Pol risk, credit & surety

AIG has recruited a former Willis Towers Watson broker to its M&A team, The Insurance Insider understands.

PartnerRe posted a $396.8mn increase in non-life reinsurance recoverables during the third quarter, as it sustained $472mn of net losses from hurricanes Harvey, Irma and Maria.

Hannover Re executives said that the firm had exhausted a new multi-territory, multi-peril EUR100.0mn ($117.7mn) aggregate cover as its retro programme responded to third quarter losses.

New insurance-linked securities (ILS) fund Lutece Re will be among the start-ups targeting the retrocession segment in 2018 as the market anticipates a significant rating reaction to heavy losses this year, sister publication Trading Risk revealed this month

Two well-known figures in the trade credit insurance market have made a return to EC3 after lining up private equity funding to build a wholesale and specialty broker.

Political risk insurance broker BPL Global has signed a joined venture with EIA Global to set up a business in New York.

Joe Lewis, the owner of Tottenham Hotspur Football Club, has entered the trade credit and surety market with a broking venture, amid a flurry of activity in the sector.

Everest Re Group has appointed Markus Heizmann as head of its Zurich-based credit and surety operation.

Allianz-owned trade credit insurer Euler Hermes has named new CEOs for Southeast Asia and China, filling a gap left after a senior executive moved to Munich Re.

Sompo Canopius has added to its growing trade credit and political risk team with the hire of Stephen Pike from securities and commodities broker ED&F Man Capital Markets.

Markel has established a trade credit and political risk underwriting operation in Chicago.

A recently introduced Willis Towers Watson broking structure for terrorism cover has underlined the increasing facilitisation of the political violence market in London.