-
The group expects that its full-year forecast can be "exceeded significantly”.
-
The practice aligns existing capabilities from Marsh Specialty and others.
-
The executive said expansion was driven by retention and new business.
-
The carrier will reassess the market in the fourth quarter, or early in 2025.
-
The carrier’s reinsurance segment doubled its net result to EUR67mn.
-
CEO Carl Hess hailed a “solid” first quarter of results.
-
James Platt has previously held group COO and chief digital officer roles at Aon.
-
The consortium will offer up to $50mn of per-program capacity.
-
Both Schlesinger and Sandford will report to Matt Humphries, head of crisis management.
-
The forum will be an ‘even safer space’ for efforts on climate change action than the NZIA.
-
The executive will report to UIB LatAm CEO Carlos Gutierrez.
-
Available net cash proceeds on closing are now down ~$100mn to $65mn-$110mn
-
There is a high likelihood the property claim will be subrogated.
-
Roth will be responsible for retroactive and prospective structured reinsurance.
-
Global commercial insurance rates rose 1% in Q1, down from a 2% increase in Q4 2023.
-
The group has promoted Defne Turkes to COO of its new international insurance unit.
-
The carrier increased its top line by 35% to $1.1bn.
-
The broker used a consensus-based hypothetical cat event type to analyse its global impact.
-
The city alleges defendants knowingly allowed an “unseaworthy” Dali to set sail.
-
‘Strong reinsurance cover’ in the UAE, Oman and Saudia Arabia is to be triggered.
-
The product was made through a partnership with technology provider Safehub.
-
The carrier’s Q1 P&C re combined ratio is around 75%.
-
The MGA has seen a “significant uptick” in dealmaking in the sector.
-
The appointment of additional non-executive directors is currently under consideration.
-
Kirsten Valder has been with Arch for 10 years and before then was a partner at Kennedys Law.
-
Lloyd’s and Velonetic are still exploring three options for the latter stages of cutover.
-
The appointment comes soon after the rebranding of the Richard Brindle-led business.
-
Liberty Specialty Markets is recruiting for its hull team following a number of staff exits.
-
The executive is to step back for personal reasons.
-
Willett will be responsible for growing the FI team’s footprint and Nexus’ Lloyd’s box offering.
-
The ratings agency said momentum in US E&S would create opportunities for the London market.
-
The Lloyd's CUO warned against "calling victory too early".
-
As a result of mostly flooding, £474mn of losses occurred in the UK.
-
-
The carrier's UK portfolio will no longer be written with an in-house team.
-
The legacy carrier is to buy the captive from a “very large” multinational firm.
-
The cyber market faces significant claim notifications from Change Healthcare clients.
-
Its first UK MGA partner signing is expected by the end of this quarter.
-
If you only read a handful of stories this week, make it the selection below.
-
-
The vehicle has made at least 19 acquisitions since its 2020 purchase by HGGC.
-
The executive announced his departure on LinkedIn, and his next destination was not disclosed.
-
Insurers claim that damage from the “detonation of an explosive” is also excluded.
-
Giulio Terzariol and Woody Bradford will be CEOs of the insurance and asset management units, respectively.
-
Insurers in the emirate typically buy low-attaching reinsurance.
-
The US casualty market was “challenging”, the executive said.
-
Researchers expect 15-20 named storms to form in the Atlantic Basin.
-
This follows February’s cat losses coming in below the $150mn reporting threshold.
-
Cyber Quoting will connect global cyber insurers and US distributors.
-
The Q1 figure represents a 2-point acceleration on the 7% reported in Q4 2023.
-
A total of 8% of issuers under criteria observation received negative rating actions.
-
The deal gives follow form binding authority on behalf of syndicates 1609 and 5399.
-
Heather Goodhew serves as a non-executive director at two other companies.
-
She joined the carrier as an underwriting assistant over 11 years ago.
-
It has appointed Daniel Johnson and Lydia Lambert to run the book.
-
Hitesh Kotak has been appointed CEO for Japan, India, Korea and South East Asia.
-
The carrier reported a combined ratio of 89.6% for the year.
-
Ulrich Kadow will become global head of product management and underwriting transformation.
-
Swiss Re is among reinsurers to have the right to limit coverage if conflict widened.
-
Dubai International Airport serves 88.2 million customers a year across 240 destinations.
-
Insured loss for Q1 was 10% higher than the decadal average of $18bn.
-
Hunt has previously held the role of CUO for the commercial business at RSA.
-
The parties completed the acquisition of JRG Re “at the previously agreed upon terms.”
-
The facility will offer up to $50mn of coverage per insured vessel.
-
Dussuyer has also been appointed head of corporate risk and broking France.
-
Insurance Insider revealed this deal in January.
-
WTW predicted that ‘meaningful softening’ could creep into energy markets during the year.
-
Increased reinsurance retentions left some insurers with their worst net results in a decade.
-
Alex Mott and Henry Brown worked in the hull and liability team at Price Forbes.
-
Borrel will report to Paul Andrews, CEO of PoloWorks and Polo Managing Agency.
-
-
-
Aspen said reduced reinsurance appetite made it a good time to seek alternative capacity.
-
The executive will be based in Zurich and report to international CUO Joerg Bruniecki.
-
Ageas made headlines this year following an attempt to acquire Direct Line.
-
In his new role, Harrison will report directly to Adam Garrard, global head of risk & broking.
-
Curtin has spent almost 50 years in the market with stints at Marsh and Sedgwick.
-
The MGA was founded by Natasha Attray, James Dodd, James Fletcher and Charles Turnham.
-
The market also outperformed various indices including the MSCI World.
-
Rokstone has taken box 335 on gallery three and will write several specialty lines from the box.
-
The average rate increase in the cyber market stands at 1.6%.
-
UK property insurers paid out £4.86bn in property claims last year.
-
The broker was part of a mass resignation from Guy Carpenter last year.
-
Increasingly, deals are being brought to market but not transacted on.
-
Richard Chu joins from PartnerRe, where he was head of financial risks for Asia Pacific.
-
The most extensive damage was caused by rainfall in Texas, Louisiana, Mississippi and Florida.
-
Graham Knight will become chairman of natural resources.
-
Sums insured for European windstorm increased by 10.1% due to inflation.
-
-
R&Q Legacy will book adverse development of ~23% of net reserves for the year.
-
The broker said there was a ‘disparity’ in market response to war in the Middle East.
-
Simon Parrish will lead the next phase of Victor Insurance’s strategy.
-
The Corporation also appointed Marc Lipman as president of Lloyd’s Americas.
-
This publication revealed the appointment in November last year.
-
Patrick Waters joins from CNA Hardy as underwriting manager for financial institutions.
-
Terrence McDowell has been appointed as a managing director in the UK.
-
Christine LaSala will step back from her board membership at the end of this month.
-
Blue Signing Re CEO Velasquez will be XS Global's head of casualty motor, L&H and benefits.
-
The executive is also CUO of Axis Managing Agency.
-
The broker has made a string of hires in its upstream energy division.
-
The executive worked on projects with the firm when he was an investment banker.
-
He will lead the development of the company's cyber portfolio throughout the EEA.
-
Paire will be reunited with James Mackay in his new role.
-
The organisation has received 11,527 claims to date.
-
Sarah Hughes was appointed CEO at Howden Specialty in October 2023.
-
Jane Poole’s career includes stints at RSA and PwC.
-
Environmental activism and terrorist activity are also set to rise.
-
The MGA platform has been under auction since last year.
-
Eric Paire has been at Aon since 2018, having joined from Guy Carpenter.
-
Kirby will focus on how acquired businesses integrate into group structure.
-
The additional investment from HarbourVest brings total fundraising to $120mn.
-
The move reunites Green with fellow Besso alumnus Dowman.
-
Underwriters said there was some cause for concern around reinsurance coverage.
-
The expansive carrier has hired heads of marine for France and Spain.
-
Bowman helped establish BHSI’s multinational business network, serving 178 countries.
-
Tropical Storm Risk (TSR) has updated its forecast for North Atlantic hurricane activity, predicting a "hyper-active season" in 2024, with activity being around 70% above the 1991-2020 climate norm.
-
Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
-
James Williams joins from Price Forbes, and Steven Taylor from Howden.
-
The broker attributed increased capacity to improving profitability.
-
The maximum line for the consortium will initially be $40mn.
-
The unit has hired Everest’s Chris Curtin and Axa XL’s Brian Quinn.
-
The market remains “delicately balanced” amid global conflicts and claims deterioration.
-
The deal includes an LPT of ~$2bn loss reserves for 2016-2023 years with Arch Re.
-
The Magnitude-7.4 earthquake occurred early on 3 April.
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If you only read a handful of stories this week, make it the selection here.
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Eleven hurricanes are predicted, with five expected to reach Category 3 or higher.
-
Copenhagen Infrastructure Partner’s policy is subject to a sub-limit for hail damage.
-
The firm launched late last year in the US with a $250mn capital injection, and has also acquired a UK platform.
-
Soon Keen Lee succeeds Mark Newman, Canopius’ new UK CEO.
-
A deal was announced last July, with Cathay agreeing to take a 16.75% GIH stake.
-
The owner and manager of the cargo ship Dali have filed suit to cap liability at $43.7mn.
-
Colin Addy and Greg Conroy, former Vale and Chubb executives, co-head the new operation.
-
Charles Craigs will oversee Ascot’s sidecar and other third-party capital vehicles.
-
-
There were 166 deals over $100mn and 34 deals over $1bn in the first quarter of the year.
-
This follows the broker's rebrand in October last year.
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-
The market is showing signs of having reached its peak amid an influx of new capacity.
-
Tremors were felt as far north as capital city Taipei.
-
The partnership seeks to serve corporates with captives, as well as Lloyd’s syndicates and ILS funds.
-
Catalina Romero and Iain Bird have been added to the trade credit team.
-
Simon Morgan will succeed Sam Geddes as head of property and allied lines.
-
The estimate is up from A$1.4bn, published by Perils in February.
-
-
Andreas Berger will step down as CEO of Swiss Re CorSo on 1 July.
-
The syndicate’s total recognized gains were up to £61mn, from £28mn in 2022.
-
Sources said the Bermuda carrier has been working with Jefferies on the sale.
-
Reinsurers have a "strong desire" for growth, but not at the expense of underwriting.
-
The announcement confirms earlier reports from this publication.
-
The syndicate reported a combined ratio of 101.2% in 2023.
-
Growth in property income was offset by a reduced share of finpro business.
-
The syndicate's GWP increased from £51.6mn in 2022 to £141.9mn.
-
The syndicate posted a combined ratio of 84.6% and GWP of more than £1.2bn.
-
Negotiations around US casualty and financial lines were more stressed.
-
He will succeed retiring Daniel Neo, who will remain at Sompo for the year.
-
The executive brings over 30 years of (re)insurance experience to the role.
-
The broker said 1 April Japanese renewals reinforced positive trends in the US at 1 January.
-
Several prior-year cat losses deteriorated during the quarter.
-
Doppstadt and Paglia have served on the board for 14 and 10 years, respectively.
-
The six execs left Acrisure for rival broker Woodruff Sawyer in March.
-
The group-level CoR worsened 4.7-points in the quarter, coming in at 89.4%.
-
The judge said the lessors “are very unlikely to obtain a fair trial in Russia”.
-
CFC noted that growth moderated amid increased competition in cyber.
-
The syndicate reported profit up 44.7% to $153mn for the year.
