Barbican drafts in Aon Benfield to manage RITC auction
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.
TMK partners with Australian InsurTech firm for SME cover
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’s results hit by £51mn Towergate compensation bill
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 expects Q1 losses to total $361mn
US insurance giant Allstate is expecting first quarter catastrophe losses to hit $361mn, with $222mn of that total from events in March alone.
Aspen’s first round bids due next week
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 transfers business to newly established European companies
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.
Towergate and Price Forbes owner Ardonagh Group posts £261mn loss
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”.
Envelop Risk to launch Bermuda cyber platform with Chatterjee hire
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.
Aviation underwriters hold their mettle in Q1
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 takes AIG’s Thomas for new CUO role
Axis Re has appointed Megan Thomas to a newly-created chief underwriting officer role, the Bermudian announced today.
Marsh moves US financial and professional lines leader to UK
Marsh has named Paul Denny financial and professional practice leader for the UK.
Accident and health goes live on PPL
Accident and health is the the latest line of business to go live on the electronic placing platform PPL.
McGavick stands to gain over $150mn from Axa’s XL deal
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.
Axa’s bid for XL tops industry multiples
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 exits begin just days after Doyle unveiled cost-cutting plan
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.
Pool Re and Guy Carp lead Bishopsgate bombing anniversary line slip
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 agrees $11bn bridge loan as XL back-up finance
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.
Perils ups cyclone Friederike estimate by 11% to EUR1.63bn
European catastrophe data provider Perils has increased its loss estimate for extratropical cyclone Friederike to EUR1.63bn ($2.02bn).
XL Group received alternative bid in ‘low $50s’ in seven-strong M&A auction
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.
MGA NuVu Underwriting launches in Hong Kong
Former Nexus Asia CEO Jeremy Austen has joined HWI International Group to launch NuVu Underwriting, a managing general agent based in Hong Kong.
Axis rolls up Novae cyber team for new specialty division
Axis has rolled up its cyber operations to create a new underwriting platform that will also offer risk mitigation advice and education.
Cyber underwriting platform Envelop Risk launches
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.
Consortium income gives Barbican managing agency a boost in 2017
Revenue from leading underwriting consortiums gave Barbican’s managing agency business a £1.8mn boost, helping the syndicate-owner to grow profits in 2017.
Capital continues to flow into reinsurance market: Aon Benfield
Global reinsurance capital has continued to build despite the record catastrophes of 2017, according to Aon Benfield.
An ‘astounding’ number of insurers expect to be unaffected by Brexit
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.
Marsh appoints Chris Lay CEO for UK and Ireland as Weil exits
Broking house Marsh has named Chris Lay as CEO of its UK and Ireland operations.
US mid-year rate increases will be suppressed by ILS 'culprit'
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).
Alliant acquires Crystal & Company
US specialty broking powerhouse Alliant has reached a deal to buy its smaller New York-based rival Crystal & Company.
US property rate rises abating: Willis
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.