Fidelis has unveiled a newly licenced Dublin subsidiary staffed with a phalanx of experienced management from rival (re)insurers, the Bermudian-headquartered firm announced today.
Swiss Re has filled its vacant UK & Ireland CEO position with Tava Madzinga, the current head of its MENA region.
Speaking to Re-Insurance in Baden-Baden this year, Swiss Re’s Russell Higginbotham – who was appointed CEO of reinsurance for EMEA at the reinsurance giant in September – highlighted some of the challenges the market faces and where the opportunities lie.
Start-up US MGA Vindati has hired former Allianz executive John Barnwell to lead its new ocean marine line of underwriting.
Jay Nichols has returned to a front seat position in the industry as chairman and interim CEO of specialist trucking and transportation carrier Protective Insurance Corporation.
Floridian headquartered Universal Insurance Holdings is set to pass around $315mn of its losses from Hurricane Michael to its reinsurance panel.
Scandinavian marine insurer Skuld has had its Lloyd’s business plan approved for next year, Re-Insurance understands.
Independent Lloyd’s managing agency Apollo Syndicate Management Ltd (Apollo) has received “in principle” approval to launch a £130mn SPA Syndicate 1971 to operate alongside its existing Syndicate 1969.
Hurricane Willa is nearing the Pacific coast of Mexico as a Category 4 storm, bringing the potential for life-threatening storm surge, wind and torrents of rain.
The expectation is growing that Syndicates trading in 2019 will do so with higher capital requirements compared to this year and in many cases with reduced top-lines.
Despite the third quarter’s flurry of US and Asia cat events and the heavy Europeans storms earlier this year, cat reinsurers at Baden-Baden remain privately pessimistic about the prospect of 2019 seeing an uptick in rates.
Traditional reinsurers who have faced fierce pricing competition from the pension funds and other investors in the ILS sector are naive if they think the sector will diminish with rising interest rates.
Apollo Global Management lowered initial non-binding offers for Aspen twice before a counter-proposal from the Bermudian (re)insurer led to the all-cash transaction at $42.75 a share being agreed.
Top-ten Lloyd’s insurer Canopius will cut gross premiums by £80mn for its flagship Syndicate 4444 for 2019 as further evidence of the Corporation’s determination to de-leverage the market after the decline in overall performance levels in recent years.
Lloyd’s motor syndicate ERS has received a capital loading for next year in a further demonstration of the Corporation’s “get tough” approach after the recent decline in the market’s results.
Expansive US retail broking giant Brown & Brown has agreed a deal to buy its smaller rival Hays Companies.
Demand for cyber insurance is growing rapidly as increasingly costly events prove no market, sector or company is spared, irrespective of its size, from cyber risk, according to Munich Re.
Hannover Re expects positive premium development in its domestic German market for the upcoming round of treaty renewals at 1.1, albeit at a more muted pace than in the previous year.
Miller has confirmed it has entered into a definitive agreement to acquire Dutch-owned London market wholesaler Alston Gayler, as previously predicted by Re-Insurance.
London-headquartered intermediary Hyperion Insurance Group has unveiled a fourth new operating arm and parachuted in the senior management of its specialty broker RKH to lead the business as a mark of its commitment to drive much-needed industry “digital change”.
An estimated $163bn of assets are underinsured in the world today, leaving an exposure gap that poses a “significant threat” to livelihoods and global prosperity, according to new research from Lloyd’s and the Centre for Economics and Business Research (CEBR).
Zurich-based catastrophe modelling firm Perils has expanded its wind cat forecasting platform to include Australia.
Despite the continuing stalemate between the European Union and the UK government, Lloyd’s chairman Bruce Carnegie-Brown has reassured Baden-Baden attendees that the 330 year old market will seamlessly process claims and commit capacity regardless of what “Brexit” looks like in 2019.
Norwegian carrier Gard has secured another landmark London marine hull account, taking over from Lloyd’s insurer QBE as the lead on the London placement of the Qatar LNG fleet program, Re-Insurance can reveal.
Despite the remarkable frenzy of M&A seen in 2018, speakers at the Guy Carpenter Baden-Baden symposium yesterday feel the market will still value the specialist carrier as long as it remains nimble and responsive to clients’ needs.
Guy Carpenter’s international CEO James Nash has praised reinsurers for its “rational response” to the estimated $140bn of insured cat losses last year but warned that new “shadows” are being cast over the industry ahead of the 1.1 renewals.
The European Parliament’s Brexit chief has said there will be “no issue” of contract continuity for (re)insurance firms once the UK departs from the European Union in March next year, Re-Insurance can reveal.
Global risk modeling and analytics firm, RMS has estimated that the insured loss from Hurricane Michael will be between $6.8bn and $10bn
The NYSE-listed collateralised reinsurance fund Blue Capital Re said yesterday that its Q3 net Irma loss bill will increase by a further $6.1mn.
UK insurer RSA and other marine underwriters are bracing themselves for a loss of up to $75mn after Hurricane Michael ripped through a shipyard in Panama City, Florida earlier this month, Re-Insurance can reveal.