Operations/tech
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We explore the first stages of incorporation of GenAI into insurance, alongside the longer-term potential.
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The partnership will add more capacity on the platform from April.
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The injection will be sufficient to take the platform through its next stage of major development.
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The start of phase one is now slated for October at the earliest, not 1 July.
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Sources believe Lloyd’s may be veering away from central DA systems.
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The syndicate-in-a-box will target £34.1mn in gross premium for 2024.
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Impressive results in 2023 will mean big payouts.
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Brokers face pressure on margins as the market’s firming phase slows
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Velonetic said the transition would not go ahead if questions over readiness remained.
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Plus all the latest executive moves and the top news of the week.
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Pravina Ladva, Swiss Re's group CDTO, sets out experiments the carrier is conducting with generative AI.
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CEO John Neal has ambitions to pull in more major insurers, E&S players and captives.
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The broker has used Whitespace since 2019.
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The company will use MS Amlin to drive international growth.
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The new licence expands the carrier's P&C capabilities in Europe.
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Trading on a data-first approach marks a 'new era of innovation', execs said.
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Price Forbes will become the dominant brand, while international CEO Ferguson will exit the business.
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Asta-managed Syndicate 1966 will target £75mn GWP for 2024.
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Changing work practices do not overshadow basic precepts of good employment.
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The transaction will reduce the firm’s reliance on private debt deals.
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The broking group aims to release cash and facilities for investment.
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Putting together two “show me” stories risks investor skepticism.
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The association will also deliver work around binding authorities as well as engaging with regulators.
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The company has improved performance and brought in new top management – but its direction under Covéa remains to be seen.
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The syndicate is expected to complete an RITC process by late 2025.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The platform is adding a contract builder component that would smooth adoption of the new MRC v3 contract.
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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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The Corporation plans energy efficiency measures and refurbishment of the upper galleries.
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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 follow-only algorithmic syndicate has stamp capacity of $925mn for next year.
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The sectors could see many job roles automated as technology advances.
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The programme services carrier will serve UK MGAs from 1 January.
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London’s insurance market is booming in some ways yet still has multiple challenges to address.
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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 new contract will include annual rent increases of 3%-5%.
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The scheme will begin with support for transport risks before broadening to other lines.
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The scale of the Cat 221 flood event, as well as labour and materials shortages, contributed to its impact, the ICA said.
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The 3x3 plan takes the things about the firm over the last decade that have been distinctive and intensifies them.
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The broker’s share price fell by around 4% after the announcement of its Q3 results and extended restructuring program.
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The not-for-profit placement platform generated a surplus after tax of £1.48mn for 2022, a substantial drop from an £8.83mn surplus in 2021.
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Two studies have found that, while almost a third of back-up attempts fail to restore system data after a ransomware attack, cybercriminals are refining their methods.
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The reinsurer said carriers could face challenges around underwriting profits and solvency levels.
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The firm announced plans in May to decommission the original PPL v3 platform by the end of 2023.
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The panel discussed issues around AI including its deployment, ethical concerns, bias minimisation, decision-making and the role of leadership.
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The 2023 Travelers Risk Index has put concern over cyber threats among the top three worries for small, medium-sized and large businesses for the ninth straight year.
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Lloyd's has set out what London market firms will need to do to transition from decades-old systems to new central services in July next year, in a crucial step of several modernisation milestones to come in 2024.
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PPL has confirmed a previously announced deadline that London firms must switch over to its Next Gen placement by 1 October.
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CFO Jan Wicke called the move a "positive step for our stock’s future performance" in laying the foundations for future liquidity.
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The executive will drive the carrier’s new change programme, ‘How We Work’.
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The two-month refurbishment project included a reallocation of ground floor box space and IT upgrades.
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A Reverse Mentoring programme from the people behind the Dive In festival aims to give new generations in insurance a chance to ensure their voices are heard.
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The reinsurer has announced a detailed plan to diversify its P&C reinsurance book as part of a new strategic plan.
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A webinar and report from the Geneva Association has explored the barriers and prospects for the growth of blockchain insurance.
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Carriers benefited from improved rate adequacy and the impact of interest rate rises on investment returns.
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Aurora plans to add cyber, property and BI, professional indemnity and other business lines to its algorithmic trading proposition in the coming months.
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After Apollo announced a collaboration marking the latest milestone for algorithmic underwriting-led follow capacity in the London market, Insurance Insider explores how such partnerships can proliferate.
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The collaboration will involve the algorithmic underwriting of risks with a human in the loop for decision verification and portfolio steering.
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PPL said release 2.0 of the Next Gen placing platform contains more than 100 changes including a new quote functionality.
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The auctions will take place in October-November this year.
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PPL is managing a market migration from the v3 platform, which is being phased out for new placements by October 1, to Next Gen.
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PPL has set out how it is resolving various functionality problems raised by sources to Insurance Insider.
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Gallagher Re's latest Global InsurTech report has shown that Q2 funding dropped below $1bn to the lowest quarterly investment level in three years.
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Issues with faked letters of credit are not limited to one banking provider, sources said.
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This publication examined how London market firms are managing post-Covid-19 working practices and found a reluctance to impose mandated office days, but increasing soft pressure to return to the City.
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The Data Council has allocated roles for London market firms around data assembly and approval for open-market placement and endorsements that will underpin the Lloyd's modernisation programme.
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WTW exploring reinsurance exec recruitment comes at a time of competitive tension in the market.
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Letters from PPL's legal representatives had been issued to Ebix Europe, over the timing for the launch of Ebix Europe's new PlacingHub platform.
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The firm said it will use the results of an analysis being conducted by experienced investigators to "take appropriate measures”.
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Over half of respondents said that the technology currently available to them is not allowing them to make the most of the data at hand or make better pricing and portfolio decisions.
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The firm said it had identified two specific transactions in which “collateral inconsistencies” were in question.
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A study by digital payments platform Diesta has unearthed time lags for insurers to receive premiums, as well as frictional costs created by inefficient premium processing.
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The Corporation has had to navigate challenging trade-offs around its succession planning.
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Over 90% of carriers and 40 brokers are using the electronic trading platform.
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While Blueprint Two was expected to move the market to a data-first approach, firms have different views on when the industry will reach this new destination and rid itself of document-led processes.
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The Corporation has also created separate codes for pandemic event cancellation and active assailant risk, among others.
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The platform will connect MGAs with capacity from a wide range of providers.
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The broker, led by Ed Gaze, who previously ran the Lloyd's Lab, helps develop and launch InsurTechs based in the UK and globally.
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Miller is now using Whitespace for casualty business in a move to leverage the e-trading platform's data-capture functionality.
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Lloyd's said early adopters could be operating in a fully digital framework by September 2024, with market testing set to accelerate this year with a vanguard group.
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In this second of a two-part analysis on the proliferation of ChatGPT and similar generative AI tools, Insurance Insider explores the risks inherent in using them.
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Amid a wide spectrum of views on the proliferation of ChatGPT in insurance, this first of a two-part analysis explores the use cases of automation, data extraction, fraud detection and more.
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Verisk said the deal will expand its data and technology solutions for straight-through processing and distribution to a growing market of SME brokers, coverholders and MGAs.
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Guy Carpenter was the sole placing broker sourcing capacity for the tie-up.
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Joe Gordon also reiterated plans to switch off PPL’s older Ebix Europe platform later this year, claiming some participants see friction with brokers “when it’s not there”.
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The integration launched by Eigen Technologies, a provider of AI-driven document processing and data extraction services, marks another advance of large language-model technology in the London market.
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Egan will receive an annual base salary of $1.1mn and an annual target bonus equal to 140% of his salary.
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Artificial Labs is developing a pilot with several carriers and brokers that integrates a generative AI model, including the use of ChatGPT, into its algorithmic underwriting platform.
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PPL has avoided having to renew with Ebix Europe again for 2024 – a move that would have cost the placement platform around £8mn-£10mn.
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The Corporation appointed two barristers to examine the behaviour of five employees within the underwriting directorate.
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The go-live has started with more than 450 colleagues in Aon UK’s commercial risk teams covering marine financial and professional services, natural resources and construction.
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The technology company has completed a major step in moving London market systems to the cloud, in a project that lays some of the groundwork for the Blueprint Two reforms.
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The group’s recent gear shift on growth has elevated the group’s risk profile across areas including M&A, financing, integration and liquidity.
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PPL is looking to enhance its capabilities around generating a CDR in a pilot that could also demonstrate how a CDR validation process could work for many firms under the Lloyd’s Blueprint Two programme.
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The broker described Neuron as an end-to-end trading solution that connects multiple broker and insurer systems together, enabling risks to flow at scale and with common data standards.
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Nick Williams-Walker, COO of Gallagher’s Specialty division, will chair the group as it looks to advance the market’s adoption of foundational elements of the Lloyd’s Blueprint Two programme.
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Insurance Insider analysis shows which managing agents stand to gain – or lose – the most ground floor space.
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The insurer is progressing talks to establish a partnership to combine Artificial Labs’ algorithmic trading capabilities with Apollo’s underwriting expertise within Lloyd’s.
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Capitola operates as a digital market that connects brokers with carriers using AI for risk-appetite matching.
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Apollo plans to deploy meaningful lead capacity through the consortium which will be led by Syndicate 1971, as revealed by Insurance Insider.
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The facility would largely involve Lloyd’s companies but Apollo confirmed it could potentially include London company market firms on a reinsurance or sidecar basis.
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The wholesaler had already paid out a cumulative $2.1bn of dividends to investors since 2018.
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The Next Gen platform has opened to placements for the entire market after four weeks of limited access, as firms completed training on the new solution.
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Brokers must begin producing MRC v3 compliant contracts by 30 September.
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The London-listed carrier has made several changes to its remuneration policy.
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CEO John Neal and CFO Burkhard Keese retained their salary levels from 2021 during 2022, though their performance bonuses increased significantly, as Lloyd’s made one-off payments to staff to reflect cost-of-living pressures.
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The Canadian pension fund will retain 9.4% of the carrier’s voting shares.
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Lloyd’s has confirmed a combined ratio of 91.9% in its full-year results for 2022, following preliminary numbers that also showed an improvement in the attritional loss ratio to 48.4%.
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Ground floor boxes are set to be reallocated based on recent footfall.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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The French carrier is exposed to the troubled bank via various bonds.
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With chairman Bruce Carnegie-Brown’s third term expiring in June 2025, the organisation needs to start laying the ground for broader changes.
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Pay for NEDs has increased by 70% since 2018 due to inflation and more contracted days, according to research.
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In the Spring Budget, chancellor Jeremy Hunt said he would also look to help the AI sector prosper in the next decade.
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Market transformation director Bob James has been given a broader remit as COO at Lloyd’s, while deputy CFO Alex Cliff has joined the executive committee.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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CEO Adrian Cox and CFO Sally Lake are set to lose more than £100k each in long-term share awards after the accounting error.
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With brokers shifting to new providers to place certain classes, and competition among e-trading firms intensifying, the placement platform landscape has reached a crucial turning point.
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Argo’s first bids included an implied firm value of $49.71 per Argo common share and $40 per share in cash, among others.
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The launch date for PPL’s Next Gen platform was pushed back as the team fixed final defects.
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At the InsurTech Insights Europe event last week, experts explored how AI is on the brink of being commoditised in underwriting.
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Broker benefits include the ability to get a quote within seconds and to manage clients’ policies fully, Hiscox said.
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The pair will depart as Ron Hayes arrives to drive an acceleration of the specialty unit’s placement strategy.
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AdvantageGo has secured agreements with Acord, Verisk, Vipr and Zywave to establish a collaborative ecosystem of London market data and technology vendors, which will help carriers modernise and prepare for the Lloyd’s Blueprint Two programme.
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The broker’s London market specialty unit is on the brink of closing a deal with Whitespace to place North American casualty risks on the e-placement platform.
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The broker is looking to embrace forms of data integration ahead of the Blueprint Two reforms at Lloyd’s.
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The launch date for PPL’s Next Gen platform has been delayed to 6 March, as the team at Deloitte fix some final defects.
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The Lloyd’s carrier’s CEO said the market must now ‘climb out of the rehabilitation phase’.
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The member joined the board in August 2022, two and a half years after ending his activist campaign against the carrier’s management.
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With PPL just two weeks from launching its twice-delayed Next Gen placing platform, new CEO Joe Gordon has stressed the importance of a migration this year to a completely rebuilt system and its potential as a rich data hub for the market.
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It is understood that Lyons has been set to retire from the company in the summer of 2023.
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CEO Sheila Cameron has called for “sharp focus” on market transformation.
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The French carrier has replaced Laurent Rousseau with Swiss Re’s Thierry Léger - midway through a remedial journey. Can a third CEO in two years resolve the carrier’s issues?
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The charges spanned workforce actions, rationalizing technology and reducing the overall real estate footprint.
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The association showed strong leadership and innovative thinking to increase the number of women on its panel without sacrificing fairness.
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The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
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As a decline in InsurTech investment continues and risk capacity providers reconsider their support, sources expect many InsurTech MGAs will have to review and potentially pivot their business models.
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After two delays, the placement platform will be launched on 20 February.
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The new market participant will operate under the syndicate-in-a-box scheme.
