NewsE&SAxon buys AGCS US products recall bookAxon Underwriting Services is set to build its contaminated and consumer products recall book with a deal to buy a renewal portfolio from Allianz Global Corporate & Specialty (AGCS), after setting up a new crisis management unit staffed by former AGCS executives earlier this year.Mon 3 Aug 2020
NewsCapitalTigerRisk finalises growth investment from Flexpoint FordExpansive reinsurance broking and advisory firm TigerRisk said it is targeting additional hires as well as product and geographic expansion as it announced its investment from private equity firm Flexpoint Ford has completed in a move first revealed by The Insurer back in April.Mon 3 Aug 2020
NewsAon insurtech CoverWallet unveils new digital cover for start-upsCoverWallet, the US digital insurance platform acquired by Aon last year, has unveiled a new product focussed on VC-backed start-ups.Mon 3 Aug 2020
NewsProperty catastropheIsaias losses likely to sit within primary carrier retentions after storm weakensInsured losses from Isaias passage close to the US East Coast are expected to sit within primary carrier retentions after the storm weakened to a tropical storm as it tracked close to the Florida coastline.Mon 3 Aug 2020
NewsPeople MovesHamilton Re’s CEO Reardon exitsKathleen Reardon, chief executive officer of Hamilton Re since 2014, has parted company with the Bermudian carrier.Mon 3 Aug 2020
NewsM&ACohen & Co files for $175mn second SPAC IPO after Shift dealCohen & Company’s second blank cheque company INSU Acquisition II has filed with the SEC to raise up to $175mn in an initial public offering.Mon 3 Aug 2020
NewsM&AAston Lark acquires employee benefits intermediary PMHExpansive Goldman Sachs-backed broker Aston Lark has undertaken another acquisition, adding Private Healthcare Managers (PHM) to the group.Mon 3 Aug 2020
NewsEnergyGallagher adds THB’s Tidman to energy practiceGallagher has added Gavin Tidman to its global energy practice.Mon 3 Aug 2020
NewsCOVID-19Hiscox seeks to calm investor concerns on Covid-19 reinsurance exposuresHiscox sought to reassure investors on its Covid-19 exposures during its first half earnings call following a 7 percent morning dip in its share price on the back of an $82mn increase in its expected losses from the pandemic.Mon 3 Aug 2020
NewsResultsCNA P&C swings to $210mn U/W loss in Q2CNA Financial has reported an underwriting loss of $210mn in its P&C division in the second quarter, compared to a profit of $72mn in the same period last year, as pre-announced catastrophe losses pushed the unit to a 112.3 percent combined ratio.Mon 3 Aug 2020
NewsPeople MovesAon hires Axa XL’s London property reinsurance head TurnerAon has recruited Axa XL’s London international property treaty head Catherine Turner to lead its UK property reinsurance team. Mon 3 Aug 2020
AnalysisIs the excitement around Lemonade going flat?During the four weeks since its IPO, Lemonade has seen its share price soar before falling more than 30 percent from its peak while observers suggest any investor disappointment over the longer term could hurt other insurtechs hoping to go public. Mon 3 Aug 2020
NewsM&AArgenta in talks to buy rival’s US arm Ark Underwriting IncHannover Re-owned Argenta Syndicate Management Ltd is in exclusive talks to acquire Ark Underwriting Inc (AUI), the Hartford-based service company of expansive Lloyd’s insurer Ark Syndicate Management Ltd, The Insurer can reveal.Mon 3 Aug 2020
NewsPeople MovesBHSI unveils Dubai and Singapore senior promotionsBerkshire Hathaway Specialty Insurance (BHSI) has unveiled two senior promotions within its underwriting teams in Dubai and Singapore.Mon 3 Aug 2020
NewsKrefta becomes latest Hiscox exec to leave as Bermuda ILS contractsMike Krefta, the CEO of Hiscox Group’s Bermuda arm Hiscox Re & ILS, has become the latest executive to leave the London-listed insurer, it was confirmed today.Mon 3 Aug 2020
AnalysisLloyd’s legacy boomLast week, this publication revealed that both Apollo Syndicate 1969 and Vibe 5678 were exploring the run-off market for legacy solutions.Mon 3 Aug 2020