Last week, AIG CEO Brian Duperreault mused that between efforts to right its own underwriting ship and the actions of Lloyd’s to similarly clean up, the two insurance giants had moved the market.
For all the issues that dog the insurance industry, the perception among customers or the wider public that carriers are out to deny valid claims is the most damaging and, sadly, the one that most persistently raises its head.
Last week, amid the flurry of statements about the future of Lloyd’s and where the market needs to go from here, I came across some interesting footage of the Corporation from all the way back in 1961.
On their way to medals, knighthoods, eternal Olympic glory etc, British cycling giants such as Sir Bradley Wiggins, Victoria Pendleton CBE and Sir Chris Hoy were imbued with a singular driving philosophy which underwrote their path to success.
Working in and around the commercial (re)insurance industry during the festive period is a little different to how things go in other sectors, even within financial services.
If you are reading this from the UK or Europe, it is likely that your political attention the last few weeks has homed-in on certain rumblings in that peculiar part of central London where reality recently seems to have become a relative concept.
Growing up, we are constantly encouraged to build good habits into our daily routines to ensure that we get into the right way of doing things early on.
Even with the most in-depth data, those attempting to estimate the insured or economic loss from a major hurricane are always bound to be off by some degree, especially when it comes to complex events such as hurricanes hitting densely populated areas.
Shares in German reinsurer Hannover Re dropped almost 5 percent as investors appeared unimpressed with a consensus-beating EUR399.5mn ($469.3mn) operating profit in the second quarter.
Shares in US carrier AmTrust and sister company Maiden Holdings dropped today in New York, after both firms released their second quarter results late yesterday.
India's government-owned reinsurer General Insurance Corporation of India, or GIC Re, has filed for an initial public offering of shares which could raise over $1bn.
Charles Taylor InsureTech has emerged as the preferred partner in a project that will radically reshape the way coverholders pass data to London market carriers, The Insurance Insider understands.
Recently formed Lloyd's syndicate Blenheim has launched a specialty reinsurance division under the leadership of former Talbot head of treaty John Cutts.
Argenta-managed Lloyd's carrier Atrium Syndicate 609 has increased its syndicate forecasts for the 2015 year-of-account by 3.5 percentage points at the midpoint.
David Ross, the chief executive of newly rebranded Towergate owner Ardonagh Group, has said the entity could consider an IPO as early as next year, according to a report.
US specialty insurer OneBeacon has reported a Q2 underwriting loss as increased catastrophe and underlying losses pushed the combined ratio up by 4 percentage points to 106.9 percent.
(Re)insurers are set to be hit with more claims from skyscraper fires in Dubai after the Torch Tower caught fire yesterday for the second time in two years.
Underwriting profits at Fairfax Financial jumped 31.7 percent in the second quarter to $108.4mn, as the company reported diluted earnings per share of $12.67.
Florida regulators have approved the take-out of 50,000 Citizens personal residential and coastal account policies by local insurers Safepoint and Southern Oak.
AM Best has improved International General's credit outlook from stable to positive on the basis of the carrier's strong operating performance and risk management system improvements
Independent London market broker SSL has called off a sale process after it failed to agree terms with high bidder Ed, The Insurance Insider can reveal.
Commissions and fee income at Willis Towers Watson's investment, risk and reinsurance arm increased by 3 percent on an organic basis to $383mn in the second quarter as the broker undershot analyst earnings expectations
Generali reported a modest uptick in group profits in H1 as its P&C business generated an operating profit of EUR1.10bn ($1.29bn) that was 0.7 percent higher year-on-year.
Equity analysts remain bullish on the outlook for XL Group after its stock dropped 4 percent last week, despite the carrier posting consensus-beating second quarter results.
Berkshire Hathaway Specialty Insurance (BHSI) has opted to establish a new office in Dublin as part of the expansion of its UK and Southern Europe division
US healthcare diagnostic firm LabCorp has initiated legal action against AIG Specialty and Liberty Mutual after the insurers refused to pay out on a $10mn policy over the company's loss of a class action suit.
A cohort of hull underwriters led by Aspen have lost their appeal to sue the banker of Turkey-based Kairos Shipping in an English court to recoup a $22mn payment for a ship that was later judged to have been scuttled.
Shares of CNA Financial climbed 5.3 percent in New York trading after the big property and casualty carrier beat Wall Street earnings estimates for the second quarter.
Shares of CNA Financial climbed 5.3 percent in New York trading after the big property and casualty carrier beat Wall Street earnings estimates for the second quarter.
Fewer and less severe catastrophe losses helped US carrier CNA Financial beat second quarter earnings forecasts, as the company reported operating earnings per share (EPS) of $0.88, equating to net operating income of $239mn.
Fosun International chairman Guo Guangchang has thrown his weight behind an "essential and timely" push for stricter oversight of overseas M&A deals by Chinese authorities, according to a report.
Pre-tax profits at London market carrier Hiscox fell almost 50 percent year-on-year in the first half to £102.6mn ($134.7mn), with the result dented by a currency loss for the period but nevertheless beating forecasts.
Oak Hill Capital Partners has acquired a controlling stake in US retail P&C intermediary Epic Insurance Brokers from fellow private equity house The Carlyle Group in a transaction that sets the firm's worth at nearly $1bn.
Standard & Poor's (S&P) has lowered Markel's corporate rating by one step from BBB+ to BBB following the company's announcements yesterday that it would acquire State National for $919mn in cash and an industrial farm based in Miami for an estimated $255mn
Revenues at Marsh & McLennan Companies (MMC) reinsurance arm Guy Carpenter rose 4 percent year-on-year in the second quarter to $293mn as group earnings per share met forecasts.
Market behaviour in recent renewals suggests Bermudian carrier RenaissanceRe's greatest growth is behind it "for the foreseeable future", according to the company's chief executive Kevin O'Donnell.
Travelers has launched legal action against Singapore-based InsurTech start-up PolicyPal over the company's use of an umbrella for its logo, in at least the second such case brought by the US carrier this year.
India's first private market reinsurer ITI Re is considering the possibility of surrendering its licence due to regulatory issues in the country, including credit rating stipulations and obligatory cession rules.
US bellwether carrier Travelers undershot analyst predictions in the second quarter as operating profit per share dropped to $1.92 against consensus expectations of $2.11
Munich Re has struck a deal to cover the life insurance book of Iranian carrier Saman Insurance as the company seeks to re-establish a presence in the country following the end of sanctions last year
Funding for InsurTech start-ups rose by 148 percent in the second quarter to $985mn, according to a new report by Willis Re and Willis Towers Watson Securities.
