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.
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.
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”.
Accident and health is the the latest line of business to go live on the electronic placing platform PPL.
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.
The recent influx of Lloyd’s platforms onto the M&A market has raised a plethora of issues for what the sales rush means for the future of the market - as well as what the sudden spike in supply could do to already frothy takeout multiples.
US specialty carrier Navigators is weighing up a sale of its Lloyd’s business after a disappointing performance in 2017 pushed its Syndicate 1221 to a £15mn ($21.1mn) underwriting loss for the year, re-Insurance.com understands.
Private equity firms HPS Investment Partners and Madison Dearborn Partners (MDP), which own acquisitive broking house Broker Network, have completed a deal to buy London-based wholesaler Compass.
Ratings agency S&P has lowered Chaucer’s financial strength rating (FSR) by one notch from A to A- as the Lloyd’s carrier’s US owner The Hanover Group (THG) weighs up selling off the business.
Broking house Marsh has named Chris Lay as CEO of its UK and Ireland operations.
Marsh veteran and the chairman of its global infrastructure practice Edwin Charnaud is set to be the latest senior executive to leave his role as the big three broker tries to cut costs amid a huge restructure, re-Insurance.com understands.
The Corporation of Lloyd’s senior management have been signalling their commitment to cost-reductions for some time - so one can imagine there was a collective groan when it published its market-wide results last month.