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APCIA

APCIA to hold annual meeting virtually

The American Property Casualty Insurance Association (APCIA) has announced it will hold its annual meeting in October virtually, becoming the latest industry association to cancel the in-person component of its annual meeting due to Covid-19.

Tue 23 Jun 2020

NFP expands southern California presence with San Diego agency buy

News

M&A

NFP expands southern California presence with San Diego agency buy

NFP has acquired Leavitt Insurance Agency of San Diego, a property casualty and employee benefits broker that adds middle market commercial capabilities in southern California.

Tue 23 Jun 2020

News

Achmea sponsors upsized Eur100mn cat bond Windmill II Re

Dutch insurance group Achmea Reinsurance has returned to the insurance-linked securities (ILS) market with a Eur100mn ($113mn) cat bond providing cover for European windstorm on an ultimate net loss, per occurrence basis.

Tue 23 Jun 2020

News

Cyber

Cyber losses increase 50 percent despite security spending boost

Total cyber losses surged 50 percent to nearly $1.8bn over the past year, with UK companies the worst hit by cyber attacks, a report by Hiscox has found.

Tue 23 Jun 2020

Wall Street futures and Euro P&C stocks climb on economic optimism

News

Results

Wall Street futures and Euro P&C stocks climb on economic optimism

Wall Street futures rebounded ahead of the Tuesday open following an overnight sell-off triggered by comments from a top adviser to US President Donald Trump that suggested an important US-China trade deal had collapsed.

Tue 23 Jun 2020

Aviva 2018 share buyback probe “remains a priority”: FCA

News

Legal/ Regulatory

Aviva 2018 share buyback probe “remains a priority”: FCA

The Financial Conduct Authority (FCA) has told a parliamentary committee that a review into the UK’s largest insurer Aviva “remains a priority,” two years after the insurer surprised investors by announcing that it would buy back preference shares.

Tue 23 Jun 2020

Primary Group re-acquires MGA UK General

News

M&A

Primary Group re-acquires MGA UK General

Bermuda-based investment holding company Primary Group has confirmed that it is to take a majority stake in MGA UK General Insurance.

Tue 23 Jun 2020

News

Q2 a “material catalyst” for Scor shares: Jefferies

The second quarter of 2020 could prove to be a “material catalyst” for Scor with the bulk of the French reinsurer’s Covid-19-related US life insurance claims expected to be recorded over the period, according to investment bank Jefferies.

Tue 23 Jun 2020

TigerRisk looks to Aon for retro broker Denbigh

News

People Moves

TigerRisk looks to Aon for retro broker Denbigh

Aon’s retro team has suffered another departure with London-based Ollie Denbigh leaving the firm and joining TigerRisk, The Insurer can reveal.

Tue 23 Jun 2020

News

Nephila latest to launch follow-only Lloyd’s syndicate

Fund manager Nephila Capital has been given the green light by Lloyd’s to launch a follow-only syndicate.

Tue 23 Jun 2020

WR Berkley makes promotions in legal team

News

People Moves

WR Berkley makes promotions in legal team

WR Berkley has promoted John Littzi and Neil Keenan to senior vice president – deputy general counsel and vice president – senior counsel respectively.

Tue 23 Jun 2020

Retail and wholesale M&A to continue, predicts Nationwide E&S’s Clark

News

M&A

Retail and wholesale M&A to continue, predicts Nationwide E&S’s Clark

Consolidation will continue in both the retail and wholesale broker sectors, although it is unclear exactly how much more can actually be done in the latter market, according to Nationwide E&S president Tom Clark.

Tue 23 Jun 2020

AssuredPartners buys Illinois agency with $8mn in revenues

News

M&A

AssuredPartners buys Illinois agency with $8mn in revenues

AssuredPartners has continued to rack up M&A in 2020 with its latest deal being the acquisition of Rand-Tec Insurance Agency, an Illinois-based agency that reports $8mn in annualised revenues.

Tue 23 Jun 2020

Aon promotes Peralta to lead public sector unit

News

People Moves

Aon promotes Peralta to lead public sector unit

Aon has appointed Jose Peralta as its new public sector leader with responsibility for developing, planning and executing sales strategies for clients.

Mon 22 Jun 2020

Ardonagh completes £1.9bn refinancing deal

News

Capital raising

Ardonagh completes £1.9bn refinancing deal

UK broker consolidator Ardonagh has increased its debt leverage by refinancing its £1.2bn of debt with a new £1.875bn package that includes a £300mn committed capital facility.

Mon 22 Jun 2020

PG&E to join wildfire fund after reorganisation plan approved

News

Wildfires

PG&E to join wildfire fund after reorganisation plan approved

PG&E’s Chapter 11 plan of reorganisation – which includes an $11bn insurance claims settlement – has been approved by the utility’s bankruptcy court, which will allow it to participate in California’s new wildfire fund.

Mon 22 Jun 2020