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Glaser urges society to “take a stand” against racism as MMC unveils equality initiatives

Marsh & McLennan Companies’ (MMC) CEO Dan Glaser has called on society to “take a stand” against racism as the executive unveiled a series of initiatives to support the broking giant’s black colleagues while also reiterating his firm’s commitment to promoting change.

Thu 18 Jun 2020

News

COVID-19

Gallagher: New business “surprisingly good” given Covid-19

Arthur J Gallagher’s Pat Gallagher has struck a positive tone over the impact of Covid-19, saying the broker is confident it can “cost save our way through a lull in organic growth” and that some signs of improvement are emerging.

Wed 17 Jun 2020

Buckle to recapitalise Gateway with HSCM financing following acquisition from Atlas

News

M&A

Buckle to recapitalise Gateway with HSCM financing following acquisition from Atlas

Atlas Financial Holdings has concluded the sale of the stock, charter and state licenses of indirect subsidiary Gateway Insurance Company to insurtech Buckle, which is recapitalising its new purchase with financing from funds managed by Hudson Structured Capital Management (HSCM).

Wed 17 Jun 2020

Umbrella/excess firmed most in first two quarters of 2020: USI

Analysis

Commercial insurance

Umbrella/excess firmed most in first two quarters of 2020: USI

A USI report on the US commercial property casualty market has highlighted that the property, umbrella/excess liability, casualty and D&O markets are the most stressed areas, with Covid-19 adding further pressure.

Wed 17 Jun 2020

Aeolus names Bernstein CEO with Grasso and Jones appointed co-chairs

News

People Moves

Aeolus names Bernstein CEO with Grasso and Jones appointed co-chairs

ILS fund Aeolus Capital Management has appointed Andrew Bernstein as its new CEO with Chris Grasso and Trevor Jones promoted to co-chairmen of the Bermuda-based platform’s board.

Wed 17 Jun 2020

PRA warns on “significant” capital impact from BI wording uncertainty

News

COVID-19

PRA warns on “significant” capital impact from BI wording uncertainty

The Bank of England’s Prudential Regulation Authority (PRA) has warned the uncertainty over some insurers’ business interruption policy wordings could have a “significant impact” on the capital positions of certain UK-regulated firms.

Wed 17 Jun 2020

News

R&Q accelerates plans for 2020 legacy sidecar and dedicated fund

The legacy acquisitions and program management firm Randall and Quilter (R&Q) is accelerating plans to add firepower to its run-off arm with third-party managed funds because of the growing number of opportunities emerging from the post-Covid-19 market.

Wed 17 Jun 2020

Markel International calls time on contingency and PA lines

News

COVID-19

Markel International calls time on contingency and PA lines

Markel International will no longer write personal accident or contingency insurance business, including event cancellation, within its wholesale business with the carrier noting that neither line is currently viable following a strategic review of the business in the wake of the Covid-19 pandemic.

Wed 17 Jun 2020

News

Lloyd’s to reopen at 45% capacity

The chief executive of Lloyd’s of London John Neal has written to the market confirming plans to re-open the building on 1 September at a reduced capacity of 45 percent.

Wed 17 Jun 2020

News

Lloyd’s ends search for Hancock successor and reshapes PMD role

Lloyd’s is to do away with the performance management director role with the departure of Jon Hancock, creating a new position of chief of markets.

Wed 17 Jun 2020

Bermuda Global ReSpecialty head Davies leaves Aon

News

People Moves

Bermuda Global ReSpecialty head Davies leaves Aon

Aon Bermuda’s head of Global ReSpecialty Jonty Davies has left the firm and has been linked with a move to Lockton Global Re’s expansive platform, The Insurer can reveal.

Wed 17 Jun 2020

News

China Pacific Insurance makes $1.8bn LSE debut

China Pacific Insurance Company (CPIC) has raised $1.8bn for its offering of global depositary receipts on the Shanghai-London Stock Connect segment of the London Stock Exchange with Swiss Re set to snap up over 28 percent of the GDRs as cornerstone investor.

Wed 17 Jun 2020

Ex-Validus exec Steinberg joins The Hartford as head of wholesale property

News

People Moves

Ex-Validus exec Steinberg joins The Hartford as head of wholesale property

William Steinberg has joined The Hartford as head of wholesale property for Navigators, having previously worked at Validus Specialty Underwriters for five years.

Wed 17 Jun 2020

News

Munich Re Specialty Insurance enters fast-hardening senior living healthcare sector

Expansive Munich Re Specialty Insurance (MRSI) has soft-launched a senior living healthcare liability offering via a select group of wholesale brokers to target a heavily dislocated market that is seeing surging pricing in the Covid-19 fallout, The Insurer can reveal.

Wed 17 Jun 2020

News

Sidecars must address trapped capital issues to attract investors: Millette

Carriers looking to launch 2020 sidecars targeting the Covid-19 hard market opportunity will need to create “crisp” mechanisms to untrap capital quickly if they are to attract investors, according to Hudson Structured Capital Management (HSCM) managing partner and founder Mike Millette.

Wed 17 Jun 2020

AGCS names Hussain regional head of cyber in UK product push

News

People Moves

AGCS names Hussain regional head of cyber in UK product push

Allianz Global Corporate & Specialty (AGCS) has named Rehan Hussain regional head of cyber as the specialty unit continues to bolster its cyber team following the launch of its Allianz Cyber Protect policy in the UK.

Wed 17 Jun 2020