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Legacy

Aspen secures $1.02bn ADC from Enstar

Aspen has entered into a multi-line adverse development cover (ADC) agreement with Enstar that will provide a total of $1.02bn of protection for a premium of $770mn to reinsure losses incurred prior to the start of this year.

Mon 2 Mar 2020

Universal falls to Q4 loss on prior-year reserve charges

News

Homeowners insurance

Universal falls to Q4 loss on prior-year reserve charges

Florida-focused homeowners carrier Universal Insurance Holdings fell to a $69.7mn fourth quarter adjusted operating loss as it revealed $125.8mn of reserve charges, including prior-year and current year strengthening and a reduction in anticipated subrogation recoveries.

Mon 2 Mar 2020

PartnerRe falls to Q4 non-life UW loss on Japan typhoons and agri hit

News

Losses

PartnerRe falls to Q4 non-life UW loss on Japan typhoons and agri hit

PartnerRe reported underwriting losses of $188mn in its non-life operations as Typhoon Hagibis losses and creep on Faxai combined with higher attritional agricultural claims and lower reserve releases to push its combined ratio up to 113.8 percent.

Mon 2 Mar 2020

News

People Moves

Allied World promotes Dupont to COO

Fairfax-owned Allied World has promoted long-serving Wes Dupont to the role of chief operating officer.

Mon 2 Mar 2020

News

Legacy

Enstar hands Enhanzed Re 10% of Zurich legacy deal

Enhanzed Re – Enstar’s Bermuda-based joint venture with Allianz and Hillhouse – has taken a 10 percent cut in the live-to-legacy player’s recently completed run-off transaction with European (re)insurance giant Zurich.

Mon 2 Mar 2020

Hallmark considers legacy deal after $114mn binding primary auto book exit

News

Commercial auto

Hallmark considers legacy deal after $114mn binding primary auto book exit

US specialty insurer Hallmark Financial has put its $114mn book of binding primary auto business into run-off after experiencing increased claims severity from prior accident years.

Mon 2 Mar 2020

Pivoting Third Point Re hopeful of Q1 underwriting profitability

News

Rating actions

Pivoting Third Point Re hopeful of Q1 underwriting profitability

Third Point Re expects to report underwriting profit in the first quarter, with the reinsurer shifting away from retro quota share at 1.1 and building out its specialty book as it continues its transition away from the total return reinsurer model.

Mon 2 Mar 2020

CII launches chartered title for MGAs as three achieve status

News

Legal/ Regulatory

CII launches chartered title for MGAs as three achieve status

The Chartered Insurance Institute and the Managing General Agents’ Association (MGAA) have unveiled the Chartered Insurance Underwriting Agent (CIUA) title for managing general agents (MGAs), distinguishing between existing qualifications for brokers and underwriters.

Mon 2 Mar 2020

Trade credit market in spotlight as coronavirus heightens supply chain risk

News

COVID-19

Trade credit market in spotlight as coronavirus heightens supply chain risk

The trade credit market could face losses from the spreading coronavirus as clients face mounting supply chain and contract frustration issues after the virus sent global stock markets tumbling last week, Gallagher’s head of structured credit and political risk has said.

Mon 2 Mar 2020

News

Atrium leads new crypto asset policy at Lloyd’s

Lloyd’s, in partnership with Coincover, has launched a policy to insure cryptocurrency against theft or other malicious hacks, with a limit that increases or decreases in line with the price changes of crypto assets.

Mon 2 Mar 2020

Markel confirms plans to merge US Specialty and Assurance units

News

People Moves

Markel confirms plans to merge US Specialty and Assurance units

Markel has confirmed it plans to combine its existing Markel Specialty and Markel Assurance insurance operations into a single division led by Bryan Sanders that will represent around $4bn in gross written premium, a move that was first revealed last month by The Insurer.

Mon 2 Mar 2020

CAC Specialty adds Marsh’s west zone environmental leader

News

People Moves

CAC Specialty adds Marsh’s west zone environmental leader

CAC Specialty has made yet another addition to its ranks with the arrival of John Kim from Marsh as senior vice president within its environmental practice group.

Mon 2 Mar 2020

End of reserve cushion changes entire capital position of sector: Flandro

News

COVID-19

End of reserve cushion changes entire capital position of sector: Flandro

The end of an 11-year run of reserving redundancies is a major driver of rising prices in the P&C insurance sector, according to Hyperion X managing director for analytics David Flandro.

Mon 2 Mar 2020

News

M&A

Ardonagh acquires MGA Rural

The Ardonagh Group has purchased the trade and assets of North Yorkshire-based MGA Rural Insurance Group Limited (Rural) through its subsidiary Geo Underwriting Services for an undisclosed sum.

Mon 2 Mar 2020

MS Amlin promotes Wood to head of casualty

News

People Moves

MS Amlin promotes Wood to head of casualty

MS Amlin has appointed Stuart Wood as head of casualty, confirming the fifth and final senior leader to be appointed under the previously announced specialty business restructure.

Mon 2 Mar 2020

Axa XL names Brit’s Williams global head of equine, livestock & aquaculture

News

People Moves

Axa XL names Brit’s Williams global head of equine, livestock & aquaculture

Axa XL has named Chris Williams as global head of equine, livestock and aquaculture, with immediate effect.

Mon 2 Mar 2020