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News

Japanese public-private partnerships fuel $1bn premium boost to 2023: Swiss Re

A growth of public-private partnerships (PPP) in Japan’s public assets will generate $0.9bn annual premium income for the global property and casualty (P&C) insurance sectors as the Japanese government looks to hit its 2023 private sector funding target.

Tue 18 Feb 2020

GC Fac continues to bolster London ranks with WTW and Lockton Re hires

News

Facultative

GC Fac continues to bolster London ranks with WTW and Lockton Re hires

Guy Carpenter is continuing to strengthen its London fac team with two more hires from rivals, including WTW’s global head of fac broking, Henry Lawrence.

Tue 18 Feb 2020

Pool Re relaunches VSAT; upgrades premium discount to 7.5%

News

War and terrorism

Pool Re relaunches VSAT; upgrades premium discount to 7.5%

Pool Re, the UK state-backed terrorism reinsurer, has relaunched and upgraded its landmark Vulnerability Self-Assessment Tool (VSAT), designed to help instil resilience for UK businesses and to cut the cost of terrorism premiums for qualifying insureds.

Tue 18 Feb 2020

News

People Moves

Crawford & Company adds Beale to board

Former Lloyd’s CEO Inga Beale has been appointed as an independent director at claims management firm Crawford & Company.

Tue 18 Feb 2020

News

People Moves

MGAA MD Staddon to retire

Managing director of the UK’s Managing General Agents’ Association (MGAA), Peter Staddon, will retire at the end of June this year.

Tue 18 Feb 2020

Vibe Re CEO Milner lands at Aspen as senior MD

News

People Moves

Vibe Re CEO Milner lands at Aspen as senior MD

Aspen Insurance has appointed former CEO of the now-defunct Vibe Reinsurance, Richard Milner, as senior managing director of Aspen Re International.

Mon 17 Feb 2020

News

Lloyd’s to select Accenture and Deloitte for £300mn transformation roles

The global strategy and technology consultants Accenture and big four professional services firm Deloitte are understood to be on the brink of being appointed as lead partners on the delivery of Lloyd’s CEO John Neal’s ambitious £300mn transformation plan for the 330-year-old market, The Insurer understands.

Mon 17 Feb 2020

Fresh hit for Danish Gefion as Bollington severs MGA relationship

News

Legal/ Regulatory

Fresh hit for Danish Gefion as Bollington severs MGA relationship

UK broker Bollington has axed its relationship with unrated insurer Gefion – which entered an £80mn ($104mn) capacity deal with its MGA, Anjuna Underwriting, in 2017 – weeks after the Danish regulator raised fresh concerns over the carrier’s solvency levels.

Mon 17 Feb 2020

Barbican 1955’s Cohen emerges as New Dawn Risk treaty broker

News

People Moves

Barbican 1955’s Cohen emerges as New Dawn Risk treaty broker

Broker New Dawn Risk Group has appointed Rachel Cohen as a senior treaty broker.

Mon 17 Feb 2020

China launches cover for businesses hit by coronavirus

News

COVID-19

China launches cover for businesses hit by coronavirus

China’s Hainan province has launched insurance cover alongside 12 leading domestic insurers to protect businesses from losses incurred by the coronavirus outbreak currently sweeping across the country.

Mon 17 Feb 2020

Analysis

M&A

PartnerRe vs Covéa – a $9bn comparison

News of PartnerRe’s potential sale to Covéa has triggered concerns from rating agency Moody’s over the post-integration credit implications for PartnerRe, which would hinge on Covéa’s management of its catastrophe exposures.

Mon 17 Feb 2020

QBE’s NA business to return underwriting profit in 2020: Regan

News

Results

QBE’s NA business to return underwriting profit in 2020: Regan

QBE’s North American business should return a “more normalized” level of underwriting profit in 2020, CEO Pat Regan told analysts on Monday, despite the unit posting a loss-making combined ratio in 2019 driven by heavy cat losses impacting its US crop business.

Mon 17 Feb 2020

Concirrus secures $20mn in series B funding round

News

Results

Concirrus secures $20mn in series B funding round

Marine and motor insurtech Concirrus has closed a $20mn Series B funding round, led by high growth software investor AlbionVC.

Mon 17 Feb 2020

Ardonagh buys Bennetts Motorcycling Services for £26mn

News

M&A

Ardonagh buys Bennetts Motorcycling Services for £26mn

Ardonagh subsidiary Atlanta Investment Holdings has exchanged contracts with Saga Services Ltd to buy Bennetts Motorcycling Services Ltd (Bennetts) for an enterprise value of £26mn ($33.9mn).

Mon 17 Feb 2020

QBE bucks Australian stock trend as shares rise 5% to five-year high

News

Results

QBE bucks Australian stock trend as shares rise 5% to five-year high

Shares in ASX-listed QBE rose by 4.3 percent in the latest trading session, bucking the trend set by fellow Australian carriers IAG and Suncorp, which each saw their shares dip to a respective 52-week low last week.

Mon 17 Feb 2020

QBE FY profit climbs 41% despite cat hit

News

Results

QBE FY profit climbs 41% despite cat hit

Australian insurer QBE saw its after-tax net profit climb 41 percent in 2019 but trimmed its final dividend amid a surge in its natural disaster costs across Australia and the United States.

Mon 17 Feb 2020