Talanx has agreed to a EUR30.0mn ($34.6mn)) deal to acquire Generali’s majority stake in it two Colombian units as the Italian carrier continues to divest non-core assets.
Lloyd's has set out a series of measures to aid recovery after a market-turning event (MTE), which are designed to maintain its solvency and ability to pay claims
The London market should treat Brexit as a "catalyst to rethink where the future is" and pivot towards emerging markets, according to Marsh specialties CEO Roy White.
The total level of InsurTech funding fell by almost two-thirds in the first quarter of the year, interrupting a general upward trend in the sector, according to PwC and Startupbootcamp.
Blockchain-based InsurTech start-up InsureX abruptly halted its initial coin offering (ICO) last week amid concerns that the process had come under attack from fraudsters.
A majority of insurers on the $500mn limit primary layer of SBM Offshore's construction all risks policy have settled with the Dutch-based offshore energy specialist for $247mn after a long-running legal battle
Marsh & McLennan Companies (MMC)'s reinsurance arm Guy Carpenter has appointed Tom Hettinger to lead its capital, structured risk, growth and rating agency operations in the US and Canada.
Shares in US insurance services provider Patriot National jumped almost 12 percent today as investors reacted positively to the departure of company founder and CEO Steven Mariano.
Insurance technology and outsourcing provider Patriot National’s founder and CEO Steven Mariano, who is also the company’s majority shareholder, has stepped down from his operational roles and was replaced by the head of the company’s underwriting unit, John Rearer.
Insurer CNA has hired Robert Thomas from The Hartford to become its first senior vice president for claims analytics, finance and operations with the global property and casualty (P&C) division.
Growth in the MGA and program market outpaced the broader property and casualty (P&C) market by 1.2 percentage points last year, according to data from Conning.
Canadian carrier Trisura Group has received a licence to write specialty business from the Oklahoma Insurance Department, weeks after completing a $110mn spin-off from controlling shareholder Brookfield Asset Management.
The head of Chinese insurer Ping An’s $1bn Global Voyager investment fund plans to acquire technology and related knowledge to benefit its mainland business by deploying its assets in the US, Israel and Singapore, according to a report from Hong Kong.
Catastrophe data provider Perils hiked its estimate of losses stemming from the Egon windstorm that swept over Europe in January to EUR275mn ($314mn), up from a previous figure of EUR234mn.
London market carrier Beazley has been granted authorisation by the Central Bank of Ireland (CBI) to convert its pre-existing reinsurance entity in the country into an EU base for its insurance operation.
Chubb is setting up a standalone cyber division under commercial cyber risk specialist Bill Stewart, who will lead its global practice in the segment across property and casualty (P&C) lines.
Claims adjusting firm Cunningham Lindsey has brought on three professionals to set up a team dedicated to the wind energy industry and based in the Netherlands.
Verisk analytics-owned P&C data provider ISO is offering a cyber insurance programme for carriers which includes advisory ratings on risk pricing, long a difficult challenge for insurers – even for those that offer the cover.
Hedge fund-backed reinsurer Greenlight Re has agreed to provide $1.1bn in multi-year quota share cover for Florida and Texas personal lines carrier Windhaven Insurance.
Specialty carrier Assurant has placed a $1.36bn property catastrophe reinsurance programme with a 5 percent year-on-year reduction in premiums to about $125.6mn.
Alibaba-backed Chinese InsurTech start-up Zhong An has struggled to maintain its profit margin despite substantial and sustained top line growth since 2014, according to IPO documents.
Specialty carrier Assurant has sealed a $1.36bn property cat reinsurance programme with a 5 percent year-on-year reduction in premiums to about $125.6mn.
TigerRisk is acting as intermediary for parametric electronic (re)insurance placements on Xchanging’s X-gRm platform for catastrophe and windstorm software-based carrier New Paradigm Underwriters.
Marsh has hired Sastry Durvasula from American Express naming him chief digital officer and chief data and analytics officer, a newly created position.
Chicago-based Ryan Specialty Group (RSG) has hired Pascal Alvarez to lead a new Latin American financial-lines focussed managing general underwriter (MGU), the company announced today.
Neptune Investment Management has sold the majority of its stake in Novae hours after it told this publication that Axis Capital's offer to acquire the company could have been "materially higher"
Significant Novae shareholders appear divided on the value of Axis Capital's 700 pence per share acquisition offer after its single largest investor said the offer could be "materially higher"
Norwegian general insurer Protector Forsikring has issued a £50.0mn ($64.6mn) preliminary estimate for its gross claims stemming from the Grenfell tower tragedy, indicating it expects a total loss to the policy
Axis shares have fallen just under 3 percent in morning trading in New York as investors react to the carrier's acquisition of London-listed Novae, announced late yesterday evening.
Newly appointed AIG chief operating officer Peter Zaffino is set to receive a one-off $15mn sign-on bonus from his new employer in lieu of compensation he has foregone from Marsh.
Fairfax has completed its $4.9bn takeover of Allied World after its share exchange offer to the Switzerland-headquartered carrier's investors closed yesterday
The EU's existing framework for recognising third-country regulatory regimes should be used for UK financial services groups seeking to do European business after Brexit, according to Financial Conduct Authority CEO Andrew Bailey.
The UK Prudential Regulation Authority (PRA) has said it expects all firms operating under the Solvency II regime to give "specific consideration" to their management of "silent" cyber exposures
Lower growth in major developed markets has hampered primary non-life premium growth despite an overall increase of 2.3 percent last year, according to Swiss Re
The Insider 50 index of global (re)insurance carriers edged up only marginally last week as gains at US specialty companies were largely offset by share price declines at UK and European firms
Surplus capacity caused by "blatant over investment" by capital providers is to blame for the persistent rate reductions in the upstream energy market, according to JLT
Gibraltar-based motor insurance specialist Markerstudy ran a £109.0mn ($141.2mn) solvency capital ratio (SCR) deficit in 2016, prompting the insurer to take action to cover the shortfall.
Schroders, Coral Rock Investments and the Canadian Broadcasting Corporation Pension Plan are among the investors that bought AmTrust's 11.5 percent stake in affiliate National General Holdings last month, according to a regulatory filing.
The New Zealand regulator has pushed back the date of its final decision on Suncorp-owned Vero's acquisition of Tower to 26 July, citing competition concerns about the deal.
