Fidelis unveils new Irish (re)insurer
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 unveils new UK & Ireland CEO
Swiss Re has filled its vacant UK & Ireland CEO position with Tava Madzinga, the current head of its MENA region.
Swiss Re’s Higginbotham ‘optimistic’ on market outlook
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.
US MGA start-up Vindati hires Allianz exec
Start-up US MGA Vindati has hired former Allianz executive John Barnwell to lead its new ocean marine line of underwriting.
Nichols named interim CEO/chairman at Protective
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.
Universal passes reinsurers up to $315mn bill on Michael loss
Floridian headquartered Universal Insurance Holdings is set to pass around $315mn of its losses from Hurricane Michael to its reinsurance panel.
Skuld given green light for Lloyd’s 2019
Scandinavian marine insurer Skuld has had its Lloyd’s business plan approved for next year, Re-Insurance understands.
Apollo launches new £130mn Lloyd’s SPA Syndicate
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.
'Extremely dangerous' Category 4 Hurricane Willa nearing Mexico's Pacific coast
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.
Lloyd’s imposing capital loads on 2019 syndicates
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.
Excess capital to drive 1.1 pricing despite recent losses
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.
$100bn ILS appetite will continue despite rising yields
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 lowered bid twice before agreeing Aspen deal
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.
Flagship Canopius syndicate to cut 2019 gross premiums by £80mn
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.
Up-for-sale Lloyd’s motor insurer receives heavy capital loading
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.
Brown & Brown to buy Hays Companies
Expansive US retail broking giant Brown & Brown has agreed a deal to buy its smaller rival Hays Companies.
Cyber risks are global but insurance not meeting demand: Munich Re
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 forecasts modest upswing for loss-affected German cat treaties
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 snaps up London (re)insurance broker Alston Gayler
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.
Hyperion X to launch as major new 1.1 tech, data initiative
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”.
Lloyd's warns of 'crippling' $160bn insurance gap
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).
Perils launches Australia wind forecasting platform
Zurich-based catastrophe modelling firm Perils has expanded its wind cat forecasting platform to include Australia.
Lloyd’s: hard Brexit no obstacle to paying claims
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.
Gard swoops on another flagship London marine account
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.
M&A carousel will continue but 'clients like choice'
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.
Nash: 'shadows' cast over industry ahead of 1.1 renewals
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.
Contract continuity ‘no issue’ says EU Brexit chief
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.
RMS pegs Michael insured losses at upto $10bn
Global risk modeling and analytics firm, RMS has estimated that the insured loss from Hurricane Michael will be between $6.8bn and $10bn
Blue Capital Re: correction on loss estimate
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.
Marine insurers braced for another major shipyard loss
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.
AIG shares dip after heavy Q3 cat loss estimate
AIG expects as much as $1.7bn in Q3 catastrophe losses
Rokstone hires Ryan exec Pilla for US push
Standard Syndicate set to exit Lloyd’s
Danish insurer Qudos ceases underwriting
Travelers profit more than doubles in Q3 as cat losses shrink
Markel CatCo warns of single-digit NAV hit from Michael and Jebi
Liberty confirms Lloyd’s insurer Pembroke undertaking “strategic review”
Kingstone’s Thatcher takes on CEO role from veteran Goldstein
TigerRisk adds Aon’s Hughes to London retro desk
RenRe forecasts $155mn hit from third quarter nat cats
Swiss Re unveils $500mn Jebi hit; $1.4bn 3Q loss bill
Blue Capital Re shares fall on further Irma loss creep
Hannover Re takes 2018 cat bond issuance over $1.5bn
S&P affirms Asia Capital Re’s rating
Axa XL receives regulatory green light on post-Brexit Dublin move
StarStone names Hendrickson Group CEO
Trust Re ‘confident’ despite ratings downgrade
FedNat net Michael losses $23mn
Howden names Kumar CEO in the United Arab Emirates
Lloyd’s coverholder/reinsurer Trust Re downgraded to B++
Europe counts the cost of Storm Leslie
Talanx share price down 6 percent as losses hit profit outlook
ILS’ march into primary markets continues with Victor move
Tax reforms prompt leap in US insurers’ net revenues
AIR pegs Hurricane Michael losses at up to $10bn
Cincinnati pegs Q3 cat losses at $120mn; adds to messy quarter
US antitrust approval granted for MMC’s acquisition of JLT
New Lloyd’s CEO outlines immediate priorities
Axa XL names Catlin veteran as London Market Wholesale CUO
Axis Re names Haugh as global markets head
Treaty reinsurance goes live on PPL
JLT chairman urges shareholders to approve MMC acquisition
Ardonagh: Insurance Insider “inaccurate” over energy defections
Cincinnati to enter Lloyd’s with acquisition of Munich Re’s Beaufort
Axa to reward shareholders with divi increase after $15.3bn XL deal
Insurers lose court battle over Iran sanctions claim
Antares names CNA Hardy’s Taylor next head of specialty
Profit warnings issued by hardest hit on Eur620mn Lürssen shipyard loss
Securis: collateral release ends reinsurance exposures
Hurricane Michael insured losses pegged at $8bn
AM Best cites Arch’s “successful management changes” on improved outlook
Hurricane Michael hit shares recover despite global sell-off
Securis collateral dispute overshadows Lloyd’s negotiations
Cat 4 Hurricane Michael losses won't move the market
IGI appoints Stephen Rix chief actuary
Apollo injects $700mn into Catalina ahead of major Zurich run-off deal
Hiscox appoints Breeze Re & ILS CFO
LMA names Ascot's Brooks next chairman
State Farm controlled Georgia in the firing line of Hurricane Michael