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AM Best upgrades Convex to A financial strength rating
The rating agency upgraded Convex following it reporting its first underwriting profit for 2022.
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QBE Re said it was investing in the business with the creation of three new roles.
The carrier has been recruiting for the position following Steven Farr’s move to Tokio Marine HCC.
The former Vibe CEO has also worked for Axis Capital and Ace.
Collectively, the claimants are seeking more than $17mn in damages over a range of allegations over fraud and false financial statements.
Opinion
Opinion
Downstream shows signs of deceleration as big limits renew at 1.6 and 1.7
Capacity and competition are limiting underwriters’ ability to continue pushing for double-digit rises.
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Analysis
The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.
Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.
Softening cat bond rates are among the bearish signals for cat rates, but latent new demand and still-cautious supply should prolong reinsurer gains.
To stay relevant, intermediaries are being forced to scale up, broaden their suite of services and quantify their value.
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Stubbings confirms move to McGill and Partners
31 May 2023 -
Shipping losses fall by 65% over 10 years: AGCS
31 May 2023
Interviews
Interviews
Joe Gordon also reiterated plans to switch off PPL’s older Ebix Europe platform later this year, claiming some participants see friction with brokers “when it’s not there”.
The US retailer’s acquisition of the UK MGA and broking group will be mutually beneficial, according to executives.
The broker’s UK CEO said the current rating environment is ‘eminently supportable’ for London carriers.
The fac-focused reinsurance unit expects to expand into treaty over the next year and attract additional talent to boost its operations.
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