CatCo shares slip amid ‘uncertainty’ over last year’s losses
London-listed shares in Markel’s ILS fund manager CatCo slid this morning after the carrier alluded to uncertainty about last year’s catastrophes in its first-half results for 2018.
Wanat named Aon’s US commercial broking boss
Aon has named one of its long-standing servants and the former CEO of its financial services group - Brian Wanat - as chief broking officer for US commercial risks solutions.
Reserve charges adds to Allstate’s $220mn July cat bill
US insurance giant Allstate was hit with a $42mn reserve charge last month, taking its total July catastrophe bill to $262mn after a month that was scarred by wildfires and summer storms.
Aspen Re poised to release CEO Lillelund early to join key client AIG
Aspen Insurance Holdings is not expected to hold its departing reinsurance head to his one-year notice period in order to help maintain good terms with its top-five client, AIG, re-Insurance.com understands.
Swiss Re pegs H1 insured cat losses at $20bn
Insured catastrophe losses incurred in the first half of 2018 are estimated to stand at $20bn, according to Swiss Re’s latest Sigma report.
QBE’s combined ratio improves as streamlining boosts bottom line
Australian giant QBE saw its combined ratio improve in the first half of 2018 as the effects of a “simplification plan” start to help the group’s bottom line.
Darag taps Halley for CFO role as Trotman steps down
Legacy specialist Darag has appointed James Halley group chief financial officer, replacing Mike Trotman.
QBE sells US personal lines business to Liberty Mutual’s Safeco
QBE North America has offloaded its book of personal insurance independent agency policies to Liberty Mutual-owned Safeco.
ERS returns to profit so far in 2018
Specialist motor-only Lloyd’s syndicate ERS has booked a £5.6mn profit in the first half of the year as its combined ratio fell well below 100 percent.
Amazon mulling UK insurance comparison site: report
Amazon is expected to confirm the fears of many in the insurance sector by bringing its scale and data to bear on distribution with a price comparison site, Reuters has reported.
R&Q inks three new program deals with European MGAs
London-listed Randall & Quilter has added three new program underwriting partnerships with European MGAs to its books through its Malta-based subsidiary which takes the firm past the $200mn GWP milestone.
Axis Re swoops on PartnerRe for Pollak
Axis Re has appointed Marcus Pollak to head up underwriting processes and portfolio management activities at the reinsurer.
Sompo International taps Swiss Re to expand US cyber team
Sompo International has appointed Richard DePiero a senior vice president and US cyber product leader for Sompo Pro, the carrier’s professional liability insurance unit.
IAG increases reinsurance spend by almost half in 2018
Australia’s second-largest insurer IAG said it is experiencing “modest upwards pressure on reinsurance rates” as the firm published its FY results to June 2018.
Capsicum Re bolsters cyber team with two hires
Reinsurance broker Capsicum Re has appointed Jasper Goring as a cyber broker and Prab Naidu as wordings director.
Up-for-sale Aspen awards CFO Kirk $2mn retention bonus
Aspen’s group CFO Scott Kirk has been awarded a long-term retention bonus of $2mn only months after his “change of control” golden parachute payment entitlement was increased.
Managing agents call for increased ILS capital at Lloyd’s
Lloyd’s managing agencies overwhelmingly support ILS becoming a permanent fixture within the Corporation, a survey by the LMA has found.
Exin Capital faces being wound up by HMRC in court tomorrow
Matt Fairfield’s beleaguered Exin is expected to enter liquidation tomorrow (15 June) following a wind-up petition being issued by HM Revenue & Customs.
Apollo launches new Bermuda reinsurer Acra Re
Heavyweight investment firm Apollo Global Management has formed a new Bermudian (re)insurer, which is expected to be used as a platform for writing large P&C and life trades, re-Insurance.com can reveal.
Everest Re swoops on Chubb for chief reinsurance claims officer
Everest Re has appointed Ike Barbatsoulis as chief claims officer in its reinsurance division.
Lloyd’s syndicate takes policies from defunct-Danish carrier Alpha
An unnamed Lloyd’s syndicate has assumed liability for 177,00 policies that were written by the now-defunct Danish insurer Alpha.
Bain Capital to buy Esure in $1.2bn acquisition
Private equity firm Bain Capital has agreed terms to takeover UK-listed motor insurer Esure in a $1.2bn deal.
Willis pursues Alliant for trying to ‘decimate’ its construction team
Willis Towers Watson is suing Alliant for trying to “steal millions of dollars of revenues” after the West Coast broker poached a 12-strong construction team from its larger rival.
Alternative capital continues to ‘surge’: Aon
Global alternative reinsurance capital had climbed to $95bn by the end of first quarter, an increase of 7 percent from the end of 2017, according to estimates by Aon Benfield.
Axis taps Travelers for global head of ceded reinsurance
Bermudian carrier Axis has appointed Anne Kelly global head of ceded reinsurance.
AmWins secures Argo backing for two new marine MGAs
Wholesale broking giant AmWins has launched two new MGAs focused the marine market – Amwins Specialty Logistics Underwriters (ASLU) and Sentinel Marine Underwriters (SMU).
StarStone launches casualty consortium in Australia
StarStone has launched a casualty consortium targeted at the Australian and New Zealand markets.
Talanx profits improve despite uptick in industrial fire losses
Hannover Re owner Talanx managed to grow profits in the first half of the year despite an uptick in German fire and property losses in its industrial lines unit.
Darag inks its first US deal as it partners with SOBC
Run-off acquirer Darag has entered a joint venture with US-based SOBC in a bid to grow beyond its European heartland into the North American, Caribbean and Bermudian legacy markets.
Volante launches motor MGA
Volante Global, the MGA platform led by Talbir Bains, has launched its latest MGA - Gentium Motor.