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Atrium names Chaucer’s Stooke chair as Cook retires

News

People Moves

Atrium names Chaucer’s Stooke chair as Cook retires

Atrium Underwriters’ non-executive chairman Steve Cook is to leave the Lloyd’s managing agent after 25 years, with former Chaucer chair Chris Stooke set to take over the position from 1 January 2021.

Thu 25 Jun 2020

News

COVID-19

Markerstudy board takes 50% pay cut

Markerstudy Group has confirmed its board of directors will each take a 50 percent pay cut in the latest move designed to dramatically cut costs at the UK MGA in the wake of the coronavirus pandemic.

Thu 25 Jun 2020

News

Cyber

Global cyber premiums to reach $5.5bn in 2020: Swiss Re

Swiss Re has estimated that global cyber insurance premiums will reach $5.5bn in 2020, up more than 20 percent from its estimate of $4.5bn for 2019.

Thu 25 Jun 2020

Homeowners insurtech Openly raises $15mn

News

Homeowners insurance

Homeowners insurtech Openly raises $15mn

Homeowners insurance platform Openly has closed a $15mn series A round led by Obvious Ventures, with participation from existing investors including Google’s Gradient Ventures, Point Judith Capital Ventures and others.

Thu 25 Jun 2020

US pandemic proposals’ momentum checked as hearing pushed back amid law enforcement focus

News

Business interruption

US pandemic proposals’ momentum checked as hearing pushed back amid law enforcement focus

A Congressional hearing on insuring pandemics that was due to take place this week has been postponed, with lawmakers’ focus on law enforcement taking precedent, dealing a blow to the momentum of proposals to prepare against future pandemics.

Thu 25 Jun 2020

News

Trust Re exits fac aviation and liability lines; shutters Labuan and Morocco hubs

Bahraini reinsurer Trust Re will cease underwriting from its Labuan and Morocco branch offices and exit both facultative aviation and liability lines of business.

Thu 25 Jun 2020

Lemonade reveals reinsurers, will raise up to $328.9mn in its IPO

News

Capital raising

Lemonade reveals reinsurers, will raise up to $328.9mn in its IPO

Lemonade is offering up to 12.65mn shares with a price per share range of $23 to $26 in its initial public offering including an option for underwriters of the float to take up additional shares, the renters insurtech said in an updated registration filing that also revealed its reinsurers.

Thu 25 Jun 2020

News

Weston set for growth with regained Demotech rating after Hudson steps up

Weston Insurance Holdings Corporation (WIHC) backer Hudson Structured Capital Management (HSCM) has pointed to significant growth opportunities in the Florida market after moving to take majority ownership of the carrier.

Thu 25 Jun 2020

News

Citizens policy count now expected to grow 20% as private market retrenches

Profitability pressures on Florida domestic homeowners carriers including the impact of higher reinsurance costs are leading to reduced appetite which in turn is feeding policies back into the state’s residual insurer Citizens.

Thu 25 Jun 2020

GIC Re’s combined ratio hits 114% at FY19

News

Results

GIC Re’s combined ratio hits 114% at FY19

General Insurance Corporation of India (GIC Re) saw its combined ratio deteriorate 8.5 percentage points to 114.37 percent for the year ended 31 March 2020.

Thu 25 Jun 2020

Obsidian hires former Maiden Re exec Stacy Armstrong

News

People Moves

Obsidian hires former Maiden Re exec Stacy Armstrong

Expansive hybrid program fronting carrier Obsidian Insurance Holdings has added former Enstar and Maiden Re executive Stacy Armstrong as chief client officer, The Insurer can reveal.

Thu 25 Jun 2020

News

Marsh launches sport and entertainment sector group to tackle post-pandemic risks

Marsh has launched a dedicated sport, entertainment and media (SEM) industry group in the UK & Ireland which will be led by the broker’s current deputy leader of global sports and events Richard Tolley.

Thu 25 Jun 2020

Run-off deals hit $2.3bn in 2020 as $150-250mn sweet spot emerges

Analysis

Legacy

Run-off deals hit $2.3bn in 2020 as $150-250mn sweet spot emerges

The run-off market continues to be highly active with buyers looking for deals of all sizes notching up transactions valued at $2.3bn so far in 2020, while a seller sweet spot with deals valued at between $150mn and $300mn has begun to emerge.

Thu 25 Jun 2020

Premier League rules out future pandemic insurance

News

COVID-19

Premier League rules out future pandemic insurance

The Premier League will not take out insurance to cover the eventuality of another pandemic, despite the UK league suffering hundreds of millions in lost revenue as a result of Covid-19.

Thu 25 Jun 2020

News

Howden receives greenlight for Belgium hub under Kerremans

Howden Broking Group has been granted a licence to operate in the Belgian market, paving the way for the launch of a Belgium unit led by former JLT Belgium executive Herman Kerremans.

Thu 25 Jun 2020

TotusRe duo warn Pandemic Re plans “do not go far enough”

News

COVID-19

TotusRe duo warn Pandemic Re plans “do not go far enough”

The duo behind a proposed UK systemic cat reinsurer TotusRe have called on the UK government and insurance sector to “act boldly” and create a state-backed reinsurer which addresses a range of catastrophic perils, warning that current plans for a Pandemic Re do not go far enough.

Thu 25 Jun 2020