Randall & Quilter (R&Q) co-founders Kenneth Randall and Alan Quilter have sold a combined £7.4mn ($8.4mn) of the company's shares in separate transactions
And there we have it. After a long and at times turbulent process Matt Fairfield's Exin has won the race for Greek state-owned insurer Ethniki, beating out stiff competition from a determined cohort of Chinese rivals
The London market needs to scrutinise how the benefits of broker facilities are distributed throughout the (re)insurance value chain, according to Beazley CEO Andrew Horton
AIG has piloted a multinational blockchain-based policy for Standard Chartered Bank in the first major use of the much-vaunted technology in the global (re)insurance industry.
Several Lloyd's and US (re)insurers have launched a $49mn legal action against Norwegian weather data provider StormGeo alleging defective read-outs from its system contributed to the sinking of the El Faro in 2015, according to court documents.
Israeli energy conglomerate Delek Group's 2.2bn shekel ($610mn) sale of local insurer Phoenix Holdings to Chinese conglomerate Yango Investments has collapsed after both parties agreed to walk away from the deal
(Re)insurers' recent emphasis on developing new technologies and tackling the threat of disruption is "navel gazing" which distracts from more pertinent issues, according to Shore Capital director Eamonn Flanagan
Neon-owned cyber venture Tarian has recruited Heather Marsden as legal officer and Dan Wall as assistant underwriter as the start-up continues to build out its team
Chaucer has received clearance to establish a Dublin-based subsidiary to write international specialty (re)insurance business as it safeguards its access to the EU after Brexit.
The Indian insurance regulator is reportedly set to review the rule that grants state-owned Indian reinsurer GIC Re the right of first refusal on all treaty business in the country
Shares in QBE plunged over 10 percent today after the Australian carrier said high claims activity in its emerging markets business would inflate combined ratios.
London market broker Ed has made five new appointments to its professional and executive risks team, four of which have joined from Willis Towers Watson.
London market broker Tysers reported a 12.8 percent increase in Ebitda profit to £10.6mn ($13.7mn) and a flat Ebitda margin of 20 percent for the full-year 2016
Asia Capital Re (ACR) has brought in Bobby Heerasing as deputy CEO as it nears the completion of its long-trailed sale, The Insurance Insider can reveal
The UK Financial Conduct Authority (FCA) has launched a review into the professional indemnity (PI) market as part of a drive to improve coverage for advise
A trend towards protectionism in developed markets is the biggest threat facing the marine cargo insurance industry, according to Lloyd's CEO Inga Beale
The financial services sector stands to gain from the volatility caused by Brexit and needs to be alive to opportunities arising from uncertainty, according to Europe Economics executive director Andrew Lilico.
Brit Insurance’s marine liability head Richard Mander and UK property leader David Hancock have both left the business, The Insurance Insider can reveal
A trend towards protectionism in developed markets is the biggest threat facing the marine cargo insurance industry, according to Lloyd's CEO Inga Beale.
The financial services sector stands to gain from the volatility caused by Brexit and needs to be alive to opportunities arising from uncertainty, according to Europe Economics executive director Andrew Lilico.
Matt Fairfield’s start-up Exin has been awarded exclusivity with Greek state-owned insurer Ethniki as its Calamos Asset Management-backed bid looks set to win the race to acquire the carrier, The Insurance Insider understands
Matt Fairfield's start-up Exin has been awarded exclusivity with Greek state-owned insurer Ethniki as its Calamos Asset Management-backed bid looks set to win the race to acquire the carrier, The Insurance Insider understands.
Marsh has formally announced the formation of the Aircraft Finance Insurance Consortium (AFIC) alongside aircraft manufacturer Boeing, which The Insurance Insider originally revealed in April
Marsh has formally announced the formation of the Aircraft Finance Insurance Consortium (AFIC) alongside aircraft manufacturer Boeing, which The Insurance Insider originally revealed in April.
Willis Towers Watson has issued a strong rebuttal to an Institutional Shareholder Services (ISS) recommendation to vote against CEO John Haley’s remuneration package for 2016 by saying the advisory firm had “overstated” the value of the compensation
Willis Towers Watson has issued a strong rebuttal to an Institutional Shareholder Services (ISS) recommendation to vote against CEO John Haley's remuneration package for 2016 by saying the advisory firm had "overstated" the value of the compensation
Cyber risks lend themselves to automated underwriting due to the need for stringent management of the policy and the global nature of the product, according to Moore Stephens Consulting
Shares in James River fell 5.7 percent on Nasdaq today after the company late yesterday disclosed that funds run by DE Shaw plan to sell a 14.5 percent equity stake as they continue to cut their holdings.
The board of outsourced (re)insurance services provider Patriot National has announced a strategic review of the company nearly two months after it missed an extended deadline to file its 2016 results.
A combination of desperately low rates, major losses and the struggles of its clientele have forced a number of Lloyd's carriers to draw back meaningfully from the cargo market.
The National Oceanic and Atmospheric Administration (NOAA) has predicted that the Atlantic will experience above-average activity in the forthcoming hurricane season, with a significant likelihood of several major hurricanes.
The European insurance watchdog intends to publish guidelines for national regulators to prevent them from pursuing a regulatory race to the bottom to attract firms leaving the UK post-Brexit
Matt Fairfield's start-up Exin and backer Calamos Asset Management now look the likeliest acquirer of Greek insurer Ethniki after lodging a circa EUR850mn ($951mn) bid that topped the offers submitted by a trio of Chinese firms, The Insurance Insider understands.
Asta-managed Lloyd's syndicate Dale Underwriting Partners has secured a commitment from its key capital backer ProAssurance to extend its $200mn capacity through to the 2022 year of account (YoA)
Expectations of a "bonfire of regulations" following the UK's exit from the EU are likely to prove unfounded given the country's already taut oversight regime, according to a group of senior industry executives
The California Department of Insurance (CDI) has received a $12mn settlement from WR Berkley Corporation after one of its subsidiaries was found to be operating as a surplus lines carrier in the state without the required licences
A number of Lloyd's carriers are embroiled in legal action in New York over the alleged theft of $400mn of oil by Moroccan refinery Société Anonyme Marocaine de l'Industrie du Raffinage (Samir), court documents show
Carriers in areas of New South Wales and Queensland that were hit by Cyclone Debbie in late March are weighing commercial rate hikes of up to 20 percent, according to a report.
