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LMG presents post-Brexit free trade accord for insurers

The London Market Group (LMG) has devised a free trade agreement (FTA) for the insurance sector that it hopes will serve as a blueprint when Brexit negotiations move on to trade issues.

Laura Board, 29 November 2017
Wells Fargo plots final insurance business exit

Wells Fargo plans to wind down its personal lines business by early next year, bringing an end to the embattled bank’s play in the insurance broking space.

Dan Ascher, 29 November 2017
PatNat plans bankruptcy filing in sale to lenders

Patriot National, the insurance services outsourcer majority owned by former CEO Steven Mariano, plans to seek Chapter 11 bankruptcy protection as part of a deal to be acquired by its secured lenders.

Ted Bunker, 29 November 2017
Cats offset American reinsurers’ Q3 premium gains: RAA

Net premiums rose 6.4 percent for US reinsurers in Q3, but a spike in cat-related losses drove the aggregate combined ratio up 17 points to 111.9 percent and none of the 18 companies made an underwriting profit, according to Reinsurance Association of America (RAA) data.

Ted Bunker, 29 November 2017
TMK and Beazley fined $920k for unlicensed life scheme

Beazley and Tokio Marine Kiln have together been fined $920,000 for writing life insurance in New York State without a licence.

Dan Ascher, 29 November 2017
Bermuda leaders bid to grow (re)insurance industry

Bermuda’s premier said he wants (re)insurers to remain prosperous and grow in the territory in a pitch intended to woo senior industry executives amid global political uncertainty.

John Hewitt Jones, 29 November 2017
WR Berkley reshuffles leadership of two subsidiaries

WR Berkley has reshuffled the leadership of two of its subsidiaries, moving the president of Continental Western Group to the same role at Berkley FinSecure.

Dan Ascher, 29 November 2017
Navigators promotes McKenna to US CUO

Specialty insurer Navigators has reshuffled its senior marine leadership after promoting group leader Michael McKenna to chief underwriting officer (CUO) for its US insurance segment.

John Hewitt Jones, 29 November 2017
State Auto boosts LaRocco’s pay and extends contract

State Auto Financial directors have given chairman, president and CEO Mike LaRocco a 22 percent salary increase and boosted his target cash bonus by 20 percent, citing "remarkable progress" in a turnaround plan that he began two years ago.

Ted Bunker, 28 November 2017
Markel Catco tops fundraising target after dividend pledge

Markel Catco will raise gross proceeds of $543mn from the sale of new shares in its London-listed Catco Reinsurance Opportunities Fund, taking the fund manager's total new capital raised following third quarter losses to $2.3bn.

Fiona Robertson, 28 November 2017

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