-
The executive said Aviva and Fidelis had endorsed the market’s turnaround.
-
-
Atrium reserved £264.5mn for potential claims resulting from leased aircraft in Russia.
-
The syndicate recorded GWP of £705.1mn in 2023.
-
Joe Morrello joined the firm in 2022 after serving as E&S property head at Beazley.
-
Active underwriter Smelt said competitors’ ‘blanket’ approaches are creating opportunity.
-
The underwriting loss came in at £88mn, as reserve strengthening reached £189mn.
-
The Singapore sovereign wealth fund has taken over GIC’s holdings in the broker.
-
Combined ratios have improved as prices rise and investments return to profit.
-
The syndicate’s GWP reached £1.44bn in 2023, a 7% increase on 2022.
-
The syndicate will be Asta managed and have capacity from Hampden Names.
-
The executive was speaking on the Behind the Headlines podcast.
-
Primary casualty, aviation and motor classes were outliers in a bumper year for the market.
-
The partnership will add more capacity on the platform from April.
-
The new target go-live date is October, but a milestone plan will be confirmed in April.
-
The Lloyd’s CFO said returns needed to remain high due to investor fatigue.
-
Pro-forma income hit $1.9bn for the year, alongside pro-forma Ebitda of $695mn.
-
Rates continue to trend downwards in the D&O class of business.
-
Karlsson was previously head of credit and structured risks.
-
CyberCube expects ransomware attack to impact both large and SME accounts.
-
BP Marsh took a 30% cumulative preferred ordinary shareholding in Devonshire.
-
He was previously head of underwriting management and deputy CUO for Axa XL’s marine segment.
-
The move comes as rates continue to decrease in the D&O class.
-
A total of 30 carriers entered the US public company D&O space in 2023.
-
-
The market is shifting towards capital relief, with fewer, larger deals.
-
Oversupply of capacity will outweigh casualty and per-risk concerns.
-
The carrier reported an undiscounted combined ratio of 76.2% for the year.
-
The complexity of the incident and US location point to one of the largest-ever marine losses.
-
-
Last summer’s hail loss has crept significantly for many Italian cedants.
-
The stable outlook on Cavello Bay mirrors S&P’s view of its parent.
-
The value of the bridge is estimated at $1.2bn.
-
The model will shift to an annual, aggregate, catastrophe XoL treaty in April 2025.
-
The deal will create a personal lines firm controlling £3bn in premiums.
-
Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.
-
-
A Maersk-chartered container ship caused the Francis Scott Key Bridge to collapse.
-
Stefan Sperlich will lead the new division as managing director.
-
Severe convective storms were the biggest driver of last year’s losses.
-
He will oversee the syndicate’s catastrophe modelling capabilities.
-
-
The reinsurer experienced a “notable decrease” of catastrophe losses last year.
-
Processing and product innovation companies are also in the cohort.
-
Bermuda liquidators had earlier objected to out-of-court agreements between parties.
-
There is more capacity in the market for long-term risks.
-
The launch is Chaucer’s first foray into the class.
-
This follows the broker’s report last year, which also found a “notable uptick” in claims.
-
-
He spent most of his career at Talbot, bar a stint at Lloyd’s.
-
The team of brokers worked for the recently acquired Protean Risk.
-
Ben Savill replaces Jeff Saper, who is moving into a fac role.
-
The UK and Ireland led in the EU market, with 232 deals announced.
-
The carrier is partnering with Munich Re Syndicate and Tokio Marine HCC.
-
Miller also appointed three other WTW brokers to its onshore energy team.
-
-
Direct Line had rejected two prior attempts by the Belgian carrier.
-
The exit comes after Fidelis restructured into two separate firms.
-
The injection will be sufficient to take the platform through its next stage of major development.
-
The start of phase one is now slated for October at the earliest, not 1 July.
-
The unit will target Northern European M&A within the next six months.
-
The investment vehicle saw an increase of 22% in the firm's NAV in 2023.
-
If you only read a handful of stories this week, make it the selection below.
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Joy had previously set up the casualty practice at Global Indemnity.
-
This year, the association’s funding will come to $4.05bn with a $2.45bn retention.
-
The business will leverage technology from Clearwater Dynamics.
-
The unit’s combined ratio worsened by 1.6 points.
-
-
Leigh Hellrung joins from Farmers Insurance, where she worked for 11 years.
-
Retentions and coverage could be affected by future adverse claims trends.
-
-
Kelly was recently appointed to head up the product recall book at Axa XL.
-
Competition among insurers is rising as new carriers enter the market.
-
The Goldman-backed consolidator branched out into MGAs this year.
-
In 2023, CVC acquired a majority stake in Dale to support business growth.
-
Leahy has worked in the London market for almost a decade.
-
The talks are advanced, and the process is likely to move rapidly.
-
The MGU is exploring additional third-party capital relationships.
-
WTW said the rise of the risk from health and safety was “surprising”.
-
The project is not immediately moving forward due to lack of client demand.
-
The RfP covers the CEA and/or the California Wildfire Fund.
-
-
Allen succeeds Cliff Easton, who is retiring after a 50-year career.
-
-
The deal comes after 127 transactions for Risk Strategies since 2018.
-
She joins from CNA Hardy, where she spent over seven years.
-
Marine and energy results normalised after a ‘staggeringly good’ 2022.
-
Last year, SiriusPoint's Masojada was added to the advisory board.
-
Computable binding authority agreement set for April 2025 launch.
-
A rising number of rated companies in the region have a stable outlook.
-
It plans to deliver other products for parts of the carbon value chain.
-
-
This publication revealed Chubb was planning to re-enter the London TL market.
-
-
The reinsurer’s solvency ratio currently stands at 269%.
-
He joins from Odyssey Re, where he was treaty underwriting VP.
-
The carrier will aim for a combined ratio of 95%-96%.
-
-
The underwriter will report to Kristina Maffit.
-
The recruit will run E+S Rück and part of European reinsurance.
-
The carrier has also recruited Swiss Re’s Thorsten Steinmann.
-
The syndicate-in-a-box will target £34.1mn in gross premium for 2024.
-
The companies account for ~70% of GHG emissions in its portfolio.
-
If you only read a handful of stories this week, make it the selection below.
-
Vivek Syal will become CUO of Tokio Marine Kiln in April.
-
Underestimated average claim value has led to a dramatic February update.
-
Based in New York, the executive will report to global head of casualty Josh Everdell.
-
The company is still working to get debt holder approval for the Accredited deal.
-
The facility will target operators across the US, onshore and offshore.
-
The initiative will focus on fostering innovation through the Lloyd’s Lab.
-
Providing coverage will remain “very tricky” in the near term.
-
The underwriter will report to Juliet Redfern in the new position.
-
Participating insurers include Allianz, Aviva, Axa, RSA and Zurich.
-
The transaction is expected to close before the end of the second quarter.
-
The move reunites Van Leuven with former colleague Kristof De Bremme.
-
As the interim CEO prepares to hand on the role, a major restructure is ahead.
-
The agency will track the potential impact of the lawsuit on James River’s ratings.
-
Existing taxes could be lowered under a potential new structure.
-
Property, PV and energy lines are driving the carrier’s growth, offsetting long-tail declines
-
Coppola was also a member of the NA exec management board.
-
Nord Stream has named Lloyd’s Insurance Company and Arch among the defendants.
-
The 'particularly strong' result is due to minimal cat loss activity.
-
Mitha joined Compre in 2022 as chief actuary, North America.
-
Vanessa Hardy Pickering and Lester Pun have also been promoted.
-
Marsh Specialty has released its Political Risk Report 2024.
-
The Belgian carrier lodged a takeover bid in January.
-
The broker had recently received “multiple strategic approaches”.
-
The carrier is also nominating Geraldine Matchett to its board.
-
Brit Cyber First50 will be placed through the Brit-led consortium.
-
James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
-
The underwriter was overseeing MGA Kersey Specialty’s pivot to renewables.
-
For the 2022 year of account, the updated forecast remains unchanged.
-
The result was a profitability turnaround of £300mn.
-
Sources are expecting multi-billion new limit to be placed.
-
The platform will primarily cover international property.
-
The marine hull market is looking to retain rating robustness in 2024.
-
The syndicate improved its net loss ratio by 15.9pp to 54.2%.
-
Small scale cyber attacks are set to increase in the near term.
-
The carrier said it had also experienced a healthy start to 2024.
-
The company posted a record group profit of EUR6.9bn.
-
James River is suing Flemming Intermediate while a potential sale of the company is ongoing.
-
Five regional leaders have been appointed for P&C and life and health.
-
Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
-
The deal adds to Aspen’s existing support of the InsurTech in the UK and Canada.
-
Natural-cat-exposed business saw significant price increases.
-
The firm hired Kami LaBerge and Egbert van der Graaff.
-
Claire McDonald will leave the carrier as part of the transition.
-
He has spent more than six years at the legacy firm in various senior claims roles.
-
Many carriers’ views on cyber are mixed, the agency said.
-
Dan Osman will take over as active underwriter for Syndicate 4711.
-
The agency stressed the physical impact of climate risk on companies.
-
-
Plus all the latest executive moves and the top news of the week.
-
The Bermudian posted 18.5% top line growth in its first year as a public company.
-
Lloyd's will optimise its cost structure to offer benefits of scale.
-
Sven Wehmeyer, Jodie Arkell, Hugh Brennan and Ed Cruttenden have new roles.
-
There has been a 21% increase on a gross basis and a 62% increase on a one-in-200 final net basis for non-peak perils
-
The Lloyd’s chief of markets argued that unmet demand and latent risk will keep rates increasing.
-
The pension fund was one of the first investors to use London Bridge.
-
-
The broker aimed to secure better terms and borrow more from public lenders.
-
-
The carrier reported $1.2bn profit and 71% CoR for 2023.
-
CFO said rate discipline needed to remain to offset prior-year losses.
-
Syndicate 6104 closed its 2021 year of account with a profit of 4.1%.
-
The pair hail from Miller and Aon respectively.
-
The carrier announced a £300mn share-buyback programme.
-
Beazley was one of the first four cyber cat bond sponsors.
-
DDM is due to be removed as a core central service on 13 September.
-
Beazley also confirmed the appointment of CFO Barbara Plucnar Jensen.
-
The growth was spread across all classes of business, sources said.
-
Patterson will also serve as chair of the audit committee.
-
The Bermudian booked $6.5mn of cat losses, or 1.8 points on the CoR.
-
The exit follows the broker moving its Climate Risk Advisory function into its Risk Capital segment this year.
-
In August 2023, Lancashire announced it was planning to launch in the US.
-
The challenger broker is continuing to build out its presence on the island.
-
The firm also reported GWP of $913mn, a 35% YoY increase.
-
-
The firm reallocated from short-tail lines amid social inflation concerns.
-
The company proposed a dividend of EUR1.8 per share for 2023.
-
The carrier reported an undiscounted combined ratio of 82.6% in 2023.
-
Dejung spent 13 years at Scor, most recently as cyber CUO.
-
The target was initially set in 2020, with a deadline of December 2023.
-
The deals cover 42% of the carrier’s casualty reserves.
-
Mo joins from Chubb, where she was country manager for Sweden.
-
Continued geopolitical and climate uncertainty will hold up pricing.
-
-
The London-listed carrier announced a $150mn share buyback.
-
The former MS Re CUO brings over 30 years of industry experience.
-
Lloyd’s is now an attractive environment for entrepreneurs, the CEO said.