A number of Lloyd's carriers are embroiled in legal action in New York over the alleged theft of $400mn of oil by Moroccan refinery Société Anonyme Marocaine de l'Industrie du Raffinage (Samir), court documents show
Increased awareness of cyber risk and improved offerings in the insurance market are behind a steady climb in the take-up of coverage, according to the Council of Insurance Agents and Brokers (CIAB)
AM Best has said it will not directly use Solvency II results in its rating assessments over concerns the regime does not provide an accurate picture of carriers' balance sheets.
The Florida Hurricane Catastrophe Fund (FHCF) is considering making a $1.0bn reinsurance purchase for the forthcoming year in a bid to protect its resources for future years
The acquisition of HCC bolstered earnings at Tokio Marine Holdings as the group's international non-life profit surged by 29 percent year-on-year, or 24 percent when excluding currency effects, to 173.2bn yen ($1.5bn) in the financial year ended 31 March 2017
Pembroke Managing Agency managing director Justin Wash has resigned his position and will go back to work as a consultant, The Insurance Insider understands
Bermuda-based carrier Everest Insurance has appointed Keith Lavigne as its new leader of management and professional liability within the Everest Specialty Underwriters unit
Global risk management trade body Rims has thrown its support behind the US-EU "covered agreement" aimed at harmonising transatlantic insurance regulation, saying it will "improve affordability and availability of reinsurance".
Lloyd's carriers have settled a dispute with Korean Re over 100bn won ($89mn) of stalled compensation payments related to the Sewol ferry sinking in 2014, according to a report.
The majority of Names-backed Lloyd's syndicates look set to report a profit for the 2015 year of account (YoA), with the group generating a simple average midpoint return on capacity of 5.7 percent.
Pressure from investors for top line improvements amid a more challenging financing environment has impeded InsurTech start-ups' ability to affect revolutionary change, according to Oliver Wyman.
Lloyd's insurer Novae has said it will focus on classes in which it is an established leader to drive an underwriting turnaround following a succession of profit warnings that have led to a negative re-rating of the carrier's shares.
AM Best has placed the credit and financial strength ratings of Bermudian carrier Hamilton Re and subsidiaries under review following the departure of Hamilton Insurance chairman and CEO Brian Duperreault to AIG.
Keefe Bruyette & Woods (KBW) analysts have said AIG's hire of Brian Duperreault as CEO is a "phenomenal choice" that was likely to assuage concerns over the direction of the company
Former Darag CEO Arndt Gossmann has been appointed to the management board of Russo-German insurer Sovag to assist the carrier's restructuring efforts.
San Francisco-based InsurTech start-up Bunker has secured a $6mn Series A funding round led by venture capital firm Omidyar Network, the company announced today.
Newly elected French president Emmanuel Macron purchased a financial indemnity policy from Allianz against a first-round disaster scenario of failing to capture more than 5 percent of the vote, according to leaked documents.
US bank Wells Fargo is mulling a sale of its insurance broking business in a deal which could net the bank around $2bn, The Insurance Insider understands.
Private equity firms HPS Investment Partners and Madison Dearborn Partners are to merge their UK regional broking businesses into a single operation, setting Price Forbes alongside Towergate.
Newly elected French President Emmanuel Macron purchased a financial indemnity policy from Allianz in case his campaign failed to cross a 5 percent voting threshold during the first round of the two-part election, according to leaked documents.
The London wholesale market has reached an "inflection point" where the ratio of commissions to premiums must change, according to Navigators Group president and CEO Stan Galanski
Newly elected French President Emmanuel Macron purchased a financial indemnity policy from Allianz in case his campaign failed to cross a 5 percent voting threshold during the first round of the two-part election, according to leaked documents.
Willis Towers Watson posted consensus-beating earnings per share of $3.71 in the first quarter as revenue in the company's (re)insurance units increased
Ratings agency AM Best has placed OneBeacon's financial strength rating of A under review with positive implications following the carrier's acquisition by Intact Financial.
First-quarter pre-tax profit at London market carrier Lancashire rose 8.3 percent year-on-year to $28.7mn as the company ceded more premium to reinsurers.
OneBeacon's 1.65x multiple in its sale to Intact Financial represents a premium valuation for the business given its low historic returns on equity (RoEs) relative to its peer group, data compiled by The Insurance Insider shows
OneBeacon's management team is set for handsome payouts from the $1.7bn sale of the company to Canada's Intact, with president and CEO Mike Miller in line for the richest award
Starr Companies has hired Danielle Wilson as its new head of management liability and brought in Robert McTaggart as head of professional indemnity, the firm announced today.
AmTrust has suffered another torrid morning of trading in New York, with the stock falling more than 5 percent after Keefe, Bruyette & Woods (KBW) analysts said it may require "hundreds of millions" of additional reserves
Ohio-headquartered carrier State Auto Financial Corporation reported a worse-than-expected $9.2mn net operating loss in the first quarter as increased catastrophe activity took its toll
Start-up accelerator Startupbootcamp held its annual InsurTech demo day event in London last week, with the latest cohort of new companies strutting their stuff for a packed hall of industry professionals and investors.
The urgency in incorporating cutting-edge technologies and changing processes was the central focus of Acord's London Forum for (re)insurance tech and transformation professionals last week.
AmTrust's shares are likely to remain in the doldrums unless the company can provide a more robust justification for its reserves or takes a potential nine-digit reserve hit, according to KBW analysts.
Global investment management firm Fidelity International has accused total return carrier Fidelis of breaching its trademark in the UK and the European Union
French state reinsurer Caisse Centrale de Réassurance (CCR)'s loss ratio jumped 13 percentage points to 74 percent in 2016 after the carrier suffered EUR400mn ($436mn) from widespread flooding in France in early summer
Independent wholesale and specialty broker Ed has hired John Plummer as chairman of its P&C division, effective immediately, the company announced today.
(Re)insurers should not obsess over pure innovation and must look to other sectors for industry-changing ideas, according to XL Accelerate chief executive Vincent Branch.
Everest Re shares jumped as much as 5.4 percent in New York trading today after the company easily beat Wall Street’s first-quarter earnings expectations as revenue rose while costs fell.
Property insurance mutual FM Global has picked Luxembourg to house a new continental European hub after the UK's vote to leave the European Union last year
The markets had a nice morning yesterday, with stocks surging. For the first time in almost a year investors passed a major political milestone that seemed to bring greater rather than reduced certainty
(Re)insurers in the trade credit and surety sector could suffer net losses of up to EUR250mn ($271mn) from the collapse of Seville-based multinational renewables group Abengoa, The Insurance Insider has learned.
The initial shock at a major intervention from the consumer-focused Financial Conduct Authority (FCA) in the aviation insurance market has given way to perplexity about the target of the investigation.
