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Axa XL unveils new Americas leadership and structure

News

People Moves

Axa XL unveils new Americas leadership and structure

Axa XL has rolled out the latest part of its insurance business restructure under group CEO Scott Gunter with details of its Americas leadership team, led by regional CEO Joe Tocco.

Mon 27 Jul 2020

News

Legal/ Regulatory

NAIC forms special committee on race

The National Association of Insurance Commissioners (NAIC) has formed a Race & Insurance special committee that will make recommendations on how regulators and the industry can increase diversity and address practices that potentially disadvantage minorities.

Mon 27 Jul 2020

Hurricane season keeps ahead of schedule as peak period approaches

Comment

Losses

Hurricane season keeps ahead of schedule as peak period approaches

The first US landfalling hurricane of the year serves as a warning that the peak period of the Atlantic hurricane season is approaching.

Mon 27 Jul 2020

FCA seeks to extend measures for struggling policyholders

News

COVID-19

FCA seeks to extend measures for struggling policyholders

The UK’s Financial Conduct Authority (FCA) plans to extend temporary measures to help consumers who are struggling to pay their insurance premiums amid the coronavirus pandemic.

Mon 27 Jul 2020

Axa XL appoints leadership team for UK & Lloyd’s

News

People Moves

Axa XL appoints leadership team for UK & Lloyd’s

Axa XL has appointed Elie Hanna, Luis Prato and Martin Turner onto a client-facing leadership team for the group’s UK & Lloyd’s region, effective immediately.

Mon 27 Jul 2020

Oneglobal adds London veteran Grant to board

News

People Moves

Oneglobal adds London veteran Grant to board

Oneglobal has continued its build out with the addition of Alan Grant as non-executive director.

Mon 27 Jul 2020

Davies Group expands captive offering with Citadel Risk acquisition

News

M&A

Davies Group expands captive offering with Citadel Risk acquisition

Davies Group has acquired Citadel Management Bermuda Limited and Cedar Consulting (Citadel Risk) in a move the specialist professional services firm said would add “significant scale and reach” to its captive management segment.

Mon 27 Jul 2020

News

US insurer Prime targets Lloyd’s syndicate for 2021

Expansive US specialty insurer Prime Holdings Insurance Services (PHIS) is looking to launch a Lloyd’s syndicate for 2021 and has capital commitments in place for start-up stamp capacity of at least £100mn ($128mn), The Insurer can reveal.

Mon 27 Jul 2020

BMS and McGill & Partners along with PE interest drawn to restarted Miller process

News

M&A

BMS and McGill & Partners along with PE interest drawn to restarted Miller process

BMS and McGill & Partners along with other trade buyers and several PE firms are among as many as 20 interested parties to have signed non-disclosure agreements (NDAs) related to the restarted £500mn+ sale process for Miller Insurance, The Insurer understands.

Mon 27 Jul 2020

IUA amends policies over rise in vehicle terror attacks

News

War and terrorism

IUA amends policies over rise in vehicle terror attacks

A new model clause for clarifying coverage of motor terrorism risks has been published by the International Underwriting Association (IUA).

Mon 27 Jul 2020

MS&AD acquires Phoenix Group stake following ReAssure deal

News

M&A

MS&AD acquires Phoenix Group stake following ReAssure deal

Japanese insurance giant MS&AD has acquired a 14.5 percent stake in Phoenix Group Holdings after selling its 25 percent shareholding in UK closed life business ReAssure to the consolidator.

Mon 27 Jul 2020

News

Aviation

Aviation market faces $190mn loss on Chubb-led Ethiopian Airline fire

Insurers in the aviation market are facing a $190mn loss for an Ethiopian Airlines 777 freighter which caught fire at Shanghai Pudong Airport last week, The Insurer can reveal.

Mon 27 Jul 2020

Scor sheds 4% in Euro red week as US-China tensions weigh on sentiment

Analysis

COVID-19

Scor sheds 4% in Euro red week as US-China tensions weigh on sentiment

Shares in Paris-headquartered Scor fell more than 4 percent in a widespread red week for European P&C stocks, fuelled by renewed fears over the impact of the coronavirus pandemic and escalating diplomatic tensions between the world’s two largest economies.

Mon 27 Jul 2020

Mapfre’s “outstanding” H1 u/w result does not change broader issues: KBW

News

Results

Mapfre’s “outstanding” H1 u/w result does not change broader issues: KBW

Mapfre’s underwriting result for 2020’s second quarter has been labelled “outstanding”, although the “flash of light does not make things shining all around”, according to Keefe, Bruyette & Woods’ (KBW) analyst Michele Ballatore.

Mon 27 Jul 2020

Hanna becomes first US hurricane landfall of 2020

News

Losses

Hanna becomes first US hurricane landfall of 2020

Storm surge and inland flooding will likely drive any insured losses that emerge from Hurricane Hanna after the storm made landfall in southern Texas on Saturday.

Sun 26 Jul 2020

Employers’ exposure to presumptive workers comp rulings “likely immaterial”, says CEO

News

Results

Employers’ exposure to presumptive workers comp rulings “likely immaterial”, says CEO

Employers Holdings Corp believes the books of business it writes means its exposure to additional workers compensation losses arising out of the presumptive Covid-19 legislation that has been enacted in some states “are likely immaterial”.

Sat 25 Jul 2020