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R&Q’s co-founder Ken Randall to retire March 2021

News

People Moves

R&Q’s co-founder Ken Randall to retire March 2021

The co-founder of legacy specialist and program manager Randall & Quilter (R&Q) is to step down from the role of executive chairman at the end of March 2021.

Thu 9 Jul 2020

Viewpoint

No Reinsurer Spiking Allowed – Now Settled English law: Equitas and MMI Supreme Court case is settled

The case between Equitas and Municipal Mutual Insurance (MMI) has been settled, bringing to an end a dispute that was due to be heard by the UK Supreme Court this week. Last year’s ruling by the Court of Appeal therefore stands as settled law. This is an important victory for reinsurers with similar inwards exposures.

Thu 9 Jul 2020

News

People Moves

New Axa XL UK CEO to join LMG board

Sean McGovern, the newly appointed chief executive of UK and Lloyd’s market at Axa XL, has joined the London Market Group (LMG) board.

Thu 9 Jul 2020

UK motor reinsurance guru Balasuriya succeeds Chilton as Capsicum Re chair

News

People Moves

UK motor reinsurance guru Balasuriya succeeds Chilton as Capsicum Re chair

Reinsurance intermediary Capsicum Re has appointed Raja Balasuriya as chairman, replacing Grahame ‘Chily’ Chilton in the role, who is set to rejoin parent company Gallagher.

Thu 9 Jul 2020

Scor wins European trademark battle with Lithuanian consultancy

News

Legal dispute

Scor wins European trademark battle with Lithuanian consultancy

A Lithuanian company has been blocked by the European General Court from registering its logo as an EU trademark, in a victory for French reinsurance company Scor.

Thu 9 Jul 2020

Beach enters transportation market with Chesterfield’s Williamson

News

People Moves

Beach enters transportation market with Chesterfield’s Williamson

Acrisure-owned Beach & Associates has hired Christopher Williamson from Chesterfield to launch a transportation unit within its wholesale business.

Thu 9 Jul 2020

IRB launches $430mn capital raise to boost solvency position

News

Capital raising

IRB launches $430mn capital raise to boost solvency position

IRB Brasil is to raise between BRL2.1bn ($390mn) and BRL2.3bn ($430mn) through a share issuance in a move the troubled Brazilian carrier says will be used to strengthen its capital structure, as well as improve its cash position.

Thu 9 Jul 2020

Equitas and MMI settle key mesothelioma dispute ahead of Supreme Court; major victory for reinsurers

News

Legal dispute

Equitas and MMI settle key mesothelioma dispute ahead of Supreme Court; major victory for reinsurers

Berkshire Hathaway-owned Equitas and Municipal Mutual Insurance (MMI) have settled their long-running legal dispute over the treatment of mesothelioma claims in certain contracts of employers’ excess of loss liability reinsurance.

Thu 9 Jul 2020

Bank of England warns on business interruption uncertainty

News

COVID-19

Bank of England warns on business interruption uncertainty

The Bank of England has warned that the highest level of uncertainty facing insurers surrounds whether they will have to pay on Covid-19 business interruption claims.

Thu 9 Jul 2020

Power market seeing rising SIRs and premiums as insurers seek profits

News

Energy

Power market seeing rising SIRs and premiums as insurers seek profits

The power insurance market is in “a phase of adjustment” with clients increasing self-insured retentions and facing higher premiums as carriers seek improved profitability in a sector that is now more challenging than in the last several years.

Thu 9 Jul 2020

Atlas receives new Nasdaq note after failing to file Q1 numbers

News

Legal/ Regulatory

Atlas receives new Nasdaq note after failing to file Q1 numbers

Atlas Financial Holdings has received yet another delinquency notice from Nasdaq over its failure to file a quarterly report on Form 10-Q for the first three months of this year.

Thu 9 Jul 2020

PE-backed WIA adds Bentsen Combies in latest M&A deal

News

M&A

PE-backed WIA adds Bentsen Combies in latest M&A deal

World Insurance Associates (WIA) has made another acquisition with the Charlesbank Capital Partners-backed broker having added Bentsen Combies Insurance to its roster.

Thu 9 Jul 2020

News

Share price

Lemonade’s share price drops 13%

The share price of newly-floated insurtech Lemonade fell for a second day Wednesday following its 180 percent surge in its first two days of trading.

Thu 9 Jul 2020

Comment

Property catastrophe

Another hard (market) decision

The move to pull the proposed $2bn renewal of the California Wildfire Fund’s 2020 reinsurance programme is the latest example of a response from buyers to hardening momentum as capacity from reinsurers becomes meaningfully more expensive.

Thu 9 Jul 2020

DOJ requests additional information on Aon-Willis merger

News

Legal/ Regulatory

DOJ requests additional information on Aon-Willis merger

The antitrust division of the US Department of Justice (DOJ) has issued a so-called “second request” to Aon and Willis Towers Watson (WTW) over their merger, with the parties conceding in a proxy filing “it could take a significant period of time to achieve substantial compliance”.

Thu 9 Jul 2020

News

Energy

Downstream energy rates up 35%+ in last 9 months: Marsh JLT Specialty

Downstream energy insurance rates remain on their upwards trajectory with underwriters imposing increases of 35 to 40 percent in the last nine months, according to broker Marsh JLT Specialty.

Wed 8 Jul 2020