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Ian Summers has set out AdvantageGo’s plans to manage clients’ eco-systems of technology suppliers on their behalf, and to collaborate with competitors on the Blueprint Two programme.
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The business is lead by former Barbican group CEO David Reeves.
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In a review of financial services firms’ D&I policies that highlighted shortcomings, the regulator said policies need to be holistic, and not generic.
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DXC Assure Broking is an integrated, modular solution for commercial insurance brokers built on the DXC Assure Digital Platform.
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After an annual update from Lloyd’s CEO John Neal on the progress of Blueprint Two, Insurance Insider delves into the delays and what was actually delivered.
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The new MRC v3, renamed from the iMRC, will be ready by Q1 next year along with the latest version of the core data record.
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The tech partners have agreed to make at least transitional changes to their software to interact with the Corporation’s new digital services.
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London carriers were bullish on the opportunity ahead and suggested new ways of working will continue to evolve.
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The activist investor’s statement comes as a reaction to Argo’s message to investors last Friday ahead of the carrier’s annual shareholder meeting.
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Ian Summers has joined the commercial (re)insurance software provider after being CEO of Verisk Specialty Business Solutions.
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Artur Niemczewski has held leadership roles at WTW, Marsh, Asta and DXC.
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The platform will automate a range of processes across risk submission, risk appetite evaluation, underwriting and pricing for quotation, using a lead algorithm.
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The carrier is urging shareholders to appoint all seven of its nominees to the board in an annual meeting next month, amid activist investor pressure.
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In addition, the executive will be eligible to participate in the company's long-term incentive program with a target grant date value of $11.1mn.
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The move comes after Antares Syndicate 1274 secured a 16% stamp capacity increase for 2023.
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The Bermudian claimed Ron Bobman and David Michelson’s directorship would ‘diminish’ the board’s capabilities and expertise.
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The follow-only syndicate is one of the fastest growing entities in the market’s history.
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In an interview, the CEO also addressed the carrier’s international expansion and portfolio remediation.
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The latest Gallagher Re InsurTech study shows that, beyond the biggest funding rounds in Q3, investment fell to its lowest level since early 2020.
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Argo is set to hold its annual meeting with shareholders on December 15, when seven nominees will be elected to the board.
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The Chartered Insurance Institute has confirmed that data including names, addresses and dates of birth were obtained in the cyber security incident.
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The entrepreneur will help shape and execute the strategic direction for the algorithmic underwriting specialist.
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Anthony Siggers previously held a number of senior positions at WTW, including global head of broking operations, technology and analytics.
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Often regarded as the destination for tech start-ups, IPOs no longer have the same attraction for UK InsurTechs, due to market volatility and the performance of their listed US counterparts.
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Chaucer CEO John Fowle also set out to Insurance Insider the rationale for the carrier’s new ESG scorecard comprising 158 data points.
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Reid Stanway will support and influence London market firms’ digital transformation strategies.
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In the last two days of a consultation on the new iMRC template, the volume of responses surged by more than 2,500, leading to a revised timeline for its launch.
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After a widespread drop in InsurTech funding, all signs point to a period of M&A among InsurTechs either struggling to raise funding or seeking a partnership with an incumbent.
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Sources told Insurance Insider that unusual activity was the result of an update to some of Lloyd’s systems, however the Corporation declined to comment on speculation.
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UK insurers have now paid out £1.2bn in final settlements for claims relating to pandemic closures.
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London Market Group chair Matthew Moore has set out the aims of a campaign to pro-actively engage with universities and schools to broaden the industry’s talent pool for recruitment.
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Adoption of the core data record and intelligent market reform contract (iMRC) will be fundamental to the success of the Blueprint Two modernisation programme.
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Lloyd’s has postponed milestones against work on specifications for a new digital gateway and the build of a proportional treaty system.
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LIMOSS and Vitesse will deliver the claims service, which is part of the Blueprint Two reforms, and are offering discounts to syndicates signing up in H1 2023.
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Cohort 9 of the start-up accelerator programme includes a provider of a parametric loan default product, a parametric BI offering and an embedded insurance specialist.
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The Corporation is giving some employees a bonus to help tackle rising energy and food prices.
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The team will offer strategic consulting and technology solutions, starting with clients in property, casualty, life and reinsurance.
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The International Underwriting Association’s CEO Dave Matcham believes certain Blueprint Two projects can be vital in attracting more business to the London market.
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Novidea will provide a platform for every stage of the broking lifecycle and help Gallagher adopt digital solutions being developed for the Lloyd’s Blueprint Two programme.
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The sale is part of the firm’s strategy to improve its capital structure and optimize operating expenses.
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Yesterday, we published a detailed examination of the barriers preventing women from reaching the executive committees of Lloyd’s managing agencies.
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In the first part of a two-piece investigation, Insurance Insider explores the pernicious barriers to women reaching the executive committees of Lloyd’s managing agencies.
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After PPL announced a second delay to the NextGen platform in May, Insurance Insider examines lingering questions over a beleaguered modernisation project.
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A very public shareholder dispute is taking centre stage at a firm in transition.
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A team within the Lloyd’s, DXC and IUA joint venture is working on the gateway – a pivotal element of the digital solutions for BP2.
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The Corporation has resequenced a key Blueprint workstream for delegated authority business, as it looks to create a data strategy for DA in Q4.
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Investors are beginning to pull back from writing $50mn+ funding cheques for InsurTechs, according to Zach Powell, general partner at Eos Ventures.
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The industry initiative around blockchain has filed for insolvency under Swiss law and ceased trading.
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The Corporation’s latest market survey on D&I shows key metrics moving in the right direction but persistent fears remain from individuals around speaking out.
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The MGA will write cyber for both SMEs and larger corporations via the German base.
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The new DA-X platform aims to bring the entire delegated authority value chain under one roof for its end-to-end solution.
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The company becomes the latest InsurTech to cull staff as a result of financial challenges.
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After a half-year update on the Blueprint Two programme, Insurance Insider explores what has been delivered, but also the questions on how adoption will play out.
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As London market carriers encourage parental leave take-up, Insurance Insider explores whether the HR benefit can be a tool to tackle the industry’s diversity issue.
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While aggregate premiums grew by 1.5x between 2012 and 2021, annual expenditure at Lloyd’s on salaries and other employment costs has doubled.
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If you believe that the Lloyd's market has turned around its fortunes, it’s a buyers’ market on Lime Street.
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The Financial Conduct Authority is facing a perfect storm of a backlog of approvals, striking staff and an urgent need to transform operations.
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The Australian carrier is pursuing a strategic buildout of its operations on the continent.
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More scrutiny on the remuneration of delegated authority business is well overdue.
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Ahead of a market message on 2023 business plans, Lloyd’s has set out early expectations on inflation, ESG and management of cat volatility.
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A second setback to the delivery of PPL’s Next Gen’s platform has triggered questions among firms about confidence in any new timeline.
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Hansen’s appointment is in support of the company’s decision to separate the roles of chairman of the board and CEO.
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London market businesses must increase supply if they can’t keep up with demand for talent.
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“We like where we are positioned right now in terms of the performance of some of that strategic hiring,” Glaser told analysts.
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Berkshire’s board opposed the proposal and recommended that the shareholders vote against it.
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The FCA has proposed performance-related pay and new salary ranges.
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The two companies have collaborated on the submission of a purely data-driven contract that complies with the core data record.
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The US firm is looking at expanding across Australia, Canada and the UK after securing new investment.
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Lloyd’s annual report shows a rise in fees paid to consultants and overall staff costs.
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The plan outlines an aggressive M&A strategy, as well as increased InsurTech investment, expansion plans and a target to lift earnings by more than 14% annually until 2024.
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The investment firm said that pivoting to a pure-play insurance data business would unlock up to $20bn of value.
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Rethink will join Dual, while Howden Analytics will join the reinsurance division.
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As part of the revamp, Michael Chang has been named global head of customer and distribution.
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The theme of yesterday’s market briefing is that Lloyd’s is now moving into a period of growth, having completed remediation, but it wants smarter, sustainable growth.
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Who will lead Italy’s 191-year-old insurer over the next three years? Analysts have their say.
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A hardening market, competition from start-ups and macro conditions have combined to drive up staff costs.
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With an abundance of detail on delivery, the Corporation can now be held to account.
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Discussing tomorrow’s publication of the Blueprint Two interactive guide, the Lloyd’s CEO said market reforms will slash servicing costs by 40%.
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With government guidance lifted, there is a growing pressure for an in-person presence in the London market.
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Lloyd’s will have no further wiggle room to delay the delivery of Blueprint Two elements this year, but it will depend largely on technology partners.
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The carrier said the move reinforces the importance of Lloyd’s as a platform.
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Datum Consulting has been set up to support commercial insurers, coverholders and brokers on data usage and digitisation.
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The Corporation is granting more flexibility but will keep a closer eye on cat, cyber and delegated authority next year.
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Gallagher has pushed retention and equity awards unusually far down the organisation as it looks to keep the team intact.
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In an interview, group CEO David Walsh and CEO Graeme Newman discussed securing growth, technology and the importance of capital optionality following CFC’s most recent PE buy in.
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To walk away from One Lime Street at this juncture would certainly be a very bold statement on how Lloyd’s is embracing modernisation and its future.
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The Corporation said it will consider using digital platforms as it evolves its thinking on the future of the Lloyd’s underwriting room.
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The CEO is signalling to the market, investors and the rating agencies that Lloyd’s has turned a corner.
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The start-up CEO said the carrier was now “categorically” ready to pursue Names backing as it looks for “significant growth” next year.
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The body said the standards will allow further modernisation of the industry.
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Increasing cat losses, combined with social inflation, put ESG and climate change at top of the mind even as the market sees strong growth, says Guy Carpenter’s John Trace.
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The PPL board has finally chosen a partner to deliver the NextGen platform, opting for a build option with Deloitte Digital.
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This publication has reported extensively on the ups and downs of the PPL saga, as the company seeks to push ahead on the development of its NextGen platform – a major component of the market-wide push on modernisation.
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How well has Howden future-proofed itself against key issues around the group’s culture, shape, ownership and succession plan?
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After Willis Towers Watson’s attrition rate rose 22% amid the Aon merger uncertainty, executives are seeking to dial back a talent drain.
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The move is part of a new package of climate-related measures.
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Most survey respondents want to travel no more than once every two months for work.
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Major increase in incentive pool represents an early step from management to shore up its staff base.
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The number two broker must now refocus on rebuilding internal divisions.
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The disruption of the Aon-Willis deal breakdown could arguably create almost as much of a shake-up of the competitive landscape amongst the second-tier challenger brokers as it will for the two would-be merger partners themselves.
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The division will employ 60 data scientist and analysis employees to serve the group’s global customer base.
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Accenture Ventures’ backing of Imburse will drive the platform’s expansion – nurtured by Generali’s innovation hub – of partnerships with global insurers.
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The Lloyd’s Market Association has finished a six-month project to create a digitally enabled, data-driven and cheaper model for delegated authority partnerships.
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UK-based Flock has been working on a partnership with the Japanese carrier’s UK arm to create insurance products that reward fleet drivers for safer driving.
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Kessler and Derez will each get something they want from the deal, which will also clean the slate for incoming CEO Rousseau.
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Lloyd’s CEO John Neal has said the prospects of climate change could present the industry with its greatest “underwriting and investment opportunity” in a generation, but cautioned that it would require a commitment by the industry to be both “smart and brave”.
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A settlement allows the mutual an “orderly exit” from the reinsurer’s share capital and removes a major distraction from incoming Scor CEO Laurent Rousseau.
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The reinsurer warned of some of the associated risks arising from Covid-19, such as the "unintended consequences" of government interventions.
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Many of the individual causes championed by CEOs are positive, but there are good reasons to separate the political and business spheres.
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Axa has been amongst the insurers pushing for financial institutions to assess emerging nature-related risks and opportunities.
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The recruit has spent 16 years at AGCS in senior roles.
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The covered agreement provisions will ease the flow of US business into London.
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The new logo and slogan follow a year of progress in the carrier’s turnaround plan.
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The French reinsurer unveiled a surprise change to its succession plan yesterday, with Denis Kessler set to stand down as executive leader early.
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Downstream uses of oil and gas pose challenges for the (re)insurance industry, he says.
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The former Zurich Ireland CUO will take on the role from July and report to UK & Lloyd’s market CUO Luis Prato.
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The Bermudian booked a $4.6mn loss from Winter Storm Uri.
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The former UK CUO will move to Zurich in a reshuffle that follows Signorelli’s promotion to commercial insurance CEO.
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More than half of survey respondents expect to work from home two or three days a week, with only limited sojourns to the office.
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The new head held various government positions and advised Christine Lagarde when she was finance minister.
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The former Willis executive is to work with Corant Bermuda CEO Chris Bonard and Ed Broking’s Bermuda chairman John Turner.
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The group has a ‘multi-million-pound’ M&A war chest to tackle the ‘next leg of our journey’.
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The legacy specialist advises shareholders to approve the “best practice” board change at the AGM in June.
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Bowline Underwriters will operate in partnership with Facet Underwriting, with capacity from Clear Spring Property and Casualty Company.
