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Ageas UK CEO Watson to be succeeded by Middle

News

People Moves

Ageas UK CEO Watson to be succeeded by Middle

Personal lines insurer Ageas UK’s chief executive Andy Watson is to step down from the helm of the carrier at the end of June after ten years with the firm.

Tue 7 Apr 2020

News

Co-op still “confident” £185mn Markerstudy deal will complete

The Co-operative Group’s agreed £185mn sale of its UK Insurance company CIS General Insurance Ltd to Markerstudy will still proceed despite the near-year long delay to regulatory approval, the company has told The Insurer.

Tue 7 Apr 2020

News

COVID-19

Covid-19 has made challenging market conditions “more difficult”: AmWINS

The fallout of the Covid-19 pandemic has made conditions that were already challenging “even more difficult” in the Lloyd’s and London market, according to a report from giant wholesale broker AmWINS, the parent of Lloyd’s broker THB Group.

Tue 7 Apr 2020

Covid-19 hit to small business is up to 72x property premium base: APCIA

News

Business interruption

Covid-19 hit to small business is up to 72x property premium base: APCIA

Lost revenue to small business in the US from the Covid-19 outbreak could reach $431bn a month, or 72x the monthly commercial property insurance premium level, according to the American Property Casualty Insurance Association (APCIA).

Tue 7 Apr 2020

QBE International CEO Pryce to retire, replaced by Axa XL’s Harris

News

People Moves

QBE International CEO Pryce to retire, replaced by Axa XL’s Harris

QBE International’s CEO Richard Pryce is retiring from the company at the end of the year and will be replaced by Axa XL’s Jason Harris.

Tue 7 Apr 2020

News

Energy

Impact of “savage” downturn could see upstream energy capacity pull out

The impact of the plunging oil price and looming global recession on the upstream energy sector’s premium base means that underwriters could withdraw capacity next year, according to Marsh JLT Specialty.

Mon 6 Apr 2020

Brokers lead US (re)insurance stock rally

News

Share price

Brokers lead US (re)insurance stock rally

The largest brokers were among the highest climbers as US markets surged on signs that the coronavirus outbreak may be peaking in some of the worst-hit areas.

Mon 6 Apr 2020

News

Casualty

Syndicates seeking 20%+ rate rises for US energy casualty business

Lloyd’s syndicates are pushing for rate increases of more than 20 percent for some US energy casualty business, with pure offshore and marine underwriters looking for rises of 10 to 15 percent, according to Marsh JLT Specialty.

Mon 6 Apr 2020

Podcast

Stephen Catlin on what the COVID-19 crisis means: Part I

In our first interview, we speak to one of the insurance industry’s most prominent entrepreneurs – Stephen Catlin, Chairman and CEO of Convex Group.

Mon 6 Apr 2020

Pennsylvania sixth state to introduce bill to force Covid-19 BI payment

News

Business interruption

Pennsylvania sixth state to introduce bill to force Covid-19 BI payment

Pennsylvania has become the sixth US state to introduce legislation that would mandate that insurers pay Covid-19 business interruption (BI) losses regardless of any policy exclusions.

Mon 6 Apr 2020

E&S momentum continues for now as Texas premium jumps 15% in Q1

News

Commercial insurance

E&S momentum continues for now as Texas premium jumps 15% in Q1

The Surplus Lines Stamping Office of Texas (SLTX) has reported $1.67bn of excess and surplus lines premium was recorded in its state in the first quarter, up 14.5 percent over the first quarter of 2019 and 27.4 percent higher than the first quarter of 2018.

Mon 6 Apr 2020

News

People Moves

Orchid appoints RSG’s Garamoni CFO

US property catastrophe managing general underwriter Orchid Underwriters Agency has appointed Michael Garamoni as chief financial officer.

Mon 6 Apr 2020

VJ Dowling builds stake in auto carrier Protective

News

Commercial auto

VJ Dowling builds stake in auto carrier Protective

VJ Dowling has built a 5.7 percent stake in the voting Class A common shares of US commercial auto specialist carrier Protective Insurance Corporation and is considering further increasing the holding, including with the purchase of shares from significant investors in the company.

Mon 6 Apr 2020

Axis Re hires former TMR exec Julian to launch reinsurance pricing division

News

People Moves

Axis Re hires former TMR exec Julian to launch reinsurance pricing division

Axis Re, the reinsurance arm of Bermudian insurer Axis, has appointed Mark Julian to the newly created role of chief pricing actuary, to head up its reinsurance pricing division.

Mon 6 Apr 2020

Marsh promotes Rahr to multinational client service leader

News

People Moves

Marsh promotes Rahr to multinational client service leader

Marsh has appointed David Rahr as global leader, multinational client service, succeeding Justin Walsleben who has retired from the firm.

Mon 6 Apr 2020

News

McGill and Partners completes largest complex P&C deal on Whitespace platform

Broking start-up McGill and Partners has completed a complex transaction involving 40 market reform contracts on the Whitespace digital trading platform.

Mon 6 Apr 2020