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Howden names Rugge-Price chair in leadership restructure

News

People Moves

Howden names Rugge-Price chair in leadership restructure

Barnaby Rugge-Price has been appointed chair of Howden Broking Group as part of a leadership restructure at the newly merged entity, having combined RKH Specialty with the retail business under the Howden banner.

Thu 16 Jul 2020

News

Energy

BMS takes Aon trio to launch Australian energy unit

Wholesale broker BMS has made three senior hires from Aon to form an energy division of BMS Australia.

Thu 16 Jul 2020

News

Ardonagh closes $500mn notes offering

The Ardonagh Group has closed its $500mn issuance of paid-in-kind toggle notes marking the completion of the UK broker consolidator’s mammoth refinancing.

Thu 16 Jul 2020

Axa IM names Morelli executive chair as Harlin steps away

News

People Moves

Axa IM names Morelli executive chair as Harlin steps away

French carrier Axa has named Marco Morelli as executive chairman of Axa Investment Managers (Axa IM), succeeding Gérald Harlin who is to retire at the end of September.

Thu 16 Jul 2020

Guy Carpenter hires WTW’s Upton to lead new fac unit

News

Facultative

Guy Carpenter hires WTW’s Upton to lead new fac unit

Guy Carpenter has hired Willis Towers Watson’s Laurence Upton to lead a newly launched Hybrid Solutions UK unit within its GC Fac division.

Thu 16 Jul 2020

News

Legal/ Regulatory

Failed Gefion appoints liquidators

The Danish Financial Services Authority (DFSA) has confirmed that Gefion Insurance formally entered into liquidation on 13 July.

Thu 16 Jul 2020

FCA seeks to impose risks on industry which it never agreed to bear: Hiscox

News

Legal/ Regulatory

FCA seeks to impose risks on industry which it never agreed to bear: Hiscox

The UK’s Financial Conduct Authority’s assumption that losses arising from the coronavirus pandemic are covered by insurance seeks to “impose” a risk that the industry had never agreed to bear, Hiscox will argue in its defence during the FCA-led test case which begins next week.

Thu 16 Jul 2020

McGriff hires AIG’s Hughes as senior claims counsel

News

People Moves

McGriff hires AIG’s Hughes as senior claims counsel

McGriff has hired Kieran Hughes – an AIG veteran of 17 years – as a senior vice president and senior claims counsel in its Atlanta-based executive risk advisors group.

Thu 16 Jul 2020

Trean’s $161mn IPO prices at top end of range

News

Program

Trean’s $161mn IPO prices at top end of range

Trean Insurance Group has priced its initial public offering of 10.7mn common stock at $15.00 per share, which will raise $161.5mn when the company floats on 16 July.

Thu 16 Jul 2020

US agent and broker M&A falls 12% in Covid-affected H1

News

M&A

US agent and broker M&A falls 12% in Covid-affected H1

The number of US agent and broker mergers and acquisitions (M&A) fell to 288 in the first half from 328 in the same period of 2019, while second quarter activity was the lowest since Q4 2016, according to Optis Partners.

Thu 16 Jul 2020

News

COVID-19

Broadway theatre Covid-19 losses tick up to $450mn

Covid-19 related insured losses from New York’s famous Broadway theatre district have increased to some $450mn, The Insurer can reveal.

Thu 16 Jul 2020

News

COVID-19

The Hartford facing $251mn of pre-tax Covid-19 losses in Q2

The Hartford will take an estimated $251mn of pre-tax Covid-19 related losses in its results for 2020’s second quarter, as well as $248mn of cat losses including $138mn for wind and hail events and $110mn relating to civil unrest in the US.

Wed 15 Jul 2020

Judge rejects insurer-backed Weinstein settlement

News

D&O

Judge rejects insurer-backed Weinstein settlement

A district court judge has rejected a proposed settlement for women who experienced sexual misconduct and workplace harassment by Harvey Weinstein, which was part of a $46.8mn package that was to be paid for by insurers.

Wed 15 Jul 2020

News

COVID-19

Covid-19 marine impact biggest in cruise ship and P&I sectors: AGCS

A new report from Allianz Global Corporate & Specialty (AGCS) states the biggest Covid-19 claims impact for the marine industry will be felt by the cruise ship and protection and indemnity sectors but that cost-cutting and crew fatigue could increase hull losses.

Wed 15 Jul 2020

AM Re hires new corporate development head from ING

News

People Moves

AM Re hires new corporate development head from ING

Program specialist AM Re has hired Ernie Zayicek from ING Bank as a senior vice president and head of corporate development.

Wed 15 Jul 2020

News

Commercial auto

Sompo Int’l gives 15% Covid-19 US commercial auto discount

Sompo International has announced it will offer small business clients where legally permissible a discount on US commercial auto premiums to reflect the impact of Covid-19.

Wed 15 Jul 2020