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StarStone International goes into run-off as Atrium gets renewal rights

News

Legacy

StarStone International goes into run-off as Atrium gets renewal rights

StarStone’s international business will go into run-off with renewal rights to the book transferred to Enstar stablemate Atrium, which manages Lloyd’s Syndicate 609.

Thu 11 Jun 2020

News

Capital

Enstar confirms StarStone US relaunch with >$850mn capital

Enstar Group has confirmed a deal to recapitalise StarStone US that includes $610mn of private equity backing and management led by former Validus colleagues Jeff Consolino and Ed Noonan to target specialty P&C markets, including E&S property.

Thu 11 Jun 2020

News

Share price

AIG share price drops 6.8% in market downturn

The majority of US-listed property casualty (re)insurance share prices fell in trading Wednesday (10 June), with Hallmark Financial, Third Point Re and AIG the worst hit.

Wed 10 Jun 2020

News

People Moves

AFG confirms Consolino exit

American Financial Group (AFG) has confirmed that EVP and CFO Jeff Consolino is leaving the company after The Insurer revealed earlier today that the executive is set to reunite with Ed Noonan at StarStone US, which is being rebooted with new PE backers and $850mn of capital.

Wed 10 Jun 2020

Accident Fund parent AF Group appoints Fusner CUO

News

People Moves

Accident Fund parent AF Group appoints Fusner CUO

Workers compensation and fronting specialist Accident Fund’s parent AF Group has named Kelly Fusner as its new chief underwriting officer, replacing Bill Carney who retired last year.

Wed 10 Jun 2020

News

COVID-19

D&O to undergo radical changes in response to Covid-19: AM Best

D&O writers’ 2019 results and an analysis into the unprecedented turbulence caused by Covid-19 suggest seismic change could be coming to the market, according to AM Best.

Wed 10 Jun 2020

News

Trade credit

Tokio Marine HCC reshuffles trade credit leadership team

Tokio Marine HCC has promoted Mark Reynolds to chairman and Jerome Swinscoe as president of its dedicated credit group.

Wed 10 Jun 2020

AM Best puts Applied’s CIC subsidiary on negative outlook amid regulatory limbo

News

Legal/ Regulatory

AM Best puts Applied’s CIC subsidiary on negative outlook amid regulatory limbo

The uncertainty around California Insurance Company (CIC) and its affiliates has prompted AM Best to assign a negative outlook to its ratings, as regulators continue to block the attempted merger of the Applied Underwriters subsidiary with a New Mexico-based insurer.

Wed 10 Jun 2020

Enstar relaunches Starstone US with new PE investment

News

Capital

Enstar relaunches Starstone US with new PE investment

Enstar is relaunching its live carrier StarStone US with $850mn of capital as the industry continues to reposition to take advantage of market conditions, The Insurer can reveal.

Wed 10 Jun 2020

News

Insurtech Buzzvault shutters MGA business as funding round hampered by Covid-19

Munich Re-backed personal lines insurtech Buzzvault has shuttered its MGA business and stopped writing new policies in the UK following a stall in its latest funding round as a result of the Covid-19 pandemic.

Wed 10 Jun 2020

Willis Towers Watson confirms middle market group captive with The Hartford

News

Captives

Willis Towers Watson confirms middle market group captive with The Hartford

Willis Towers Watson has confirmed the launch of a group captive solution for upper middle market companies that will be fronted by The Hartford in a move first revealed by The Insurer.

Wed 10 Jun 2020

HCI reveals Berkshire Hathaway among reinsurers on upsized cat cover

News

Property reinsurance

HCI reveals Berkshire Hathaway among reinsurers on upsized cat cover

Florida carrier HCI Group has revealed its 2020/2021 reinsurance programme placed at 1 June provides 30 percent more coverage for all occurrences than its previous programme.

Wed 10 Jun 2020

Analysis

RSG-All Risks: primed for further wholesale explosion

The approach by Ryan Specialty Group (RSG) and its wholesale arm RT Specialty to acquire All Risks looks to be a natural next step in a consolidating segment where scale allows the biggest players to disproportionately benefit from turbocharged market conditions.

Wed 10 Jun 2020

News

Losses

KCC pegs Cristobal insured losses at $150mn

Modelling firm Karen Clark & Company (KCC) has pegged insured losses from Tropical Storm Cristobal at close to $150mn.

Wed 10 Jun 2020

Comment

£1bn Pool Re ball is back in the UK industry’s court…

Last month, this publication revealed that a consortium of UK insurer heavyweights – marshaled by the industry lobby group the ABI – asked the UK government’s permission to release £1bn from the reserves of the state-backed terrorism reinsurer Pool Re to gift to Britain’s smaller businesses impacted by the Covid-19 lock down.

Wed 10 Jun 2020

Walmart, Exxon Mobil and Apple most exposed to Texas windstorm threat

News

Losses

Walmart, Exxon Mobil and Apple most exposed to Texas windstorm threat

Research by Russell Group highlights that Exxon Mobil, Apple, General Motors and Walmart are exposed to potential shipping port losses running into “tens of billions of dollars” in the US State of Texas in the event of windstorm or other loss events.

Wed 10 Jun 2020