WTW, building

Carriers finally ‘called time’ on rate reductions: Willis

2018-02-19T12:41:00+00:00

“Already on the ropes and fatigued” (re)insurers have finally “responded to the towel entering the ring” to call time on rate reductions, according to a report from Willis Towers Watson.

Zurich, Switzerland

Softbank looks for Swiss Re board seat

2018-02-19T09:43:00+00:00

Softbank, the Japanese tech conglomerate that stunned markets last week after reports emerged it was mulling a $30bn stake in Swiss Re, is pushing for a seat on the carrier’s board in a bid to have a say in how the reinsurer spends its $161bn investment pot.

National bank of greece guarded

Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki deal

2018-02-16T08:36:00+00:00

Matt Fairfield’s inchoate pan-European insurer Exin is facing two separate deadlines - with one only days away - to buy Greece’s largest insurer, if Greek reports are correct.

Allianz

UPDATE: Bäte remains coy on Allianz-XL acquisition speculation

2018-02-16T08:53:00+00:00

Allianz CEO Oliver Bäte has said the German giant remains committed to investing in the P&C arena, but declined to comment on speculation that Mike McGavick’s XL is the next target on the firm’s radar.

800px tokio marine nichido

Tokio Marine falls to nine month reinsurance and Europe loss

2018-02-14T12:45:00+00:00

Japanese insurance giant Tokio Marine’s reinsurance and European units both fell to a loss in the nine months to 31 December as catastrophe losses and currency fluctuations ate into the company’s profits for the period.

Pat Ryan

RSG takes on Lodestar Marine from Tawa Group

2018-02-14T09:39:00+00:00

Ryan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.

UK Parliament

Pool Re caught in political tides

2018-02-13T13:20:00+00:00

All too often the insurance industry is the whipping boy for headline-grabbing politicians after a catastrophe, and this was evident in the aftermath of the London Bridge attacks last year.

London Mayor Sadiq Khan at scene of the London Bridge attack

UK political overhaul delays much-needed broadening of Pool Re coverage

2018-02-13T13:11:00+00:00

Supporters fear UK government may miss a golden opportunity to reform state-backed terrorism reinsurer; Labour MP rebuffed in early bid to add legislation.

City of London

AFL Insurance Brokers bolsters wholesale property team with two hires

2018-02-13T16:23:00+00:00

Barry Rowland has joined the broker, owned by former-Cooper Gay CEO Toby Esser, as director of property and casualty.

Yacht marine Harvey

Lloyd’s yacht market in deep water after 2017 losses

2018-02-12T16:23:00+00:00

Sky-rocketing claims dealt Lloyd’s yacht underwriters a hefty blow last year as incurred claims soared to an eye-watering 221.4 percent of premium written in the fourth quarter.

Monster truck

XL or XXL?

2018-02-12T16:20:00+00:00

Ten years ago, $1bn was the default minimum size for a global reinsurer/specialty carrier to be taken seriously.

Swiss Re Building, 30 St Mary Axe

Swiss Re shares finish the week flat despite Softbank investment rumours

2018-02-12T16:21:00.47+00:00

Shares in Swiss Re closed flat last week despite reports suggesting Japanese investment giant Softbank was eyeing a $10bn in the big-four reinsurance giant.

Exin

Calamos demands Exin audits as it looks to claw back default loans

2018-02-09T12:26:00+00:00

The Greek-American billionaire John Calamos has asked an Illinois court to see a full audit of Exin’s financials as part of an attempt to claw back over $41mn extended to Matt Fairfield’s company as part of its ongoing attempts to buy Greek state insurer Ethniki, according to documents obtained by ...

Mike McGavick, XL Group

XL, Aspen and the M&A barometer

2018-02-08T16:13:00+00:00

As XL Group’s share price spiked over 12 percent last night in the midst of Softbank’s bold wade into the (re)insurance arena with a mooted minority stake in Swiss Re, the industry’s M&A speculation barometer shot through the roof.

New Zealand, Auckland

CBL shares now halted amid Gibraltar ‘dommages ouvrage’ concerns

2018-02-08T10:39:00+00:00

New Zealand-listed carrier CBL has had its shares suspended by the country’s stock exchange days after it announced a NZ$100mn reserve strengthening to deal with deteriorations in controversial Gibraltar-written French construction business.

195 swiss re gherkin

Swiss Re confirms possible $10bn investment from Softbank

2018-02-08T08:18:00+00:00

Swiss Re has confirmed reports that Japanese investment giant Softbank is mulling a significant minority investment that could see it acquire around 30 percent of the European reinsurance powerhouse.

Zurich

Zurich shares up on 2017 earnings beat

2018-02-08T09:18:00+00:00

Zurich’s share price was up 3 percent in early trading today (8 February) as investors welcomed a better than expected 2017 result and the first increase in its dividend for seven years.

222 scor logo

Scor seals 4% renewal premium growth at 1/1

2018-02-08T09:11:00+00:00

Scor managed to grow its premium income by 3.7 percent on a constant currency basis at the January renewals, taking its total top line to EUR3.1bn ($3.8bn).

Exin

Exin sued by backer Calamos; EUR1.1bn Ethniki sale in major doubt

2018-02-07T09:24:00+00:00

Exin, the ambitious pan-European insurance vehicle set up by ANV founder Matt Fairfield, is facing a major obstacle in its bid to complete the agreed sale of Greece’s largest insurer Ethniki after its major backer revealed it was suing the company for more than $41mn.

Talanx Headquarters

Talanx posts EUR670mn profit as Hannover Re predicts more rate rises

2018-02-07T08:58:00+00:00

Hannover Re owner Talanx posted net income that climbed by more than a quarter year on year to EUR670mn ($829.1mn) for 2017.