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Blank check vehicle Pegasus Europe is targeting financial services businesses with either digital models, or those benefiting from economic tailwinds.
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Lack of scale prompts the retreat from a line the carrier began writing in 2017.
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Senior executives at Aon, AIG, Aston Lark and Pool Re join the initiative.
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Sacha Sadan joins the regulator after more than 25 years at Legal and General.
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The broker aims to cut emissions by at least half by 2030.
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The insurer has been expanding its marine presence in London.
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The work from home model has proved the sector’s resilience, but there are opportunities to flourish for companies that return to the office.
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Underwriters look to avoid the costly option of setting up an EEA service company to use the platform.
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After years of poor performance and talent flight, Insurance Insider examines the challenges faced by Axa XL and the strengths it holds to forge a new start.
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The promotion follows yesterday’s news that the outgoing active underwriter is moving to a role with Liberty Mutual Re.
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Credit Agricole served as the debt arranger, with Sompo Japan and Aioi Nissay Dowa Insurance acting as insurers.
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The mid-market PE firm turns its attention to niche insurance distribution after increasing the valuation of insurance services company Davies Group by a reported 13-fold in four years.
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The appointment comes after the departure of its Netherlands-based team and Sophie Irvine in the UK.
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The carrier has been replenishing its team following departures last year.
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Gerald McDowell will step down from his role after nearly 16 years with the business.
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Masaki Maeda, a claims director at JV partner Tokio Marine & Nichido Fire, will lead the operation.
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The global natural resources director said “walking away” from risks was unhelpful and a “policy of engagement” was needed.
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The MGA launched in the A&H market last year amid a buildout into specialty classes.
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The resignation comes as Willis moves towards completion of the mega merger with rival Aon.
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The acquisitive broker looks to compete with PE houses through its new platform.
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Richard Foster previously worked at Agile Risk Partners and Zurich.
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The Syndicate 2791 founder pins wording issues on the “nefarious activities of the broking houses”.
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Maxine Goddard and Rachael Dobie will be senior vice president and assistant vice president respectively.
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Lloyd’s has completed its initial consultation with brokers and underwriters about the future of the room following the end of lockdown.
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The four-strong team writes a book of business with a US-domiciled focus.
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Senior executives Michael Owen and Hussain Ahmad will jointly lead the new venture.
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The German carrier is reportedly wary of Chubb’s bidding firepower because of the lack of synergies any takeover would yield.
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The London company will use the funding to expand into new territories, develop new products and improve distribution.
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The potential disposal may help to alleviate competition concerns within the French market.
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The pair will depart after around a decade with the carrier.
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The sale concludes Aviva’s plan to divest from non-core geographies and focus on the UK, Ireland and Canada.
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The broker will focus on sustainable sourcing, energy efficiency, curbing business travel and switching to renewable energy.
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The Toby Esser-led broker said it would fulfil responsibilities to clients and partners.
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The trade body set out its principles about how the industry should learn from a year of remote working.
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The Corporation’s CEO emphasises the (re)insurance industry’s role in dealing with pandemic risk.
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The new recruit will be head of international war and terror underwriting and work alongside Quentin Prebble.
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The insurer said the attack impacted certain CNA systems, including corporate email.
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The funding will be used to develop and improve risk models.
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The move counters the assumption London market carriers will shrink their real estate footprint after a year of home working.
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The FinTech specialist will take on the role from April and joins Andreas Roth and Sebastiaan Bongers on the leadership team.
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US carriers lag European peers, but the country is rising from its slumber under Biden.
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The pre-eminent reinsurance event is cancelled for the second year running over Covid-19 concerns.
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The former Corporation chief technology officer will report to Thibaud Hervy.
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The Luther Pendragon director will be seconded to the role on a part-time basis from 1 April until the end of 2021.
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The Financial Conduct Authority (FCA) is looking at the feasibility of mandating diversity targets in its premium listing framework to improve diversity and inclusion, according to the FCA’s chief executive Nikhil Rathi.
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Existing investors HGGC and Aimco will retain minority holdings after a deal which reportedly values the insurance services provider at £1.2bn.
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The MGA aims to improve its cyber claims and incident response abilities through the deal.
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Written comments should be submitted by email by 3 May and the draft methodology is available online.
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The board says each business should be individually responsible for managing the associated risks and opportunities.
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The reinsurer accelerates its retreat as part of a new set of targets to achieve net-zero emissions by 2050.
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The insurers is to sever all ties with the German utility this year due to the size of its coal operation.
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Steve O’Gorman, former Argo international energy and marine head, will lead the unit.
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Marsh & McLennan Companies (MMC) has changed its name to Marsh McLennan.
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Numbers will be limited at first, but the Corporation aims to relax these rules further from 21 June.
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Beazley has launched a digital business unit headed by COO Ian Fantozzi as it seeks to accelerate the digitalisation of the business.
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The Corporation used Acord standards to build this early iteration.
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Isha Patel has worked at the carrier since 2013 and was previously area director of the south.
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The insurer is expanding its programme in line with underlying growth.
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HIA International and Luker Rowe are the latest addition to the intermediary.
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The company has also acknowledged that former Ironshore CEO Kevin Kelley is set to join as non-executive chairman.
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The agreement, the second with the Norwegian carrier, covers its workers’ compensation book.
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ERS has secured a $350mn injection of new equity with experienced sector investor Abry Partners buying into the firm to support its strategic pivot to specialty lines insurance and reinsurance, Insurance Insider understands.
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The division will have a maximum capacity of $50mn for any one risk, with up to $250mn of syndicated capacity via the US.
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IGI is set to launch into the contingency market and has appointed underwriter Emily Clapham to lead the entry into the class, Insurance Insider can reveal.
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Senior CorSo executive Ashley Hirst will take over innovation and transformation responsibilities at the primary unit.
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Nicolas Masjuan and Christian Müller are joining the management board as Camillo Khadjavi departs.
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The Lloyd’s investment company has raised $53mn to finance more LLV acquisitions.
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The business signals expansion into complementary lines after its 2018 reset bears fruit.
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The deputy CEO said businesses are often too focused on the short term, as he outlines his ambitions for Convex.
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In a second hire within the broker’s offshore wind team, Sarah Burston returns.
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The deal will transfer legacy Pembroke business that still sat with Liberty Mutual Group for the 2018 and prior years of account.
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Simon Moore has joined Lockton Re as a senior broker in the company’s non-marine retro and property specialty team, based in London.
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The former RSA CFO has been UK and international CEO since 2019.
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The division had been led by group CEO Kevin O’Donnell on an interim basis following Aditya Dutt’s departure.
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As Adrian Cox prepares to take the helm at Beazley, what challenges does the CEO-in-waiting face?
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The move follows the departure of two senior PV specialists to ERS.
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The segment returned to underwriting profit despite the group reporting a significant pre-tax loss.
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The carrier is one of a number of players to have entered the D&O market as pricing continues to grow.
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Peel Hunt and Jefferies analysts are reassured by calibre of the outgoing CEO’s internal replacement.
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The interim chief will stay on in an advisory role for an initial period before retiring.
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The move follows Jess Pryor’s promotion to executive chairman of Brit’s US business.
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CEO Richard Harries and active underwriter Toby Drysdale outline the carrier’s ambitions as it leans into the pricing cycle.
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The former Arch managing agency director will focus on legacy business, M&A and alternative capital.
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The EU surety and guarantee operations is now one entity and rebranded to Liberty Mutual Surety.
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The association’s members have also identified digital platforms as a prime concern.
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Brian Dusek will develop and grow the start-ups North America cyber portfolio and report to Yosha DeLong.
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Miller CEO Greg Collins has pledged to expand the business internationally as its takeover by private equity firm Cinven and Singapore sovereign wealth fund GIC completes.
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The lawyer moves up after five years at the carrier.
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CEO Amanda Blanc claims a world first with a plan that includes underwriting curbs on companies making more than 5% of their revenue from coal from the end of this year.
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The new recruit will take on the role of head of Europe for the growing M&A team.
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The CEO says rate momentum provides a “great opportunity” to focus on profitability.
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The venture plans to target auto cover before using M&A to expand into other lines.
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The 2020 Lloyd’s culture survey showed improvements, but serious questions remain on whether London is striding towards an inclusive culture.
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The 2020 Lloyd’s culture survey showed improvements, but serious questions remain on whether London is striding towards an inclusive culture.
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Yosha DeLong will be cyber underwriting head, whilst James Tuplin will be international head of cyber underwriting.
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The news follows the sale of Aviva’s French operation as the insurer refocuses on core UK, Ireland and Canadian businesses.
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The sector is trying to secure better underwriting terms amid a financially challenging period for shipowners.
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Mathias Neumann was chief underwriter of casualty and specialty at the Japanese company.
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In other appointments David Govrin becomes global CUO and Americas reinsurance president, and Monica Cramér Manhem international reinsurance president.
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The PE house will inject growth equity capital into Premia after the all-paper deal.
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The deal comes shortly after the legacy specialist established a $265mn sidecar, Elevation Re.
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The appointment follows the expected departure of Phil Furlong to expansive insurer ERS.
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The Corporation’s survey suggests an improved perception of the marketplace among women.
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The internal promotion comes as LMG chief Lebecq prepares to join the PE-backed consolidator as COO.
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Regional per occurrence deals were also down compared to last year, but Validus lifted its retro cover by $75mn.
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The Norwegian mutual says pricing achieved a balance between owners’ needs and underwriting profitability.
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Wayne Page will report to CRO Shane Kingston.
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This publication outlines five takeaways from Swiss Re’s 2020 results, which revealed a 11% cut in premium at 1 January.
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CEO Matt Crane and AmWins chief Scott Purviance outline a “call to arms” revamp as the unit seeks talent and international growth.
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The association’s chief will leave at the end of April to become COO at the HGGC-backed consolidator.
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Plus an update on European (re)insurer results and all this week’s top news.
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The carrier reported “significant claims provisions” following the judgement in the FCA BI test case.
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The CEO lays part of the blame for the UK’s Covid-19 BI woes at brokers’ door.
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We assess the hurdles facing the marquee specialty insurance franchise, including staff retention and the fallout from the UK BI saga.
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The A$14bn pool will switch brokers on 1 April.
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The new board member has worked for the Agnelli family for over 20 years.
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Insiders Mark Appleton and Thomas Stamm take new roles as the carrier expands management of the line beyond Hanover.
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The executive committee will meet next Thursday to discuss the UK government’s Monday update.
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The deal will lift GWP handled by the broker-aggregator by more than three quarters to £1.6bn.
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The local underwriting head steps up to run the Irish operation.
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The continued expansion comes amid tough competition for talent in the hard D&O marketplace.
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The new recruit led casualty at Neon before the operation was shuttered last year.
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A decision is likely in the next month over whether to proceed with the London Stock Exchange listing.
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The risk modeller pledges to review the offer but says its $6bn agreement with the PE firm still stands.
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Tim Wakeman has worked across the space and aviation sector at Aon, Willis and UIB.
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The Asta-managed syndicate is understood to have failed to attract sufficient capital and is still searching for backing.
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The executive joins after a decade at PartnerRe and will have a dual focus at the broker.
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Competition has ramped up over the last two years and now represents a threat to returns.
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The Ardonagh-owned broker has drawn from Ed, Marsh and KM Dastur.
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The buyer will use the acquisition to expand Arena beyond Belgium and into other European markets.
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Our highest priority remains protecting the health, safety and wellbeing of our colleagues, said CEO Case.
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The CEO said pricing was going up by 10%-30% and that terms were being tightened globally.
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He joins fellow Marsh alumni Naresh Dade and former McGill exec Andrew Harrison-Sleap.
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The firm’s mean pay differential also shrank 10 points to 29.6%.
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Insurers are taking a “cautious approach”, especially with new risks, but overall capacity is at an all-time high.
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The pandemic has reinforced gender stereotypes and virtual working has created barriers to sharing issues.
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Shaw was the first ever D&I chief for an NBA team and earlier worked at the NFL.
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The central bank governor says Brussels is wrong to insist UK rules shouldn’t change independently of the EU.
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The takeover last year was a significant piece of InsurTech M&A.
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The CFO said that commercial lines business was improving faster than retail, reversing previous trends.
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The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
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The reinsurance unit of the Spanish group takes a near-EUR80mn full-year hit on the pandemic.
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Robertson will join as deputy group CEO before taking the CEO job, with Michael Watson staying on as chairman.
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The supervisor says the regulator is neither vying to hike nor slash requirements on the back of a Solvency II review.
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The reinsurer completes its EUR453mn deal for 29.5% stake in French trade credit carrier.
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The appointments follow the promotion of Jeremiah Konz to chief reinsurance officer.
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The broker association’s CEO says Brexit speaks to the need for a lighter rulebook.
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The start-up changes its business model to selling data structuring and analytics services.
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The investor’s largest portfolio company Nexus plans further acquisitions in 2021.
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The brokers’ association flags severe under-insurance in some pockets of the market.
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The division will service large corporate energy companies in EMEA, Asia Pacific and Latin America.
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He replaces Tim Mardon, who recently moved to Third Point Re as global head of property.
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Futureset aims to bring together specialists to promote risk awareness and resilience.
