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US commercial lines rate increases slow in May: Ivans

News

Commercial insurance

US commercial lines rate increases slow in May: Ivans

The Ivans index of US commercial pricing has revealed that May premium renewal rates increased at a slower rate across all major commercial lines products compared to April.

Wed 3 Jun 2020

News

Flood

Midland homeowners flood damages “certainly” above $1bn, but most uninsured

Homeowners losses caused by floods that swept through central Michigan last month after two dams failed will be uninsured, according to a high profile trial attorney who has also claimed damages from the event will “certainly exceed a billion dollars”.

Wed 3 Jun 2020

News

Commercial insurance

Cohen, Vaughn and Kania out of Aspen

Apollo-owned Aspen has parted company with David Cohen, Dan Vaughn and Tim Kania from its insurance operations as it continues to restructure, The Insurer can reveal.

Wed 3 Jun 2020

News

COVID-19

Markerstudy staff face redundancies as Covid-19 hits operations

UK MGA Markerstudy Group is to make almost 500 staff redundant across its business in a move designed to cut costs in response to the “significant impact” of the coronavirus pandemic.

Wed 3 Jun 2020

BMS bids to become the alternative to global giants with reinsurance buildout

News

Retro

BMS bids to become the alternative to global giants with reinsurance buildout

Consolidation among the global brokers is providing a catalyst for BMS as it accelerates an ambitious build-out plan that includes a strong focus on its US reinsurance intermediary platform backed by long-term investment.

Wed 3 Jun 2020

News

Legal/ Regulatory

Axa closes 10% higher on dividend news; Euro-listed P&C stocks surge

Shares in Axa closed 10 percent higher on Wednesday after the French insurer defied the recommendations of regulators and announced it would push ahead with its dividend to shareholders.

Wed 3 Jun 2020

Munich Re America Services names new chief risk and underwriting officer

News

People Moves

Munich Re America Services names new chief risk and underwriting officer

Munich Re America Services has appointed Cathy Smith as its new chief risk and underwriting officer, overseeing regional underwriting and pricing as well as integrated risk management for Munich Re US P&C Companies.

Wed 3 Jun 2020

News

Property risk insurtech Betterview raises $7.5mn in new funding

Software platform Betterview has raised $7.5mn in new funding from Guidewire Software and existing investors including Nationwide, EMC Insurance Companies and Maiden Re, bringing its total capital raised to $17mn.

Wed 3 Jun 2020

Homeowners insurtech Hippo acquires Spinnaker

News

M&A

Homeowners insurtech Hippo acquires Spinnaker

Hippo has acquired Spinnaker Insurance Company, the program fronting specialist that the homeowners insurtech has partnered with since 2017.

Wed 3 Jun 2020

BMS adds Wiltshire and Titcomb to specialty division

News

People Moves

BMS adds Wiltshire and Titcomb to specialty division

Expansive broker BMS has named industry veterans Norman Wiltshire and Nick Titcomb as directors of its specialty (re)insurance division, BMS Strategic Risk Solutions (SRS).

Wed 3 Jun 2020

Glaser wary of potential capacity crunch as 2020 hurricane season begins

News

COVID-19

Glaser wary of potential capacity crunch as 2020 hurricane season begins

A fierce 2020 hurricane season could lead to “massive” withdrawals of capacity as the industry continues to wrestle with the uncertainties and losses caused by the Covid-19 crisis, warns Dan Glaser, the President and CEO of Marsh & McLennan Companies (MMC).

Wed 3 Jun 2020

Comment

RenRe signals change of diet

Investors look to have bought into the story behind RenRe’s proposed rights issue, which priced last night at $166 a share and will gross the reinsurer $1.05bn if underwriters take up their full option on the offering.

Wed 3 Jun 2020

News

Marine

Gard names Nilssen UK managing director

Marine insurer and P&I club Gard has named Magne Nilssen as managing director of Gard UK, succeeding Thomas Nordberg who will return to Norway to take up a role at the company’s head office.

Wed 3 Jun 2020

Howden swoops for prominent Aon EMEA duo Sturani and Nanni

News

People Moves

Howden swoops for prominent Aon EMEA duo Sturani and Nanni

The CEO of Aon EMEA Specialty Luigi Sturani and Chief Commercial Officer, Aon EMEA Specialty Enrico Nanni have resigned from the global broker and will join Howden Broking Group, The Insurer can reveal.

Wed 3 Jun 2020

Lexington takes E&S property exec from Chubb

News

Commercial property

Lexington takes E&S property exec from Chubb

Lexington Insurance Company has hired Brendan Duffy from rival Chubb to lead its brokerage property team in the western zone of the US, The Insurer can reveal.

Wed 3 Jun 2020

UK trade credit scheme to provide £10bn insurance backstop: reports

News

COVID-19

UK trade credit scheme to provide £10bn insurance backstop: reports

A government-backed scheme to provide a trade credit insurance guarantee during the Covid-19 pandemic will have the capacity to insure £10bn of transactions when it is unveiled later this month, according to reports.

Wed 3 Jun 2020