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News

IRB makes further board changes

IRB Brasil Re has continued to reshuffle its board of directors with former PwC partner Henrique José Fernandes Luz taking a seat on its statutory audit committee and replacing Maria Elena Bidino who has resigned.

Wed 10 Jun 2020

News

Brexit

No-deal Brexit would magnify coronavirus impact on UK economy: Moody’s

A no-deal Brexit would “significantly” damage the UK’s recovery from a recession following the coronavirus pandemic, Moody’s Investors Service warned on Wednesday.

Wed 10 Jun 2020

Sedgwick names Chiu director of Hong Kong operations

News

People Moves

Sedgwick names Chiu director of Hong Kong operations

Carlyle Group-backed Sedgwick has named Amen Chiu as director of its operations in Hong Kong.

Wed 10 Jun 2020

News

Lancashire shares climb 10% as confirms pricing on £277mn equity raise

Shares in Lancashire were trading up nearly 10 percent in early morning trading after the London listed carrier confirmed the placing of 39.5 million new common shares – raising gross proceeds of approximately £277mn ($353.7mn).

Wed 10 Jun 2020

News

Fidelis raises a further $500mn

Bermudian Fidelis has raised a further $500mn from its existing investors as it becomes the latest carrier to raise capital since the Covid-19 lock down to take advantage of accelerated market hardening.

Wed 10 Jun 2020

News

COVID-19

UK industry silent as HM Treasury reiterates its stance on £1bn Pool Re Covid-19 scheme

The UK Government has responded to an industry request to take £1bn ($1.27bn) from Pool Re and gift it to Covid-19 affected SME businesses by reiterating its position that the UK taxpayer must not be disadvantaged by the proposed move, The Insurer can reveal.

Wed 10 Jun 2020

News

Private Equity

London MGA Nexus valued at £228mn

The fast-expanding London MGA/intermediary Nexus Group is now worth £228mn ($289mn), according to venture capitalist firm BP Marsh.

Wed 10 Jun 2020

News

Nexus duo see their holdings increase to over £90mn in combined value

The duo behind the expansive London MGA-intermediary, Nexus Underwriting Management Ltd, have seen their combined stakes grow to over £90mn in value, analysis by The Insurer shows.

Wed 10 Jun 2020

Lloyd’s targets data duplication with API to enhance e-placement

News

Market Modernisation

Lloyd’s targets data duplication with API to enhance e-placement

Lloyd’s of London has launched a new application programme interface (API) designed to reduce the need for double entry of data and documents to help London market brokers and underwriters place business electronically.

Wed 10 Jun 2020

AM Best keeps Hallmark under review to assess filing delays

News

Commercial insurance

AM Best keeps Hallmark under review to assess filing delays

AM Best has maintained the under review with negative implications status for up-for-sale US specialty insurer Hallmark Financial’s A- financial strength rating.

Wed 10 Jun 2020

Truist CEO eyes insurance brokerage acquisitions

News

M&A

Truist CEO eyes insurance brokerage acquisitions

The chairman and CEO of Truist, which owns wholesale broker CRC and retail broker McGriff, believes his company has “substantial” insurance acquisition opportunities.

Wed 10 Jun 2020

ReSource Pro hires Aon’s Jain as carrier practice leader

News

Commercial insurance

ReSource Pro hires Aon’s Jain as carrier practice leader

New York-based ReSource Pro has added Anuj Jain as its carrier practice leader.

Wed 10 Jun 2020

News

Capital

Analysts welcome Lancashire’s move to join London capital raises

The move by Lancashire Holdings to follow London-listed peers Beazley and Hiscox with an equity raise has been well received by analysts as further evidence that a consensus is emerging over hard market conditions with momentum to carry through this year and 2021.

Wed 10 Jun 2020

Alliant in double figures for hiring disputes in past two years

Analysis

Legal dispute

Alliant in double figures for hiring disputes in past two years

Alliant has recently settled four disputes, but a look through court filings reveals the expansive US broker is a magnet for lawsuits from rivals angry at its hiring practices – a number of which are still ongoing.

Tue 9 Jun 2020

Centauri agrees injunction order with Wellington in poaching suit

News

Legal dispute

Centauri agrees injunction order with Wellington in poaching suit

Homeowners’ carrier Centauri Specialty Insurance Holdings has agreed an injunction order with former employees and Wellington that brings an end to a dispute in which Centauri had been seeking temporary and permanent injunctive relief and damages of more than $30mn.

Tue 9 Jun 2020

May US severe weather brings multi-billion dollar insured losses

News

Commercial property

May US severe weather brings multi-billion dollar insured losses

Insured catastrophe losses from severe weather in the US could go beyond $3bn in May based on analysis of the latest monthly figures from Aon, with storms, wildfires and tornadoes all taking their toll.

Tue 9 Jun 2020