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Swiss Re CorSo shutters contingency business

Swiss Re Corporate Solutions (CorSo) has become the latest carrier to stop writing contingency risks as capacity in the market continues to contract, The Insurer understands.

Tue 4 Feb 2020

News

Legacy

Axa LM and RenRe strike deal for TMRe legacy book

Axa Liabilities Managers (Axa LM) has agreed to acquire a legacy book from RenaissanceRe which the (re)insurer inherited through its $1.5bn acquisition of Bermudian neighbour Tokio Millennium Re.

Tue 4 Feb 2020

Markel appoints Titterton as trade credit MD

News

People Moves

Markel appoints Titterton as trade credit MD

Markel International has promoted Carl Titterton to divisional managing director of trade credit, political risk and surety (TCPRS) after 10 years with the business.

Tue 4 Feb 2020

January hailstorm losses surge to $428mn: ICA

News

Property catastrophe

January hailstorm losses surge to $428mn: ICA

Severe hailstorms that lashed Australia’s East Coast last month have rung up an insured loss bill of A$638mn ($428mn), according to the latest estimate from the Insurance Council of Australia (ICA).

Tue 4 Feb 2020

Swiss Re and Lloyd’s carriers in the spotlight over Coronavirus fears

News

COVID-19

Swiss Re and Lloyd’s carriers in the spotlight over Coronavirus fears

International (re)insurer Swiss Re – along with a number of Lloyd’s syndicates – are the most exposed to potential losses emanating from the ongoing coronavirus outbreak in China, according to a note from analyst Jefferies.

Tue 4 Feb 2020

Pioneer agrees deal with K2 Insurance Services

News

M&A

Pioneer agrees deal with K2 Insurance Services

MGA Pioneer Underwriters has agreed commercial terms for a transaction with K2 Insurance Services in a move which will see the US program manager and MGA take over Pioneer’s underwriting divisions and personnel.

Tue 4 Feb 2020

MS Amlin names Ho to replace Clarke as APAC CEO

News

People Moves

MS Amlin names Ho to replace Clarke as APAC CEO

MS Amlin, subsidiary of MS&AD, has promoted William Ho to the role of CEO of MS Amlin Asia Pacific, succeeding Simon Clarke who is stepping down after 10 years with the business.

Tue 4 Feb 2020

Fidelis names Burrows group MD and Burford UK CEO

News

People Moves

Fidelis names Burrows group MD and Burford UK CEO

Bermudian Fidelis has promoted founder member Daniel Burrows to group managing director and named Ian Burford CEO for the carrier’s UK operations, Fidelis Underwriting Limited (FUL).

Tue 4 Feb 2020

Chinese insurers face limited coronavirus impact as cases soar to 20,000

News

COVID-19

Chinese insurers face limited coronavirus impact as cases soar to 20,000

Confirmed coronavirus cases in China have continued to grow, reaching 20,000 overnight with the first death in Hong Kong confirmed, however the latest analysis from Moody’s shows the insurers in the country face little exposure to the outbreak.

Tue 4 Feb 2020

Brokers toil on the mean streets of market change

Comment

Commercial insurance

Brokers toil on the mean streets of market change

The momentum of broad price increases that have taken hold in the commercial insurance market has inevitably been a dominant theme in the fourth quarter earnings season.

Tue 4 Feb 2020

AFG takes $58mn Q4 hit on Neon Lloyd’s exit

News

Legacy

AFG takes $58mn Q4 hit on Neon Lloyd’s exit

American Financial Group (AFG) took a non-core after-tax charge of $58mn relating to reserve strengthening at Neon as well as expenses associated with the run-off of the Lloyd’s platform in its 2019 fourth quarter results.

Mon 3 Feb 2020

The Hartford lowers retentions on cat and agg covers

News

Property catastrophe

The Hartford lowers retentions on cat and agg covers

The Hartford has lowered the retention on its occurrence cat treaty from $350mn to $150mn for events other than named storms and earthquakes and moved down the attachment point on its aggregate property cat treaty from $775mn to $700mn with slightly less limit bought.

Mon 3 Feb 2020

The Hartford Q4 beats as Berkshire ADC absorbs $117mn A&E reserve boost

News

Casualty

The Hartford Q4 beats as Berkshire ADC absorbs $117mn A&E reserve boost

The Hartford has reported core earnings of $522mn for the fourth quarter of 2019 – up 84 percent on the $282mn in the prior year period – with a $117mn increase of asbestos and environmental (A&E) reserves ceded to Berkshire Hathaway.

Mon 3 Feb 2020

Hilltop to sell National Lloyds to Align for $150mn

News

M&A

Hilltop to sell National Lloyds to Align for $150mn

Hilltop Holdings has agreed a deal to sell its specialty property carrier National Lloyds Corp to private equity-backed program and MGA platform Align Financial Holdings for $150mn.

Mon 3 Feb 2020

Acrisure led record North America agent/broker M&A in 2019

Analysis

M&A

Acrisure led record North America agent/broker M&A in 2019

The number of North America agent and broker mergers and acquisitions increased to its highest annual total in 2019 with 649 transactions – up from 643 in 2018 and 611 in 2017 – according to figures from Optis Partners.

Mon 3 Feb 2020

Spotlight now on Ardonagh as GRP finds new investor in Searchlight

Comment

M&A

Spotlight now on Ardonagh as GRP finds new investor in Searchlight

The news yesterday that UK broker aggregator GRP has agreed terms to sell a majority stake to the US PE House Searchlight Capital Partners has focussed the spotlight on its larger rival Ardonagh, the company founded by GRP’s executive chairman Peter Cullum.

Mon 3 Feb 2020