NewsCommercial insuranceNationwide E&S sees PL rates rise more than 50%Nationwide E&S is seeing big price increases in almost every line of business, the company’s president Tom Clark said on Friday, but he warned the new capital poised to enter the market could have a softening effect.Fri 19 Jun 2020
NewsM&AChina Taiping looking to sell $400mn stake in Taiping ReChina Taiping Insurance Holdings is considering selling a 25 percent stake in its reinsurance subsidiary, with a tender process already underway.Fri 19 Jun 2020
NewsSompo invests $500mn in data analytics firm PalantirJapanese insurance giant Sompo has invested $500mn into Palantir Technologies, the Peter Thiel-founded data analytics firm that is thought to be preparing an initial public offering.Fri 19 Jun 2020
NewsPE backers combine EPIC and JenCap investments to fuel further growthOak Hill Capital and The Carlyle Group have combined their investments in retail broker EPIC Insurance Brokers & Consultants and wholesale aggregator JenCap Holdings under a new entity called Galway Insurance Holdings as they position the platform for further growth, The Insurer can reveal.Fri 19 Jun 2020
NewsPeople MovesUPC’s Forney appointed CEO of cat specialist GeoVeraGeoVera Insurance Holdings, a provider of specialty residential property insurance, has named John Forney as CEO and board member, taking over from longstanding leader Kevin Nish.Fri 19 Jun 2020
NewsRating actionsNavigators’ UK unit sees ICR outlook cut to negative by AM BestNavigators’ UK-based subsidiary has had the outlook on its long-term issuer credit rating (ICR) revised to negative from stable by AM Best over uncertainty regarding its business plans.Fri 19 Jun 2020
NewsPeople MovesAGCS looks to Axa XL and New Re in senior exec overhaul; Browne and Mai exitAllianz Global Corporate & Specialty (AGCS), has named New Re’s Renate Strasser and Axa XL’s Tony Buckle as chief underwriting officer for specialty and corporate respectively as part of a global senior exec overhaul which sees UK head Sinéad Browne and Africa/central Europe head Hartmut Mai exit the carrier.Fri 19 Jun 2020
NewsPeople MovesLloyd’s gives Probitas greenlight to set up managing agency led by former QBE teamLloyd’s has granted ‘in principle’ approval for Probitas 1492 to establish a new managing agent, Probitas Managing Agency Limited (PMAL).Fri 19 Jun 2020
CommentJuneteenth becomes a day for reflectionThe death of George Floyd during an arrest in Minneapolis has shone a light on the inequalities that continues to pervade in the US.Fri 19 Jun 2020
NewsPeople MovesWillis Re adds Aegon’s van Excel to Dutch officeWillis Re today has hired senior ILS underwriter Kirsten van Exel as executive director of its Dutch team. Fri 19 Jun 2020
NewsLegacyCoronavirus “an accelerant” to new “hygienic” legacy marketThe coronavirus outbreak “will be an accelerant” to the “new and improved” legacy casualty market with volumes of business traded to the specialist run-off sector set to increase, according to Hudson Structured Capital Management (HSCM) managing partner and founder Michael Millette.Fri 19 Jun 2020
NewsCOVID-19Lancashire leads modest gains as Europe points higher despite rising coronavirus casesLondon-listed Lancashire Holdings led modest gains amongst its European peers as P&C equities inched higher on Friday as investors weighed up rising coronavirus cases in the US and China against sprawling stimulus measures from central banks.Fri 19 Jun 2020
NewsLegal/ RegulatoryFormer RSA Ireland CFO fined Eur70,000 and disqualifiedThe Central Bank of Ireland has fined former RSA Insurance Ireland chief financial officer Rory O’Connor Eur70,000 ($78,000) and disqualified him from working in a regulated financial firm for more than eight years over his role in an accounting scandal that emerged in 2013.Fri 19 Jun 2020
CommentThe corvette and the tanker…While it is true that all boats rise with the tide, the marginal impact is naturally less if you’re an oil tanker compared to a nimble corvette.Fri 19 Jun 2020
NewsLegal disputeSpain cannot claim immunity in Prestige oil spill P&I battleSpain cannot claim state immunity to avoid arbitration proceedings in London brought by the insurers of a ship that caused a massive oil spill and more than Eur1.5bn ($1.68bn) in damage when it sank off the Spanish coast, a judge ruled on Thursday.Fri 19 Jun 2020
PodcastHSCM’s Michael Millette on the ILS market, investment opportunities and Covid-19 losses: Part IIIn the second half of our interview with HSCM Founder and Managing Partner Michael Millette, we begin by looking at the casualty legacy space and what the future holds for that market.Fri 19 Jun 2020