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The new recruit also served as head of group distribution and broker relationships at Hiscox.
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Executives reiterate the mid-single expansion guidance announced in March, despite growing organically by 1% in 2020.
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The WR Berkley subsidiary was founded in 2009 and writes upstream energy, marine and energy liability.
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Plus key takeaways from Q4 results and all the week’s top news.
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The London market is believed to have a maximum $70mn exposure written through Japanese treaties.
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Sea Traders’ Ioanna Procopiou becomes vice-chair.
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The former Ironshore COO said that the business will not be Pembroke 2.0, with the model set to be new.
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Michael Yeats will oversee the carrier’s reinsurance offices in Bogota, Buenos Aires, Miami and Sao Paulo.
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The newcomer joins as independent director.
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The EU’s lead insurance watchdog has internationally active (re)insurers in his sights.
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The executive will focus on streamlining the carrier’s operating model in the newly created position.
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The fourth-quarter charge will take group full-year pandemic losses to EUR1.2bn.
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The newcomer was previously CEO for client and country management at Axa XL.
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The new managing partner will work in Gallagher’s property practice with Asia-Pacific and South African clients.
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The carrier will continue to write Chinese business through its Singapore unit.
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Former Securis' executive Neil Strong joins arrivals including Lancashire’s Chris Wilkinson as a second head of specialty and Talbot PV specialist Dan Callow.
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The former senior AJ Gallagher and IAG executive will take up the role in August, reporting to interim group CEO Richard Pryce.
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The political violence specialist leaves after almost three years.
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The broker is building up its Bermuda presence following last month’s rebrand.
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Stephen Bertolla joined Guy Carpenter in 2016 and has held roles at JLT, Marketform and Benfield.
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The government removes a previous cap of 49% in its budget.
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The outgoing chief executive founded the company in 2005, building it into the second--largest legacy-focused business.
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The executive will move to London from Sydney as part of her new role.
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The investment will help finance hires and expansion into other jurisdictions.
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The executive moves up from the deputy chairman role.
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The CEO said there is still some way to go on pricing as he revealed $2.4bn premium expectations for the group in 2021.
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The organisation also says that the specialty sector is not immune to tech disruption from Lemonade-style companies.
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The executive takes over from Megan Thomas, who left to become the CEO at Hamilton Re in September.
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The appointment follows the departure of a team of marine brokers to BMS to work on a US wholesale buildout.
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The Australian carrier centralises its inwards reinsurance operation within the international segment.
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He will start in the role on Monday and replace Sandy Warne, who left the business to join Inigo.
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Hessing joined the company in September to replace David Atkins, who had been with Enstar since 2003.
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Aon’s decision on its post-deal reinsurance leadership shows it has moved past tactics of its Benfield-era integration.
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General manager Frédéric de Courtois and group chief investment Timothy Ryan will leave the business.
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An all-staff memo obtained by this publication stresses Case and Haley’s emphasis on a ‘one firm’ approach.
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The UK’s biggest MGA will use the investment to pursue growth following the recent completion of its Co-op deal.
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The legacy company announces three recent appointments to its management team.
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Gebauer, Kent, Pullum and Garrard are among the Willis execs named to big jobs.
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Group CEO David Howden said the A-Plan acquisition brings further retail M&A opportunities.
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The automated follow-only syndicate aims for integration with broker platforms this summer.
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His predecessor left the business following his conviction for assaulting his then-partner.
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The intermediary recorded revenue of £777mn, with 6% Ebitda growth taking earnings to £223mn.
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The Vantage CEO said that the carrier had a ‘successful’ 1.1 launch and foresaw sustained hardening conditions in the insurance market.
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The impending deal follows recent Lloyd’s legacy transactions with Neon and ArgoGlobal by RiverStone.
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The Convex CEO reiterates his prediction of a potential $200bn casualty-reserving deficit and anticipates a similar amount of Covid claims.
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The organisation will also undergo a strategic review to reassess member support as they work remotely.
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The London-based investor says its 20% stake in the Australian MGA is now worth $10.5mn.
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Insider Hannah Tindal will move from Chicago to London to take the role of D&O head within the London regional unit and Nordic team.
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A bias towards quota share is the well-trodden route for start-ups and while it came with benefits for the class of 2020, there were also challenges.
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The experienced market practitioner has worked on over 30 closed legacy transactions.
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The appointments comes after launches in Hong Kong and Singapore.
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Market executives familiar with Tiernan suggested that his skillset is a good match for the broad role as Lloyd’s looks to progress a new generation of leadership.
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Former controlling shareholder Carlyle will re-invest for a minority stake in the Brendan McManus-led broking group.
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The Marsh JLT-owned business specialises in cover for floating power and desalination operations.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.
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UK chair Tim Cox will step down in March, as will NED David O’Connor.
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Howard Burnell’s sentence also includes court and compensation costs, a restraining order against his former partner and a tagged curfew.
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The executive is currently managing director for UK commercial lines and global corporate and specialty at the carrier.
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Oaktree Capital is understood to be the institutional investor behind the "permanent capital" retro carrier.
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As well as a rebrand, the move will see BGC’s insurance assets brought together under one holding company.
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Fourth-quarter lockdown measures will push Covid-related P&C Re and CorSo losses up $400mn to $2.7bn for 2020, the analysts say.
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Hélène Stanway takes the new role of market engagement and adoption lead, with a focus on data.
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Even if we don’t see the firm gracing the LSE this year, its deliberations point to a growing likelihood of a liquidity event.
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All major entities will implement the scheme by the end of 2021.
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CEO Steve Hearn said that having a “distinctive identity” would help with deal-making opportunities.
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Deployed capacity is recovering and claims were below expectations but ending government support could negatively hit the market.
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He will take over from current CEO Rupert Swallow next month.
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Jennifer Law will join the team and report to Japan reinsurance solutions CEO Rupert Moore.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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He will join fellow Ironshore alumnus Kevin Kelley, who is taking on the role of non-executive chairman.
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Katie Small, Nick Gavin Powell and Michelle Suckling are set to join the business in the second quarter of this year.
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The outgoing finance chief will stand down in July but stay on in an advisory capacity until the end of the year.
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Sophie Irvine was the only renewable energy underwriter left after Canopius’ Netherlands-based team left the business last year.
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A regulator-mandated restructuring of the relationship between managing agents and the Brussels hub will, however, add cost.
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The broking and consultancy giant says it will also reduce carbon emissions to 15% below 2019 levels by 2025.
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Scully fills a gap left by the departure of Steve Hartwig to Ark last year.
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Vibe’s Richard Fricker is its international operations head and Sonia Stanton and Samantha Game also join the business.
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The rethink comes just weeks into Brexit proper and vindicates longstanding concerns that regulators would change initial arrangements for the Brussels hub.
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The additional raise takes the carrier’s committed capital to $3.2bn.
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The carrier says it will back “climate-positive” technologies at the expense of carbon-intensive businesses.
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The entity will be led by former Marsh Pacific executives Andre Louw and Igor Fijan.
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The start-up adds Angus Hampton as head of international casualty and reports a quota-share focus during the renewals.
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The CFO said the new access point for investors would not be used to inflate Lloyd’s capacity and dampen returns in the market.
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The insurer highlights the discrepancy between how the Trump rally and BLM protests were treated.
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The move comes as environmental policies move up the list of investor priorities.
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The broker joins a growing list of organizations severing commercial dealings following last week’s attack on Capitol Hill.
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The Allianz-owned non-life carrier closed to new business in 2015.
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The new classification will allow the carrier to increase GWP and third-party risk.
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They are the latest in a spate of renewable energy hires, which the broker has been growing over the past year.
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This publication previously reported the retail broker would change hands for more than £250mn.
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The K2-backed start-up has completed its senior team with Will Moore as finance director.
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Lesley Harding has previously worked for Willis, Arch and Swiss Re.
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The emerging markets specialist aims to raise around $860mn of additional funds by 2025.
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About 95% of the broker’s business currently emanates from outside the UK.
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The reinsurer’s new recruit leaves the Allianz group after 33 years.
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The carrier lifts its net catastrophe allowance by about 25% to $685mn as it reports more favourable renewal terms than it had expected.
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The start-up joins Azur, Paragon and Nuclear Risk among the brokers that gained the pre-Christmas go-ahead from the Irish central bank.
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The joint venture represents one blueprint for UK intermediaries looking to retain access to the EEA market.
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Nick Foden-Pattinson will lead the team, supported by Jeremy Brasier and Tony Key.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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The Bermuda (re)insurance trade body elects officers for 2021-2022.
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The move follows the recruitment of former Novae CEO Matthew Fosh.
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The start-up makes its first appointment directly from Hiscox, where Inigo founder Richard Watson worked as CUO.
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Julia Coakley replaces Ben Busfield, who has joined Zurich as a global claims relationship executive.
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The broker’s public sector and education practice adds the fourth-oldest university in the world to its client roster.
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Cécile Fresneau will replace the long-serving employee, who has held his current role for seven years.
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The former senior Zurich executive replaces Rudy Benmeridja, who retired at the end of last year.
-
The CEO outlines his vision for the start-up in a full and frank interview with this publication.
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The missive adds to the patchwork of arrangements emerging for existing policies across the 27-nation EU.
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The management liability market underwent huge hardening last year as major carriers withdrew.
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The expansive broker sees an opportunity in a highly consolidated reinsurance market.
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The room is likely to remain closed until at least mid-February, the Corporation said.
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Former Aon executive Sandra Lee leads the Singapore-headquartered division, which will initially focus on M&A insurance.
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The agreement follows a share-swap deal between the two companies.
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Reinsurers achieved limited price increases in the late and complex renewals.
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Key themes included new capacity, a more buoyant retro market than expected, drawn-out amendments to exclusionary wordings, and quota share demand.
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Loss-free accounts are repricing by high single digits but the real battle is over terms.
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Major consolidation laid the ground for current new launches, the Conduit chairman suggested.
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The carrier said there were plans to grow the team further and its US and non-US sides would be merged.
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The broker said that it expects double-digit growth for most property syndicates for 2021.
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AmWins also highlighted the continued availability of “cheap” excess capacity from London cyber MGAs.
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Manuel Almenara worked at Willis Re Latin America and Caribbean for 21 years until 2015 before moving to InsurTech Hello Zum.
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The Catlin and Brand-led carrier is working on a fully regulated long-term solution to be introduced during 2021.
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The partnership will roll out over the next 12 months and will write a range of admitted property and casualty lines.
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Guardrisk argued that its policy did not respond to a general government response to the pandemic.
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Areas of significant hardening include property, casualty, US financial institutions, D&O, US EPL and aviation.
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The underwriting room will be open on Wednesdays only for all classes.
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The transfer of business to its Irish subsidiary will allow any state within the European Economic Area to carry on the business.
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Other key hires include Marc Bearman as head of specialty for marine and energy and Andrew Smith as CRO.
-
The deal has received necessary regulatory approvals and White Mountains has pre-funded a portion of its capital contribution.
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The Corporation has also upped the e-placement target to 90% for Q2 2021.
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David Gallagher has left his role, after more than 26 years with the business.
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The InsurTech announced a partnership with Lockton Re earlier this month, and completed a fundraise in the fall.
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The London-based carrier has a 7.5% line on the account, which has proved difficult to place due to its loss history.
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The joint venture will focus on mid-market global property business, primarily in the US.
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The Davies Group owner outbid Abry Partners in the sales process for the broker.
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The losses stem from the Barzan gas plant in Qatar and a Tullow facility off the coast of Ghana.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
-
Oliver Bäte told the Financial Times that Wirecard’s collapse was a “symptom of a wider problem”.
-
The regulator has said capital management action should “not exceed thresholds of prudency”.
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The Irish broker was founded in 1961 and has around 200 employees writing both commercial and personal insurance.
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The ruling in favour of Spire Healthcare reaffirms legal principles relating to the aggregation of claims.
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The appointment comes after mass resignations in the Latin American team earlier in the year.
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Women at the firm earn 10% less than men in bonus pay, marking an improvement of 21 percentage points compared with last year.
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The Lloyd’s CEO said it was not for business to set the tone on climate, as the Corporation laid out its first ESG report.
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Fellow founder Will Thorne will take over the leadership responsibilities and manage its second fund.
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He replaces long-serving executive Gary Long, who retired earlier in the year.
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The Corporation will guide towards no “new business” in areas like thermal coal-fired power plants and Arctic drilling from 2022 onwards.
-
The entity has had a presence in South Africa since 2015 via a binder agreement with Guardrisk Insurance.
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The Charles Taylor chairman will help assess broking, InsurTech and service provider targets as an advisory council member.
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The internal venture aims to accelerate digitalisation across the group.
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The Turkish reinsurer joins more than 20 insurer shareholders.
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Regulators, investors and activists are monitoring the (re)insurance sector increasingly closely.
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Syndicate 1796 is looking to unlock "billions of dollars" of insurance coverage for low-income countries.
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The regulator says that the insurance sector had remained resilient this year but faced ongoing threats.
-
There will be significant movements in the ranks of the top 10 syndicates in 2021, with Brit moving into second place and Axa XL tumbling to 7th.