Improved global economic growth is driving an increase in claims frequency that signals a return to "normal service" after several years of muted activity, according to Berkshire Hathaway Specialty Insurance (BHSI) Southern Europe president Tom Bolt
Willis Towers Watson has made five senior appointments to its Global Finex team, which spans the financial, executive and professional risk specialty group in the US and UK
The global reinsurance market's returns are "delicately poised" despite a seemingly robust reported return on equity (RoE), according to Willis Re International chairman James Vickers.
Ryan Specialty Group has agreed a deal with private equity firms Madison Dearborn Partners (MDP) and HPS Investment Partners for its UK insurance services and claims management business Ryan Direct Group (RDG).
The Indian regulator has reportedly proposed more stringent oversight for brokers including increased capital requirements and "cooling off periods" for foreign investors switching investments.
Loss data aggregator Perils has increased its loss estimate for Windstorm Egon, which struck parts of France and Germany in January, to EUR234mn ($248mn).
The China Insurance Regulatory Commission indicated it will clamp down on solvency risks in the domestic insurance industry following the graft investigation into chairman Xiang Junbo that begun earlier this week.
AmTrust has denied any knowledge of an FBI investigation in 2014 into AmTrust's accounting practices following a report which claimed the bureau had targeted its auditor BDO USA.
Shares in troubled US carrier AmTrust have dropped 25 percent during morning trading in New York as markets reacted to a Wall Street Journal (WSJ) report that detailed an FBI investigation into the company
Global broker Willis Towers Watson has warned the energy insurance market may be facing a "new normal" of abundant capacity in addition to the pressures besetting its clientele
InsurTech start-ups that can help the traditional industry identify and solve procedural pain-points are the ones most likely to succeed in the long term, according to Aquiline chairman and chief executive Jeff Greenberg.
Allianz Global Corporate & Specialty (AGCS) is the lead insurer for a $500mn loss related to the grounding of faulty Airbus helicopters last year, The Insurance Insider can reveal.
The chairman of the Chinese Insurance Regulatory Commission (CIRC), Xiang Junbo, has been placed under investigation by the ruling Communist party corruption watchdog.
AIG has agreed to pay Bill Cosby $675,000 in legal costs incurred in the comedian's trial for historical sexual assault allegations, according to court documents
US carriers were hit with approximately $2.0bn of losses in March after severe weather swept across the country causing widespread and disparate damage, according to Aon Benfield.
New Zealand's North Island is beginning to tally the damage from Cyclone Debbie, with (re)insurers likely to suffer substantial losses from widespread flooding across the area.
Global consultancy PwC has warned the (re)insurance industry that incremental innovation may not be enough to preserve its profitability in the face of increased competition from technology start-ups
Lloyd's chairman John Nelson and UK Chancellor Philip Hammond have today witnessed the signing of the first policy at the Corporation's newly launched Mumbai branch
Acquisitive Chinese financial conglomerate Fosun and Matt Fairfield start-up Exin are the two frontrunners in the bidding for Greek state carrier Ethniki, The Insurance Insider understands
InsurTech start-up Jetty, an insurance provider for renters and co-op and condo owners, will be available in five US states from today, the company has announced.
The energy insurance market is approaching a pricing "cliff edge" as the sector continues to struggle with both overcapacity and the downturn in the global energy industry, according to JLT.
Any split of AIG into separate commercial and consumer businesses would be "value destructive", according to the company's non-executive chairman Douglas St
Korean carrier Meritz is the 100 percent hull insurer of the $40mn Stellar Daisy, which disappeared in the South Atlantic last Friday (31 March), The Insurance Insider understands
Australian insurers have begun to tally the cost of Cyclone Debbie which struck Queensland and New South Wales over the weekend, causing widespread devastation to crops and property and killing three.
Chinese financial services and industrial conglomerate Fosun is reportedly sounding out investor interest for a minority stake in reinsurer Peak Re prior to a potential IPO of the business.
Underwriting will not become redundant as a result of artificial intelligence (AI), but technology will change the nature of underwriting, according to TigerRisk's global head of analytics and technology Jayant Khadilkar.
XL Innovate partner Martha Notaras has said that the dissonance between tech experiences "at home" and during the workday within the industry will help to boost innovation in (re)insurance.
Insurers need to improve the transparency of their product and reduce costs if they are to compete with newcomers, Embroker CEO Matt Miller warned a gathering of industry leaders last week.
InsurTech firms are targeting distribution in their first wave of disruption, and the polite, gentlemanly nature of their entry into insurance is unlikely to last long, speakers warned at The Insurance Insider's inaugural InsiderTech event.
Embroker CEO Matt Miller has warned insurers need to improve the transparency of their product and reduce costs if they are to compete with industry newcomers.
The (re)insurance industry needs to develop its culture to retain talented younger employees if it wants to lead innovation in the space, according to Crawford & Company COO Andrew Robinson.
Former SSL Insurance Brokers operations director John Ambrose has joined rival marine and energy intermediary ATL Marine & Energy, The Insurance Insider can reveal.
Bolivian charter airline LaMia was left significantly underinsured after its in-force liability coverage was cancelled just months before a fatal crash that killed 71 people in November last year, The Insurance Insider can reveal
Keefe Bruyette & Woods (KBW) analysts have put a $37bn price tag on a Berkshire Hathaway acquisition of AIG's P&C business, in a note defending their recommendation last week that Warren Buffett purchase the company.
The Chinese regulator has introduced an offshore reinsurance deposit system aimed at mitigating the credit risk arising from foreign carriers operating in the country.
The chairman of Ireland's Personal Injuries Commission, Justice Nicholas Kearns, has said the country's data protection laws may need to be changed to bring it in line with the UK.
Hannover Re may prop up its motor excess-of-loss reserves following the change to the UK Ogden rate, but believes the ultimate losses will not materially affect the company, according to CEO Ulrich Wallin
Peter Hancock has resigned as president and CEO of AIG, citing a lack of "wholehearted shareholder support" for his leadership after the company posted weak fourth quarter results.
London market carrier Novae has fallen to an underwriting loss for 2016 after the Ogden rate cut moved the company's combined ratio for the year to 103.6 percent from 98.3 percent before the change.
The owner of Louisiana-focused homeowners' carrier Maison Insurance, 1347 Property Holdings (PIH), has opted to enter the Floridian market and said it is looking at "alternative investments"
London market carrier Novae's delayed results, which are scheduled for publication this week, are likely to come under intense scrutiny as investors look for signs of a resurgence following a tumultuous end to 2016.