-
He was executive managing director in Aon’s wholesale treaty team.
-
Larson and Godlis will be based in New York and Mohamed will be based in London.
-
It will begin underwriting from April 2024.
-
The firm’s growth focus for 2024 will be in property D&F.
-
Estevam Souza joins from Sompo Seguros.
-
-
Insured losses from the Christmas storms reached $968mn.
-
-
He joins from Howden Tiger, where he was the international head of analytics.
-
-
Will Curran joins from Tokio Marine Kiln Syndicate 557.
-
-
-
The LMG chair also discussed the need for tailored regulations.
-
The carrier has been looking to enter the Lloyd’s market since 2021.
-
The (re)insurer’s Q4 CoR rose 15.2 points to 81.4% on satellite failure, D&F losses.
-
-
The facility was launched in November for grain shipments.
-
Opportunities for profitable growth remain in 2024, the agency said.
-
The broker has also appointed Charlie Liddle and Rowan Minhas to the team.
-
Talbot has lost a trio of PV underwriters to Ark in recent months.
-
The carrier’s top line grew by 6.5% to $164.9mn during the quarter.
-
If you only read a handful of articles this week, make it the selection below.
-
The executive said that adequate rates were encouraging insurers to grow.
-
The company reiterated its commitment to consummating the Accredited sale.
-
Losses were driven by the Viasat-3 satellite failure, the Sudan conflict and D&F events.
-
ERS 218 reported a 3.4% return on its £48mn capacity.
-
Syndicate 609 will focus on deploying capacity in D&F and specialty.
-
Marty Becker was previously chair of QBE Insurance and Alterra Capital.
-
Mike Smith will step down from his role on 31 March.
-
WTW and Tysers collaborated with PPL to design and implement the pilot.
-
The firm has laid out five reforms to hold itself, and its subsidiaries, accountable.
-
-
The findings have implications for businesses and D&O.
-
Mutual Zenkyoren is expected to reduce its purchase this year.
-
The executive served in the role since January 2023.
-
Direct Line’s board said it received the offer on 19 January and rejected it on 29 January.
-
Ryan entered into a £200mn currency forward to manage the appreciation risk of the Castel deal.
-
The Lloyd’s legacy business has been placed up for sale, along with other units.
-
The changes lift the threshold for companies reporting in the Solvency UK regime to £25mn.
-
Direct Line's shares surged by 28% following the confirmation.
-
The funding will allow the firm to release Yurty, a digital care app.
-
The guide was developed collaboratively by the ABI’s AI Working Group.
-
The approval takes account of several out-of-court settlements.
-
Managing agents submitted audited returns to Lloyd’s yesterday.
-
Exposures to property are growing materially in the riskier geographies.
-
The US tallies $97bn in economic losses from major perils each year.
-
The Marco Capital company will target the captives market.
-
He succeeds WTW’s Alastair Swift, who has been chair since 2022.
-
The executive left OdysseyRe last August, as this publication revealed at the time.
-
Alexander Baker was a senior PV, war and terrorism underwriter at Axa XL.
-
Paul Thomas was also appointed head of sports, media and entertainment.
-
It also highlighted loss deterioration on its 2015-2018 casualty books.
-
-
He joined K2 International in 2014 and established K2 Financial.
-
The facility offers a range of $25mn-$50mn in excess capacity.
-
The carrier announced a capital repatriation plan of EUR3.5bn.
-
Velonetic said the transition would not go ahead if questions over readiness remained.
-
The firm received a long-term ICR of a- and the outlook for both ratings is stable.
-
The 1 January treaty renewal was “far more orderly”.
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Tysers has been regulatory principal for the MGA since its 2018 launch.
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Slipstream will be available to marine, cargo and logistics UK clients.
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Shallow will also become joint active underwriter for Syndicate 2999.
-
Tim Bluck joins as a partner, covering UK clients.
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The insurance services firm is owned by Lovell Minnick.
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The carrier has reported that full limits remain on all insurance cover.
-
He praised 2023 insurance results as other sectors were a “disappointment”.
-
Excluding TransRe, the group’s losses declined by $509mn last year.
-
The executive discussed Markel’s performance in an annual shareholder letter.
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-
The broker had approached underwriters to consult on additional brokerage of 0.5%.
-
-
All three carriers also announced increased dividends.
-
Procedural expenses in the case have been as high as $100,000 per day.
-
-
Plus all the latest executive moves and the top news of the week.
-
The upgrade noted consistent underwriting gains and investment returns, and a CoR below peers.
-
Jill Beggs has been named chief operating officer for reinsurance.
-
Its PE owners have been exploring strategic options since May last year.
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-
Interim CEO Joe Gordon’s tenure will end after a handover period.
-
Royal and Underwood also join the capital, advisory and placement surety team.
-
The P&C segment reported a 71% increase in underlying earnings.
-
Beazley is expected to announce its year-end results on 7 March.
-
At the group level, Zurich reported its highest-ever return on equity.
-
Pravina Ladva, Swiss Re's group CDTO, sets out experiments the carrier is conducting with generative AI.
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Instead, the firm’s core segments reported $13.5mn in full-year cat losses.
-
The business will be led by Alex Kirkby, new head of marine and energy.
-
The carrier will prioritise underwriting profits over growth in 2024.
-
The firm said “respect” for reinsurance is at a high.
-
The end of the waiting period effectively clears the path to close in the US.
-
Vesttoo is unable to make a similar request again.
-
Sarah Moses has more than 15 years’ marine experience.
-
Managing risks associated with the technology is essential.
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-
-
The Bermudian achieved a 72% CoR and an improved investment result.
-
Twia’s actuarial and underwriting committee made the recommendation last week.
-
Consolidated underwriting income shrank 36.6% YoY to $36.7mn.
-
SEC filings show that Travelers’ equity ownership was valued at over $107mn in Q4.
-
The firm will have more flexibility around talent compensation and M&A activity.
-
Moss was previously chairman of Kentro Capital.
-
The legacy carrier cited the impact of its investment portfolio.
-
The firms say no “single aggregating event” caused the contingency losses.
-
The enterprise value is around 18x Truist Insurance’s 2023 core Ebitda.
-
ECLiC discussed how climate litigation can impact the Lloyd’s market.
-
The broker’s $47bn DoJ fine had “no material impact” on profits.
-
The marine insurer said it fulfilled all mutual P&I renewal targets.
-
The deal, announced in July 2022, still requires final approval.
-
The MS Re CEO said 1 January oversubscription levels on cat were not notable.
-
The executive will lead strategic initiatives and hire talent.
-
The ratings agency said P&C insurers must "push through" price increases.
-
The broker has used Whitespace since 2019.
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Finan was VP of construction and infrastructure at Marsh.
-
The company completed investments in Ai Marine, Pantheon and Verve.
-
She stepped into the role on an interim basis in August 2023.
-
By the end of last week, the ICA had received nearly 10,000 storm-related claims.
-
The company is a key player in algorithmic underwriting.
-
The ratings agency said the reinsurer had a “very weak” balance sheet.
-
Enstar acquired 637,640 shares of James River in Q4 last year valued at nearly $6mn.
-
The Australian insurer will have $1.7bn of core XOL cover this year.
-
The move followed efficiency considerations and the current state of the Chilean market.
-
Ross' appointment marks the first of four hires to the new business lines.
-
The Australian carrier has a full-year natural peril budget of A$1.09bn.
-
The carrier issued notice of cancellation on certain war risks on Monday.
-
The carrier added casualty reserves of more than $500mn during Q4.
-
The international business grew premiums by 17%.
-
The event occurred a fortnight after major North Island flooding in New Zealand.
-
Head of FI Samantha Shean is leaving Axis to join Aviva.
-
The carrier booked a fourth-quarter combined ratio of 88.3%.
-
Irick moves into a group role, with current CUO Shaw stepping up.
-
Plus all the latest executive moves and the top news of the week.
-
The group’s net profit leapt six-fold to $3.2bn for the year.
-
CEO Grandisson described Arch as "bullish" in its prospects for 2024.
-
The MGA previously hired Sara Valentine from Brit to launch in energy.
-
Insurance Insider reported last year that the facility was relaunching.
-
The senior energy underwriter exited amid a strategic pivot at the MGA.
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Arm is based in Guernsey and has a Bermudan management licence.
-
The company will use MS Amlin to drive international growth.
-
The MGA has also hired Axa’s Rob Corner and IQUW’s Catherine Farnworth.
-
The carrier set the initial profit guidance to NZ$22mn-NZ$27mn.
-
Reinsurers maintained ‘ample’ capacity for 1 January renewals.
-
During the quarter, it booked $137mn in cat losses versus $34mn a year ago.
-
LatAm represents $1.3bn in premiums, the Caribbean $1bn and Bermuda $700mn.
-
Its property cat aggregate cover renewed with improved coverage.
-
The Australian outfit is the latest in a flurry of Lloyd’s start-ups.
-
Earlier in the process, sources linked Sentry Insurance with a bid for the E&S insurer.
-
Talbot is rebuilding its PV team after a December Ark and Chaucer raid.
-
Mapfre recorded a net result of EUR677mn, a 20% increase on the year prior.
-
The recruits join from Ardonagh, Guy Carpenter, Howden and Miller.
-
Rance’s remit will include credit, marine, cyber, parametrics and motor.
-
There were 10 fatalities, mostly due to drowning or tree fall accidents.
-
The suggested update to the PML is $2bn higher than last year.
-
Sompo International booked an adjusted profit of $860mn for its fiscal Q3.
-
In the prior-year period, Ukraine and Hurricane Ian impacted results.
-
The carrier also benefited from strong underwriting and investment results.
-
Howden acquired a majority interest in Mexico’s Adrisa in 2020 and Grupo Ordas in 2017.
-
The company provides reinsurance to insurers in LatAm and the Caribbean.
-
The new licence expands the carrier's P&C capabilities in Europe.
-
BP Marsh sold Thompson-founded Kentro to Brown & Brown last year.
-
The carrier has been hiring after the launch of a new specialty practice.
-
The new line is in addition to its existing Bermuda and US excess casualty products.
-
The former Accredited CEO spent most of his career at Aon Reinsurance.
-
Independent producers can place international business via the network.
-
Trading on a data-first approach marks a 'new era of innovation', execs said.
-
The MGA is looking to take advantage of trading in person.
-
The executive has over two decades’ experience in the market.
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The Bermudian’s reserves will be on watch when its Japanese parent reports earnings.
-
The carriers were in arbitration with UnipolRe and Gen Re.
-
Kennedy previously worked as an energy broker at Aon and Marsh.
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The increase in limit reflects the carrier’s growing exposure.
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Price Forbes will become the dominant brand, while international CEO Ferguson will exit the business.
-
The facility is backed by a host of Lloyd’s syndicates.
-
The agreement will cover onshore windfarms, primarily in Sweden.
-
Firms issued notice in respect of some commercially reinsured war risks.
-
The ratings agency said most P&I clubs had achieved pricing adequacy.
-
The outgoing NA CEO joined the legacy carrier in 2022.
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Scor’s Nicola Hannay has been appointed head of power generation.
-
According to its 2023 10-K, Gallagher spent $3.74bn on M&A activity.
-
The carrier confirmed the appointments of Barrett and Tinworth to the property team.
-
The probe concluded in Q4 last year, according to Gallagher’s 10-K.
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The newly launched Marco Re will be led by Mark Elliott as CEO.
-
He joins from Ardonagh, where he was a technical account manager.
