Brit
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Growth in property income was offset by a reduced share of finpro business.
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Combined ratios have improved as prices rise and investments return to profit.
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The partnership will add more capacity on the platform from April.
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The carrier reported an undiscounted combined ratio of 76.2% for the year.
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The underwriter will report to Kristina Maffit.
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Brit Cyber First50 will be placed through the Brit-led consortium.
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The carrier booked a fourth-quarter combined ratio of 88.3%.
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The senior energy underwriter exited amid a strategic pivot at the MGA.
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The CEO speaks on portfolio remediation and the future of the lead-follow model.
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The executive’s career includes stints at Acappella and Amlin.
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The Build consortium will target sectors including renewables, power, waste to energy, infrastructure and innovation.
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The class exit comes after it emerged in November that Brit had withdrawn from the space market.
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The follow-only algorithmic syndicate has stamp capacity of $925mn for next year.
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The carrier previously led a space consortium for 25 years and co-launched a Lloyd’s-backed space consortium with Hiscox MGA in 2019.
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Brit’s combined ratio shed 23.4 points to return to a profitable 94%.
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He will be succeeded by Jon Sullivan, currently deputy group CUO and active underwriter for Syndicate 2987.
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The class underwriter has spent more than two decades with Brit.
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As the algorithmic syndicate has diversified its capital base, the risk-modelling world provides a parallel with regard to how these initiatives could develop.
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The company said Ki is the first algorithmic underwriter to offer capacity from multiple syndicates.
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Former Brit CEO Matthew Wilson will take on a role of special adviser to the Lloyd's Council later this year, Insurance Insider understands.
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The carrier reported no major loss impacts during the six-month period.
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After Apollo announced a collaboration marking the latest milestone for algorithmic underwriting-led follow capacity in the London market, Insurance Insider explores how such partnerships can proliferate.
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The transaction, which was announced in early January, included Ambridge’s operations in the US, UK and Germany.
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The executive has a background in consulting and briefly worked as CFO of Talbot.
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The cross-line facility launch – in a generally firm market – suggests that the tech-driven era of facilitisation is continuing to gain pace.
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The Ki syndicate saw a year of significant growth, as its GWP rose by 110.8% to $834.1mn, with Brit also continuing to expand top line.
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Increased appetite to grow in the cyber market is moderating rate momentum after a period of major hardening.
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The appointment comes after senior cargo underwriter Caroline Monnickendam left Brit for Munich Re Syndicate.
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Paolo Cuomo joined last year from Brit, where he worked as director of operations, having joined the company in 2019 as head of strategy.
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Ambridge was founded 22 years ago by Jess Pryor, executive chairman, and Jeff Cowhey, CEO, who will continue to lead the company after the deal has completed.
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The follow-only syndicate is one of the fastest growing entities in the market’s history.
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Odyssey also booked an underwriting loss and a combined ratio of 107.8%.
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Subject to regulatory approval, Martin Thompson will succeed Matthew Wilson as group CEO and executive chairman of Ki, effective today.
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The hire of Ben Phillips comes amid a recent uptick in personnel movement in financial lines after a period of stability.
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Staff movement is high in the cargo space as carriers look to expand in an improved rate environment.
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The executive is working with Blood Cancer UK on a fund for a rare condition.
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The carrier’s underwriting result was up 164.9% at $104.9mn, while its combined ratio was 91.6%.
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Andrew Davies is leaving Fidelis after a short spell, having joined in June of last year.
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The scale of the claim deals a substantial blow to the subsection of the energy market, but is not as large as first feared.
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Insurance Insider does the data work on how Ki’s first-year numbers compare with other Lloyd’s start-ups.
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Cornell Fox joins as head of investor relations and business development, while Masa Kitade has been enlisted as head of business development for Asia.
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The carrier generated a combined ratio of 95.7% for the year, a 17.0-point improvement year on year.
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Joanne Allen joins Brit from Argo Global, while Thomas Poynder joins from Managing Agency Partners.
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James Allchorne and Laura Wells will work in the team headed up by Neil Russell.
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Bilge Mert will work on delivering a data-driven platform for underwriting, claims and operations.
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The continuous contracts will go live in January 2022 and be powered by a data-driven review process.
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A total of 12 managing agents control £1bn or more of capacity, analysis shows.
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After the HCI-owned InsurTech TypTap filed for an IPO in the US, Insurance Insider looks at other carriers that could unlock sky-high value from their tech-led subsidiaries.
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The significant increase in planned premium will be interpreted as a vote of confidence in the low-cost, follow-only model from Lloyd’s.
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The appointment follows the departure of underwriter Alex Harris, who has joined Antares.
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Brit has completed a loss portfolio transfer (LPT) agreement with RiverStone International, primarily for legacy years of account for select classes of business written by Syndicate 2987, for liabilities of around $380mn.
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Fairfax-owned carriers Brit and Odyssey Group generated Q3 combined ratios of 118.0% and 109.5% respectively as cat losses took their toll on the businesses.
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Before joining Fairfax, Martin Thompson served as president and CEO at RSA Canada, where he worked for over two decades.
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The executive has worked for the company for two decades.
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The algorithm uses ultra-high-resolution aerial images and data that pinpoints, color-codes and displays properties by damage classification.
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The carrier reported 14.2% top-line growth and rate increases of 10.2%.
