Lloyd’s insurer Barbican has instructed Aon Benfield to evaluate third-party reinsurance to close (RITC) quotes for its back-year liabilities, re-Insurance.com can reveal.
Tokio Marine Kiln is partnering with Australian InsurTech firm Evari to offer cover for small-and medium-sized companies in the country, the carrier announced today.
Ardonagh Group’s dismal £260.9mn 2017 FY loss was exacerbated by a more than £50mn charge thought to be related to claims against one of its companies Towergate, which was forced to payout millions in compensation over a pensions advice scandal.
US insurance giant Allstate is expecting first quarter catastrophe losses to hit $361mn, with $222mn of that total from events in March alone.
Potential acquirers of the up-for-sale Bermudian (re)insurer Aspen Insurance Holdings have until the 27 April to submit first round bids for the business in the sale process managed by JP Morgan and Goldman Sachs, re-Insurance.com can reveal.
AIG has moved forward with its Brexit planning as it paves the way to transfer its existing business to two newly-established insurance companies in the UK and Luxembourg.
Ardonagh Group, which owns London market wholesaler Price Forbes and UK retail broker Towergate, saw 2017 losses increase more than five-fold to £260.9mn ($370.3mn) driven in part by a surge in “regulatory costs”.
Hannover Re’s Bermuda-based cyber expert Aritra (Ari) Chatterjee has joined start-up Envelop Risk as chief underwriting officer and will launch an underwriting platform on the island later this year, re-Insurance.com can reveal.
Under pressure from senior management, after a devastating catastrophe year in 2017, aviation underwriters pushed back in the first quarter to hold rates flat, according to broker JLT.
Axis Re has appointed Megan Thomas to a newly-created chief underwriting officer role, the Bermudian announced today.
Marsh has named Paul Denny financial and professional practice leader for the UK.
Accident and health is the the latest line of business to go live on the electronic placing platform PPL.
XL Group CEO Mike McGavick could earn up to $154.3mn from the $15.4bn deal with French insurer Axa which would take his total holdings in the Bermudian to $180mn, or 1.18 percent of total equity.
The AXA-XL proxy statement highlights the impressive valuation achieved by the Bermudian firm; nearly 2x tangible and fully diluted price to book. How does it compare to other M&A in the sector…
The exodus from Marsh began last week just days after John Doyle, the boss of the big-three broker, unveiled details of a “delayering” strategy on a conference call revealed by re-Insurance.com.
Next week marks 25 years since the Bishopsgate bombing, with carriers and brokers from the London market commemorating the event by once again coming together to support a local cause.
If Axa is unable to raise subordinated debt or IPO its US business - Axa Equitable Holdings - in time to complete it’s $15.3bn takeover of XL Group later this year then it can call on a bridge financing facility that was initially $11bn.
European catastrophe data provider Perils has increased its loss estimate for extratropical cyclone Friederike to EUR1.63bn ($2.02bn).
XL Group, the Bermudian (re)insurer that succumbed last month to an all cash $15.3bn takeover at $57.60 per share from French powerhouse Axa, had M&A discussions with seven different potential acquirers and received a non-binding alternative bid in the “low $50s” from an unnamed carrier.
Former Nexus Asia CEO Jeremy Austen has joined HWI International Group to launch NuVu Underwriting, a managing general agent based in Hong Kong.
Axis has rolled up its cyber operations to create a new underwriting platform that will also offer risk mitigation advice and education.
A new data analytics-led cyber (re)insurance platform, Envelop Risk, has been launched today (16 April) with a bold ambition to create next-generation cyber insurance products and deploy augmented-intelligence underwriting with support from the advanced US data analytics firm QxBranch and Scandinavian alternative investor, New Nordic Advisors.
Revenue from leading underwriting consortiums gave Barbican’s managing agency business a £1.8mn boost, helping the syndicate-owner to grow profits in 2017.
Global reinsurance capital has continued to build despite the record catastrophes of 2017, according to Aon Benfield.
The deputy governor of Ireland’s central bank has fired a warning shot to the “astounding” number of Irish insurers that say they do not expect to be impacted by the UK’s departure from the European Union.
Broking house Marsh has named Chris Lay as CEO of its UK and Ireland operations.
Investors should rein in any expectations of significant rate increases for US property cat treaties at the mid-year renewals despite last year’s $100bn+ of losses, warned JMP Securities analyst Matthew Carletti today (13 April).
US specialty broking powerhouse Alliant has reached a deal to buy its smaller New York-based rival Crystal & Company.
The rate increases witnessed in US commercial property lines since the record catastrophes of 2017 took place are beginning to wane, according to Willis Towers Watson.