-
The Lloyd’s chair warned that clients, capital and talent “will not wait”.
-
Plus the latest people moves and all the top news of the week.
-
Speakers said using chat bots to explain coverage would be a key help.
-
Duties will include setting strategic direction in marine, aerospace, and specialty niche lines.
-
There remain 22 defendants still challenging the venue for claims hearings.
-
The carrier said it has acted prudently on 2016-19 GL loss trends.
-
A minority stake has been taken in the two Lloyd’s Lab alumni.
-
The appointment follows the resignations of Shaun Russ and Ian Davidson.
-
The carrier has rebranded its UK entity from MSI EU to MSIG UK.
-
Shannan Fort was a partner in McGill’s FI and cyber team.
-
The broker has been adding to its capabilities in the region.
-
The team will be led by Alejandra Hernandez Irizarry and Courtney Alonzo.
-
Paul Western has been promoted to head of hull underwriting.
-
The watchdog says the wholesale market has “a way to go” on D&I.
-
The carrier has also hired Henry Henderson from Liberty.
-
-
Nick Frankland will succeed Martin Pike as chair in May.
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Asta-managed Syndicate 1966 will target £75mn GWP for 2024.
-
The incoming cyber head previously held roles at RSA, WTW and Aon.
-
The carrier is due to surpass its 2025 target a year earlier than planned.
-
The carrier booked a reserve charge of $392mn for casualty insurance.
-
Sources said the initiative includes former Ambridge executive MD Jeff Doran.
-
The marine market has had several new MGAs launch into the sector.
-
The hire has 20 years’ experience in asset management and corporate finance.
-
The backed carrier expanded top line by 16% over the quarter.
-
All parties interested in the case have agreed to participate in the process.
-
The Livingbridge-backed broker may return to market in 2025.
-
The carrier said a tax windfall and better profits made bolstering possible.
-
Coverage is still available, but large losses could “move the dial” on pricing.
-
The transition is expected to be completed shortly after Q1 2024.
-
The carrier increased premium volume by 6.9% at 1 January.
-
The carrier faced "significant impact" from a P&C reserve charge on its earnings.
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The CEO said winning back clients “validated” the broker’s approach.
-
Jack Broadbent left WTW to join CFC in June 2023.
-
Ditte Deschars will be moving into the chairperson role for EMEA.
-
She will report to Ken Norgrove, CEO UK & International.
-
The carrier also set out detail on its alternative solutions offering.
-
The CEO said long-term backers give the company confidence.
-
Stennett joins from Allianz Trade where he was commercial director of UK and Ireland.
-
The broker said softening was emerging in some lines, but cat risks remain challenging.
-
Risk and broking was driven by new business, client retention and rates.
-
Artificial Labs undertook the Lloyd’s Lab accelerator programme in 2020.
-
The broker also announced Rob Geraghty as her successor.
-
-
-
EGPI growth at the firm’s Alternative Solutions unit soared 191%.
-
A so-called atmospheric river effect is behind the severe weather.
-
The pace of price decreases has eased since Q2 last year.
-
The figure represents a 26% increase on the previous estimate.
-
The report examines challenges and opportunities for insurers.
-
The French carrier said more than half of the growth was organic.
-
The transaction will reduce the firm’s reliance on private debt deals.
-
David Shalders will be based in London and report to CEO David Howden.
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The carrier has also hired Craig Bedford as specie underwriting manager.
-
Travis Bowles was international head of claims at Axis.
-
Falling rates in finpro and increased competition in property drove the trend.
-
The executive will work to grow the broker’s affinity proposition in the UK.
-
The CEO speaks on portfolio remediation and the future of the lead-follow model.
-
Most of the losses occurred in France, followed by the UK and Belgium.
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The broker wants to “draw a line under the issue” and trade forward.
-
The insurer says Greensill's claim "arises out of a fraudulent scheme”.
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The PE firm is exercising an option to maintain a significant holding.
-
The talks must be completed by 28 June to avoid a trial.
-
Growth driven by 14% expansion in reinsurance solutions division.
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The broker made a number of energy hires from Price Forbes and Miller last year.
-
The A&H reinsurance underwriter was launched by Peter Wilkins at the end of last year.
-
The final estimate is a 12% increase on an August tally of NZ$1.99bn.
-
Plus the latest people moves and all the top news of the week.
-
The carrier did not consider pursuing an LPT deal to address the GL and PL issues.
-
The firm will still be prepared for ‘modest changes’.
-
The insurer launched in Q4 2023 with $250mn of backing from Altamont.
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The figure was disclosed in the group's recent 8-K disclosure.
-
Funding dropped from $8bn in 2022 to $4.5bn in 2023, a 43.7% decrease.
-
It is understood that the bank has been tapped to handle inbound attention.
-
CEO Booth said there is “continued interest” in the NA captive market.
-
The assessment notes the start-up's “very strong” balance sheet.
-
Scor partnered with Acrisure Re to build the consortium.
-
Its PPD ratio for the quarter jumped 34.2 points YoY to 33.6%.
-
The initial plan was to renew $2.7bn of the acquired book.
-
The code has been launched by the Code of Conduct Claims Working Group.
-
Anderson first joined Scor in 2017 as a senior cyber and technology underwriter.
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The appointment comes following the appointment of Ahad Khalid as head of power.
-
Spenner will succeed Tony Melia, who is retiring later this year.
-
He is succeeded by interim co-CEOs Andrew Wheeler and Russ McGuire.
-
Green has resigned as head of UK underwriting construction and engineering.
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The regulator is calling for comments on the deal by 13 February.
-
The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
-
He will take up his new role in September.
-
Japan’s macroeconomic environment could impact the profitability of insurers in the next year, AM Best said.
-
He will report jointly to Melanie O’Neill and Ronald Bolaños.
-
The carrier is expanding its marine footprint in 2024 through its Lloyd’s and London branch.
-
This was RenRe’s first set of quarterly results after its takeover of Validus.
-
The review followed a methodology change.
-
The Fidelis underwriting unit’s Paul Calnan and Danny Joyce are set to depart.
-
John Symms had been at the firm since 2020 and previously worked at Talbot.
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The decision may point to a wide bid-ask spread between buyers and sellers.
-
The reinsurer took a harder line than peers on casualty treaty at the latest renewal.
-
The debtors are challenging the US courts for not addressing cross-border issues.
-
The broking group aims to release cash and facilities for investment.
-
The increase can be attributed to the Christmas storms of 2023.
-
Brace is launching in the US with Glenn Dorr as president and head of marketing.
-
She replaces Mark Walker, who moved last year to become head of national business for the UK.
-
The carrier made four new hires to the global credit and political risk team.
-
The court gave a mixed ruling on subjects including coverage, aggregation and furlough.
-
CarbonPool insures against unexpected carbon-credit shortfalls and reversal events.
-
Storm Ciarán incurred insured losses of EUR1.9bn, according to WTW’s natural catastrophe report for July to December.
-
The carrier is rebuilding its energy underwriting team after a number of staff departures.
-
Conduit said the reduction in interest rates over H2 2023 led to "substantial investment portfolio valuation gains”.
-
The facility provides cover for environmental damage and loss of revenue.
-
Suncorp reported A$568mn in natural-hazard event costs for the H1 2024 reporting period, resulting from six significant events.
-
The ratings agency also affirmed the reinsurer’s A- FSR rating.
-
He will be replaced by current COO Mikio Okumura, who will assume the role of CEO effective 1 April 2024.
-
The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
-
Total brokerage revenue was up 20.4% year on year.
-
Jose Antonio Álvarez served as group CEO of Santander from 2015 to 2022
-
The news comes after Markel acquired a 49% stake in the business last year.
-
Plus the latest people moves and all the top news of the week.
-
Insider Brockman will pick up the EU role on an interim basis.
-
The CEO flagged a trend towards mega settlements and said there was concern around the direction of loss costs.
-
CEO Trevor Carvey said 1 January 2024 renewals were more “orderly” than in 2023.
-
Property rate increases decelerated to 6% in Q4, compared to slowdowns of 7% in Q3 and 10% in Q2 2023.
-
The executives join as representatives of the Lloyd’s Market Association and International Underwriting Association.
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The broker’s growth was down 3 points on the 10% reported in Q3 and level with the 7% posted in Q4 2022.
-
The group has been exploring options to enter the market since 2021.
-
Dale Willetts joins from Sompo International, where he held the role of executive vice president, head of specialty lines.
-
He will be responsible for the day-to-day operation of the business.
-
The carrier said it expects to maintain CoR as it takes a selective approach to casualty lines.
-
Axis shares were trading at almost $59 after closing at around $55 Tuesday.
-
The motion was filed by Chaucer Insurance Company and Chaucer Syndicates, as managing agent of Lloyd’s Syndicate 1084.
-
The executive has headed up Marsh’s Pacific region for the last four years, having joined via the acquisition of JLT.
-
A year ago, the JC Flowers-backed broking firm received the license to operate as intermediary in Bolivia, and it is expected to launch in Colombia later this year.
-
Market softening likely to being in 2025 as new capital is tempted in.
-
The appointments were revealed by this publication in August, as well as Dave Woolley's appointment as executive director of legal indemnities.
-
The senior upstream energy broker departed Marsh last autumn.
-
The Insurance Council of Australia has estimated A$743mn ($489.6mn) of insured losses from Tropical Cyclone Jasper and the Christmas and New Year storms.
-
A new Geneva Association report says the early involvement of (re)insurers is key to supporting the growth of emerging technologies.
-
More than 100% of the reserve charge came from pre-pandemic years, as the slight release of $40mn that offset the full-year increase of $452mn was from 2020 to 2022 accident years.
-
The reserve strengthening was related to liability and professional lines related to 2019 and prior accident years, the firm wrote in a preliminary earnings disclosure.
-
It emerged in November that the carrier’s construction head Daniel Abramson was leaving the business.
-
She will report to Carol-Ann Burton, ASML director and general counsel for Argenta Group.
-
The transaction would have been one of the largest the market has seen for years.
-
Swiss Re will transfer its Genoa-based hull business to Dual Europe and provide the MGA with underwriting capacity.
-
The broker’s latest climate report tallied global insured cat losses at $118bn.
-
The consultation will close on 26 April, with the PRA expecting to implement changes in Q4 2025.
-
The executive joined the legacy carrier as CIO in 2020.
-
Chubb withdrew from writing transactional risk in London and all territories outside the US in 2020.
-
The executive’s career includes stints at Acappella and Amlin.
-
The ratings agency said underwriting profitability is likely peaking at current levels, as price increases moderate and loss-cost inflation persists.
-
The group has created a managing directorship for reinsurance and investments, to be filled from June by its current CRO.
-
A deal would mark Amwins’ second LatAm sale, after this publication revealed that Lockton acquired THB Brazil last May.
-
The broker will be based in Miami and offer solutions in lines including property, energy, construction and financial lines.
-
The association will also deliver work around binding authorities as well as engaging with regulators.
-
Envelop SPA 1925 was launched at the start of the year with Chris Baddeley as active underwriter, based in London.
-
Based in Singapore, Jess Au will succeed Ophelia Szeto, who is retiring from the role.
-
Michael Creighton joined WTW in 2019 as an executive director within the financial solutions team.
-
As a result of mostly flooding, £467mn of losses occurred in the UK.
-
The source of the funding is one of the most problematic elements for sources who spoke with this publication following the draft bill’s release on Friday.
-
The program’s retention remained the same at $3.5bn.