The UK government's unexpectedly large reduction in the Ogden discount rate last week has brought into focus Lloyd's concerns about reserving in the motor insurance market.
The China Insurance Regulatory Commission (CIRC) is reportedly mulling a change to its regulatory framework which would ease overseas M&A by larger, more solvent companies.
The financial position of the International Group of protection and indemnity (P&I) clubs remains strong despite downward rate pressure caused by struggling fleet members and decreased investment income, according to AM Best
The US Financial Stability Oversight Council (FSOC) has reportedly reviewed the designation of systemically important financial institution (Sifi) for an unidentified non-bank firm, which could have positive repercussions for AIG.
The London market Target Operating Model (Tom) and PwC have launched a blockchain prototype aimed at demonstrating the technology's use in improving payment processes
A Lloyd's Enforcement Tribunal has banned former Besso director Charles O'Sullivan after he was found guilty of three charges of "discreditable conduct".
Towergate's largest shareholder, private equity firm Madison Dearborn Partners, has injected another £40mn ($50mn) of equity into the carrier as part of a share issuance.
UK Chancellor of the Exchequer Philip Hammond on Tuesday met insurance CEOs and the head of the Association of British Insurers (ABI) in the first step of a consultation about how the personal injury discount rate should be set.
HCI Group has announced its intention to raise $115mn of debt in a private placement days after its CEO signalled an interest in acting as a consolidator in the disjointed Florida market
Exceptional costs of £37.7mn ($46.9mn) and a further £27mn of investment in JLT's US Specialty unit pushed the parent company's pre-tax profit down 13 percent to £134.9mn in 2016.
New York-listed carrier Navigators has hired former Chubb international casualty manager David Draper to spearhead the growth of its London casualty business The Insurance Insider can reveal
Industry catastrophe loss data specialist Perils estimated that there will be EUR212.0mn ($223.9mn) of insured losses from extra-tropical cyclone Egon.
Shares in RSA Insurance rose almost 6 percent on Thursday after it reported a 25 percent rise in full-year operating profits following changes to underwriting processes.
AJ Gallagher (AJG) has launched proceedings against Graham Hudson, the former director of its Aberdeen office, accusing him of client solicitation during a restricted period.
Increased natural catastrophe losses caused IAG to report a 6 percent drop in insurance profits to A$571.0mn ($438.8mn) for the second half of last year
Investors punished Floridian carrier United Insurance Holding's greater-than-expected fourth quarter loss as its shares fell more than 9 percent in early trading in New York.
Analysts have cast doubt on AIG management's execution of its recovery strategy after the company revealed another multi-billion-dollar reserve in its fourth quarter results.
(Re)insurance executives are aware the industry's cost base is far too high and frequently take to the stage to denounce this scourge of profitability.
Floridian carrier United Insurance Holdings posted a greater-than-expected loss in the fourth quarter because of increased catastrophe activity and reserving.
Allied World is moving its aviation book and underwriters onto the platform of Dubai-based managing general agency (MGA) Elseco, The Insurance Insider can reveal
The Insurance Council of Australia (ICA) has estimated combined insured losses from hailstorms and bushfires in New South Wales last week at A$70mn ($53.8mn).
Global insurance rate declines slowed throughout 2016 as the market demonstrated early signs of capacity withdrawal and combined ratios rose, according to Marsh
Global broker Willis Towers Watson has restated 2016 cash flow figures to reflect a $47mn reduction in net cash from operating activities compared to the figure reported in its fourth quarter results
Generali is reportedly planning additional cost cuts to persuade its shareholders to back its independence in the face of interest from Italian bank Intesa Sanpaolo.
Global insured natural catastrophe losses totalled $39.5bn in 2016, the highest level since the $60bn of losses suffered by the industry in 2012, according to Willis Re
Global broker Aon has agreed to sell Aon Hewitt's benefits administration and HR business process outsourcing platform to private equity firm Blackstone for $4.8bn, it confirmed today.
The (re)insurance industry has finally grasped the importance of technology but should expect some failures as the price of change, according to XL Group CEO Mike McGavick
Bermudian carrier Enstar has triumphed over competitors to strike a deal with RSA to reinsure a legacy UK employers' liability book with gross reserves of £957mn ($1.2bn).
The combination of low oil prices, strong competition and alternative capital is creating a "perfect storm" in the offshore energy market, according to the International Union of Marine Insurers (IUMI).
London market carriers are embroiled in a legal fight over a $1.28bn claim on a construction all risks policy in relation to physical damage at a North Sea mobile offshore production unit (MOPU) in 2012
Recently announced venture fund InsurTech Venture Partners is targeting minimum investments from carriers of $15mn, according to a prospectus obtained by The Insurance Insider.
CNA Hardy's comparatively high expense ratio compared to its peers is putting the company at a "competitive disadvantage", according to recently appointed CEO Dino Robusto.
Berkshire Hathaway Specialty Insurance (BHSI) has established an office in London and appointed executives to its property, executive and professional liability and claims divisions for the UK and Southern Europe.
Global broker Marsh has developed a cyber risk and data breach insurance policy with £500mn of limit ($536.9mn) targeted at mid to large-sized organisations outside the US
London market independent marine broker SSL has retained boutique corporate advisory firm Opus Corporate Finance to explore a sale of the business, The Insurance Insider understands
Global reinsurer Hannover Re has lifted its 2017 net income forecast to more than EUR1bn ($1.1bn) from more than EUR950mn, but noted that global market conditions remain challenging.
The UK Financial Conduct Authority (FCA) has opened a consultation on regulatory proposals for the forthcoming London insurance linked securities (ILS) market.
MS Amlin is the lead insurer on the primary layer for a $400mn marine cargo claim by Canadian commodity hedge fund Vermillion stemming from a lost oil shipment, The Insurance Insider understands.
Lemonade is a closely watched company. As one of the first and most prominent InsurTech start-ups, its performance has been subject to a high level of scrutiny as the industry tries to determine if its world is about to be turned upside down.
The aviation insurance market is starting to firm, according to JLT, with rates hardening, line sizes reducing and underwriters taking a more disciplined view of risk.
Specialty insurer Navigators has appointed Jacob Ingerslev to the newly created position of global practice leader for cyber liability, The Insurance Insider can reveal.
