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Italy’s Cattolica to vote on company status change ahead of Generali deal

News

M&A

Italy’s Cattolica to vote on company status change ahead of Generali deal

The board of Italy’s Cattolica Assicurazioni said its shareholders would vote on the group’s transformation into a joint-stock company at the end of July.

Tue 30 Jun 2020

BGSU builds terrorism offering with Validus’ Umphress

News

People Moves

BGSU builds terrorism offering with Validus’ Umphress

Brit Global Specialty USA (BGSU) has named Andrew Umphress as vice president, terrorism as the Lloyd’s carrier looks to bolster its terrorism unit in the US.

Tue 30 Jun 2020

IRB Brasil appoints bankers for capital raise

News

Capital raising

IRB Brasil appoints bankers for capital raise

IRB Brasil has appointed Banco Bradesco and Banco Itaú to structure a potential capital increase in a move the troubled Brazilian carrier says will ensure its technical provisions and liquidity margin to meet “immediate” regulatory compliance.

Tue 30 Jun 2020

News

Capital

New capital will “inevitably” halt reinsurance rate momentum: Fitch

The influx of new underwriting capacity into the reinsurance market will “inevitably” halt the rate momentum that has built up, although carriers can expect double-digit increases into 2021 at least, according to Fitch Ratings.

Tue 30 Jun 2020

Assurant trims prop cat reinsurance programme at renewal

News

Homeowners insurance

Assurant trims prop cat reinsurance programme at renewal

US insurer Assurant has cut back its overall property catastrophe reinsurance tower by $230mn with the amount of Florida protection afforded by its 2020 programme reduced and one of the multi-year components of the coverage removed.

Tue 30 Jun 2020

E&S entrants should not overlook regulatory “sea change” since last wave

News

Commercial insurance

E&S entrants should not overlook regulatory “sea change” since last wave

Lawyers at McDermott Will & Emery have suggested that the capital looking to get into the US excess and surplus lines (E&S) market should ensure they are using the post-Dodd-Frank playbook taking note of US regulatory changes in recent years.

Mon 29 Jun 2020

Demotech affirms homeowners carrier Cypress P&C

News

Rating actions

Demotech affirms homeowners carrier Cypress P&C

Demotech has affirmed the A rating of Cypress Property & Casualty Insurance Company (CPCIC) as the Florida homeowners insurer’s parent awaits approval for its transaction to merge two subsidiaries and an affiliate into one platform.

Mon 29 Jun 2020

Analysis

Casualty

Excess casualty carriers cut back lines for big brands to $10-15mn

Anti-corporate juror sentiment and social inflation mean excess casualty carriers are restricting their capacity to just $10mn to $15mn per risk for global and brand name corporations in response to deteriorating loss trends, according to a new report from Epic Insurance Brokers & Consultants.

Mon 29 Jun 2020

Scor faces second quarter “headwinds”: KBW

News

Renewals

Scor faces second quarter “headwinds”: KBW

French reinsurance powerhouse Scor faces “multiple headwinds” in the second half of 2020 on the back of Covid-19 losses, natural catastrophes and lower yields, KBW has said.

Mon 29 Jun 2020

AIG HNW refocus implies lower premiums but better profitability: KBW

Analysis

High net worth

AIG HNW refocus implies lower premiums but better profitability: KBW

AIG’s move to let go upper middle-market business currently written by its Private Client Group (PCG) to Safeco and Heritage suggests the unit’s top line will fall but margins will increase, according to analysts from Keefe, Bruyette & Woods.

Mon 29 Jun 2020

Generali targets US growth with Brightsphere acquisition: reports

News

M&A

Generali targets US growth with Brightsphere acquisition: reports

Generali has approached Brightsphere Investment Group about a possible acquisition of the asset management firm in a move that would further expand the Italian insurer’s footprint in the US, according to reports.

Mon 29 Jun 2020

BB&T Insurance Holdings rebrands to reflect Truist parent

News

Wholesale

BB&T Insurance Holdings rebrands to reflect Truist parent

BB&T Insurance Holdings has been rebranded to reflect the name of its parent Truist, the business created in late 2019 through the merger of BB&T and SunTrust.

Mon 29 Jun 2020

BoE orders insurers to push ahead with climate risk analysis

News

Legal/ Regulatory

BoE orders insurers to push ahead with climate risk analysis

The Bank of England’s Prudential Regulation Authority (PRA) has ordered insurers to press ahead with analysing the impact of climate change on their operations after the regulator issued new guidance to help firms address climate-related financial risks.

Mon 29 Jun 2020

MGAA names Keating to succeed Staddon as MD

News

People Moves

MGAA names Keating to succeed Staddon as MD

The Managing General Agents’ Association (MGAA) has appointed former Qlaims executive Mike Keating as its new managing director.

Mon 29 Jun 2020

News

Cargo

BGSU exits cargo as transfers renewal rights and underwriting duo to Falvey

Brit Global Specialty USA (BGSU) is to transfer its cargo portfolio to Lloyd’s coverholder Falvey Cargo Underwriting.

Mon 29 Jun 2020

News

Orchid and Homesite team up on Florida homeowners reciprocal exchange

US property cat-focused MGA Orchid and American Family subsidiary Homesite are working on a joint venture to launch a reciprocal exchange insurer that will initially write Florida homeowners business on an admitted basis, The Insurer can reveal.

Mon 29 Jun 2020