Lloyds, city at night

Barbican drafts in Aon Benfield to manage RITC auction

2018-04-20T14:56:00+01:00By

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 exterior

TMK partners with Australian InsurTech firm for SME cover

2018-04-20T11:24:00+01:00By

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.

london city abstract

Ardonagh’s results hit by £51mn Towergate compensation bill

2018-04-20T08:50:00+01:00By

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.

Allstate

Allstate expects Q1 losses to total $361mn

2018-04-19T14:52:00+01:00By

US insurance giant Allstate is expecting first quarter catastrophe losses to hit $361mn, with $222mn of that total from events in March alone.

Aspen climbs on bid spec adjust

Aspen’s first round bids due next week

2018-04-19T14:33:00+01:00

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 logo 900px

AIG transfers business to newly established European companies

2018-04-19T13:49:00+01:00By

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.

Ross

Towergate and Price Forbes owner Ardonagh Group posts £261mn loss

2018-04-19T10:58:00+01:00By

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”.

arita chatterjee

Envelop Risk to launch Bermuda cyber platform with Chatterjee hire

2018-04-19T08:52:00+01:00

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.

Plane landing

Aviation underwriters hold their mettle in Q1

2018-04-18T15:26:00+01:00By

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.

Megan thomas

Axis Re takes AIG’s Thomas for new CUO role

2018-04-18T14:02:00+01:00By

Axis Re has appointed Megan Thomas to a newly-created chief underwriting officer role, the Bermudian announced today.

Marsh paul denny

Marsh moves US financial and professional lines leader to UK

2018-04-18T10:55:00+01:00By

Marsh has named Paul Denny financial and professional practice leader for the UK.

Lloyd's, City of London

Accident and health goes live on PPL

2018-04-18T08:57:00+01:00By

Accident and health is the the latest line of business to go live on the electronic placing platform PPL.

mike mc gavick 2018

McGavick stands to gain over $150mn from Axa’s XL deal

2018-04-17T16:52:00+01:00By

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.

xlbuilding bermuda

Axa’s bid for XL tops industry multiples

2018-04-17T13:50:00+01:00By

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…

Marsh&McLclennan, logo

Marsh exits begin just days after Doyle unveiled cost-cutting plan

2018-04-17T13:50:00+01:00By

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.

The ruins of St Ethelburga's in the aftermath of the bombing

Pool Re and Guy Carp lead Bishopsgate bombing anniversary line slip

2018-04-17T13:49:00+01:00By

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.

AXA logo on building

Axa agrees $11bn bridge loan as XL back-up finance

2018-04-17T07:27:00+01:00

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.

Storm david aka friederike

Perils ups cyclone Friederike estimate by 11% to EUR1.63bn

2018-04-17T06:48:00+01:00By

European catastrophe data provider Perils has increased its loss estimate for extratropical cyclone Friederike to EUR1.63bn ($2.02bn).

Mike McGavick, XL Group

XL Group received alternative bid in ‘low $50s’ in seven-strong M&A auction

2018-04-17T06:36:00+01:00

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.

Asia, Hong Kong

MGA NuVu Underwriting launches in Hong Kong

2018-04-16T12:56:00+01:00By

Former Nexus Asia CEO Jeremy Austen has joined HWI International Group to launch NuVu Underwriting, a managing general agent based in Hong Kong.

Cyber security

Axis rolls up Novae cyber team for new specialty division

2018-04-16T12:10:00+01:00By

Axis has rolled up its cyber operations to create a new underwriting platform that will also offer risk mitigation advice and education.

Jonathan spry envelop risk analytics

Cyber underwriting platform Envelop Risk launches

2018-04-16T10:42:00+01:00

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.

lloyds cityoflondon

Consortium income gives Barbican managing agency a boost in 2017

2018-04-16T08:37:00+01:00By

Revenue from leading underwriting consortiums gave Barbican’s managing agency business a £1.8mn boost, helping the syndicate-owner to grow profits in 2017.

aon london office

Capital continues to flow into reinsurance market: Aon Benfield

2018-04-13T15:49:00+01:00By

Global reinsurance capital has continued to build despite the record catastrophes of 2017, according to Aon Benfield.

The central bank of Ireland

An ‘astounding’ number of insurers expect to be unaffected by Brexit

2018-04-13T09:47:00+01:00By

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.

Chris Lay

Marsh appoints Chris Lay CEO for UK and Ireland as Weil exits

2018-04-13T08:35:00+01:00By

Broking house Marsh has named Chris Lay as CEO of its UK and Ireland operations.

US hurricane 2017

US mid-year rate increases will be suppressed by ILS 'culprit'

2018-04-13T07:47:00+01:00By

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).

New york

Alliant acquires Crystal & Company

2018-04-12T16:58:00+01:00By

US specialty broking powerhouse Alliant has reached a deal to buy its smaller New York-based rival Crystal & Company.

US, hurricane damage 2014

US property rate rises abating: Willis

2018-04-12T15:34:00+01:00By

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.