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News

PartnerRe’s Clarke named new Global Reinsurance Forum head

The Global Reinsurance Forum (GRF) has named PartnerRe CEO Emmanuel Clarke as chairman for a two-year term, succeeding RenaissanceRe’s Kevin O’Donnell, who became chairman in 2018.

Mon 8 Jun 2020

Comment

Start-ups or scale-ups?

Last week, this publication revealed three early stage private equity, hard market funding initiatives.

Mon 8 Jun 2020

FCA test case should confirm RSA’s “modest” virus exposures: Jefferies

News

COVID-19

FCA test case should confirm RSA’s “modest” virus exposures: Jefferies

The UK Financial Conduct Authority’s (FCA) test case into disputed business interruption claims relating to the Covid-19 pandemic will confirm London-listed RSA’s “modest” exposures to the pandemic, according to a bullish prediction from investment bank Jefferies.

Mon 8 Jun 2020

Analysis

Axa shares surge 21% to lead green week for European P&C stocks

Shares in Europe’s largest insurer Axa surged over 21 percent last week in a widespread green week for the continent’s P&C stocks with markets buoyed by reports of significant market hardening at the 1 June Florida renewals, better than expected US jobless figures and a wave of fresh stimulus measures from the European Central Bank (ECB).

Mon 8 Jun 2020

News

Willis realigns exec pay with group results in Covid-19 response

Willis Towers Watson has changed the short-term incentive compensation programme (STI) for its most senior executives for 2020 to shift the emphasis to enterprise financial results and away from business segment, geography or corporate function performance.

Mon 8 Jun 2020

Lloyd’s warned of downside to tech revolution

News

COVID-19

Lloyd’s warned of downside to tech revolution

Lloyd’s underwriters and brokers have cautioned the market that it must not lose sight of the importance of face-to-face negotiations even as it embraces electronic trading and innovations such as the proposed virtual underwriting room.

Mon 8 Jun 2020

WR Berkley’s Nautilus promotes COO and CUO to EVP

News

People Moves

WR Berkley’s Nautilus promotes COO and CUO to EVP

WR Berkley E&S and specialty lines insurer Nautilus Insurance Group has made a pair of promotions with both Trish Buckhardt and Tom Joyce appointed executive vice president.

Mon 8 Jun 2020

US-listed stocks climb on positive jobs report

News

Share price

US-listed stocks climb on positive jobs report

The share prices of ProAssurance, American Financial Group, Hallmark Financial and James River were among the biggest climbers as New York-listed (re)insurance stocks surged against a backdrop of investors reacting to a positive US jobs report.

Fri 5 Jun 2020

US trade credit insurers ask Treasury for $60bn of support

News

Legal/ Regulatory

US trade credit insurers ask Treasury for $60bn of support

US trade credit insurers have reportedly asked the US Treasury Department and Federal Reserve for about $60bn in government support.

Fri 5 Jun 2020

Citizens pulls $680mn from planned placement as rates climb 20%

News

Property catastrophe

Citizens pulls $680mn from planned placement as rates climb 20%

Citizens only placed $620mn of a planned $1.3bn new private market placement at the 1 June renewal as it decided not to chase a fast-hardening Florida reinsurance market and instead take more exposure net.

Fri 5 Jun 2020

News

Swiss Re forecasts US P&C premiums will fall 2% in 2020

Swiss Re’s sigma research team has forecast the US property casualty industry’s direct premiums written (DPW) will fall this year, despite strengthening commercial pricing momentum.

Fri 5 Jun 2020

NY regulator orders insurers to accelerate looting payouts

News

Legal/ Regulatory

NY regulator orders insurers to accelerate looting payouts

The New York State Department of Financial Services (DFS) has issued an emergency regulation requiring insurers to accelerate the resolution and payment of claims from businesses and individuals who suffered damage as a result of looting.

Fri 5 Jun 2020

Noonan actively seeking “scale-up” E&S opportunity

News

M&A

Noonan actively seeking “scale-up” E&S opportunity

Former Validus CEO Ed Noonan is in the process of identifying a suitable platform for an E&S play after receiving multiple approaches from potential private equity investors looking to access the fast-hardening market segment, The Insurer can reveal.

Fri 5 Jun 2020

News

Insurtechs and E&S players among fastest growing US P&C insurers

An analysis by S&P Global Market Intelligence has revealed the fastest growing insurers that file statutory statements, with insurtechs Lemonade and Root and E&S players Ategrity and Trisura among the top ten.

Fri 5 Jun 2020

News

Marine

Castel names Navigators exec as marine head

Castel Underwriting Agencies, the MGA platform that is now part of Arch Capital Group, has named Gert van Middelkoop head of its new marine centre of excellence.

Fri 5 Jun 2020

News

Aviation

AGCS names Milford-Cottam as London aviation head

Allianz Global Corporate & Specialty (AGCS) has promoted Jonathan Milford-Cottam to head of aviation for its regional unit London (RUL).

Fri 5 Jun 2020