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UK competition watchdog launches investigation into Ardonagh’s Bennetts deal

News

M&A

UK competition watchdog launches investigation into Ardonagh’s Bennetts deal

Ardonagh Group’s £26mn ($33.9mn) deal to buy Bennetts Motorcycling Services from Saga Services Ltd is being investigated by the UK’s Competition and Markets Authority (CMA).

Thu 2 Jul 2020

News

Zurich UK publishes ethnicity pay gap figures

Zurich has become the first UK insurer to publish its ethnic pay gap highlighting the remuneration differential between different ethnic employees.

Thu 2 Jul 2020

News

Legacy

Compre signs further legacy transaction with QBE

Run-off specialist Compre has signed its second legacy transaction with QBE for an undisclosed sum.

Thu 2 Jul 2020

Tysers adds ALM CEO Schofield to UK board

News

People Moves

Tysers adds ALM CEO Schofield to UK board

Integro-owned broker Tysers has added ALM CEO Belinda Schofield as independent non-executive director to its UK Board, effective from 1 July 2020.

Thu 2 Jul 2020

Brokers push back hard on SRCC exclusion attempts

News

Losses

Brokers push back hard on SRCC exclusion attempts

Brokers are resisting attempts by some property insurers to apply strike, riot and civil commotion (SRCC) exclusions with a divergence also emerging between a number of US admitted carriers prepared to accept the exposure and Lloyd’s syndicates looking to strip it out altogether, The Insurer can reveal.

Thu 2 Jul 2020

Axa XL gets green light to open first foreign reinsurance subsidiary in China

News

Legal/ Regulatory

Axa XL gets green light to open first foreign reinsurance subsidiary in China

Axa XL has become the first company to receive sign off from the China Banking and Insurance Regulatory Commission (CBIRC) to establish a foreign-owned reinsurance subsidiary in the country.

Thu 2 Jul 2020

PG&E enters California Wildfire Fund after exiting Chapter 11

News

Losses

PG&E enters California Wildfire Fund after exiting Chapter 11

PG&E has been admitted into the California Wildfire Fund (CWF) after emerging from Chapter 11 and depositing some $5bn into the programme’s coffers as its initial and first contributions.

Thu 2 Jul 2020

News

Spinnaker acquisition to facilitate geographic expansion as Hippo targets Florida

Homeowners insurtech Hippo will use pending acquisition Spinnaker to facilitate its geographic and product expansion as it also looks to a future entry into the Florida market, according to the MGA’s chief insurance officer Rick McCathron.

Thu 2 Jul 2020

Newfront builds out growing team with Sinatra hire

News

People Moves

Newfront builds out growing team with Sinatra hire

Expansive technology-focussed broker Newfront Insurance has brought in Michael Sinatra as a principal and producer targeting business in the non-profit, manufacturing, cannabis, real estate and manufacturing segments.

Thu 2 Jul 2020

Enstar completes acquisition of Great Lakes and HSB run-off portfolios

News

Legacy

Enstar completes acquisition of Great Lakes and HSB run-off portfolios

Enstar Group has completed its previously announced acquisition of various run-off portfolios from the Australian operations of Munich Re offshoots Great Lakes Insurance and HSB Engineering Insurance.

Thu 2 Jul 2020

Lemonade fizzes as IPO prices at $29 a share

News

Capital raising

Lemonade fizzes as IPO prices at $29 a share

Lemonade has priced its initial public offering at $29 a share, above the range provided in its latest filing, with the insurtech set to raise $319mn before an underwriters option to buy a further $47.9mn-worth of shares.

Thu 2 Jul 2020

Arch MI obtains $528mn of reinsurance cover through latest Bellemeade

News

Mortgage

Arch MI obtains $528mn of reinsurance cover through latest Bellemeade

Arch Mortgage Insurance Company has secured $528mn of indemnity cover on a pool of some $44bn of mortgages that includes the latest iteration of the Bellemeade Re insurance-linked notes as well as direct reinsurance.

Thu 2 Jul 2020

Newly PE-backed WIA adds Pinnacle to growing agency portfolio

News

M&A

Newly PE-backed WIA adds Pinnacle to growing agency portfolio

Freshly private equity-backed World Insurance Associates (WIA) has continued on its acquisition spree after confirming it has completed a deal for Pinnacle Insurance Group of Indiana.

Wed 1 Jul 2020

Flexpoint Ford-backed Propel adds circa $20mn of revenue with HCS deal

News

M&A

Flexpoint Ford-backed Propel adds circa $20mn of revenue with HCS deal

Propel Insurance has acquired senior care specialist HealthCare Services (HCS) from TIS Insurance Services with the new addition set to contribute some $20mn of revenue to the business this year.

Wed 1 Jul 2020

NFL, Nascar, film and TV associations urge Congress to act on pandemic insurance

News

COVID-19

NFL, Nascar, film and TV associations urge Congress to act on pandemic insurance

A blockbuster group of 12 associations in the news, sports and entertainment fields have written to leaders in Congress to urge action on pandemic risk insurance, noting the “positive step” represented by the introduction of the Pandemic Risk Insurance Act (Pria).

Wed 1 Jul 2020

News

Construction

Axis hires GCube’s Woolley as senior construction underwriter

Axis Insurance has named Anna Woolley as a senior underwriter in its international construction team in London.

Wed 1 Jul 2020