-
Plus the top executive moves of the week, and more.
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Chuck Volker has been with Everest for more than 20 years, most recently serving as SVP, head of US property and specialty.
-
The executive will lead for the EMEA region in its strategy and development business segment.
-
Speaking to a Treasury committee, Rathi explained that the FCA is not proposing to enforce social policy, but to provide data for firms to evaluate themselves.
-
InsurX launched into the D&F market earlier this month and plans to facilitate the placement of around $30mn of property D&F business.
-
Unfavorable prior year reserve re-estimates, excluding catastrophes, totaled $199mn in Q4, with approximately $148mn related to personal auto, including costs for litigation claims.
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Rice has been appointed as senior underwriter and head of business development for Europe.
-
The marine entry will be backed by Axeria IARD, SiriusPoint and Sompo International.
-
Adrian Jones will report to Acrisure’s president of global insurance Grahame Milwater, a spokesperson for the broker confirmed Tuesday.
-
The timeline for the centre launch was announced at last year's CFC Cyber Forum, in which CFC's then CUO described the launch as a “coming of age for the cyber market”.
-
The carrier confirmed that coverage will renew on 20 February 2024.
-
High staff turnover in the cargo market is continuing this year, following elevated movement in 2023.
-
Ron Gardenier, the current chief MGA at Aon, will be appointed CEO of the newly formed entity.
-
Price Forbes has been hiring across specialty lines, and recently appointed Howden’s cargo head Jonathan Eaton.
-
As part of the transaction, Carrick will assume the company’s staff and operations.
-
2023 was the fourth consecutive year insured cat losses surpassed $100bn.
-
The executive joins the company as it looks to bolster its reinsurance capabilities.
-
It was announced earlier today that former Aspen UK CEO Richard Milner was set to join Chaucer as group CEO.
-
In his new role Bolaños will report to both Matthew Moore, Liberty Global Risk Solutions (GRS) president of underwriting, and to Phil Hobbs, LSM president and MD.
-
Milner was appointed CEO of Aspen UK in 2020 and has held a number of senior roles within the market.
-
The LatAm telecoms company buys a sizeable protection triggered by windspeeds.
-
In its first year under new ownership and after setting up its own managing agency in 2022, the Lloyd’s syndicate is looking at ways to leverage its infrastructure.
-
Both executives will report to CEO Guillermo Eslava.
-
Mosaic has also added CNA Hardy’s Emily Humphreys to its PV team as part of the deal.
-
Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.
-
Clayton will join the carrier’s global credit and political risks team, reporting to James Wilson, head of credit and political risks.
-
The resignations will see Russ and Davidson reunited with fellow Axa XL alumnus Mark Hutton, who joined Tokio Marine HCC as head of crisis management last year.
-
In October 2023, it was announced that Powell was leaving Marsh to join WTW as the broker’s global chief claims officer.
-
The broker’s focus in the region will be on financial and professional lines, construction, and property.
-
The platform has signed up brokers such as Miller and Gallagher and carriers such as Beazley and Atrium ahead of its market launch.
-
Graham Silton will move from his current position as manager for liability and cyber in Asia Pacific.
-
Political violence rose up the agenda, with conflict raging globally, and key elections due this year.
-
An escalation of conflict at the end of last week is expected to put significant upwards pressure on marine war rates.
-
The uptake on war exclusions, which was followed by other reinsurers, could signal the end of "endless" discussions on the topic.
-
Gill White will remain interim CEO of the CII until Hill’s arrival in early April.
-
Sutcliffe steps into the role vacated by Jon Bartlett, who retired at the end of 2023.
-
The appointment follows Dale's completion of its deal with CVC to support business growth.
-
Discussions include insuring military risks in the field of air and business travel to Ukraine.
-
Participating insurers would be required to provide all-perils property insurance for residential and commercial policyholders.
-
Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
-
The syndicate is expected to complete an RITC process by late 2025.
-
More than three-quarters of the losses came from the firm’s UK&I line of business.
-
The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.
-
Wind and tornado in the US may already have led to losses in the hundreds of millions, according to Aon’s report.
-
The loss estimate includes property damage, contents and BI insurance across residential, commercial and industrial lines.
-
Siemens Gamesa is one of the world’s leading renewable energy manufacturing companies.
-
A trio of underwriters from GCube will lead the business.
-
Plus the latest people moves and all the top news of the week.
-
The association will also explore the impact of AI and continue its #BackToEC3 campaign this year.
-
In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
-
The carrier has been expanding its team since launching into the energy market last year.
-
R&Q is still dealing with a Bermudian regulatory review, personnel turnover and a transitioning business model.
-
Just over half of votes cast were in favour of the $465mn sale to Onex.
-
Ashwell is widely regarded as one of the architects of the standalone terrorism market that emerged after 9/11.
-
The regulatory body laid out its priorities which will focus on themes including credit, liquidity and cyber risk.
-
The 737 Max fleet was previously grounded in 2019 following the fatal crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302, when Boeing had a $500mn sub-limit on such claims.
-
The carrier has been growing its financial institutions team and recently appointed Mark Warrilow from Price Forbes.
-
The senior underwriter has 35 years’ experience in marine business.
-
As part of the fundraise, Marcus Ryu, Battery Ventures partner, and a16z general partner Angela Strange will join Hyperexponential’s board.
-
Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
-
The scale of the claim is expected to be just within the expected total weather losses for insurers.
-
The trade body also urged a proportionate approach to regulation of the broking sector.
-
Gaughan took over the leadership of SiriusPoint’s energy underwriting operation last year.
-
The carrier also signed down some Lloyd’s players due to differential pricing.
-
The Italian carrier will buy out joint venture partner CNPC Capital.
-
The Global Risks Report 2024, made in partnership with Marsh and Zurich, shows that extreme weather events, misinformation and disinformation are top risk severity concerns.
-
The Corporation is cracking down on LOC exposure following the Vesttoo scandal.
-
Nearly 80% of transportation companies surveyed cited a lack of access to insurance solutions and a lack of data to understand supply-chain risks.
-
The broker said there was a “record level of dry powder” waiting to be deployed.
-
-
The legacy carrier has acquired two portfolios of European casualty and motor liabilities from two separate insurance groups.
-
Storms Pia and Henk, followed by a cold snap, follow three years of 100+ combined ratios for UK insurers.
-
The platform is adding a contract builder component that would smooth adoption of the new MRC v3 contract.
-
The Essential Consortium is a specialised cargo consortium for perishables launched in April 2023.
-
The carrier has made numerous energy and power appointments in recent months.
-
Kevin Leach was formerly The Hanover Insurance Group’s financial institutions leader and VP.
-
The business will bring together aviation, marine, cyber, engineering and parametric solutions.
-
Prior to his resignation, Stubbs held the role of deputy class underwriter at Chaucer Group.
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Jon Colello will become president in the management shake-up.
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Canopius has also appointed Uwe Schoberth as head of distribution, US and Bermuda.
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This follows a challenging period for business last year.
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The executive has spent 20 years in the industry.
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The broker has seen several changes to its senior UK leadership in recent months.
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The company was launched last summer by Paul Jewell, with backing from PE house Flexpoint Ford.
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The figure does not include losses from the likes of infrastructure, automobiles and business interruption.
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The year was characterised by several severe and costly thunderstorms.
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The Build consortium will target sectors including renewables, power, waste to energy, infrastructure and innovation.
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The downgrade was driven by a change in the Swiss Insurance Supervision Act, which came into effect 1 January and is unrelated to the rating fundamentals of Swiss Re, according to the agency.
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European rates on line increased by 7.60%, while in the US prices were up 5.25%.
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The broker grew by 35% in 2023 and is looking to reach gross written premiums of $1.4bn by 2026.
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Selling investor Zimmer said the deal was concluded at a premium to book value, but no numbers were disclosed.
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Roughly $750mn of securities across 13 cells are available to institutional investors via London Bridge vehicles.
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Carmen DeSilva will help build out QBE Re’s Bermuda specialty reinsurance business.
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Mark Wallace replaces Paul Tester, who has been appointed SVP, executive advisory director, international reinsurance.
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Meaningful softening in 2024 still unlikely, the ratings agency said.
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Prices are surging as a result of heightened risk but coverage remains readily available for shipowners.
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Traditional InsurTech offerings for the UK mid-market "often fall short", according to Cowbell UK’s Simon Hughes.
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The 11th hour settlement came just days before the case was scheduled to be heard by the New Jersey Supreme Court.
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Residential losses are expected to account for around two thirds of the claim total.
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Salvatore Sama has been named global product head for casualty, while Jane Farren has been named global head of financial professional lines.
-
While it is too early to determine the total financial loss, the US Geological Survey believes there is a 64% likelihood it will reach into the billions of US dollars.
-
The global segment leader for power generation moves to Tokio Marine HCC soon after his colleague Nicola Hannay.
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The $7bn initial attachment point has remained unchanged from last year.
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The executive will retain his role as European CUO alongside the new position.
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The binder has a line size of $2mn and will enable the MGA to write international property risks in a number of international territories.
-
Gareth Wharton announced his exit after nearly 18 years with the company in a post on LinkedIn.
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Domestic carriers usually have low attachment points for quake losses, the ratings agency noted.
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Plus the latest people moves and all the top news from the week.
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He replaces Mark Stephenson, who is leaving Liberty to join Ardonagh.
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The new team is one of several the broker has set up in the past 18 months.
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The incoming executive previously spent 17 years at AIG, most recently as head of financial lines for MENA.
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Benjamin Weber is set to retire in early 2024 after 25 years at the carrier.
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The broker’s report also hailed the best risk-adjusted margins for ILS investors in a decade.
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In its Plane Talking report, the broker notes a “distinct differentiation” between the hull and liability and the hull war/third-party liability markets in 2023.
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Reinsurers are looking to grow in top-layer cat risk, resulting in “variable” outcomes on sign-downs.
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Tom Fulford-Smith and Charles D’Alton previously founded and led marine intermediary Latitude Brokers in Hong Kong in 2014.
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The insurer said it has received 19,000 claims from affected policyholders so far, with nearly 65% of these coming from customers in Queensland.
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Senior underwriter Tom Horswill is to relocate from London to Dubai to lead the offering.
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The primary insurance subsidiary buys around EUR700mn of property cat protection from the wider market.
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AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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In total there were seven international events that exceeded $1bn in 2023.
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Property cat and casualty pricing remain steady following chaotic 2023 renewal, with global cat rates rising 3%.
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The lessor said the amount of its all-risk claim relating to the 47 engines and five aircraft is around $836mn.
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The company announced in March last year that the executive was set to retire.
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Darren Bailey joins from Roosevelt Road Capital Partners, where he was director of capital markets.
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Ollie Spells joins from Guy Carpenter, where he was a senior producer in the broker’s UK facultative property team.
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Some reinsurers could be heading into 2024 with spare capacity, the reinsurance leader said.
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Tsunami warnings were initially issued following the earthquake but were subsequently downgraded.
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The broker said over-placement on some deals was a positive sign for brokers, though reinsurance capacity is still very tight in some areas.
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Amanda Blanc was granted the title for services to business, gender equality and net zero.
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The ICA escalated the event from a ‘significant event’ to an 'insurance catastrophe', reflecting the escalating severity of the situation.
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The broker has reported that Storm Zoltan is set to become the second-highest wind-related insured loss event in Europe in 2023 after Storm Ciarán.