-
The milestone was set out in a combined all-staff townhall as the firms look forward to an H1 close.
-
Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
-
The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
-
The 10-year and 30-year bonds will be issued in a private placement.
-
The transaction marks a return to the subcontinental insurance market after a five-year hiatus.
-
The client tool will provide real-time data on pricing, profits and claims.
-
The acquisition of the digital-only broker is part of GRP’s ‘omni-channel’ approach.
-
Tom Shewry will take on the role on a permanent basis, after having been appointed interim CFO in September.
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PI underwriter Dean Kiernan joins from RSA and property specialist Donna Stroulger from Mapfre.
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The firm says the appointment helps to position itself as a “challenger” in the segment.
-
The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
-
Fiona Larnach will start in March next year as Peter Grewal returns to the UK.
-
The data and analytics head said investment strategies still hadn’t changed radically despite suboptimal returns for more than a decade.
-
The Hartford continues to operate in the UK through its NIC UK branch and Hartford Syndicate 1221.
-
Measures put forward for consultation include a single coming into line date and a waiving of deterministic rules for capital requirements.
-
Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
-
The transaction will be one of the largest P&C deals of the year.
-
The carrier assembles the team following the creation of its Chubb Studio digital platform.
-
In an interview, Grahame Millwater and Jason Howard set out the synergies possible following the broker’s rebrand.
-
The carrier is targeting growth in all key lines of business.
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Rates for listed companies continue to rise between 200%-400% amid hard market conditions.
-
The carrier’s long-standing client Alfa has become an equity investor.
-
The carrier will take a smaller line than initial backers PartnerRe and Swiss Re.
-
The underwriter’s resignation marks the latest in a string of senior departures at the carrier.
-
The reinsurer was placed under review in March amid turmoil in its management.
-
In its 2025 strategy, the carrier flagged “ample” opportunities in reinsurance and plans to expand in US specialty
-
In five years’ time, the risk solutions unit will account for 30% of Munich Re’s P&C reinsurance portfolio.
-
The companies said they will pursue a “controlled exit” as the affiliated ILS manager continues to draw back following a reduction in assets.
-
The broker will operate as Acrisure Re and Acrisure London Wholesale.
-
RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
-
The underwriter will be responsible for managing the portfolio as part of the specialty unit’s growth plans.
-
The carrier has moved Patrick Thiels to run its expanded Mediterranean and Africa unit.
-
The InsurTech is one of several carriers hoping to attract older customers.
-
The US carrier has offloaded a tranche of liability business written out of London.
-
Ex-Ariel CFO Angus Ayliffe becomes the latest member to join the team, which Jeff Clements will lead.
-
Other listed insurers lose ground in London trading.
-
The broker will add a Belgian office alongside its London operation for post-Brexit trading.
-
The executive will work as a business development manager, raising awareness of the need for coverage.
-
The unit will advise on M&A, capital raising and risk securitisation.
-
CEO Greg Hendrick said the composition of the new carrier would eventually be more heavily weighted to insurance business.
-
The executive will be based in London and report to Victor International president Anthony Stevens.
-
Steve Agutter, who worked at AIG for nearly three decades, will report directly to Richard Watson.
-
Sandy Warne will report to former Lexington chief George Stratts at the Lloyd’s start-up.
-
The latest appointments include former Markel property head Peta White and former EY partner Gail McGiffin.
-
One top-tier broking source claimed that across the market, claims were being settled in two-thirds of the usual time.
-
The deal will help the Aquiline-owned syndicate diversify away from motor insurance.
-
Six “mega-rounds” made up 69% of the total, including Ki, Next Insurance and Hippo.
-
If the fundraise closes, the business will operate as a “permanent capital” monoline retrocessionaire.
-
The executive will join on 21 December as an international cargo team leader.
-
The business plan approval follows a slew of senior underwriting appointments at the start-up carrier.
-
The MGA will write business under the Co-op brand as part of a 13-year partnership.
-
Wrangling over the award of Petroecuador’s 2021 cover has left reinsurers unsure of which primary carrier and broker to back.
-
Based in Zurich, the former Schroders executive will become senior property underwriter for France, Benelux, Iberia and Africa.
-
Shazia Aslam Rafique has worked at LSM since 2003 and has over 21 years’ experience in the industry.
-
The former Pioneer underwriting chief will lead the programs team within Brit Global Specialty USA from Georgia.
-
The Day 1 launch via a listing without PE cornerstone investors is an effective first for the (re)insurance sector.
-
Wickens replaces Andy Coleman, who left in September to join MGA OneAdvent.
-
The Axa CEO has “very high confidence” that Scott Gunter and his team will achieve EUR1.2bn in underlying earnings by 2021.
-
The experienced underwriter, a former global head of energy at AIG, will be based in London.
-
The new vehicle has hired ex-Aon Benfield UK chief David Ledger as non-exec chair.
-
The syndicate has £110mn of capacity for 2021, with retained capacity nearly doubling to £58.7mn.
-
David Bangs joins from Willis Re Singapore where he worked for more than 15 years.
-
The club reported a combined ratio of 102.2% for the first half of 2020, and an underwriting deficit of $2.2mn.
-
One Lime Street will be open to all classes of business on Tuesdays, Wednesdays and Thursdays from 2 December.
-
Sources said Smith will write cat excess of loss (XoL), risk XoL, pro rata and specialty reinsurance business as senior reinsurance underwriter.
-
The deal on the heels of the purchase of Miller establishes Cinven as a significant non-life insurance-sector investor.
-
Captive formation in Guernsey, Luxembourg and the Isle of Man is expected to increase this year and next as the market hardens.
-
The Corporation has confirmed the council membership from 1 December following an election delayed by Covid-19.
-
Syndicate 1225 plans to write £918mn on a gross premium basis, with growth spread across all lines.
-
The follow-only syndicate went live last week and is working with around 20 intermediaries.
-
The French carrier pulls back from Axa Gulf, Axa Cooperative Insurance and Axa Green Crescent Insurance.
-
The decision marks further reshaping of MS Amlin’s marine appetite, as the carrier continues its turnaround efforts.
-
Plus Guy Carpenter account win, executives on the record and some of the most-read stories from the week.
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The latest recruit is returning to Swiss Re after five years.
-
The Corporation must maintain a focus on profit over growth, the CEO said.
-
Joint research finds that remote working has challenged the London market’s ability to innovate commercially.
-
Thiago Navega will be based in Rio de Janeiro and report to Gallagher Re Brazil CEO Luiz Araripe.
-
The landmark transaction with Sentry requires court clearance after gaining the state insurance commissioner’s nod.
-
The syndicate has a £651mn stamp for 2021 as it looks to redeploy growth capital released from a recent adverse development cover.
-
Lloyd’s still has questions to answer on growth, remediation and Blueprint Two.
-
At a Reuters event, Willis’ Aubert agrees that assuming older employees would find the transition hardest was a mistake.
-
The new vehicle is a joint venture with Goldman Sachs-backed broker Aston Lark.
-
The Convex CEO also outlined difficulties facing the pandemic working group.
-
Simon Barrett, who was Markel International’s finance director for under two years, replaces Bob Moreton who retires next year.
-
The appointment follows the addition of Lockton’s Allison Hollern to the John Hopper-led financial lines team.
-
The current chief says the governance structure will evolve in a “new phase” for the reinsurer.
-
The tactic comes after the investors had three nominees installed on the risk modeller’s board this week.
-
The CEO also discloses $712mn of run-rate premiums under control and client base of over 190.
-
Sirius shareholders favour the deal but dissent on compensation proposal.
-
Former Canopius marine treaty head Andrew Gladwin becomes CEO of the British entity.
-
JAL Ventures led the funding round at the distribution platform.
-
There has been a string of underwriter transfers in the financial lines market amid hardening conditions.
-
Tina Baacke will join the business from 1 January and succeed Martin Schürz, who retires in February.
-
The territory has been relatively untouched by outbreaks of the virus so far.
-
The ruling will follow a final, uncontested court hearing on Wednesday.
-
The move comes as conditions continue to improve for hull underwriters following years of losses.
-
Plus Aon's new cat XoL facility under the spotlight.
-
The start-up envisages expansion into insurance “in the coming years”, AM Best said.
-
What really moves the needle at Lloyd’s is when the biggest beasts start to draw in their horns.
-
In the newly created role the executive will lead a 100-strong team.
-
The executive takes over from Peter Welton, who was made UK & Lloyd’s CUO for marine, energy and aerospace earlier this year.
-
Revenue rose 2.2% on an underlying basis at the broking group.
-
Acting CEO Alexander Craggs becomes deputy chief at the Lloyd’s business, while Jim Lye is confirmed as active underwriter.
-
The carrier cut back net written premiums in its overseas operations by 12.3% following restructuring at MS Amlin.
-
GIC said it co-led the consortium of existing and new investors to commit $1bn to the carrier.
-
The move follows a series of launches of similar units in the UK and US.
-
The Italian carrier has achieved its target of EUR200mn in expense reduction as part of its three-year plan.
-
Following market consultation, the re-imagined model is to be unveiled in Q2 2021.
-
The capital raise underscores Catlin and Brand's ambition to build the leading London specialty franchise.
-
The insurer said that stripping out the effects of Covid-19 from counterfactuals would over-indemnify policyholders.
-
The executive, alongside Oak Hill and Abry, have decided to delay the launch of the start-up until later in 2021.
-
Additional fundraise takes total committed capital to $2.7bn.
-
The company is rebranding as Skyward Specialty Insurance as the revamp under the new chief executive moves ahead.
-
Warren Buffett’s company trims its stake in Apple and exits Costco.
-
The appointment augments a team of ex-AIG underwriters and follows the carrier’s expansion into the segment earlier this year.
-
The chairman says the marketplace could end up looking more like a coffee shop again.
-
The management restructure follows Masterton’s promotion to divisional chief.
-
The executive, who has worked at Travelers since 2015, has left as part of the carrier’s restructuring.
-
The expansion rate tallies with early guidance, but is lower than the 12%-13% flagged in October.
-
The new paired entity will allow the company to grow its reinsurance business, starting with a deal covering $10bn of annuities.
-
Julia Henderson and Kathleen Faries are among the key hires to the new vehicle
-
The Bermudian start-up carrier has identified a team that includes Tristan McDonald as well as another Hamilton alumni Stuart Quinlan.
-
The start-up, which is targeting a Day 1 IPO, will target a 5%-6% dividend yield and a mid-teen ROE.
-
A “change of control” clause also gives hosted MGAs the opportunity to find new platforms if they wish.
-
The market chairman says the new entry point for submissions will radically improve data quality for placements.
-
Capital requirements are expected to rise by only 1%-2%, dispelling fears of a 5%-10% rise.
-
The sector has been hit hard by pandemic losses, which have prompted a spate of staff movement.
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Myriam Moufakkir joins after 15 years at Axa.
-
The Syndicate 6131 team will also start writing business on ILS Capital’s US rated balance sheet.
-
Denis Kessler argued that solvent companies should be able to manage their capital base freely.
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The experienced broker had been freelancing for almost two years.
-
COO Jennifer Rigby said that Lloyd’s would work with the market to develop common data standards.
-
The second change plan from Lloyd's feels more rooted in the present and realistic.
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The broker had already reversed the 20% pay cut that was introduced for the majority of employees.
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A London Market Live panel discusses further modernisation of the historic marketplace.
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The name change will bring 'simplicity and authenticity', the company said.
-
This publication examines the key changes since the first blueprint was published last year.
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The carrier has fully eroded the retention on its group aggregate cover, limiting Q4 cat exposure.
-
The 104-page document lays out a two-year roadmap for creating a digital marketplace, with a focus on open market and delegated authority business.
-
The UK head of energy takes on the newly created role, effective immediately.
-
Profits slipped 77% but CEO Jurecka said he was optimistic about the firm’s underlying performance.
-
Henry Gillingham, Chris Marsh and Chris Sparrow join Syndicate 1200 immediately.
-
Former Pembroke CEO Mark Wheeler is widely expected to join the business after his restrictions end.
-
Aon, Willis and MMC calls reveal clients’ hard market tactics, staff retention strategies and Covid-19 headwinds.
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The disposal plans are the latest of a string of restructuring measures under the leadership of CEO Kevin Rehnberg.
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The risk modeller has been fending off Senator Investment and Cannae Holdings since their initial $5.2bn takeover proposal in June.
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The Corporation has told UK-based employees to work from home with exception of a few essential roles.
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It is not clear why the 12th floor thought this syndicate was accretive to the broader market.
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It will serve as the parent company for Oxford Insurance Brokers.
-
The hire comes amid other promotions, including that of Sophie Lancaster, who has been named executive director.
-
Carriers expect only marginal gains and remain concerned that the UK overhaul will jeopardise equivalence.
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The change comes ahead of the renewal in December of the Willis Towers Watson-brokered cover.
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She has led the business line since 2015 and will be replaced by Michael Furtschegger on an interim basis.
-
Working with the Insurance Museum, the report highlights both the positive and negative aspects of the industry’s past.
-
If the syndicate does indeed go into run-off, it will be the 11th syndicate to close at Lloyd’s since Advent’s decision to go into run-off in 2018.
