One advantage of tough times is that it enables an institution to examine all its established practices that otherwise remain unchallenged when the sun is shining.
London-listed shares in Markel’s ILS fund manager CatCo slid this morning after the carrier alluded to uncertainty about last year’s catastrophes in its first-half results for 2018.
Lloyd’s net loss for 2017 has climbed by £399.9mn as a number of syndicates have had to bolster reserves following additional claims notifications from last year’s cat losses and, in particular, Hurricane Irma.
London-listed Randall & Quilter has added three new program underwriting partnerships with European MGAs to its books through its Malta-based subsidiary which takes the firm past the $200mn GWP milestone.
Specialist motor-only Lloyd’s syndicate ERS has booked a £5.6mn profit in the first half of the year as its combined ratio fell well below 100 percent.
State owned reinsurer China Re is in pole position to acquire the up-for-sale Lloyd’s insurer Chaucer at a valuation of around 1.4x net tangible assets.
Broker and MGA consolidator Global Risk Partners has merged two of its businesses – Lonmar and Ropner – bringing the two London broking houses under the Lonmar Global Risks banner.
With an unprecedented number of Lloyd’s businesses potentially available for sale, The Hanover’s 2011 acquisition of Chaucer highlights the advantages of acquiring a well-reserved insurance company.
Reinsurance broker Capsicum Re has appointed Jasper Goring as a cyber broker and Prab Naidu as wordings director.
Volante Global, the MGA platform led by Talbir Bains, has launched its latest MGA - Gentium Motor.