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Hedge funds circle as PG&E’s insurers face third limits loss in a row

News

Liability

Hedge funds circle as PG&E’s insurers face third limits loss in a row

Hedge funds are again approaching carriers and their reinsurers to buy-up the subrogation rights to claims against PG&E as underwriters of the utility firm’s $430mn liability tower face another potential full limits loss from last October’s Kincade Fire, The Insurer can reveal.

Tue 21 Jul 2020

WR Berkley reports modest operating profit as top line holds up

News

Commercial insurance

WR Berkley reports modest operating profit as top line holds up

WR Berkley reported Q2 operating earnings per share of $0.06 that were just below analyst consensus of $0.10 adjusted for preannounced Covid-19 and other cat losses, as the insurer highlighted 13 percent average rate increases on its book excluding workers compensation.

Tue 21 Jul 2020

News

Former Deutsche Bank ILS duo unveil Marrikel reinsurance platform

Marrikel, founded by James Karim and Frederik Eloff, has launched a web-based reinsurance placement platform and signed its first broker licensee.

Tue 21 Jul 2020

Podcast

Julian James on his return to the industry, Sompo International’s strategy and Lloyd’s market

In our latest podcast edition, we are joined by Julian James - Chief Executive Officer of International Insurance at Sompo International.

Tue 21 Jul 2020

News

European insurers call for more sustainable assets to invest in

European insurers have called for more long-term sustainable assets to invest in and for clearer rules on sustainability if they are to help to meet the objectives of the European Green Deal.

Tue 21 Jul 2020

Orient-Express application problematic, says FCA

News

Business interruption

Orient-Express application problematic, says FCA

A landmark court ruling being relied upon by eight UK insurers in the Financial Conduct Authority’s test case into disputed business interruption policy wordings leads to “commercially absurd consequences” and is “flawed” in its decision, the High Court heard on Tuesday.

Tue 21 Jul 2020

Chubb names Stapleton Overseas General financial lines EVP

News

People Moves

Chubb names Stapleton Overseas General financial lines EVP

Chubb has named Tim Stapleton executive vice president of financial lines at Chubb Overseas General, succeeding Steven Goldman who has been promoted to group vice president and division president of North America financial lines.

Tue 21 Jul 2020

BHSI hires AIG trio to launch Manchester office

News

People Moves

BHSI hires AIG trio to launch Manchester office

Berkshire Hathaway Specialty Insurance (BHSI) has brought in three senior product line leaders from AIG to lead a new office in Manchester, in a move designed to expand its capabilities in the UK.

Tue 21 Jul 2020

Kessler to retire from Westchester as Meyer steps up

News

People Moves

Kessler to retire from Westchester as Meyer steps up

Scott Meyer will take over as the president of Chubb’s E&S insurance platform Westchester with Bruce Kessler moving to a chairman role at the unit before retiring at the end of the year. Meyer will be replaced as president of Chubb’s North America financial lines business by Steven Goldman.

Tue 21 Jul 2020

UK competition watchdog pushes forward with inquiry into Ardonagh’s Bennetts deal

News

M&A

UK competition watchdog pushes forward with inquiry into Ardonagh’s Bennetts deal

The UK’s Competition and Markets Authority (CMA) is moving forward with a phase one merger inquiry into Ardonagh Group’s £26mn ($33.9mn) deal to acquire motorcycle specialist broker Bennetts.

Tue 21 Jul 2020

Jensten Group buys PI broker HTC in M&A drive

News

M&A

Jensten Group buys PI broker HTC in M&A drive

PE-backed Jensten Group – formally Coversure Insurance Services – has acquired 100 percent of the share capital of professional indemnity insurance specialist HTC Associates for an undisclosed sum.

Tue 21 Jul 2020

USC denied bid to arbitrate Arch dispute over sex abuse claims

News

Legal dispute

USC denied bid to arbitrate Arch dispute over sex abuse claims

A judge has denied a motion filed by the University of Southern California (USC) to compel arbitration of its dispute with Arch over cover for the alleged sexual abuse of hundreds of students by a gynaecologist.

Tue 21 Jul 2020

Hippo closes $150mn round as it prepares for 2021 IPO

News

Capital raising

Hippo closes $150mn round as it prepares for 2021 IPO

Hippo has closed a $150mn series E financing round that values the homeowners insurtech at $1.5bn.

Tue 21 Jul 2020

News

AIG to relocate global headquarters to midtown NYC

AIG has announced it will move its global headquarters in New York City to midtown from its current downtown location as it also consolidates its operations in the area in a move it said is part of its AIG 200 initiative.

Tue 21 Jul 2020

Tysers’ Urquhart re-emerges at London broker Bretton Woods

News

People Moves

Tysers’ Urquhart re-emerges at London broker Bretton Woods

Tysers’ former special programmes North America head Craig Urquhart has re-emerged as a director at London intermediary Bretton Woods International (BWI), The Insurer can reveal.

Tue 21 Jul 2020

Holborn makes CFO hire from Goldman Sachs

News

People Moves

Holborn makes CFO hire from Goldman Sachs

US independent reinsurance broker Holborn Corporation has hired Goldman Sachs executive Timothy Amman as executive vice president and chief financial officer.

Tue 21 Jul 2020