-
The electric car manufacturer had earlier marketed the policy with an Elon Musk exclusion.
-
The Lloyd's (re)insurer will deploy some of the funds to build its US onshore presence.
-
Trading has been suspended for the syndicate’s capacity in the remaining 2020 auctions.
-
The move caps 18 months of turnaround efforts at the Bermuda reinsurer.
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The former Aon retro broker joined the firm several years ago.
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The company says the appointment reflects “significant opportunities” it sees within contingency.
-
The Zurich carrier opens its international programme administration platform up to industry peers.
-
She succeeds Praveen Panicker who is joining Gallagher’s corporate finance team.
-
The president of Marsh JLT Specialty says some insureds are ripping up everything and starting again.
-
The ex-Validus Re CEO will head up the pending Class 4 reinsurer after the White Mountains buy-in.
-
Plus growth indications at Lloyd’s, a new retro start-up and a run-down of significant people moves.
-
Employees will get a £2,000 remote working budget, as the InsurTech provides rotating office space around Europe and regular off-site meetings.
-
Former international CEO delays retirement to fill top job gap, as Harris takes his role.
-
The new chief joins from Hiscox ILS with a mandate to expand the reinsurer’s third-party capital platform.
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The former Willis broker will lead the development of the group’s international M&A book.
-
The executive has begun sounding out investors about a retro offering.
-
Ronald Bolaños takes the helm of the Miami-based operation.
-
The syndicate in a box will underwrite Australian non-profit and other mutual risks.
-
Clarence Wong will be based in Hong Kong and report directly to CEO Franz Hahn.
-
Axis, Convex, Chaucer, BPL and Decus all have offices in the building.
-
Top (re)insurance executives including Stephen Catlin, Steve McGill and Ascot’s Andrew Brooks will meet quarterly to assist the platform on international expansion.
-
Pre-emptions in the mid-teens and above suggest that Lloyd’s is willing to permit exposure growth for some syndicates.
-
Jonathan Ibbott, David Watts and Urs Uhlmann have also left the business.
-
With its plans for ERS, Aquiline is looking to attack the hardening phase with the assets it has to hand.
-
The capacity represents a pre-emption of 18%.
-
The syndicate’s managing agency says the search is on to replace active underwriter Ian Maguire.
-
Former MS Amlin CFO Richard Hextall is also set to join Aquiline's Lloyd's business.
-
The European reinsurance chief says interest rates and loss experience drive the carrier’s hardening stance.
-
Backing comes from industrial investor Ajay Kumar through his family office.
-
The industry group highlights Swiss, US, Asian and Middle Eastern outreach.
-
The move comes as Dual adds Liberty Specialty Markets veteran Alan Telford as CUO.
-
The Corporation reiterates the “Covid-safe” status of One Lime Street as London prepares to enter tier-two lockdown.
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The executive worked at Marsh for more than 22 years and specialised in African airlines business.
-
The experienced claims executive has led the function at Hiscox for over a decade.
-
Global clients and Bermuda are also in the CUO’s purview as he replaces Peter Röder on the reinsurer’s management board.
-
The PE house and the London market wholesaler will submit bids in just over a week.
-
The Japanese reinsurer already offers P&C cover out of its Zurich subsidiary.
-
The ratings action follows the agreement with Arch Capital to buy the struggling company.
-
The expansive broker continues to upsize its team in London following the appointment of Dominic Riley.
-
The specie market is undergoing a series of senior people moves as market conditions improve.
-
Anson Aguiar becomes CUO of the just-launched Pallas Reinsurance.
-
Sentiment improved faster quarter on quarter in September than in any other financial services segment.
-
The resignation comes amid a period of heightened staff movement in the hardening class of business.
-
The environmental expert will lead client guidance on sustainability.
-
The broker adds Paul Rogers and Andrew Walker, while confirming the hire of Mark Walters as a managing director.
-
EY restructuring experts will oversee the bankruptcy process at the 56-year-old carrier.
-
The listed investor aims high for the growing MGA despite Covid-19 challenges.
-
The liability-focussed carrier appoints James Tully from Brit to work in the international casualty team.
-
The executive will remain GGC&C UK head.
-
Insider Elena Lieskovska will lead a new insurance segment.
-
The Ash Bathia-led business gains Lloyd's approval to write premiums of £173mn.
-
The top general insurance supervisor also warns the market against declaring an early victory on underwriting remediation.
-
As we head into the weekend, Louisiana is battening down the hatches against the approach of Hurricane Delta – the second hurricane due to make landfall near Cameron within less than two months.
-
Public commitments to D&I are welcomed but there is a wider question on who is holding firms to their word.
-
The regulator contemplates introducing new requirements for the companies it supervises.
-
Around 40% of syndicates outside of the light-touch cohort did not pass all of Lloyd’s KPIs and gross written premium targets.
-
Maarten Mulder, Martijn Meijboom, Bart Leijssen and Arnout Bijl have left the carrier to join the MGA.
-
The broker has led Howden’s specie operation since its launch in 2014.
-
The portal will be aimed at international brokers placing non-US risks and will hold a wide range of information.
-
The carrier is one of a number of players to have joined the market following devastating Covid-19 losses.
-
Almost 80% of senior underwriting staff from Neon in London have already found new roles elsewhere.
-
Former Markel underwriting executive Trevor Carvey will also be part of the leadership team.
-
CEO Hanbury hails an “unprecedented opportunity” as prices rise.
-
Tony Simmons, Tony Marshall, Lee Braysher and Barry Marler all previously worked at JLT’s aerospace arm.
-
The trade association also commits to gender parity in its own senior management by late 2022.
-
The would-be buyer presses for a non-disclosure agreement with the hedge fund reinsurer to allow due diligence to start.
-
The alliance will initially focus on the machine tools and transportation industries.
-
The insurance company has written around $3.2bn in GWP since the start of 2019.
-
The Corporation has said that a third of the supervisory body should be female by 2023, with at least one non-white member.
-
The per-share price is a 35% premium to yesterday’s close.
-
The insurance holding company confirms it will take 72% share in the Lloyd’s (re)insurer.
-
The new CEO returns to the trade credit insurer after previously leading its finance function.
-
Clix index will provide insured loss data for all major nat cat events since 2000.
-
The new hire has worked at Willis, Marsh and Lockton during a 30-year career.
-
The move marks the latest sign of capacity retreat from the sector.
-
The survey will include more perception-based questions and focus on observed behaviours.
-
The short-tail lines specialist is to depart after 15 years.
-
The move gives the business EU passporting rights in time for the end of the Brexit transition period.
-
The policy pays out automatically once a company’s IT services are disrupted.
-
The deal with Jubilee Insurance supports Allianz’s ambition to gain market leadership in key African territories.
-
The carrier will continue to write reinsurance treaty and crisis management business in the territory.
-
BMS plans to expand into the retro sector but will avoid being drawn into bidding "frenzy".
-
Two executives are promoted as CUO Ángel Rosa departs to lead Verti Germany.
-
The appointments follow the arrival of former Axis head of global international property Stuart Heath to lead delegated property.
-
The changes are part of the carrier’s move to a more regional operating model.
-
The deal includes small business MGA Everest Risk Management.
-
Insider Stewart Gardiner will fill the new post of technical underwriting director, reporting to CUO Jennifer Martin.
-
The pandemic has changed the playing field in the war on talent.
-
The carrier unveils a carbon management strategy to tackle climate change.
-
The deal will come into effect on 1 October, with the specialty player's gross lines likely to scale up by a quarter.
-
The acquisition brings “geography, talent and specialism”, says CEO Howard Lickens.
-
Pool Re CEO Julian Enoizi becomes deputy president, with Marsh UK and Ireland CEO Christopher Lay becoming deputy president designate.
-
Aon’s former head of international catastrophe management will take up the position next September.
-
All employees received a one-off special bonus in June using the company’s unused travel and entertainment budget.
-
The ECI-backed buyer acquires the regional network alongside BHIB and Churchill Insurance Consultants.
-
The Zurich-based Munich Re subsidiary replaces Renate Strasser.
-
The senior partner says the investor is eyeing further insurance opportunities.
-
The reinsurance convention will take place between 11 to 16 September “subject to the health situation”.
-
Sources said the flagship syndicate failed to meet top-performer requirements.
-
D&O is a major focus of the remediation work, with new business halted and a number of accounts expected to be non-renewed.
-
The executive is to take over all global insurance lines including AGCS and Euler Hermes.
-
Analyst Philip Kett said that the move could lift the company’s valuation.
-
The restructuring primary business will continue to operate independently from the group.
-
Almost three quarters of insurance leaders surveyed expect to maintain or add jobs next year.
-
Gabe Mansky and Andrea Friedman will focus on Israeli-based corporations and banks and their US affiliates.
-
Tamara Simpkins Franklin will join on 1 October and report directly to president and CEO John Doyle.
-
The former Liberty executive’s long-term ambition is to build a tech-enabled, London-based risk carrier to align with the Future at Lloyd’s vision.
-
A gathering of London market executives discussed how to meaningfully tackle black underrepresentation in (re)insurance and how to increase the pace of change.
-
The international insurance CEO criticises the industry’s “unhealthy obsession” with market cycles but says London has a bright future.
-
Existing shareholders in the business include Swiss Re.
-
The product provides hull, equipment and cargo cover up to £1.5mn, up to £50mn in public liability and “beyond visual line of sight” cover.
-
A memo circulated to brokers indicates the extent of the hardening underway in the London D&O market.
-
Corporation employees will be urged to work from home unless they can’t, or it is affecting their wellbeing.
-
Marine liability class underwriter Andreas Muller has also been put under consultation as Syndicate 1200 continues a strategic review.
-
The CEO stands by the Corporation’s recent decision to impose gender leadership quotas on the market.
-
The broking chairman says the modernisation programme will not disintermediate brokers providing true value.
-
Nicholas Hughes will become retro head, while Guy Hengesbaugh and Aaron Coates join as underwriters.
-
Arch Underwriting at Lloyd’s and Barbican Managing Agency have been brought together.
-
Susan Cross becomes an independent director and will serve on the company’s audit and risk committees.
-
The former group CFO takes the reins on 2 November.
-
The undisputed news highlight of the week was the High Court ruling in the Financial Conduct Authority’s test case over UK BI claims and Covid-19.
-
The team is led by Julian Pratt and Michael Lambert, and includes Simon Arden and Giuliano Montano.
-
Now, at least five separate PE houses have put up money at 1 Lime Street for 2021.
-
The commercial risk, health and affinity chief commercial officer says a wholesale return to the City is not “safe or sensible” at this time.
-
Mental health and relationship building could be challenges for remote workers, but it may reduce barriers to entry, panellists said.
-
The broker launches a lawsuit against Asia Pacific defectors after Guy Carpenter move.
-
Sources said the legacy arm of Axa had lost some investor support for the second of its funds used to back legacy acquisitions.
-
The group remains committed to the class in Bermuda and the US.
-
New hires announced today include Lauren Escher from AIG as US general aviation practice leader.
-
Financial market uncertainty, low interest rates and increasing reinsurance prices increase the importance of optimal capital allocation, (Re)Connect panellists said.
-
The reinsurance broker’s international chief leaves after 35 years.
-
The bulk of premiums will be assigned to property, followed by reinsurance and casualty.
-
High-quality data and data standards will simplify and speed up both placement and claims, panellists during the virtual (Re)Connect event said.
-
The newly created role will focus on broker relationships in the E&S markets.
-
Concepts around what the underwriting room could look like will be presented to the market in Q1, the Lloyd’s CEO said.
-
Chubb CEO Greenberg's near-$20.5mn pay narrowly beats that of his closest rival.
-
The new recruits join from Swiss Re and StarStone.
-
Ben Day will join the business later this year and work alongside Jeff Fleming and Nathan Taylor.
-
The reinsurer, like other carriers, is currently excluding the peril from events cancellation cover.
-
The professional lines-focused underwriter has backing from Gallatin Point and BlackRock.
-
The company is seeking a quote for a $100mn policy after previously opting to accept insurance from Musk.
-
The move follows Third Point’s $788mn takeover agreement for the (re)insurer.
-
Former CEO walks away with only A$310,000 payment after staff complaint.
-
The regulator received more than 1,150 whistleblowing reports and took “significant action” in eight cases.
-
A yet-to-be-appointed chief of markets will head up the new operation.
-
Piccolomini and South pick up Advisory, while Clarke will head up global placement.
-
It will be led by senior M&A lawyer Rob Faasen.
-
The executive retired from Swiss Re at the beginning of the year and will be joined on the Shipowners’ board by Jan Vermeij.
-
Umron Ahmed has been at Lloyd’s since 2015 and oversaw strategy for managing agents, capital providers and new entrants.
-
The executive will lead the trade credit broker’s establishment as a separate business.
-
The executive, a key lieutenant of group COO Peter Zaffino, is the first of the Duperreault-era management team to leave.
-
Warren Berkstresser will focus on US property treaty and specialty programs and open and run the broker’s new Seattle office.
-
Amid the noise, the market will be keenly watching Lloyd’s first-half results for small positive signs on growth and performance.
-
The broker’s London Work, Travel & Convene Coalition includes members from across the financial and professional services industries.