The aviation market is approaching a "pivotal moment" in its market cycle as rates have begun to demonstrate signs of market hardening, according to JLT
Intesa Sanpaolo CEO Carlo Messina said the integration of insurers into a banking network is a possible avenue for growth, as his company considers a takeover of Italian carrier Generali
Axa CEO Thomas Buberl has denied that the firm will try to acquire a major rival in a statement likely to be interpreted as a disavowal of interest in purchasing in-play peer Generali
Italian bank Intesa Sanpaolo has confirmed it is evaluating "possible industrial combinations" with Generali following reports which named the carrier as a takeover target.
Michigan-based specialty insurance company Kaufman Financial Group has acquired premium audit provider Essential Insurance Services for an undisclosed price.
Enstar specialty insurance subsidiary StarStone has signed a joint venture partnership with Dubai-based managing general agency (MGA) Malakite Underwriting Partners
AIG has agreed the biggest legacy deal in the history of the P&C insurance market, with Berkshire Hathaway set to take on 80 percent of the risk on $34bn of the insurer's US commercial reserves
Insurance rates in Asia are set to remain on a downward trajectory in 2017 due to the combination of abundant capacity, the benign catastrophe environment and positive underwriting results in 2016, according to Aon Risk Solutions
Insurance claims from the Sevier County, Tennessee wildfires in November have reached $842mn, according to the Tennessee Department of Commerce and Insurance (TDCI)
AM Best does not anticipate any rating actions for UK insurers due to Brexit despite the expected impact of loss of access to EU business and economic challenges in the country.
Lloyd's has received final "R3" approval from the Indian regulator to establish a branch in the country and plans to begin writing business in time for the April reinsurance renewals.
The Indian insurance regulator has said amendments to requirements for all ceded reinsurance business to be offered to local companies are now effective
Markel International has been granted a licence by Brazilian regulator the Superintendence of Private Insurance to write primary insurance business in the country
UK-headquartered managing general agency Pen Underwriting has appointed Jonathan Turner as its new chief executive to take over from current managing director Mark Armitage.
Trade representative body the British Insurance Brokers' Association (Biba) has urged the UK government to negotiate continued access to the EU single market post-Brexit on either a total or sectoral basis
Munich Re is among the participants in a £7.5mn ($9.5mn) Series A funding round for InsurTech start-up Bought By Many, through its venture capital arm HSB Ventures
AIG's top airline underwriter Andy Trundle has left the company to take up a senior aviation underwriting role at Starr, The Insurance Insider understands
Chinese insurers recorded premium income of 3.1tn yuan ($448.6bn) in 2016, up by nearly a third on the previous year, according to the China Insurance Regulatory Commission (CIRC)
A total of 191 incidents of piracy or armed robbery were reported in 2016, the lowest number since 1998, according to the International Marine Bureau (IMB).
The World Economic Forum (WEF) has named extreme weather events, major natural disasters and climate change as three of the top 10 global risks for 2017
Forthcoming regulatory changes and claims inflation in the UK motor market will cause price increases of about 12 percent in 2017, according to Bernstein analyst Thomas Seidl
Chronic overcapacity and a reduction in underlying activity from customers continued to hamper the energy market in 2016, leading to further rate reductions, according to JLT.
Estimated Floridian insured losses from Hurricane Matthew have risen over 10 percent to $803mn, according to the Florida Office of Insurance Regulation.
Industry reserve levels are "very, very close" to reaching a point where they are no longer sufficient, according to JLT Re's global head of analytics David Flandro.
Berkshire Hathaway Specialty Insurance (BHSI) is considering entering the Japanese earthquake insurance market, according to a senior executive at the firm.
Third Point Re's investment management arm Third Point LLC has posted a return of 0.5 percent for December, taking the year-to-date result to 4.3 percent
A raft of foreign and domestic reinsurers have been granted final approval by the Insurance Regulatory and Development Authority of India (Irdai) to establish branches in the country, as it seeks to improve competition in the market.
Insurers at Lloyd's of London look set to pay out a significant contingency claim following the tragic death of Star Wars actress Carrie Fisher, The Insurance Insider can reveal.
India's first domestic private sector reinsurer ITI Re has received final approval from the Insurance Regulatory and Development Authority of India (Irdai) to begin operations, according to local press reports.
The China Insurance Regulatory Commission (CIRC) has tightened rules governing ownership of insurance companies and lowered the maximum ownership threshold for any single entity from 51 percent to one third
Munich Re and Swiss Re have received clearance from the Insurance Regulatory and Development Authority of India (Irdai) to establish a branch in the country.
Richard Brindle's total return carrier Fidelis has agreed a 5 percent private placement on the International Group's general excess of loss (GXL) programme, The Insurance Insider can reveal.
Acappella Group has appointed Liz Hanlon and Paul Russell to launch a financial lines managing general agency (MGA), confirming previous reports by The Insurance Insider.
Former Lancashire CEO Richard Brindle's total return carrier Fidelis has agreed a 5 percent private placement on the International Group (IG)'s general excess of loss (GXL) programme, The Insurance Insider can reveal.
Marine (re)insurers have been notified that the ground-up loss from last year's Alpine Eternity collision has risen to $275mn, The Insurance Insider revealed last week.
Rates on the reinsurance programme for the International Group (IG) of protection and indemnity clubs fell by around 7-9 percent for 2017 on a risk-adjusted basis, The Insurance Insider understands.
Allied World's founding chief executive Scott Carmilani is poised to receive a $79.6mn payout following the carrier's acquisition by Fairfax Financial.
Shares in Allied World surged 12 percent in early trading in New York today but remain nearly 5 percent below the takeover price offered by Fairfax Financial.
Allied World founding chief executive Scott Carmilani is poised to receive a $79.6mn payout following the carrier's acquisition by Canadian group Fairfax Financial.
(Re)insurers have been notified that the ground-up loss from last year's Alpine Eternity collision has risen to $275mn, The Insurance Insider understands.
Neon Underwriting is considering setting up a Dublin operation if the UK loses access to the single market in the wake of the country's exit from the EU.
Group reinsurance rates for shipowners in the reinsurance programme for the International Group (IG) of protection and indemnity (P&I) clubs have dropped by between 5 percent and 10 percent
The Reinsurance Association of America (RAA) has urged the European Union (EU) and US to finalise a covered agreement for prudential (re)insurance supervision, as talks on regulatory equivalency rumble on.