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Markel, Beazley, Hiscox, Chaucer, Brit and Liberty Specialty Markets are all participants in the product development.
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The intermediary says the partnership puts Willis at the forefront of the ‘digital insurance revolution’.
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The carrier aims to “revolutionise’ writing of marine war and breach call risk.
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Director Dan Hearsum says the follow-only syndicate’s use of algorithms may actually help lead markets work more efficiently.
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The underwriter will specialise in D&O and commercial crime lines of business.
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The follow-only syndicate has more than 800 brokers on its platform and has released its first broker API.
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Wayne Page will report to CRO Shane Kingston.
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The carrier reported $271.4mn in Covid-19 losses and a combined ratio of 112.6%.
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There will be significant movements in the ranks of the top 10 syndicates in 2021, with Brit moving into second place and Axa XL tumbling to 7th.
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RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
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The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
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US president Nick Davies, SVP Sean Quigley and COO Adam Finkle leave the business.
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Pandemic losses inflate the quarterly combined ratio by 10.1 points.
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The partnership will focus on attracting graduate talent, supporting minority-ethnic market executives and hosting workshops and events.
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The senior partner says the investor is eyeing further insurance opportunities.
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The New York PE firm says the data-powered business offered a “unique opportunity in Lloyd’s to revolutionise the market”.
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Rate growth at the Fairfax business almost doubles to 8.2%.
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Andrew Thorn joins as a senior underwriter and Alex Brice as an underwriter in its recently launched private client team.
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Brit has appointed Andrew Umphress as vice president, terrorism, to its US specialty operation, based in New York.
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The London market veteran holds several advisory positions and assists the UK government.
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The carrier will offer bespoke coverage with clients insured under a single policy.
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The carrier has also brought in recruiters for the follow-only Lloyd’s syndicate.
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Covid-19 industry losses, Insider US highlights, Charman on the record and the lowdown on Brit’s new syndicate.
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With Brit’s new follow-only syndicate, the push for a revolutionised follow market is very much still on.
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Others in the market are “burying their head in the sand” in wanting to stick with the traditional methods, the executive said.
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The algorithmically driven syndicate aims to do to insurance “what quantitative hedge funds did to capital markets in the 1990s”, Brit CEO Matthew Wilson says.
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The new vehicle, which is targeting a 1 January 2021 launch, represents a revision of original plans to launch an SIAB.
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Tracy Wade reports to programs senior vice president Tim Chesson.
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Chris Williams previously spent 12 years as class underwriter for bloodstock at the Fairfax-owned company.
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Plans for the syndicate in a box are in the early stages, but the venture could be trading by 1 January 2021.
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The firm returns to the black at underwriting level with a combined ratio of 95.8 percent.
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The Sussex Specialty Insurance Fund will allow institutional investors to access Lloyd’s risks through Syndicate 2988.
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Sister Syndicate 2988 gains clearance for a 52 percent capacity uplift.
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The carrier becomes the latest to curtail Lloyd’s operations in Asia.
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Brit cut premiums by 2.5 percent compared to the prior-year quarter.
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Property fac-focussed Brickell Underwriting Agency will open in early November and begin writing risks from 31 December.
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The rating agency cited the reinsurer’s balance sheet strength and parental support in its decision.
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Withdrawals from US inland marine, yacht and prison insurance follow a trend set in the London market.
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The withdrawal from US criminal justice insurance follows retreat from Latin American and marine lines.
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The class exits follow the closure of the carrier’s Miami office.
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The Lloyd’s insurer will carry on writing LatAm business from London.
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The Fairfax unit also posts sharply higher underwriting profit, with an absence of 2017 and 2018 loss creep.
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James Birch joins from Hambro Perks, where he led the establishment of the InsurTech incubator in 2017.
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Garick Zillgitt and Justin Magee will be vice presidents of primary general liability and excess casualty respectively.
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James Patterson and Ryan Mimmo will join the team headed up by Jeff Norton.
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Paolo Cuomo has a remit to develop Brit’s response to the Future at Lloyd’s initiative.
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The military charter flight veered off the runway on touchdown at Jacksonville naval base.
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David White will produce a range of aviation business in the broking role.
-
James Drew will take on the role in July.
-
The syndicates faced allegations that they conspired with brokers to rig the US commercial insurance market.
-
Market sources said Bob Clarkson was sent home earlier today.
-
The combined ratio improved to 104.1 percent.
-
The former Standard Syndicate 1884 managing director moves into the new position.
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Names-backed Syndicate 2988 has raised its planned gross written premium by 12 percent year on year for the 2019 year of account to $158.7mn.
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Natural catastrophes added 12 percentage points to the insurer’s combined ratio.
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Fairfax sinks to fourth quarter loss on mark-to-market investment losses.
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Panellists urge action on London expense ratios and digital innovation.
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UK rates are up by 100 percent in many cases.
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The carrier has reorganised its business into six underwriting pillars.
-
Job losses and the merging of aviation teams helped maintain upwards pressure on rates.
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The accident and health MGU will retain its independence after the investment.
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The active underwriter of Syndicate 2988 has worked at Brit since 2007.
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The regulatory investigation relates to coverage provided under a group insurance policy issued to the NRA.
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Five roles are under consultation as a result of the market withdrawals.
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