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News

People Moves

Bustillo to retire from BMS at year-end

BMS US vice chairman Andrew Bustillo is set to retire from the reinsurance broker at the end of 2020 to focus on charity work that has seen him heavily involved with Covenant House, the non-profit that has strong industry support, The Insurer can reveal.

Tue 19 May 2020

Risk managers wake up to pandemic risk too late

Analysis

COVID-19

Risk managers wake up to pandemic risk too late

Covid-19’s impact on the economy may have leapt to the top of the list of risk professionals’ biggest concerns in the latest World Economic Forum study, but the threat posed by pandemics has been conspicuous by its absence from the thinking of insureds in recent years.

Tue 19 May 2020

News

London could be leading ILS hub for non-cat risks: LMG

The London Market has the potential to become a leading centre for the placement of insurance-linked securities (ILS) – especially risks outside of traditional property cat reinsurance – the team behind the London Matters 2020 report have told this publication.

Tue 19 May 2020

Altamont deal to buy California insurer Topa called off

News

M&A

Altamont deal to buy California insurer Topa called off

Altamont Capital Partners and the parent of Topa Insurance Group will not go forward with their deal for Altamont to acquire the California insurer.

Tue 19 May 2020

News

M&A

Aon-WTW creates integration committee

Aon and Willis Towers Watson have formed an integration planning steering committee – made up of senior leaders from both firms – to “provide direction on key integration planning decisions”, according to internal documents seen by this publication.

Tue 19 May 2020

Chubb names CUO for retail commercial P&C division

News

Commercial insurance

Chubb names CUO for retail commercial P&C division

Chubb has promoted Michelle McLaughlin – who has been at the insurer for 28 years – to chief underwriting officer of its North America retail commercial property and casualty insurance division.

Tue 19 May 2020

News

Insurtech Urban Jungle raises £2.5mn in seed funding

Insurtech start-up Urban Jungle has raised £2.5mn ($3.06mn) from technology-focused venture capital firm Eka Ventures and a host of high profile private investors in a seed funding round.

Tue 19 May 2020

Comment

The spectre of activism reappears once more…

For years dormant and now alert: the spectre of shareholder activism in the P&C sector is rarely quiet for long these days.

Tue 19 May 2020

Palomar adds traditional cat limit after dropping Torrey Pines bond

News

Earthquake

Palomar adds traditional cat limit after dropping Torrey Pines bond

Palomar Holdings has completed the placement of its core reinsurance programmes adding another $200mn of incremental limit for its California earthquake exposures, another $300mn of limit for all earthquake zones and another approximately $80mn of windstorm limit.

Tue 19 May 2020

News

US equity futures slip as Euro P&C stocks try to hold early gains

US equity futures slipped ahead of the open on Tuesday following big gains on Wall Street a day earlier while European (re)insurance stocks retreated in morning trading as investors assessed hopes for a rebound in economic activity in the coming months.

Tue 19 May 2020

News

Watford Re investor Capital Returns calls for strategic review

Watford Re investor Capital Returns has written to the reinsurer’s board calling for a strategic review to consider “all alternatives” to create shareholder value that could include a sale or run-off in response to performance “that has fallen horribly short of expectations”.

Tue 19 May 2020

Aspen president Ritz exits after 9 months in role

News

People Moves

Aspen president Ritz exits after 9 months in role

Apollo-owned Aspen has parted ways with its group president Jonathan Ritz, with the former Validus executive having only taken on the newly created role in September last year.

Tue 19 May 2020

ICA looks to Commonwealth Bank of Australia for next CEO

News

People Moves

ICA looks to Commonwealth Bank of Australia for next CEO

The Insurance Council of Australia (ICA) has appointed Andrew Hall as its new chief executive officer and executive director of the insurance council.

Tue 19 May 2020

Analysis

London loses reinsurance ground but strengthens overall position, finds latest London Matters report

The London Market continues to lose ground on its global reinsurance competitors but has strengthened its position as the leading overall global (re)insurance hub, according to the latest iteration of the London Matters report.

Tue 19 May 2020

ABI lobbies UK government to distribute £1bn from Pool Re

News

COVID-19

ABI lobbies UK government to distribute £1bn from Pool Re

The Association of British Insurers (ABI) is poised to lobby the UK government to release circa £1bn from the reserve fund of the state-backed terrorism reinsurer Pool Re to assist with Covid-19 payments, The Insurer can reveal.

Tue 19 May 2020

News

Parametric

AkinovA completes first parametric weather trade with RKH and Descartes

AkinovA, the broker-focussed electronic trading platform, has completed its first parametric wind trade in a move the insurtech says will open up a channel for other similar weather-related deals on the platform.

Tue 19 May 2020