NewsLegal disputeAIG dodges $100mn bonus bill after court winInsurance giant AIG has won its UK court appeal to prevent former employees from collecting $100mn in controversial bonuses dating back to the financial crisis.Mon 27 Jan 2020
NewsRating actionsAM Best shifts Kemper outlook to positiveRating agency AM Best has revised Kemper Corporation’s outlook to positive from stable, pointing towards its expectation that Kemper’s acquisition of Infinity will strengthen the Chicago-headquartered carrier’s position as one of the leading nonstandard auto writers in the US.Mon 27 Jan 2020
News(Re)insurers’ shares dip as Coronavirus fears drive wider sell-offUS (re)insurance stocks followed their European counterparts in trading down on Monday, continuing a slide witnessed across global equity markets last week as concerns rise about the spread of coronavirus and the disease’s potential impact on the world’s economy.Mon 27 Jan 2020
CommentResultsTravelers: an outlier or an outrunner?The first few results of the fourth quarter results season are in, and already it seems clear that a big issue of the previous quarter will remain so in this one - the impact of social inflation. Mon 27 Jan 2020
NewsPeople MovesGallagher names Payton to lead combined property casualty & special risks businessGallagher has named Capsicum Re’s Malcolm Payton as managing director to lead its newly combined property casualty & special risks business, with immediate effect.Mon 27 Jan 2020
NewsFidelis appoints Symms as head of outwards reinsuranceBermudian Fidelis has appointed John Symms as head of outwards reinsurance on the back of an uptick in reinsurance partnerships and quota share relationships.Mon 27 Jan 2020
NewsLegacyRenRe working with TigerRisk on major Lloyd’s legacy transactionBermudian (re)insurer RenaissanceRe has brought in TigerRisk to explore a large back-years deal for a circa £470mn ($615mn) casualty book for its Lloyd’s syndicate, The Insurer can reveal.Mon 27 Jan 2020
NewsPeople MovesAllianz Holdings names Young chief compliance officerAllianz Holdings – the holding company behind the principal insurance operations of Allianz SE in Great Britain – has appointed Margo Young as chief compliance officer.Mon 27 Jan 2020
NewsLegacyR&Q takes over Montana captive Vigneron InsuranceLondon-listed legacy and program specialist R&Q has acquired the Montana captive insurer, Vigneron Insurance Company, Inc. (VICI), for an undisclosed sum.Mon 27 Jan 2020
NewsEd specie heist from Marsh JLT now totals 19The number of defectors from Marsh JLT Specialty’s fine art and specie team is expected to shortly surpass twenty after a wave of resignations last week following team leader David Gordon’s resignation earlier this month.Mon 27 Jan 2020
NewsCommercial insuranceNFP grows revenues by 17% in 2019Expansive private equity-backed US broker NFP Corp increased revenues by 17 percent from $1.24bn to around $1.45bn last year as it grew organically and through acquisition.Mon 27 Jan 2020
NewsFitch assigns BBB rating to State National cat bondFitch has assigned a BBBsf rating to the Class A notes of the newly launched $100mn Stratosphere Re cat bond that provides protection to State National for tail risk assumed as a result of business it fronts for its Markel stablemate Nephila.Fri 24 Jan 2020
NewsM&AAssuredPartners buys two Illinois brokeragesUS broker consolidator AssuredPartners has acquired two Illinois-based brokerages with combined revenues of $30mn.Fri 24 Jan 2020
NewsAviationLa Réunion Aérienne hires MS Amlin’s Brett in BD roleAerospace-focused La Réunion Aérienne (LRA) London and Réunion Aérienne & Spatial have brought in Malcolm Brett from MS Amlin as chief business development officer, with the new arrival set to join the business in February.Fri 24 Jan 2020
NewsStart-upNew broker Protecdiv eyes $100mn revenue in five yearsSpecialty property and casualty brokerage Protecdiv is now open for business and targeting $100mn of revenue within the next five years, after the company secured financial backing for the new venture.Fri 24 Jan 2020
NewsLossesSingle event definition to determine Australian reinsurance payout: AM BestThe reinsurance coverages triggered by the Australian bushfires remains uncertain, with terms and conditions likely to come under great scrutiny, AM Best has commented.Fri 24 Jan 2020