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A more consistent trading rhythm returned to the property market, with capacity deployment outside of frequency-exposed layers and more heavily loss-impacted segments bouncing back.
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The German weather service issued warnings of persistent rain for six states.
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The executive has more than 25 years’ experience in the industry.
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Gallagher said higher-than-normal war premiums in some cases may "help to paper over the cracks”.
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The new unit, led by Hiscox 33, will launch with a $5mn line.
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Finance minister describes the activity as “widespread, repeated and continuous”.
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Insurers have received more than 7,500 claims related to storms across Queensland, New South Wales and Victoria.
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The deal’s consideration consisted of a cash payment of $119mn and the 13.5% equity interest that Enstar held in Northshore, the parent of Lloyd’s underwriter Atrium.
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The lessor is still pursuing a variety of claims for other trapped planes.
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Plus the latest people moves and all the top news of the week.
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Travelers is set to expand its core cat treaty by between $1bn and $1.5bn, in a further sign of increased demand for cat reinsurance coverage at 1 January, this publication can reveal.
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The company acknowledged an issue with the platform had emerged on Tuesday afternoon after sources complained of having to resort to paper transactions.
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The choir of the London market spreads some festive cheer about their hopes for the year ahead.
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The regulator has also paused the redemption of the company’s $20mn Tier 2 floating-rate subordinated notes.
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The renewal included $130mn from White Mountains, considerably less than the $205mn Ark’s parent kicked in for 2023.
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The deal follows this publication’s report that the Bank of America-run sale process of Castel was drawing robust interest.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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Separately, sources said Swiss Re Miami-based head of auto overseeing the motor portfolio for the LatAm region Carlos Ricci has also left the reinsurer.
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The provision was made as part of the Berne Financial Services Agreement signed by Chancellor Jeremy Hunt today.
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Business will continue as usual, with the PlacingHub platform still expected to go live in January, the technology firm said.
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This publication recently noted that ongoing rate declines and questions about past accident years are leading to calls for D&O price discipline.
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The professional risks portfolio is underpinned with Bridgehaven capacity.
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The carrier is targeting the line of business as part of a wider strategic push in international insurance.
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NormanMax Syndicate 3939 is to be managed by Apollo Syndicate Management.
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The ICA said the storm has already generated more than 3,800 claims across areas stretching from Cape York Peninsula to Mackay.
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We look at data trends that shed light on the past year, ranging from growth plans at Lloyd’s to personnel planning, uncertain IPO prospects and the unexpected trends from Florida losses.
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The company also confirmed earlier reports from this publication that Goldman Sachs would be a leading bookrunner, along with Citigroup, Jefferies and Apollo Global Securities for its ~$4bn H1 2024 IPO in New York.
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The underwriter has spent the past 12 years working as a senior marine underwriter at RSA.
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Informal conversations to scope out candidates have already been conducted, with an executive search firm expected to be appointed as early as January.
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The CEO also disclosed that the break fee on the takeover is $250mn.
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Insurance Insider reported in November that the first layer of the deal had secured a 7.5% rate reduction.
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Andrew Guarnori joins from Swiss Re, while Ashish Ahluwalia was previously head of reserving.
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The deal is expected to close in mid-2024 and will be funded by $7bn of cash and $6.4bn of Aon stock.
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The move confirms earlier reporting from this publication that Aon was looking for a big acquisition that would give it access to the US mid-market.
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Rebel attacks on vessels have led insurers to hike pricing.
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Insurance Insider takes a look at some of the biggest news and developments of 2023.
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The acquisition was “amongst the most significant” the broker has made in Continental Europe, according to Howden.
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The executive had been scoping out a new venture since late 2022, working alongside Bob Cooney on the first iteration.
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Aircraft lessors have now received nearly $2.4bn in insurance settlements from Russian airlines.
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Peter Riihiluoma will succeed Richard Sammons, who is set to leave the business.
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Robert O’Leary, managing executive officer at Tokio Marine Holdings, has resigned from the company.
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The executive joined the group five years ago.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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IGI writes a worldwide upstream energy book, with a lead underwriting capability and maximum line size of $75mn.
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Major shipping lines are diverting ships away from the Red Sea following numerous attacks.
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As risks continue to become more interconnected, (re)insurers face increased pressure to manage aggregation.
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The Corporation plans energy efficiency measures and refurbishment of the upper galleries.
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The CEO emphasised that while trading conditions are favourable for the specialty segment, the company would make the decision to go public based on its own merit rather than market timing.
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Charlotte Macey started her career at CNA Hardy in 2008 and was most recently class manager for property D&F.
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The ICA has activated its preliminary extreme weather processes to assist in assessing the impact of the flood event.
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The incoming SVP will be responsible for growing the MGA’s energy and engineering books in Latin America and the Caribbean.
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CVC funds will invest into Dale to support business growth, which will result in CVC acquiring a majority stake in the business, the companies said.
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The agreement gives the Corporation the option to stay until 2040.
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Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.
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CFO Christoph Jurecka said losses for 2023 were in line with its expectations, but he added that the events producing the losses differed from those of years previous.
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The carrier has hired Ed Atkin, Piers Harding and George Wallace from Talbot and Callum Bennett from Chaucer to run the new book.
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The fund will be the second private asset product to be launched on the Lloyd’s investment platform after the private impact fund.
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Director of aerospace David Godley had been at Nexus since its acquisition of aerospace MGA Altitude in 2018.
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The ratings agency has upgraded the long-term financial strength and issuer credit ratings of the core entities of Insurance Australia Group to ‘AA’ from ‘AA- ‘.
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The carrier recently launched a rental capacity initiative with Argenta Private Capital.
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The (re)insurer also predicted its return on investment would improve “noticeably” next year, to more than 2.8%.
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Plus the latest people moves and all the top news of the week.
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France “lead the tally by a significant margin”, followed by the UK, Belgium and the Netherlands, Perils said.
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Under the proposal, the tax would be effective from 2025.
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Leading the decline was AJ Gallagher, with a 7.5% drop as of mid-afternoon, after having traded down over 8% earlier in the day.
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Koscondy will set the global production and distribution strategy of all of Beazley’s cyber business sub-$250mn.
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George Quinn has worked at Zurich for a decade and will oversee the completion of Zurich’s 2023 annual results.
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The Hartford, Canopius, Newline, QBE, CNA Hardy, Travelers, Hamilton and Volante are participating in the facility.
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Earlier this morning, SiriusPoint announced it had been informed that major shareholder CMIH had been taken into private receivership by lenders in Singapore.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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It is understood that AUB’s investment in Mexbrit includes the broker’s marine-focused MGA subsidiary Forte Underwriters.
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The syndicate exited the class in 2021 at a time when the Lloyd’s market was in the thick of its performance drive and Decile 10 exercise.
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Speaking to a Treasury committee, Blanc said she was “inundated” with messages detailing “incredibly sad” stories from women in the insurance industry.
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An affiliate of the Chinese investment group has a 33% shareholding in the carrier.
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The executive joined Gallagher in 2015 as COO of its international division.
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The casualty-focused MGA was launched in March by Argenta deputy active underwriter and head of casualty Bradley Knight.
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The carrier has also appointed Tom Hillier’s Brit colleague Graeme Ivory as director of international casualty.
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The company reiterated that, if the sale does not complete, R&Q “may not be able to repay its debt facilities as they become due, and R&Q would, therefore, be unable to continue as a going concern”.
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The Syndicate 2050 will provide capacity for new energy projects that support the transition to net zero.
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Operating entity Lancashire Insurance Company Limited, based in Bermuda and the US, has a long-term ICR of a+ while parent company Lancashire Holdings Limited has a long-term ICR of bbb+.
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The rating is the market’s highest ever from S&P.
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The broker, who has worked at Marsh since 1989, will report to John Donnelly and Chris Lay.
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The book is yet another indication of growing interest in the space.
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Mike Gosselin steps into the role vacated by Luis Prato, who left the carrier earlier this year to join LSM.
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Alex Coulton previously held the role of construction underwriter at Axis Capital.
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Directors and officers face an increased risk of litigation next year, according to a report.
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Potential suitors have been asked to bid off adjusted Ebitda of ~£40mn.
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The executive had been appealing a misconduct hearing that initially upheld some charges against him.
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The pair joined the Ryan Specialty subsidiary from ANV.
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Wolfram Schultz joins from Axa Global Re, where he was head of underwriting and group protection liability and specialty.
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The newly created role will see Frederico Spagnoli oversee Chubb’s consumer lines in 51 countries.
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In one deal, JC Flowers-backed broker Oneglobal and Insuterch Floodbase announced a partnership to develop parametric flood insurance across Asia.
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The incoming aviation specialist was previously head of aviation at LSM.
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Any firms that struggle to communicate on the new platform will be charged “translation fees” in the long term.
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Dual France will initially offer financial lines, professional indemnity, cyber, construction all-risks and title and M&A insurance.
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The carrier said the model will enable underwriters to offer lead quotes in just three minutes.
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The move points to a longer spell of independence for Miller – but possible bearishness on external interest in UK broking.
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The carrier also laid out its financial strategy through to 2026 in an investor-day disclosure.
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Woolley joined Aon in 2019 as an associate director and has previously worked as head of broker distribution for First Title Insurance.
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The Names have provided capacity to Volante 1699, Envelop 1925, and Carbon 4747.
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All existing carriers on the panel renewed in 2024, with QBE remaining leader.
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Barr’s resignation from his previous role as head of marine at CNA Hardy was first revealed by this publication in July of this year.
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The incoming AGCS CEO joined the carrier in 1998 and was most recently CEO of Central Europe.
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The deal is the latest in a wave of European broker consolidation.
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Next year will see North Atlantic hurricane activity about 30% above the 1991-2020 30-year norm, according to Tropical Storm Risk.
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The pair bought the broker together from WTW in 2021.
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The metrics will measure the regulators’ performance in promoting the financial sector’s competitiveness.
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The underwriter will work with product leaders across regions to deliver a global product offering for international clients.
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Gamze Konyar has been promoted from her prior role as head of Marsh’s cyber practice for the Central and Eastern Europe and Eastern Mediterranean regions.
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The announcement comes almost two months after this publication revealed that the carrier had lined up Goldman Sachs, Citibank and Jefferies to run its $4bn H1 IPO in New York.
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The continued negative outlook in Europe and the US can in part be attributed to inflation and the challenge of catastrophe risk management.
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Yesterday, this publication reported that James Mackay was set to depart from his previous role at Aon Reinsurance Solutions.
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The 2023 Global Risk Management Survey showed that the UK is the only region to put climate change in its top 10 risks.
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Clive Bolton, CEO of M&G Life Insurance and Tara Foley, CEO of Axa UK and Ireland were also appointed to the board.
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The MGA writes business including forestry, surety and financial lines, and was granted Lloyd’s coverholder status in July.
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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 new syndicate will write cover for African Specialty Risks’ existing lines of business, with plans to enter new markets later.
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Plus all the latest executive moves and the top news of the week.
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Sources said the executive will join Mitsui Sumitomo in a leadership position based in Brazil.
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Getty was appointed to the role in December of last year, having joined Talbot as cyber and technology class underwriter in 2017.
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The delayed introduction of phase two changes was at the request of the LMA, to allow more time for phase one implementation.
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The former Aegis London CEO joins former AIG, Marsh McLennan and Ace CEO Brian Duperreault at the start-up.
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James Davidson will become CFO, and general counsel Benoit Waltregny will assume the additional role of deputy CFO.
