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Lloyd’s of London pension fund strikes insurance deal
A retirement fund for Lloyd's of London workers has insured £40mn of its liabilities with Pension Insurance Corporation (PIC), the specialist pension buyout firm set up by financial entrepreneur Edmund Truell.
30 October 2013
Montpelier Re targeting $125mn from Blue Capital IPO
Montpelier Re aims to raise $125mn from the initial public offering of its new Blue Capital Re subsidiary, which could take the vehicle's launch capital to $193.75mn, according to an updated prospectus filed yesterday (29 October) with the Securities and Exchange Commission.
30 October 2013
AFG profits hit by Q3 asbestos charge
US insurer American Financial Group (AFG), owner of Lloyd's carrier Marketform, said its third quarter profit fell by nearly two-thirds after it was forced to set aside an extra $49mn against asbestos and environmental liabilities.
30 October 2013
UK legacy sector rails against planned new rules
The Insurance & Reinsurance Legacy Association (IRLA) and Ruxley Ventures have warned that regulatory proposals affecting UK legacy insurers could harm policyholders and deter investors from backing run-off ventures.
30 October 2013
AJ Gallagher’s brokerage achieves 5.5% organic growth
AJ Gallagher reported organic growth in base fees and commissions in its brokerage segment of 5.5 percent, as CEO J. Patrick Gallagher talked up a "new era" of rational rate setting by insurance companies.
30 October 2013
HCC confirms Spanish surety charge
HCC reported a 189 percent loss ratio in its international surety and credit segment for the first nine months of 2013 as the insurer was forced to add reserves following a recent Spanish Supreme Court ruling.
30 October 2013
Willis reports 5.7% organic growth in Q3
Global broker Willis reported 5.7 percent organic growth in fees and commissions for the third quarter of 2013 but saw adjusted operating margins fall on higher salaries and benefits.
30 October 2013
Former AIG CEO Sullivan joins Cooper Gay
Global broker Cooper Gay Swett & Crawford (CGSC) has hired former AIG CEO Martin Sullivan to take on the role of non-executive chairman of US operations.
29 October 2013
Charman hires head of onshore energy from Axis
Endurance CEO John Charman has continued to cherry pick talent from Axis, the carrier he founded and previously ran, by recruiting its head of onshore energy, Cliff Easton, The Insurance Insider can reveal.
29 October 2013
Willis sees UK storm loss of up to $800mn
The Atlantic storm that swept across northern Europe in the early hours of Monday (28 October) will cause between £300mn and £500mn ($480mn-$800mn) of insured losses in the UK, according to a Willis estimate
29 October 2013
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