XL Catlin names Bermuda, London reinsurance heads; Enstar $919mn legacy deal; Wall to lead Fosun's US legacy push; Klein to leave Guy Carpenter; AIG's Pakistan loss; Aon Benfield works on new Emea facility; Axis in $1bn share buyback; Zurich Cover-More takeover; JLT's US account wins; The Hartford auto charge; Ropner wins injunction against former director; Wilson named as new Brit CEO; Aon considers benefits sale; Athene sells $1.1bn of IPO shares; IAG plans cost cuts; Aviation market resilience; Neon appo
Shares in Novae fell as much as 27 percent last week after the London-based (re)insurer warned that its full-year profits would fall due to larger individual risk losses in the second half of the year.
London (re)insurers Beazley, Hiscox and Lancashire have suffered drops in their share prices today as investors re-evaluated the stocks in the wake of Novae's profit warning last week
Underwriters in the aviation market took a harder stance during the bellwether November renewals, as discipline and risk selectivity continued to differentiate results, according to JLT.
XL Catlin has moved Jonathan Gale to the post of chief executive of its Bermuda reinsurance operation and installed Rob Littlemore as London reinsurance head. The moves build on an October leadership shake-up
Apollo-backed Athene Holding has priced shares in its New York initial public offering (IPO) in the middle of a previously announced range to raise $1.08bn for its selling shareholders
AIG is the lead insurer for the Pakistan International Airlines (PIA) craft that crashed during an internal flight yesterday, The Insurance Insider has learned
Shares in Generali climbed almost 5 percent in morning trading today, rising alongside fellow Italian financial stocks as markets wait for news on a bailout of troubled bank Monte dei Paschi.
Aegis has announced the appointment of David Lineham as class underwriter for political and financial risks at Syndicate 1225, confirming news reported by The Insurance Insider in April.
London market broker Ropner has secured a UK High Court injunction barring former divisional director Philip Wood from running his new firm Clearwood International, after a judge ruled that questions over whether he had broken non-compete clauses should be taken to trial.
Enstar has announced it has entered into a conditional agreement with QBE to reinsure a US multi-line property and casualty business with gross reserves of $919mn, confirming news broken by this publication yesterday.
Ebitda at UK broker-consolidator Global Risk Partners has trebled to £12mn ($15.2mn) for the year ended 31 March as the group accelerated the pace of its acquisitions.
Shares in Italian carrier Generali fell by as much as 3.4 percent this morning before recovering as investors scrutinised the impact of the Italian referendum result on the country's beleaguered banks.
Former Beazley head of energy Matthew Holmes has returned to the market in the same role at Dubai-based managing general agent (MGA) Elseco, The Insurance Insider has learned
UK-headquartered carrier RSA has hired former Scottish Boatowners Mutual Insurance Association CEO Stuart Forsyth to its London market hull underwriting team
A litmus test of the aviation reinsurance market is on the way as carriers weigh the merits of a new 50 percent whole-account quota share sought by top-10 aviation insurer Axa.
PwC Switzerland, the special administrator of beleaguered Liechtenstein carrier Gable Insurance (GIAG), has filed an application to the courts seeking a winding up order for the company.
Exin CEO Matt Fairfield has warned against complacency over the future role of technology firms such as Google in the insurance sector, despite the perceived reluctance of such companies to enter the industry.
RSA has created two new divisions within in its UK commercial lines operation and separately appointed a chief underwriting officer for its UK and international arm.
Talanx CEO Herbert Haas has revealed the insurer expects to take a loss in the double-digit millions from the explosion at a BASF-owned chemical plant in October, according to Reuters.
The UK Prudential Regulation Authority (PRA) has raised concerns over "material shortcomings" in the way that underwriters manage so-called "silent" cyber risks.
Hellman joins Thomas Miller; Marsh acquires Bluefin; Brit diamond consortium; New Zealand earthquake; Standard Syndicate loss deteriorates; Watsa backs US equities; TMK 2015 forecasts down; Aspen appoints insurance head; UK China ILS appeal; Zurich names UK CEO; Allianz P&C profits up; Hannover Re Matthew loss; XL appoints global excess casualty president.
Broker facilities have limited durability and will not be a permanent feature of the market, according to Tokio Marine Kiln's head of innovation Tom Hoad.
Swiss Re chief economist Kurt Karl has said Silicon Valley firms are likely form partnerships with insurance companies rather than entering the industry themselves due to the prohibitive regulation in the sector.
Corporate member Map Capital Ltd, which supports Syndicate 2791, has tendered £33.3mn ($42.0mn) of capacity in the venture at a price of 45p per pound in the third round of Lloyd's capacity auctions
Aviation rates remained on a downward trajectory in October despite hull claims more than doubling compared to the same period last year, according to broker JLT.
AmTrust shares held relatively firm when New York trading opened after the carrier announced it would file its delayed third quarter 10-Q form on Monday (14 November)
Aspen's international COO and global head of marine Don Harrell has been appointed head of international insurance at the Bermudian carrier, replacing Anne Haugh.
Benign natural catastrophe activity and fewer large losses boosted P&C operating profits at Allianz as the segment's bottom line grew by 4.3 percent year-on-year in the third quarter to EUR1.4bn ($1.5bn).
The London market must seize the opportunity offered by sustained profitability to invest in its future capabilities, Beazley CEO Andrew Horton has said
Failure to embrace the Target Operating Model (Tom) could leave the London market vulnerable to "stagnation and failure", Lloyd's director of operations Shirine Khoury-Haq has claimed.
Operating profits at Italian carrier Generali fell 5.6 percent for the year-to-date to reach EUR3.6bn ($3.9bn) despite an improved P&C underwriting performance
Public and private insured losses in the US from Hurricane Matthew could climb as high as $5bn, according to Aon Benfield's catastrophe modelling unit Impact Forecasting.
The operator of the loss-hit Jubilee oil field has said it expects further business interruption (BI) losses in 2017, as the damaged Kwame Nkrumah floating production, storage and offloading (FPSO) vessel is moored into its permanent position.
Third quarter gross written premiums (GWP) at UK-listed motor specialist Esure have climbed 15.2 percent year-on-year to £178.6mn ($221.4mn) after being bolstered by growth in its motor book
Lloyd's carrier Novae today warned heightened catastrophe activity would influence second half underwriting results as it posted 15.8 percent growth in its top line to £717.4mn ($889.3mn) for the first nine months of the year.
Private equity firm Madison Dearborn has offered to purchase all remaining shares in UK broker Towergate not owned by itself, Sentry, HPS Investment Partners (formerly Highbridge), KKR or Bain
US carrier Travelers has agreed a pre-tax settlement with one of several defendants in a long running reinsurance dispute over historical asbestos liabilities resulting in a $126.1mn gain for the company.