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Theo Butt of Convex, Aviva’s Matthew Gordon and Markel’s Simon Wilson have been elected deputy chairs.
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Gina Butterworth, Margarita Hutley and Holly Shepherd will join the broker representative’s board.
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The executives will look to bring the company’s full suite of products to clients.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The carrier has made several senior hires in energy and construction this year.
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Phase one of the launch is still slated to go ahead on 1 July 2024.
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CBC is SRG’s 19th acquisition to date and its sixth this year.
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Rob Newbold joined Verisk in 2002 and has held several roles, serving most recently as COO of extreme event solutions.
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The sale of the carrier’s home and pet operations includes an initial cash consideration of £82.5mn, with the potential to earn up to £32.5mn more.
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Risk Capital SA is a Luxembourg-based carrier with backing from Henry Junior Chalhoub, a member of the Chalhoub insurance dynasty.
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Hamilton is seeing additional opportunities on the casualty reinsurance front as other players pull back, given the loss activity stemming from 2019 and prior years.
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Head of Lloyd’s relationships James Mackay joined Aon in 2019 after a 25-year stint at Argenta.
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The executive said that property cat market terms and conditions continue to be favorable, while demand is anticipated to increase in January 1 and throughout 2024.
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The programme was hit hard by February’s Kahramanmaraş earthquake.
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The most effective route for insurers to engage with their clients on emissions reductions will require “fresh thinking and product innovation”, according to the reinsurer.
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Other early users include Amwins, Aon, BMS Group, Consilium and Costero.
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The fund aims to protect one million smallholder farmers in Africa in 2024, with plans to cover at least four million by 2030.
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Anthony Erotocritou is now group chief commercial officer, as Andrew Wallin takes the specialty helm.
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Last year, the B2B credit InsurTech raised $15mn in Series A fundraising as it looks to continue building its team and expand globally.
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The former Argo executive will join the MGA on 1 January, pending regulatory approval.
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The renewables insurer flagged a “staggering increase” in hail events, which was driving double-digit rate increases.
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Its combined ratio for the quarter improved nearly 30 points, particularly driven by better performance in its Bermuda segment.
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The MAPA will allow APCL clients to participate in a portfolio of syndicates without the need to own the underlying capacity.
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The limit on the reinsurance Citizens will look to buy from the private markets will stretch to $14.35bn, up 2% on prior-year coverage.
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The costliest disaster was the southeast Queensland and NSW flooding in February 2022.
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The MGA was without backing since March 2023, after Markel and Chaucer pulled their PVT paper.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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Stan Galanski most recently served as president and CEO of The Navigators Group until its 2019 acquisition by The Hartford.
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The start-up focuses on reinsurance and capital solutions.
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RedRiff Agency will underwrite A&H insurance and reinsurance through a Lloyd’s consortium led by Beat 4242.
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The broker is hiring in energy following the departure of several downstream brokers for Price Forbes.
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David Howden, founder and CEO of Howden, said his proposed method of minimising loss is “entirely non-political” and provides guaranteed funds, as well as certainty and the confidence to invest.
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Most of the industry loss occurred in the UK and was due to flood losses, with limited wind-related losses.
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Aidan Flynn said that although different markets are expected to move at different speeds, the underlying trend is clear.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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It is expected to have a negative impact on profit after tax in 2024 of approximately $500mn.
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The follow-only algorithmic syndicate has stamp capacity of $925mn for next year.
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Business lines offered include P&C, marine, construction, cyber, trade credit, financial lines, and energy plus employee benefits services.
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The broker’s global marine team services global premiums of $3.9bn across marine classes.
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Plus the latest people moves and all the top news of the week.
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The CEO anticipates reinsurers to continue focusing on attachment levels and that appetite for specialty classes will be higher.
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The executive said that work was underway to make sure the energy transition is “led by Lloyd’s”.
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Political violence and terrorism will also be a focus class for the Corporation, amidst geopolitical turmoil.
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Over the last seven years Euclid has insured $3.2tn of deal value and has booked nearly $770bn of total incurred loss through 97 paid claims.
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Canopius will write a 2.5% line on the multi-class facility, while Axa XL will write 1%.
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The carrier has added aviation, cargo and terrorism to its initial hull offering.
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The underwriter will work in the retail property team at BHSI serving the central region.
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The contingency account will initially launch in the UK and Europe with plans to expand in other regions including North America in 2024.
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Current marine head Laurence Humberstone is set to retire after 19 years at the carrier.
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Sompo has begun writing aviation war for the first time, while Apollo has picked its pen back up after a pause.
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The brokers will work in the contingency team headed up by Ian Tomlin.
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Tokio Marine HCC restructured its marine, energy and renewables division earlier this year.
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Insurance Insider understands David Walsh told employees in a memo that “certain culture failings” were identified in an investigation which had gone on “for some time”.
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The new trade organization seeks to promote responsible use of technology, collaborate with regulators on consumer protection and make insurance more available, affordable and accessible.
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Woodhouse will be based in London and report to Ed Winter, director of terrorism.
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Profits are expected to widen thanks to improved rates and higher average attachment points.
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The sectors could see many job roles automated as technology advances.
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Hansen’s role will be effective after a transition period with departing COO Chris Brook.
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Oliver Bäte joins Bret Johnson, CFO of SpaceX, and Coalition co-founders John Herring and Joshua Motta on the board of directors.
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The programme services carrier will serve UK MGAs from 1 January.
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The survey was conducted by the Nick Kilhams Foundation, founded in memory of the late Chaucer underwriter.
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The syndicate is looking to enter several new product lines and geographies.
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The UK division will be the only UK MGA outside of the London market focused solely on writing product recall insurance.
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The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften.
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Former pricing actuary Chris Chandriotis will lead the team.
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Backed by Aviva’s underwriting capacity, Optiom provides vehicle replacement insurance in Canada.
-
The agency cited the segment’s sustained growth and performance on a global basis but noted tight capacity for certain risks and uncertainty looming over the fronting market as offsetting factors.
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The broker said that cat losses were around $950mn in the year to October.
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The Bill O’Farrell-led legacy business has appointed Evercore as it looks for a fresh PE or strategic backer.
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The downstream brokers will join Price Forbes alongside former colleague Dan Nicholls, who left Miller last month.
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Brokerslink has appointed Antony Erotocritou as a board director representing Ardonagh Specialty.
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The broker expects to reach $800mn in GWP and $1.4bn by FY2026.
-
The ratings agency said premium rate increases for specialty lines would be most pronounced in political risk, terrorism and political violence lines because of heightened geopolitical tensions.
-
The GBC in London will be led by Mark Parker, supported by Cynthia Beveridge, as Joe Peiser moves to London.
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The company’s litigation was one of the most high-profile cases relating to Covid-19 business interruption.
-
The product is led by Canopius and IQUW, with support from three other Lloyd’s insurance company markets.
-
Abramson was hired to head up the construction team at Aviva in July amid a restructuring of its commercial lines business.
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WTW also said private equity will continue to dominate the M&A landscape in 2024, with firms sitting on “over $2tn in dry powder” which is ready to deploy.
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The line of business entry will be via its AdA SPA 2024, which will begin underwriting in 2024.
-
Speaking on a panel at Insurance Insider’s London Market Conference, experts said AI and emerging technologies were set to have a large impact on the types of roles the insurance industry can offer.
-
Panellists also spoke about the importance of data when establishing lead-follow markets.
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Plus all the latest executive moves and the top news of the week.
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According to the reinsurer at least EUR275mn will be covered directly by CCR under public reinsurance.
-
The roadmap sets out planned oversight processes and regulatory expectations on climate-related risk management, capital and reserving as well as transition planning.
-
The carrier’s combined ratio deteriorated by 10.9 points to 101%.
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The broker said it anticipated new entrants in the downstream class following a profitable 2023.
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London Market Group CEO Caroline Wagstaff said more firms outside of the Top Three broking businesses had to engage in the process.
-
The CEO also commented on how the ICA and the Australian government can work together to tackle the protection gap.
-
UK and Europe head Pathak said MGAs offer strong cash generation and low volatility.
-
Cunningham will be taking on the role from Tom Milligan, who has been active underwriter since 2018.
-
The consultation about the launch of a UK captive regime was announced in yesterday’s Autumn Statement.
-
Delegates at our annual London Market Conference (LMC) described the market as “transforming” and “exciting”.
-
Panellists said that key benefits from AI could be in interpreting documents and even helping to mitigate softening market conditions.
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Allianz Trade recently announced that Stennett's role is being taken on by Peter Evola.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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The latest class of business entry forms part of the carrier’s ongoing international insurance expansion.
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The political violence market failed to ‘look in the rearview mirror’ amid growing geopolitical tensions.
-
Current Lonmar CEO David Pexton will also step away from his executive responsibilities to support Coles.
-
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The box is expected to be manned by Pen's team of specialist marine underwriters.
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CEO Mark Cloutier attributed the performance to increased investment income, driven by a higher rate environment, as well as increased fee income from Aspen Capital Markets, which “enhanced” the quality of earnings.
-
Phase one of Blueprint Two will see Lloyd’s market participants move to Velonetic’s new digital service portal.
-
The product will protect offtake agreements from the risk of under-delivery of projected carbon credits.
-
The revision reflects Swiss Re's "strongly improved financial performance and better capitalisation and leverage”, the ratings agency said.
-
The firm has also promoted Swee Keong Mah to CEO of Everest Insurance Singapore.
-
Panellists at Insurance Insider’s London Market Conference discussed the need for nuance when interpreting emissions data.
-
Perils estimated the loss at EU377mn six weeks after the event and at EUR488mn three months after.
-
In addition to the need for new products when insuring the transition, panelists highlighted the need to innovate and adapt.
-
Blueprint Two should help reduce the claims-process timeline, according to a panel at Insurance Insider’s London Market Conference.
-
Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
-
Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".
-
Panellists at Insurance Insider’s London Market Conference discuss the lessons learned from the last soft market.
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Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.
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The senior broker said it will take time for clients to return to the market.
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The UK government has set out a re-energised international development agenda which has highlighted the potential for greater disaster risk financing.
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Sue Langley said building person-to-person relationships was what kept the London market competitive.
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It is understood that Hutton has resigned from his previous role as global product head of product recall at Axa XL after six years with the carrier.
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The group's third-quarter underwriting income was $74.8mn, compared with an underwriting loss of $89.4mn in Q3 2022.
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The bill removes a previous Farm Bill requirement mandating that carriers purchase unlimited catastrophic reinsurance. Instead, companies can purchase “adequate” catastrophic reinsurance.
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Social inflation continues to prove challenging in the casualty space and is rebounding post-Covid.
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Deans joins from CNA Hardy, where she was a property underwriter since 2010.
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As part of the changes, former Andean CEO Alejandro Gregory will take over as LatAm chief commercial officer.
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From 16 December, Next Gen will be the only platform available to quote, bind and endorse risks.
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The hurricane season featured 20 named storms, seven hurricanes, three intense hurricanes and an ACE index of 146, according to Tropical Storm Risk.
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The second iteration of the Bermuda sidecar has brought in additional investors.
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The business is targeting expansion after receiving investment from Apiary Capital in July.
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The ratings agency expects around 10% of ratings could change with more upgrades than downgrades.
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Chubb declared at the last minute that it would not contest the English court’s jurisdiction, in contrast to every other reinsurer being sued by aircraft lessors.
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The D&O market continues to soften, following several years of substantial rate increases.