-
April McLaughlin will manage and expand its multi-line reinsurance offering within the region.
-
Including further details on STA Travel collapse, the Neon run-off process and key executive moves.
-
The reinsurer will still write treaty engineering, where it is still a key player for the market.
-
The carrier provides capacity to a number of warranty and indemnity MGAs including Icen Risk and RSG Europe Transactional Risks.
-
New owner rows back on pledge to maintain headcount due to pandemic.
-
The ex-Neon underwriter joins after a brief period heading up financial lines at Barents Re.
-
The move follows the launch of a new digital unit and a string of senior management changes yesterday.
-
The executive joins from Axa XL to take up the newly created role.
-
The executive resigns after more than three years as energy chief to pursue other opportunities.
-
The independent broker expands into healthcare and specialty with the hires.
-
The Australian carrier probably had little choice but to take a hard line over CEO Pat Regan’s communications misstep
-
The Swiss carrier hires the Ping An Technology CEO as chief information and digital officer as the tech push triggers a regional CEO shake-up.
-
A dedicated underwriting vehicle will be established to provide capital through Syndicate 4242.
-
Pierre-Édouard Fraigneau takes on the new role effective immediately and will be based in Luxembourg.
-
The underwriting room is operating at 45% capacity, with the working week split by line of business.
-
Robert Scott-Mackie will join Tokio Marine HCC to build a war book, while Ben Jones will join Gard.
-
The Belgian insurer is to take a 25% stake in the reinsurance unit of China Taiping.
-
The name change follows Gallagher’s January buyout of the outstanding shares in the company.
-
The exit follows an investigation into “workplace communications” reportedly stemming from a complaint within QBE North America.
-
Gallagher group insider Matthew Lucas takes the COO role at the MGA.
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The collaboration is the latest signal of big tech’s growing interest in the insurance sector.
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Amy Fu will be based in Singapore and work with Sandra Lee, who joined from Aon in June.
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The underwriting association aims to tackle outstanding reinsurance lines ahead of the Lloyd’s schedule and in time for the key renewals season.
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The 2010-15 start-up cohort is back in focus as Lloyd’s pushes ahead with 2021 business planning.
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The ratings agency predicts further syndicate closures as Lloyd’s “loses patience”.
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The broker has worked at Aon for 18 years, most recently as executive director for financial lines.
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Owner Tawa had in 2015 made a failed attempt to sell the run-off business, whose book includes asbestos and other health liabilities.
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Retro specialist Richard Wheeler will head the unit, which will focus on sourcing third-party capacity.
-
Stay awards risk deferring problems, with staff remaining in place who intend to leave post-payment.
-
The change is an early sign that MMC’s raids on Willis are bearing fruit.
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Scott Leney, who has been Marsh Australia CEO since 2015, will also become MMC Australia’s corporate country manager.
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London is yet to test the value of that intangible social capital which makes the market tick.
-
Third Point’s current CEO Malloy called the timing of the deal ‘critical’ as the 1 January renewal looms.
-
The accelerator programme will focus on data and models, new insurance products and markets and Covid-19 response.
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CEO targets investment from ILS community as he heralds hardening market.
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Adam England will take on Beat’s existing portfolio and redevelop it via a new cell called Satinwood.
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In June the 180-year-old insurance services business picked former Axa Corporate Solutions CEO Rob Brown as CEO.
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Other rival parties are understood to remain in talks about buying the shuttered entity's assets.
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John Lupica steps into the role of president for North America commercial and personal insurance.
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The company is looking to increase its retained capacity and grow its fund with pre-emptions and acquisitions.
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A snap poll of Insurance Insider’s London-based readership last week found that a third of respondents were planning a return in September but many are waiting until next year.
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Carrier will also reduce office space, improve technology and simplify its product suite.
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Response also rebuffs complaints over Goldman Sachs conflict disclosures.
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The regulator said insurers should work on a case-by-case basis on government support deductions, otherwise it could step in.
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The program administrator expanded into the business line at the beginning of the year.
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Reinsurance chairman will take on the CEO role until a successor is announced
-
Lara Mowery and John Crichton will also join the committee as global head of distribution and chief information officer, respectively
-
The insurer says it’s not appropriate to claim government financial assistance on what is an “established and core product”.
-
The CEO also casts doubt on the future of event cancellation cover.
-
Sources have indicated that exposure to cat risk and further definition around the need for a syndicate in a box to be accretive are two areas of focus.
-
The increased security will allow the established team to write 20% more business over three years.
-
Commentary from Beazley and Lancashire also flags challenges on volumes, interest rates and recessionary claims.
-
The CEO highlights his company’s ability to protect jobs and salaries and forecasts a diminished role for travel and entertainment.
-
Women now hold 29% of leadership roles, while seven firms in the market have all-male board and executive committee teams.
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The incoming CEO plans growth in retro, cat and property per risk as pricing improves.
-
Director general Huw Evans calls for a "relationship reset" between the watchdog and insurers after the court hearing.
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The CEO said people were getting “ahead of themselves” to say it was the best market conditions in recent memory.
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Euler Hermes, Coface and Atradius are also participating in the scheme, which has had formal approval from the European Commission.
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Broker facilities offer cover for PPE shipping, media liability and contractors’ plant and equipment.
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The broker returns to Willis after a 17-year absence.
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Charlotte Clark takes over from Hugh Savill, who has been with the ABI since 2005.
-
New rules also aim to prevent an overreliance on reinsurance and to encourage cedants to use multiple risk partners.
-
The global InsurTech chief warns of a potential “emotional reaction” towards the sector if the IPO experience at the renters’ carrier sours.
-
Sources suggest the raise could take the (re)insurer's equity base up to the $3bn it initially targeted.
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The executive joined as an underwriter in 2017 and has a banking background.
-
Andrew Piatti leaves the Aquiline-backed legacy specialist as the company conducts a strategic review.
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The former Scor UK CEO joins following the broker’s relaunch.
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Three senior executives take on new roles after the appointment of Sean McGovern as permanent chief of the regional unit.
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Socially distanced golf course meetings show that the "old ways" are still going strong.
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Q2 reports reveal pandemic losses, FCA test case gets underway, Lloyd’s top performers unveiled.
-
The legacy carrier opens for business after a regulatory rubber stamp.
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The MGA follows Markel out of the space as losses continue to mount for underwriters.
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The executive will take on a managing director role and be responsible for all of Barents Re SA's operations, including London.
-
The Marsh CEO outlined MMC’s five-point plan to improve racial equity during an Insider Progress webinar.
-
The broker returns to Lockton as the company continues its hiring spree.
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Syndicate 1796 has been developed by InsurTech Parsyl with Ascot as managing agent.
-
The executive’s interim role as head of the ART unit becomes permanent.
-
The reinsurer’s alliance with Microsoft is close to spawning its first products, the executive says.
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The delay will give the “maximum amount of time available” and will not affect the ability to write new EEA business.
-
The Talanx-owned insurer backs MGA’s cyber team.
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The consortium plans to offer cover triggered by WHO public health emergency declaration.
-
The current cyber and information technology underwriter replaces Steven Goldman, who moves roles as a consequence of a leadership change at E&S platform Westchester.
-
The new follow-only syndicate has worked with Google Cloud to develop a digital offering.
-
The entry into the market follows a handful of carrier exits in London.
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Stephen Catlin and Paul Brand’s start-up continues its specialty lines expansion as a contraction in A&H capacity signals higher rates.
-
Frank Amandi moves to the new post in Cologne after more than six years with the Allianz unit.
-
The MGA becomes an early InsurTech casualty of the pandemic era as its parent pulls the plug.
-
The executive makes the move after almost five years at Aon.
-
Chubb’s former European head of political risk and credit will co-lead the unit alongside Navaid Farooq.
-
He will assume management of AIG’s life and retirement, IT and enterprise risk functions alongside his existing roles.
-
Ventosa joins Lockton as a director of energy, as the world’s largest privately held broking firm targets clients in the oil and gas industry.
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The deal sets an exit plan for Stone Point from the Bermuda group’s North Bay entity if that business isn’t reorganised by year-end.
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Carlo Bewersdorf joins from Hannoversche Lebensversicherung as the white-label digital insurer prepares to become a standalone business.
-
The conduct regulator plans to align the deadlines with that for the “fit and proper” assessments.
-
The Corporation also plans a protected cell company to connect ILS money with the market, COO Rigby said in a Future at Lloyd’s update.
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Neal’s determinedness to “finish the job” on remediation will keep the brakes on rapid expansion.
-
The platform secured authorisation after passing the 100-customer milestone.
-
Ark founder David Foreman is due to retire from the role at year end.
-
Over four fifths of (re)insurers surveyed before the Covid-19 pandemic incorporate ESG into asset allocation, the asset management arm of the US bank finds.
-
The ACPR edict adds pressure on Scor and Covea.
-
The cross-group move follows an earlier decision to combine retail and specialty operations under CEO José Manuel González.
-
The insider replaces Detlef Offenhau, who has recently retired from the role.
-
The head of risk will succeed Andrew McMellin as the former MGA takes a new strategic direction.
-
The executive says the initial decision to implement salary cuts was taken after “sober analysis” of the situation.
-
The Corporation set out plans for further Covid-19 capital collections, letters of credit and its Part VII transfer in a circular.
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Lloyd's business-planning outlook, Aon-Willis' merger update and the Covid-19 spur to reinsurance buying.
-
All-in growth of 10 percent or less is predicted as the Corporation's CEO and CFO press syndicates to complete underwriting turnaround efforts.
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McGovern was named as permanent CEO for UK and Lloyd’s at Axa XL earlier this week.
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The settlement prevents insurers from pegging claims developed over years of exposure to a reinsurance policy year of their choosing.
-
The executive chairman will hand over the leadership of the company to William Spiegel.
-
The start-up Sequitur has initiated talks with around half a dozen other potential launch partners.
-
The number of risks bound on the platform rises 43 percent from the end of the first quarter.
-
An affiliate of e-commerce company Paytm will pay $76mn for the whole of Raheja QBE.
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The lenders are among seven institutions that no longer meet the Corporation’s criteria.
-
Andy Graham joins from Cobra London Markets.
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CEO Kevin Rehnberg continues to reshape the carrier's management.
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The parent company says it’s unclear whether data has been compromised or lost.
-
The new chief signals a bolder approach than predecessor Maurice Tulloch, who leaves for personal reasons.
-
The broker’s global P&C hub has given clients a single access point for Bermuda, London and Singapore markets.
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The move comes as the carrier retreats from Lloyd’s to operate under a single company market platform.
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The UK arm of the Swiss carrier reports a 9.8 percent pay gap and backs calls for the disclosure to become mandatory.
-
The adoption of home working has led to an increased uptake of e-trading.
-
The executive returns to underwriting after three years at the broker.
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With a £3.6bn valuation for Ardonagh, Towergate’s rehabilitation is complete.
-
The Bahraini carrier also exits aviation fac and liability business.
-
The broking group prices a new $500mn debt issue.
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Chris Stooke will take the non-executive chairman role from 1 January.
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The move follows redundancies earlier this month.
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The broker is about to tell staff how the long-awaited $125mn of incentives will be allocated.
-
The carrier follows Convex into the distressed market, where rates are expected to soar after damaging Covid-19 losses.
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Proceeds of the 30-year bond sale are earmarked for “general corporate purposes”.
-
Equity analysts report of investor concern about Eiopa’s stance on dividends during the Covid-19 pandemic.
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Behavioural risks associated with working from home are on the regulatory radar and can’t be ignoredBehavioural risks associated with working from home are on the regulatory radar and can’t be ignored.
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The firm has unveiled a range of measures in support of the Black Lives Matter movement.
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The restructure of finances also brings CDPQ in as debt provider and lines up a £300mn+ M&A war chest.
-
Former QBE executives Steven Burns and Mel Goddard are to join the board.
-
The success of remote working is prompting businesses to rethink how the London market will operate post lockdown.
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Eventual payouts could vary wildly depending on the interpretation of trends clauses, lawyers note.
-
The experienced underwriter replaces Simon Parnell, who is retiring after a long career at the firm.
-
News of the review follows last week’s deal to sell the US business to former Validus chief Noonan.
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The space will have plastic screens between desks and temperature sensors, while lift numbers will be limited at 1 Lime Street.
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Willis Towers Watson’s Michael Clarke and Generali’s Robyn Warke are to join the carrier.
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The departures come as Aon works to close its takeover and as an anticipated upstream sector recovery stalls.
-
The entertainment business sitting alongside the discontinued lines will move to the specialty carrier’s professional and financial risks portfolio.
-
The Corporation looks set to complete the mammoth transaction comfortably within the transition period.
-
A virtual underwriting room is also expected to be up and running by 1 September.
-
Far Horizons Capital is also suing JP Morgan for misrepresenting the reinsurer’s prospects when it was founded.
-
Christian Nielsen has been with Hiscox since 2015 and was most recently CFO for Hiscox UK.
-
Guy Carpenter has been retained to advise with the outcome likely to influence a call on future equity raising.
-
The exec said speed to market matters right now, with a start-up subject to more uncertainty.
-
The disposal would be the latest of several.
-
Marine liability, specie, terrorism and general aviation have been identified by sources out as better-performing areas of the business.
