reportedly close to finalising terms for a $13.5bn payout to victims of wildfires ignited by its power lines, just weeks after the utility agreed a deal to settle all insurance subrogation claims arising from the 2017 Northern California wildfires and ...
Pioneer becomes fourth full syndicate to close since Hancock warning
Pioneer Syndicate 1980 has become the fourth full syndicate to close following a Lloyd’s market meeting in May 2018 when the Society’s head of underwriting Jon Hancock launched remedial action to turn around the performance of the market and warned that a tougher regime would lead to syndicate closures.
Argo: Just a coincidence?
The timing of the Watson and Noonan departures may not have any significance but the Argo vacancy could be attractive for a seasoned executive looking for a platform in a fast-improving market dynamic…
IGI should be applauded as it runs towards the stampede
In his autobiography “My life and hard times”, the creator of Walter Mitty, James Thurber, writes of a fine day in Spring 1913 when his town of Columbus, Ohio was temporarily gripped with insanity.
Aston Lark acquires Wright Insurance Brokers
Goldman Sachs-backed Aston Lark has acquired Irish commercial broker Wright Insurance Brokers.
Argo: Just a coincidence?
The timing of the Watson and Noonan departures may not have any significance but the Argo vacancy could be attractive for a seasoned executive looking for a platform in a fast-improving market dynamic…
Vibe specialty head Glasse departs for StarStone
StarStone has appointed former Vibe Syndicate Management’s specialty risk solutions class underwriter Henry Glasse as specialty underwriter, The Insurer can reveal.
Gallagher acquires Brown & Brown Pacific Northwest marine unit
Arthur J Gallagher has completed a deal to hire the Pacific Northwest marine broking team and book of business of Washington-based Brown & Brown.
Barbican’s Reeves, Harrington and Godfray set to leave as Arch deal completes
Three members of Barbican’s senior management team – chief executive David Reeves, chief underwriting officer Mark Harrington and chief operating officer Jon Godfray – are to leave the carrier in the wake of its takeover by Arch, The Insurer understands.