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The combined P&C ratio improved to 94.3%, while premiums rose 11.5% to EUR23.4bn.
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Martin Ford joins the broker following a 26-year-stint at Gallagher Re, formerly Willis Re.
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The improved underwriting performance was driven by reduced losses relating to Russia and Ukraine.
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The carrier’s overseas unit benefited from improved underwriting and the reversal of Taiwanese Covid-19 impacts.
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The international unit also suffered losses in its agriculture and reinsurance segments.
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Plus this week’s people moves and all the top news from this week.
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The carrier has made numerous hires across its marine team as part of an international insurance buildout.
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Current CEO Thomas Bradley, who announced his intention to retire on the closure of the deal, will receive a one-time cash bonus of $1.2mn.
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The business will service clients in the agriculture, renewable energy and construction industries.
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The executive will retain her parallel role at Artificial Labs.
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Over more than 25 years, Insurance Insider has been proud to be part of the (re)insurance industry ecosystem.
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The incoming cyber head was previously head of cyber for Marsh Europe.
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Aviva Global Corporate and Specialty grew gross written premium by 9% over the period.
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To help you keep track of investment activity in the UK's private broking sector, Insurance Insider has mapped out the important relationships between the key players and their capital providers.
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The executive joined family-owned Lockton in 2020, as director of energy within the South Florida-based Latin America and Caribbean team.
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Speaking as a witness on the “Sexism in the City” panel, Braun described sexism in the industry as “completely unacceptable and shocking.”
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The intermediary business booked 9.5% organic growth in P&C and 14.9% growth in specialty in the first nine months of 2023.
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Sources voiced some disappointment in the rate reduction but acknowledged the improved loss record of the contract.
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The firm has experienced cumulative property rate increases of over 15%m while its treaty business is seeing rate rises of over 26%.
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Competition for talent has led to high levels of staff displacement in the marine hull market.
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After the transaction completes, the employee shareholder group will own 40% of Amwins and remain the company's largest single shareholder.
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The new contract will include annual rent increases of 3%-5%.
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Google DeepMind developers recently said in a peer-reviewed paper that the model "marks a turning point in weather forecasting”.
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Unity will provide $50mn of coverage supporting the export of grain and other commodities.
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The new facility will be able to write line sizes of $20mn and above.
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The number of disasters costing $1bn or more during the period is the highest on record.
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SEC filings show that, in Q3, the activist shareholder liquidated its remaining 508,880 shares in WTW — worth around $120mn at the end of Q2.
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As this publication previously reported, the IPO pricing came in under book value but has still narrowed the gap on predecessor Fidelis, listing at 0.9x book value vs Fidelis’ 0.8x.
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The company’s underwriting result in Q3 was also driven by higher premiums earned, which increased to nearly $109mn from over $96mn in Q3 last year.
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Aon-owned Mexican cat modeler ERN estimated Otis insured wind losses, excluding auto and infrastructure, at $1.2bn-$1.8bn.
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Ablett is currently QBE’s global head of trade credit and surety and has headed up its global credit team since 2018.
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The appointment comes following the resignation of Jo Reynolds, who is joining Axis.
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Interim UK CEO Kate Roy will step down from the position but retain her role as group COO.
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Howden Tiger advised the reinsurer on the deal, which involves a portfolio of US commercial multi-peril and workers’ comp business.
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The executive will work to grow the company’s MGA proposition and expand in key international markets.
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Carriers have been dealing with elevated storm activity this year, whilst additional purchases to match inflating values had largely been parked in 2023.
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International treaty head Angus Milgate and reinsurance partner Simon Coles will leave the business.
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The newly launched offering will cover media liability, cyber, property, terrorism, casualty and legal expenses.
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The company said that the targets were dependent on ‘many factors’, including closing the Accredited sale and paying down debt.
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LIIBA's chief executive Croft has described the delegated authority process as being "ripe for modernisation and improvement”.
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A-Star offers up to $80mn in additional capacity for D&O liability insurance.
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The new product is backed by Tokio Marine Kiln and initially aimed at UK businesses, with plans to expand internationally.
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The forecast reflects property damage and BI losses to residential, commercial, industrial and automobile lines.
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The broker said dynamics were dependent on full-year results, after years of poor returns.
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The consideration is expected to be around $140mn plus a $25mn dividend.
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There is an increasing focus in the casualty reinsurance space on social inflation and litigation funding trends.
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The incoming A&H head brings over 22 years' underwriting experience.
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WTW conducted a snap poll at the broker's European Insurance Leaders’ Forum in Brussels, canvassing 75 insurance industry leaders from more than 45 companies.
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The pool was launched in July 2022 and is backed by a A$10bn government guarantee.
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The estimate includes wind damage, as well as damage to property, automobiles, agriculture and direct BI.
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The venture received “insufficient commitments” for its insurance vehicle London Innovation Underwriters.
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The carrier’s losses came in under budget for the first nine months of the year, with the costliest event being the earthquake in Turkey and Syria.
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The San Francisco-headquartered alternative asset manager has invested $183mn in the run-off firm.
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Two days ago, the company announced the sale of its casualty reinsurance subsidiary to Fleming for $277mn.
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Global P&C CEO Jean-Paul Conoscente, acknowledging a "heavy" quarter for attritional losses, said the carrier had taken action that should lead to ratio improvements over time.
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Other senior executives, including CFO Robert Qutub and general counsel Shannon Bender, received stock awards of $750,000 for their involvement in the Validus Re acquisition.
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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Edward Hart joined Aspen in February and has previously held roles at Brit and Barbican.
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The lessor said the payment was in relation to eight aircraft formerly leased to Pobeda Airlines, the low-cost subsidiary of Aeroflot.
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The carrier’s $15 per share listing came in below its $16.90 book value per share at the mid-year reporting point, or a 0.9x multiple.
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Profits were down 14.6% at group level to EUR3.46bn, which Allianz attributed to the P&C business segment, where nat cats had a 7.3-point impact on the combined ratio, the highest reported in a decade.
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If you only read a handful of stories this week, make it the selection below.
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The French carrier's operating result was EUR257mn, an increase of more than 130% on the prior-year period.
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The positive results in Q3 are starting to form a “track record” of improvement as the carrier moves away from “a place of underperformance”, the executive told this publication.
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Camacho joins BMS after over three and a half years at Tysers, where he served as vice president based in South Florida.
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The ratings agency said the change reflected its expectation that the carrier would post improving underwriting results in the next two years.
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This is Burton’s last earnings call as the reinsurer’s CEO, as the firm recently appointed TransRe’s Greg Richardson to succeed him effective January 1.
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John Owen has been with Axis – and Novae prior to its merger with Axis in 2017 – for 19 years in underwriting and leadership roles.
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Hannover Re said it was in discussions with retro partners about buying less in 2024.
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He joins from Allianz commercial where he currently holds the role of senior property underwriter.
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The CEO was speaking on the back of the carrier’s Q3 results, where it confirmed it would be returning $169mn to investors by way of a $119mn special dividend and offering up to $50mn in buybacks.
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The senior retro/specialty broker spent 26 years at Willis Re, which was acquired by Gallagher in 2021.
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The number of staff retained contrasted with more dramatic cuts made after the acquisition of Tokio Millennium and Platinum.
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Albert Benchimol brings more than 40 years of industry experience, having previously been CEO and president of Axis Capital Holdings.
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The start-up has been founded by Chris Léglu and Caspar Murphy.
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In the US, growth was driven by property and motor lines, while Brazil and Mexico contributed most to the Latin America region’s growth.
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The firm’s insurance revenue result was pulled down by currency effects among other factors.
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The carrier attributed the growth to significant rate rises in property (re)insurance and growth across other specialty lines.
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Q3 cat losses were down to $12mn, from $114.6mn in Q3 2022, while favourable prior-year reserves also increased by fivefold to $24.7mn.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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Sources previously told this publication there is up $15bn of exposure on-risk locally.
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The deal values the Bermuda casualty re subsidiary at 0.75x book with James River to receive $138mn in cash and a $139mn pre-closing dividend.
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The worst of the damage was experienced in Brest, northwest France.
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The report noted that, overall, marine insurance results appear to indicate growth, which Iumi welcomed after a prolonged period of negative returns.
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Alexander will join after his competitive restrictions are up.
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The carrier reported EUR770mn of losses in Q3, and the Maui wildfires were the costliest event, with losses amounting to EUR200mn.
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Richard Sandor is widely regarded as being the architect of interest rate derivatives when he served as the vice president of the Chicago Board of Trade.
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The five-person underwriting team will be led by Ian Lewis, who has been named head of intangible assets.
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CFO Paul Cooper said rates would be increasing “steadily to modestly” come 1 January.
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Adias Gerbaud will be responsible for developing underwriting strategies, optimising product offerings and driving profitability for Axa XL in Europe, Asia and Australia.
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The Corporation’s head of culture Mark Lomas said: “We know we can’t undo the past, but we can do something about the inequalities we see today.”
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The reinsurer noted that no event loss, individually or in the aggregate, had a material impact during the period.
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The carrier reported major losses for the quarter of EUR770mn, a significant reduction on the EUR2.1bn reported in the same quarter last year.
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The carrier said that aggregate nat cat losses year to date are within budget despite an "active" third quarter.
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The incoming chief exec was previously chief risk and strategy officer at TransRe from 2014 to 2023 and was CUO and held other strategic planning and underwriting roles at Harbor Point Re from 2006 to 2013.
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The legacy giant also disclosed a smaller buyback from Stone Point, with CEO Dominic Silvester also investing an additional $10mn.
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The news comes around five months after this publication revealed that Latin America’s third-largest carrier had placed certain foreign subsidiaries up for sale.
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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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Aon’s Global Risk Management Survey also places failure to attract or retain top talent in the fourth spot.
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The board – chaired by hedge fund chief David Einhorn – is about to name a successor.
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Patrick Bousfield is understood to have resigned from his current role as senior broker at Lockton Re Bermuda.
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The firm sees "huge opportunity" in Europe for growth in the MGA and fronting space.
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CEO Adrian Cox said the market has continued to soften more than Beazley initially anticipated.
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Stuart Williams, currently war practice leader, will become head of new business.
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After moving into the rank of fifth-largest reinsurer, following its acquisition of Validus, RenRe said it would continue to take a leading role in the regional cat space and expected to be more able to trade through market cycles.
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The carrier attributed growth in the division to "exceptional" conditions in the property market throughout the year.
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The executive has been in post since September 2020.
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He joins the cyber specialist from Aspen where he held the role of international head of cyber since 2019.
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Liberty GTS noted a fall in the proportion of R&W notifications where the potential loss exceeds the retention in the last 12 months as compared to the preceding 12 months.
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Sources are now seeing estimates far in excess of Cresta’s $2.2bn October tally.
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Donnelly will take up the role on 1 January 2024 and will be responsible for Marsh’s retail and wholesale broking activities.
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Marc Wanless has been with Aviva since 2010 and stepped into his new role on an interim basis in July.
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The combined ratio included 11 points of catastrophe losses, largely arising from Hurricane Idalia and the Maui wildfires.
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Eaton is currently the managing director and global head of cargo at Howden Specialty.
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The company noted that TransRe had produced "considerable" levels of property business over the period.
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Severe convective storms accounted for roughly 70% of global insured losses between January and September this year, compared to an average of 34%
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Brit’s combined ratio shed 23.4 points to return to a profitable 94%.
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The deal comes over a year after this publication revealed that the companies were in takeover conversations.