Blockchain requires buy-in of whole industry ecosystem: Balakrishnan
While blockchain has the potential to disrupt the entire financial services industry, the technology requires the whole (re)insurance industry to participate in order for it to bring substantive change to the market, according to Xceedance CEO Arun Balakrishnan.
Enstar weighs Atrium and StarStone sale in frothy M&A market
Legacy giant Enstar has confirmed the appointment of investment bank Evercore to sell its two live underwriting businesses.
Gallagher’s UK broking boss Chilton to step aside
Industry stalwart and the CEO of Gallagher’s UK broking and underwriting operations Grahame “Chily” Chilton is to step down, the company announced today.
Moody’s predicts ‘average’ 2018 Atlantic hurricane season
This year’s storm activity in the Atlantic basin is expected to be near historical averages, according to data collated by Moody’s.
Allianz weighing approach for RSA, Aviva: report
German insurance giant Allianz is mulling a takeover approach for large UK carriers including RSA and Aviva after the Oliver Bäte-led company was beaten to the punch in pursuit of XL Group.
Aeolus NOT the ILS fund on $250mn Nationwide 'top and drop' layer
Blue-chip reinsurance fund manager Aeolus is not the alternative market that shared the placement with Swiss Re on US mutual Nationwide’s top $250mn layer that renewed at 1.6.
AM Best goes positive on PartnerRe
AM Best has said PartnerRe’s ability to eke out an underwriting profit last year - despite a swathe of devastating catastrophes - helped its decision to assign a positive outlook to the reinsurer’s “A” financial strength rating.
PRA doubled insurance investigations last year
The PRA conducted six investigations into the regulatory reporting, risk management and controls of insurance firms last year, double that of 2016.
Ryan Specialty hires senior AmWINS exec to launch new cat MGU
Ryan Specialty Group has hired the head of AmWINS Special Risk Underwriters (SRU) Katie Davies to launch a new property MGU, with a strong cat component.
Nephila-backed Volante reveals $900mn capacity deal
Volante, the newly-launched managing general agent backed by ILS heavyweight Nephila, has unveiled a $900mn capacity deal for a spate of new underwriting teams.
Ardonagh Group makes move into reinsurance broking
The Ardonagh Group has taken a step into the reinsurance broking market with the launch of a new unit targeting the sector under its Price Forbes unit.
Ryan Specialty’s StarPoint takes FI underwriter from Liberty
Ryan Specialty Group-owned managing general agent StarPoint Executive Risks has hired Mark Selby to head up its newly-launched financial institutions business.
Hyperion takes 10% stake in Apollo Partners
Hyperion - which owns brokers Howden and RKH, as well underwriting agency Dual - has acquired a 9.9 percent stake in the holding company for Lloyd’s managing agency Apollo.
Berkshire Hathaway’s Abel made Aegis London non-exec
Berkshire Hathaway’s chairman of non-insurance business operations and potential Warren Buffett successor Greg Abel has been made a non-executive director of Aegis London’s board.
Global construction premiums stagnate at $21bn: Swiss Re
Creeping loss ratios and dwindling rates are putting pressure on construction underwriters who - in London - are losing share to international rivals, according to a new study by Swiss Re.
US retailer Acrisure takes Aquiline’s Malloy
The fast-expanding US retail broker Acrisure has hired industry veteran William (Bill) Malloy from Jeff Greenberg’s private equity house Aquiline.
Alesco poaches UIB’s Semaan in Middle East and Africa push
Expansive London market wholesaler Alesco has taken Nadim Semaan from UIB as it looks to grow its presence in the Middle East and Africa.
ArgoGlobal hires credit and political risk underwriter from Aspen
Argo’s Lloyd’s operation has hired Aspen’s acting global head of credit and political risk Daniel Byrne.
Brit takes Talbot’s COO Gould
Brit has hired Michael Gould to take over as chief operating officer after Nigel Meyer left for Canopius.
PSC buys into BP Marsh amid £17mn capital raise
Australian broking house PSC Insurance Group, which owns London intermediaries Alsford Page & Gems and Carroll & Partners, has taken a £15.5mn stake in BP Marsh as it looks to expand its operations in the UK.
Proxy firm ISS changes advice to back AmTrust’s take-private deal
Having previously launched a scathing attack on AmTrust’s “less-than-robust sale process”, proxy voting firm ISS has decided back a take-private deal after the firm’s CEO, his in-laws and their backers raised their offer for the company by $1.25 per share.
Insurers exposed to ‘silent blockchain risk’
Insurance carriers may be exposed to ‘silent’ risks from blockchain as companies begin to use the technology underpinning cryptocurrencies in their operations, according to Willis Towers Watson’s Magdalena Ramada.
AmTrust makes Hickey group underwriting boss
AmTrust has promoted its strategy and business development executive Dan Hickey to take the reins as chief underwriting officer, the company said today.
Ardonagh owners buy Axa’s health insurance broker
Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP), which together own the bulk The Ardonagh Group, have acquired Axa’s UK-based healthcare broker.
Tysers staff finally receive £110mn windfall in cash and Integro stock
The management and staff of London market broker Tysers have received a £110mn windfall in cash and Integro stock following the approval of its drawn-out takeover by the US intermediary.
Kendrick to retire from Chubb
London market veteran Andrew Kendrick is to retire from Chubb at year-end and will be replaced in his role as head of Europe operations by David Furby from 1 July, Chubb announced today.
Aviation goes live on PPL
Aviation risks can now be quoted and bound on electronic placing platform PPL, it was announced today.
Leadenhall’s new ‘remote risk’ fund trebles in size to $60mn
ILS fund manager Leadenhall Capital Partners has seen its new “remote risk” fund almost treble in size to $60mn while its overall assets under management expand to a record $5bn, re-Insurance.com can reveal.
Integro confirms Tysers £110mn deal approval
Integro has received official approval from the UK Financial Regulation Authority for its deal to acquire London market broker Tysers.
Markel enters Lloyd’s India to write reinsurance
US carrier Markel has been granted a license by the Indian regulator to write reinsurance business in the country through the Lloyd’s India platform.