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News in brief

Markel announces $350mn debt offering

Markel Corporation has announced it is issuing a $350mn public offering of 7.125 percent senior notes. The debt issuance matures in 2019 and Markel said net proceeds will be used for "general corporate purposes" including acquisitions.

Barclays Capital and Wells Fargo Securities are the joint book-running managers for the offering, which is expected to close tomorrow (22 September).

QBE acquires Cigna portfolio

Expansive Australian insurer QBE has acquired a special risk, student and sports accident insurance book together with "key members" from the specialty accident unit at former P&C giant-turned medical expenses insurer Cigna.

QBE is retaining Cigna's current managing general agents and third party administrators, which it said will "work closely" with QBE Specialty's New York-based health team, directed by senior vice president Thomas Leonardo.

"The Cigna team and its partners have many years of experience and a solid track record of exceptional service for agents, policyholders and claimants alike," said Stephen Fitzpatrick, president of QBE Specialty Insurance. "They're adding to our expertise in this distinct market and further strengthening our commitment to the accident and health underwriting business."

JLT partners with Beazley on E&O programme

JLT Facilities - a consultant subsidiary of UK-listed broker Jardine Lloyd Thompson (JLT) - has teamed up with Lloyd's (re)insurer Beazley to expand its errors and omissions (E&O) programme.

JLT said the partnership will enable growth into "hundreds of additional classes of business" specifically targeting professional services firms with "technology relevant" coverages.

Beazley writes on an admitted policy form and JLT offers Beazley's policies on an open brokerage basis in most US states. The new offering will include media, technology, general liability and internet security coverage.

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