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Antares replaces CEO Battle with Craggs as QIC overhaul gains pace

Lloyd’s carrier Antares has promoted its active underwriter Alexander Craggs to the role of acting CEO, replacing Joe Battle who parted ways with the QIC Global-owned insurer last month.

Wed 8 Jul 2020

UK High Court confirms Parshall vs Lloyd’s settlement

News

Legal dispute

UK High Court confirms Parshall vs Lloyd’s settlement

The UK High Court has formally confirmed a pre-trial settlement between Lloyd’s and a prominent private investor, as first revealed by this publication.

Wed 8 Jul 2020

Lloyd’s stalwart McGovern confirmed as Axa XL UK CEO

News

People Moves

Lloyd’s stalwart McGovern confirmed as Axa XL UK CEO

Axa XL has confirmed the appointment of Sean McGovern as its permanent CEO of its UK & Lloyd’s market operations, subject to regulatory approval.

Wed 8 Jul 2020

Allstate agrees $4bn acquisition of NatGen

News

M&A

Allstate agrees $4bn acquisition of NatGen

Allstate has agreed a $4bn cash deal to acquire National General Insurance in a move which will increase its share of the personal lines market by a percentage point and expand its distribution.

Wed 8 Jul 2020

Argo seeks $150mn in public offering to repay loan and insurance growth

News

Capital raising

Argo seeks $150mn in public offering to repay loan and insurance growth

Argo has joined the growing list of companies seeking to raise capital in the aftermath of the Covid-19 outbreak, looking to raise $150mn in an underwritten public offering.

Wed 8 Jul 2020

NFP promotes Gillingham to head of specialty programs

News

People Moves

NFP promotes Gillingham to head of specialty programs

NFP has announced that Tom Gillingham, a managing director at the US insurance broker, will lead its specialty MGA and MGU programs.

Tue 7 Jul 2020

News

CIAB confirms ILF to go virtual

The 107th Insurance Leadership Forum (ILF) is the latest industry get-together to be cancelled in response to the Covid-19 outbreak after organiser the Council of Insurance Agents and Brokers (CIAB) confirmed the event will take place virtually instead.

Tue 7 Jul 2020

Covid delinquencies trigger Essent’s insurance-linked notes

News

COVID-19

Covid delinquencies trigger Essent’s insurance-linked notes

Essent Group has become the latest mortgage insurer to report that its insurance-linked note (ILN) deals have been subject to a trigger event following increasing delinquencies because of Covid-19.

Tue 7 Jul 2020

Topsail Re continues Chicago office build out with another Arch Re hire

News

People Moves

Topsail Re continues Chicago office build out with another Arch Re hire

Topsail Re has continued its recent recruitment drive and has once again made a hire from Arch Re as it further builds out its Chicago-based operation, The Insurer can reveal.

Tue 7 Jul 2020

News

COVID-19

Defence attorneys warn of Covid-19 D&O and MPL claims

Defence attorneys on a call held by Boenning & Scattergood have suggested that US insurers should anticipate increased workers compensation, D&O and medical professional liability (MPL) claims from Covid-19.

Tue 7 Jul 2020

News

COVID-19

Ireland’s Central Bank mulls legal action over Covid-19 BI cover

The Central Bank of Ireland is considering taking legal action to resolve coverage disputes between insurers and small business owners over whether losses resulting from Covid-19 should be covered.

Tue 7 Jul 2020

Insurers call on EU to ease capital and investment rules

News

Legal/ Regulatory

Insurers call on EU to ease capital and investment rules

European insurers have urged the European Commission to make “focussed improvements” to the Solvency II regime to increase their investment capacity and support greater equity allocations within portfolios.

Tue 7 Jul 2020

News

QBE sells stake in Indian joint venture

QBE is to sell its stake in Raheja QBE – its insurance joint venture in India – to fintech Patym and its chief executive Vijay Shekhar Sharma, as the Australian insurer continues to simplify its business model under group CEO Pat Regan.

Tue 7 Jul 2020

Argo expects $10mn-$20mn of Q2 Covid losses

News

COVID-19

Argo expects $10mn-$20mn of Q2 Covid losses

Argo Group International Holdings expects to record between $10mn and $20mn in Covid-19 losses in its second quarter results, and has also warned that travel restrictions resulting from the pandemic could make it harder to maintain its tax-related operating protocols.

Tue 7 Jul 2020

QBE NA promotes Lessman to professional lines head

News

People Moves

QBE NA promotes Lessman to professional lines head

QBE North America has appointed Toria Lessman – who has been with the insurer since 2011 – as senior vice president, head of professional lines and industry verticals.

Tue 7 Jul 2020

News

M&A

SPG buys program administrator Avant

Hub International’s Specialty Program Group (SPG) has acquired transportation program administrator and wholesale broker Avant.

Tue 7 Jul 2020