Florida’s insurers pin hopes on contingency fee multiplier bill

A number of bills that would affect Florida’s insurance industry are being considered by the state’s legislature this year. But, with three weeks left in the session, time is running out fast for action.

Tue 25 Feb 2020

Clear Blue not for sale despite approaches

Pine Brook is not looking for an imminent exit from Clear Blue despite speculation about a number of recent approaches for the fast-growing fronting specialist, The Insurer can reveal.

Tue 25 Feb 2020

AGCS to maintain MENA book despite Dubai operation closure

Allianz Global Corporate & Specialty (AGCS) is confident it will be able to maintain a significant share of the average Eur30mn ($32.6mn) premium income generated by its Dubai office by writing related MENA risks out of international insurance markets as it prepares to close the local operation.

Tue 25 Feb 2020

Argo aiming for profitable US growth alongside exits and cost cutting

Argo’s push to purge itself of unprofitable business and unnecessary costs is well underway with more actions to come in 2020, according to CEO Kevin Rehnberg.

Tue 25 Feb 2020

Kivu names Navigators’ Choi associate director

Cybersecurity firm Kivu has appointed Bridget Choi as associate director, as it looks to further align its services with the insurance industry.

Tue 25 Feb 2020

Sanders to lead combined $4bn US platform under Markel Specialty banner

Markel is combining 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, The Insurer can reveal.

Tue 25 Feb 2020

Prudential to enter talks with activist Third Point over US/Asia split

UK-based life insurer Prudential has responded to calls from Third Point Re’s hedge fund parent to split its Asian and US operations and has said it “looks forward to commencing a dialogue” with the Daniel Loeb-fronted firm.

Tue 25 Feb 2020

The Rise of the Intangible Economy

Tue 25 Feb 2020

AIG accelerates $500mn of $2bn share buyback

American International Group has entered into an accelerated share repurchase (ASR) agreement with Citibank to repurchase $500mn in common stock, forming part of the $2bn share repurchase the carrier authorised on 13 February. 

Tue 25 Feb 2020

P&C (re)insurers have limited exposure to Coronavirus despite sell-off: KBW

Despite the global sell-off in insurance stocks yesterday in response to growing fears over the spread of the Coronavirus, (re)insurers do not have a heightened earnings risk to the disease, according to analysts Keefe, Bruyette and Woods.

Tue 25 Feb 2020

Chubb partner Grab targets insurance with $856mn funding round

SoftBank and Chubb-backed “super app” Grab has raised $856mn from Japanese investors Mitsubishi UFJ Financial Group Inc (MUFG) and TIS Inc (TIS) as it looks to broaden its financial services offering – including insurance and lending – and boost financial inclusion in the Southeast Asia region.

Tue 25 Feb 2020

D&O profitability in doubt despite price increases: AM Best

Further rate action is needed for the US D&O market to return to profitability, while Axa XL overtook AIG as the top writer by direct premiums written in the first nine months of 2019, according to AM Best.

Tue 25 Feb 2020

The Hanover names Egan as Condron’s successor in chair transition

The Hanover has elected Cynthia Egan as vice chair of the company’s board of directors, with the expectation she will become board chair in May 2021 following the mandatory retirement of current board chair Kevin Condron.

Tue 25 Feb 2020

Japanese insurance stocks trade down on coronavirus crisis

Stocks in Japan’s three leading property insurers saw sharp declines on Tuesday as Asian markets slipped following an overnight plunge on Wall Street and an earlier decline in Europe as fears of the economic impact from the coronavirus outbreak spread.

Tue 25 Feb 2020

QBE names Postlewhite reinsurance head as Parry steps down

QBE has appointed Stephen Postlewhite as managing director of QBE Re, to succeed Jonathan Parry who retires in 2021 after more than a decade in the role.

Tue 25 Feb 2020

Arch takes Eur480mn stake in Coface

Arch Capital has agreed to purchase a minority stake of 29.5 percent in French trade credit insurer Coface from French bank Natixis for a transaction value of circa Eur480mn ($520.8mn) or Eur10.70 per share.

Tue 25 Feb 2020