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News

Insurify raises $23mn in series A funding

Insurify has raised $23mn in series A funding to further fuel its bid to become the leading insurance comparison platform.

Wed 15 Jan 2020

Quote of the day

“We believe the P&C industry’s current mindset means that the continuing frequency of large losses will translate into sustained momentum for rate increases in 2020”

Meyer Shields of KBW comments after Chubb preannounced higher-than-expected Q4 cat losses

Wed 15 Jan 2020

Insys insurers object to opioid maker’s liquidation plan

News

Casualty

Insys insurers object to opioid maker’s liquidation plan

Chubb and Liberty Mutual, two of the insurers on Insys’s $30mn product liability tower, have objected to the opioid drug manufacturer’s latest liquidation plan, arguing it is unclear about how insurance obligations would be treated.

Wed 15 Jan 2020

Swiss Re CorSo names Bunin new Mexico CEO

News

People Moves

Swiss Re CorSo names Bunin new Mexico CEO

Swiss Re Corporate Solutions has appointed Sergio Bunin as the new chief executive for its operation in Mexico.

Wed 15 Jan 2020

News

M&A

Avatar to buy Centauri in latest Florida M&A deal

Avatar Partners is set to buy Centauri National Insurance Company and Centauri Specialty Insurance Company in the latest of a flurry of Florida homeowners M&A transactions.

Wed 15 Jan 2020

UK non-life insurers’ 2019 results to take hit from November floods: AM Best

News

Losses

UK non-life insurers’ 2019 results to take hit from November floods: AM Best

Intense competition in the UK non-life market combined with falling investment returns, claims inflation and an increase in weather-related losses near the end of the year placed underwriting earnings under pressure in 2019, according to AM Best.

Wed 15 Jan 2020

Selective shakes up leadership with new appointments

News

People Moves

Selective shakes up leadership with new appointments

US focussed Selective Insurance Group has made a swathe of senior promotions with Shadi Albert, John Bresney, Gordon Gaudet, Brenda Hall and Nathan Rugge all being handed new roles within its Selective Insurance Company of America offshoot.

Wed 15 Jan 2020

News

Hamilton Syndicate 3334 seeking £60mn LPT

Bermudian carrier Hamilton is understood to be negotiating a £60mn ($78.1mn) loss portfolio transfer (LPT) of its Lloyd’s syndicate 3334, The Insurer can reveal.

Wed 15 Jan 2020

Marsh JLT Specialty head of specie David Gordon resigns to join rival

News

People Moves

Marsh JLT Specialty head of specie David Gordon resigns to join rival

David Gordon, a leading London market fine art expert whose high-profile departure from Willis in 2015 cost JLT a hefty £22mn settlement fee, has resigned from Marsh JLT Specialty and is expected to eventually resurface at a rival broking house, The Insurer can reveal.

Wed 15 Jan 2020

News

Korean Re launches Shanghai branch

Korean Re is set to launch a branch office in Shanghai following approval from the regulatory authorities of the People’s Republic of China.

Wed 15 Jan 2020

Iran sanctions to delay settlement of Ukrainian Airlines claims

News

Aviation

Iran sanctions to delay settlement of Ukrainian Airlines claims

Underwriters on the hook for the Ukrainian International Airlines (UIA) flight that was shot down by an Iranian missile are likely to withhold payment for the claim over fears of inadvertently breaking international sanctions, The Insurer understands.

Wed 15 Jan 2020

Downstream writers seek to tame the BI beast

Analysis

Energy

Downstream writers seek to tame the BI beast

No-one in the onshore energy market will want reminding of just how torrid the recent loss experience has been. Since June we’ve had two potential mega-losses involving Philadelphia Energy Solutions’ (PES) fire and series of explosions at its Philadelphia oil refinery, as well as the more recent explosions at TPC Group’s Port Neches refinery.

Wed 15 Jan 2020

Chubb names Côté major accounts head in European leadership shake-up

News

People Moves

Chubb names Côté major accounts head in European leadership shake-up

Chubb has named Nadia Côté head of its major accounts division for Europe, succeeding Suresh Krishnan who has been appointed chief operating officer of Chubb North America accident and health (A&H).

Wed 15 Jan 2020

Marsh’s Drzik calls for “cost of inaction” increase to combat climate risks

News

Environmental

Marsh’s Drzik calls for “cost of inaction” increase to combat climate risks

Making inaction more expensive than rolling out environmentally friendly changes is what it will take to lower business’ contribution to the climate emergency, Marsh chairman John Drzik told a panel at the launch of the World Economic Forum’s 2020 Risk Report.

Wed 15 Jan 2020

News

Retro

Ascot grows retro book at 1.1 with new sidecar

Ascot significantly expanded its traditional ultimate net loss (UNL) retro book in an attractive pricing environment at 1.1 as it utilized excess capital at group level as well as its new third-party capital quota share vehicle, The Insurer can reveal.

Wed 15 Jan 2020

Sompo International’s Kelley to lead Ed Bermuda liability launch

News

People Moves

Sompo International’s Kelley to lead Ed Bermuda liability launch

Ed Broking’s recently established Bermuda unit has appointed Colin Kelley as head of liability on the island, with a mandate to lead the broker’s professional lines, casualty and healthcare teams.

Wed 15 Jan 2020