-
The activist investor and 0.4% Scor shareholder demands the chief’s dual role is split and a strategic review is undertaken.
-
The historical evidence suggests that capital raising will not necessarily kill the rate rises.
-
SkyKnight Capital, Dragoneer Investment Group and Aquiline Capital Partners have led the investment.
-
The measures come after the death of George Floyd shone a spotlight on discrimination globally.
-
The executive said that senior talent acquisitions at the broker were likely to continue.
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The new development allows for the flow of placement data for submissions and quotes between carriers and brokers.
-
The insider replaces Alun Sweeney, whose retirement has been delayed by the Covid-19 pandemic.
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The product will provide traditional warranty and indemnity cover and more tailored solutions.
-
The performance of the entire enterprise is given greater overall weighting across all executive officers when calculating pay-outs.
-
Karen Ellis joins the broker’s specialty division.
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External reporting does not pick up pay variations around part-time work and race, experts said on an Insider Progress panel.
-
The carrier also makes appointments to the global business lines team.
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The moves follow the exit of insurance CUO Cohen and two of his former Liberty colleagues.
-
The new venture would mark the third follow-only syndicate to come to light this year.
-
The D&F retreat comes during a period of significant market hardening.
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The troubled group plans a reported 478 lay-offs despite accessing the Covid-19 government support scheme.
-
In a note to staff, the Chubb CEO also said that civil society is a participant sport.
-
The Corporation will introduce a new “innovation” class of business, which could bring as much as £720mn of new business to Lloyd’s.
-
CEO Bearman says business has “thrived” during lockdown.
-
The Swiss carrier will take a 1.5 percent stake by buying into a London global depositary receipt listing.
-
The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
-
Analysis of the limited number of insurance company reporters shows a slight improvement in median gender pay for 2019.
-
The company may make an additional payment in Q4 subject to market and regulatory conditions.
-
Senior executives at carriers and brokers have sought to reassure clients and staff amid social unrest across the US.
-
Shares in the carrier rise more than 4 percent in the New York morning.
-
Sophie Chambers will head up the team and Dan Fairweather will focus on aquaculture and livestock.
-
Shareholder pressure at Watford grows after a second investor demands “strategic review”.
-
The change marks the end of a 136-year outsourcing agreement between the two firms.
-
Jefferies note also reveals the carrier’s post-Covid growth strategy.
-
Bruce Hemphill joined the board last year.
-
Hannover Life Bermuda chief Cardinez has been promoted to the role.
-
Alex Gilmore takes over the role from Jim Watt, who will remain on the executive committee.
-
Case has won a key vote of confidence from Aon staff, but this is not an unqualified victory.
-
The acquisition will help scale its platform, modernise its products and explore acquisition opportunities.
-
Detailed excerpts from an internal Aon memo on the "opt-in" rate to the salary reduction programme.
-
In total, nine out of 10 in-scope staff will participate, an internal memo obtained by this publication shows.
-
Part payments to BI claimants would spare both sides a slow move to a binary outcome.
-
The executive predicts more algorithmically driven syndicates in the near future.
-
The first signs are also emerging of distressed acquisition opportunities, the executive said.
-
Clients could be offered a proportion of their agreed limit in exchange for dropping their claims.
-
The former Besso chief will advise the intermediary on growth and oversee a new specialty casualty and cyber team.
-
The broker is accused of failing to disclose material financial information about the deal.
-
PE backer Aquiline is thought most likely to seek a merger partner for the Bermuda-based legacy firm.
-
This publication digs into the report for details on performance, growth drivers, market concentration and skillset.
-
The economic damage wrought by Covid-19 may dull considerations of fairness and the sanctity of contracts.
-
The companies will target facultative and treaty reinsurance in lines including property cat and construction.
-
Ian Campbell and Henry Davies are both joining the business to work alongside John Hopper.
-
The raise was led by Alpha Intelligence Capital, and was its first major InsurTech investment.
-
With Brit’s new follow-only syndicate, the push for a revolutionised follow market is very much still on.
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Others in the market are “burying their head in the sand” in wanting to stick with the traditional methods, the executive said.
-
Peter Slot previously led global A&H at the Bermuda company, which exited the class earlier this year.
-
Brett Hatton will start in September and report to downstream energy head Jon Parker.
-
The executive is charged with new strategies for growth.
-
The Axis founder told this publication the business has also fallen short on governance standards.
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Also, Rhic Webb has joined the company from Axa XL to take up the new position of general counsel and company secretary.
-
The pandemic era of working from home is prompting companies to review their real estate requirements.
-
Sujal Patel previously worked at AIG for nearly five years and prior to that was at Hyperion.
-
The CEO says the sector needs to innovate to address its waning relevance.
-
The carrier earmarks aggregate as the most challenging part of renewal after fire and storm claims.
-
The extensive negotiations started at 0.99 Aon shares for each Willis share, and ended at 1.08, according to proxy documents.
-
The ACPR sent the mutual a second letter ordering reforms.
-
The CFO will lead the company alongside Lawrence Metz while retaining his existing duties.
-
A former Markel CFO will join as a non-executive director.
-
The project is one of a number of initiatives stalled or postponed because of Covid-19 pressures.
-
The Financial Ombudsman works within parameters that pay limited heed to legal contracts. ‘Fairness’ versus the law in Covid-19 BI disputes
-
Shared back-office infrastructure forms part of the arrangement.
-
CEO Jean-Jacques Henchoz highlights structured reinsurance as an area of brisk demand.
-
The CEO says the carrier is committed to winning back its A+ Superior rating.
-
The ratings agency says the revision reflects a deterioration in the (re)insurer’s operating performance.
-
The equity research firm lifts its recommendation on the carrier to “add” from “reduce”.
-
The unit’s former chief will work alongside current CEO Chris Beazley.
-
The company’s investment income has plummeted as a result of Covid-19 market changes.
-
CEO John Neal also urged managing agents to pay Covid-19 claims on products with unspecified pandemic or contagious disease extensions.
-
The Hiscox Action Group and the Night Time Industries Association says the 500 policyholders have BI cover worth up to £100,000 each.
-
The executive says the move will protect staff and support clients amid serious economic turmoil.
-
The new vehicle, which is targeting a 1 January 2021 launch, represents a revision of original plans to launch an SIAB.
-
As more information comes to light, the scale of potential Covid-19 losses continue to grow.
-
The CEO says the carrier would consider raising equity if potential returns warranted it.
-
The MMC CEO said that salary cuts – like those seen at Aon – are “an awfully blunt instrument”.
-
The 5-point increase comes as the London market embraces e-trading amid lockdown measures.
-
Aon’s Phillip Mallon joins the North American team and Neon’s Freya Foxall moves to the international P&C team.
-
The legacy and program specialist raises funds to capitalise on an expected market dislocation.
-
The Aon UK global broking centre chief says Covid-19 should assist the modernisation and D&I agendas.
-
In pricing negotiations, does working from home tip in the favour of underwriters or brokers?
-
CEO and chairman David Long says the carrier’s investment portfolio will bear the brunt of the pandemic.
-
Hiscox’s Olly Durell, MS Amlin’s Daniel Black and Sarah Reeve all join the company.
-
The available funds will be distributed into the wider incentives pool.
-
Group CEO Juan Andrade will assume oversight of the expanding insurance arm.
-
Measures to retrench on cost due to Covid-19 were disclosed as the broker reaffirmed its Willis deal.
-
Available reinsurance capital could shrink in the line, which does not exclude pandemics, the broker notes.
-
The business recently launched a new incarnation of structured trading platform Tepfin.
-
The downstream market is expected to be less impacted although there is some BI exposure.
-
The group has attracted more than 200 policyholders in dispute over BI cover.
-
The carrier positions itself to take advantage of rising rates following Covid-19 losses.
-
The heatmap of BI exposure is rapidly changing but reinsurers “stand ready” to pay for losses.
-
The PE firm counts AmWins among former portfolio companies.
-
The broker says claims are manageable, but the dual hit to balance sheets sets the scene for a capital squeeze.
-
The UK and Ireland chief expects the pandemic to erode capacity and drive claims and operating costs higher.
-
The former XL Catlin COO replaces Chris Stooke, who has spent almost a decade at the carrier.
-
A deal would bring the curtain down on AFG's unhappy Lloyd's experience.
-
The Hannover Re parent predicts little-changed Q1 profit of EUR223mn.
-
The veteran underwriter previously held executive roles at Qatar Re and Emirates International.
-
The carrier declines to give guidance amid pandemic-related uncertainty as it publishes below-forecast quarterly figures.
-
The entity will provide reinsurance for its syndicates across financial lines, cyber, political risk, terrorism and marine.
-
The executive replaces Martin Mueller, who leaves the restructuring primary carrier for a group finance role.
-
The carrier’s entry into the class comes as D&O rates soar on the back of heightened claims.
-
The LMA, IUA and others call on the bloc to extend pandemic-era support beyond banks and public export credit agencies.
-
Mark McCormick takes the CEO role of the group’s Dublin reinsurer, with Helen O’Sullivan staying on as head of the local specialty business.
-
The carrier’s withdrawal has shown that not just the worst-performing syndicates will think seriously about an exit.
-
Howard and Harrison have wrested the London piece of the account from Guy Carpenter.
-
The move follows repeated years of underwriting losses for Syndicate 5151.
-
The incoming chief will take the helm of the recently created unit in July.
-
The former senior vice president at AmWins replaces James Abraham, who is retiring.
-
Ismael Lopez takes over from Junji Hisano, who has moved to the post of chief client officer.
-
The UK reinsurance managing director exits after three decades.
-
Embattled business owners have written to Business Secretary Alok Sharma to complain about the carrier's stance.
-
Niraj Perera has been hired to lead the team.
-
The dispute centres on wordings around non-damage denial of access and public authority shutdown mandates.
-
A record number of risks were placed on the platform last week, as companies continue trading remotely.
-
Simon Collings takes on the role following Mark Armitage’s retirement at the end of March.
-
Scott Holbrook succeeds former Key Risk president Robert Standen, who takes the helm of other operating units.
-
Michael Pille will take on the newly created role after three years at the Berkshire Hathaway business.
-
The conduct regulator will review data collection and authorisation processes, assuming Covid-19 work allows it the time.
-
The former JLT Re CEO replaces David Lawrence, who becomes deputy chairman.
-
The CEO says he’s eager to work with the French government on a solution.
-
David Rahr will take on the role as Justin Walsleben retires after more than 27 years at the firm.
-
The industry association umbrella group urges regulatory flexibility around requests for pandemic-related data.
-
The insurer is donating $10mn to relief efforts to support the financially vulnerable.
-
The mid-market commercial insurer also gains authorisation in Washington State.
-
Kate Markham takes over from Aon’s Richard Dudley, who was recently appointed Liiba chair.
-
The Lloyd’s performance management director delayed his departure from the Corporation to assist with Covid-19 planning.
-
The total-return reinsurer called off its sales process yesterday and announced a buyback.
-
Shares in the total return reinsurer traded up 3 percent after the news.
-
The broker said there would likely be a string of claims as a result of coronavirus.
-
The potential expansion could be made possible by the January US-China trade deal.
-
The executive was responsible for business development and partnership relationships at Darag.
-
Business also enters an ADC with an unnamed counterparty for 2018 and prior years.
-
Industry bodies are concerned that relationships will sour without regular sporting fixtures.
-
International chairman James Vickers expects the virus to be a feature of all 2020 renewals.
-
The extension is designed to help those experiencing hardship to maintain cover for the flood season.
-
Ali Shahkarami will take on the newly created role and report to COO Bettina Dietsche.
-
Long closing period and Covid-19 uncertainty expected to curb early staff exits.
-
Combined ratio and investment return targets have been withdrawn due to economic insecurity.
-
The trade association urges talks on a tie-up between the government and the insurance industry.
-
Sirius shares spike 25 percent after CMIG made a U-turn on blocking earlier initiatives to dilute its holding.
-
The activist investor revives its campaign for a separation of the CEO and chair roles.
-
The estimate assumes normalised major losses of 10 percent of Lloyd’s net earned premium.
-
Lloyd's is following the universal business imperative to focus on essential work during the coronavirus crisis.
-
Class underwriter Sam Yates, and a team of three underwriters, will start at Ark in April.
-
Jon Galston has joined as head of the Norway fac team.
-
Insurance commissioner Lara says policyholder cover must remain in place through the pandemic.
-
Underwriting executives still hold reservations over the changes, including how much cost benefit can be realised.
-
Peel Hunt says the emergency economic measures were positive for insurers’ investment portfolios.
-
The former CEO has instructed his lawyers to dispute what the company believes he should repay.
-
The risk management society promises online resources to help with the pandemic.
-
The Bermudian platform sources casualty reinsurance deals for hedge funds.
-
Susan Finbow joined the broker last July from Marsh.
-
The executive talks over the landscape for the reinsurer as work to close the $9bn disposal by Exor continues.
-
Mark Bernacki formerly served as head of global property at Beazley until April 2019.
-
James Dover takes the Adeptive CEO role, with Jeff Bright CUO and Chilton non-executive partner.
-
The underwriter will be responsible for writing new business and product development.