NewsRiverStone completes Channel Syndicate RITCFairfax-owned run-off manager RiverStone has completed its RITC transaction with Scor’s Lloyd’s arm The Channel Syndicate.Tue 11 Feb 2020
NewsAviationHDI Global Specialty names Kangasniemi head of airlineHannover-headquartered HDI Global Specialty has promoted Frida Kangasniemi to head of airline, succeeding Thomas Broms who retired at the end of last year.Tue 11 Feb 2020
NewsPeople MovesBesso names Merry head of reinsurance divisionLondon-headquartered Besso has named David Merry as head of Besso Re, the Lloyd’s broker’s reinsurance division which has relaunched with a focus on facultative reinsurance.Tue 11 Feb 2020
NewsFronting carriersAccredited partners with Inperio in UK solicitors’ PI market firstAccredited Insurance (Europe) Ltd (AIEL) says it has written the first professional indemnity policy for freelance solicitors regulated by the UK body, Solicitors Regulation Authority (SRA).Tue 11 Feb 2020
NewsLossesBushfires and storms burn halfway through Suncorp agg coverThe devastating Australian bushfires and a series of storm events between November and the end of January mean that Suncorp has exhausted up to half of the reinsurance limit under its A$300mn ($200mn) natural hazard aggregate protection (NHAP).Tue 11 Feb 2020
NewsPeople MovesFinancial sector gender diversity report author to sit on Lloyd’s culture groupAs part of an effort to address criticism of its workplace culture, Lloyd’s has recruited several prominent figures including former Virgin Money CEO Dame Jayne-Anne Gadhia to join a new Fiona Luck-led independent advisory group.Tue 11 Feb 2020
NewsCyberHW International continues growth with Loring arrivalHW International (HWI) has continued on its recent expansion push by adding to its capabilities in the political violence, terrorism and cyber insurance markets with the hire of Paul Loring.Tue 11 Feb 2020
NewsFacultativeLiberty Mutual Re adds to Brazilian treaty teamLiberty Mutual Re has bolstered its team in Brazil with the hire of Lucas Pimentel as treaty class underwriter for the southern cone region, The Insurer has learned.Mon 10 Feb 2020
NewsResultsSpecialty P&C growth boosts Kemper’s operating incomeKemper has reported consolidated net operating income of $97.9mn, up from $59.9mn in the fourth quarter of 2018.Mon 10 Feb 2020
NewsResultsMercury General shares up 9.7% after Q4 turnaroundMercury General’s shares were up almost 10 percent at close after the California-based carrier reported fourth quarter 2019 operating income of close-to $11.9mn.Mon 10 Feb 2020
NewsResultsEverest Q4 beats while insurance premiums grow 30%Everest Re Group has reported fourth quarter operating earnings that included $19.2mn of favourable reserve development as well as the previously announced $215mn of catastrophe losses.Mon 10 Feb 2020
NewsRatesCNA’s med mal, umbrella underwriting changes reducing frequency: RobustoUS insurer CNA has noted the positive impact of the higher attachment points that it has introduced for medical malpractice and umbrella business, in addition to accelerating rate increases seen in the fourth quarter.Mon 10 Feb 2020
NewsHomeowners insuranceCapitol Preferred blames lawsuit surge for 36.5% rate rise requestCapitol Preferred’s James Graganella has painted a bleak picture of Florida’s claims environment after reporting his company faced more than 1,000 first-party lawsuits in 2019, a 727 percent increase in four years.Mon 10 Feb 2020
NewsHigh net worthTokio closes Pure deal, S&P lowers HCC operating units’ ratingsS&P Global Ratings has lowered the ratings of HCC’s operating companies to match those of Japanese parent Tokio Marine following the completion of the acquisition of high net worth (HNW) specialist Privilege Underwriters and its subsidiaries, known collectively as Pure Group.Mon 10 Feb 2020
NewsFronting carriersStart-up Obsidian buys admitted platform from The Doctors CompanyBill Jewett’s hybrid program fronting start-up has secured an admitted platform with the acquisition of a shell company from The Doctors Company ahead of an expected launch next month, The Insurer can reveal.Mon 10 Feb 2020
NewsPeople MovesMMA names Krause southeast regional CEOMarsh & McLennan Agency (MMA) has appointed Peter Krause as southeast regional CEO, overseeing offices in Georgia, Alabama, Tennessee, Kentucky and Florida.Mon 10 Feb 2020