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FCA warns insurance market in 'Dear CEO' letter on culture in wake of misconduct reports

News

Legal/ Regulatory

FCA warns insurance market in 'Dear CEO' letter on culture in wake of misconduct reports

The Financial Conduct Authority (FCA) has warned insurance managers they may fail to pass the Senior Managers and Certification Regime (SM&CR) if they do not address non-financial misconduct and culture failings.

Tue 7 Jan 2020

Aon eyes SME growth after CoverWallet deal completes

News

M&A

Aon eyes SME growth after CoverWallet deal completes

Aon has completed its previously announced acquisition of CoverWallet with the global broking giant looking to utilise the insurtech’s technology, data and analytics capabilities and further expand its offerings to small and medium-sized businesses.

Tue 7 Jan 2020

Breach premiums expected to surge as Gulf crisis intensifies

News

Marine

Breach premiums expected to surge as Gulf crisis intensifies

Marine war premiums for vessels travelling through the Persian Gulf are expected to spike as recent international disputes between the US and Iran have a knock-on effect on insurance rates, The Insurer can reveal.

Tue 7 Jan 2020

News

Losses

Commonwealth commits $1.4bn to Australian bushfire recovery as losses soar to $482mn: ICA

The Commonwealth has donated A$2bn ($1.4bn) towards bushfire recovery efforts in Australia as resulting insured damage reaches A$700mn ($481.7mn), according to the third estimate from the Insurance Council of Australia (ICA) in the last week.

Tue 7 Jan 2020

Dale Underwriting Partners lift HDI Specialty A&H duo

News

People Moves

Dale Underwriting Partners lift HDI Specialty A&H duo

Asta-managed Dale Underwriting Partners has appointed Steve Lawson and Lauren Meredith to enter the accident and health market, having received Lloyd’s approval to increase 2020 stamp capacity.

Tue 7 Jan 2020

News

Peak Re grows Lion Rock sidecar to $77mn

Fosun-owned Peak Re has renewed its sidecar Lion Rock Re II securing $77mn from investors, a slight increase on last year’s pioneering securitisation.

Tue 7 Jan 2020

Tokio Marine to sell its 3.9% RenRe stake

News

Capital

Tokio Marine to sell its 3.9% RenRe stake

RenaissanceRe has announced a secondary offering of 1,739,071 of shares owned by Tokio Marine & Nichido Fire Insurance that were part of the consideration when the Bermudian bought Tokio Millennium Re (TMR) from the Japanese giant last year.

Mon 6 Jan 2020

News

A&H

Beach enters A&H with RICS acquisition

Acrisure-owned Beach & Associates has entered the accident & health reinsurance market with a deal to buy Atlanta-based specialist broker Risk and Insurance Consulting Services (RICS), The Insurer can reveal.

Mon 6 Jan 2020

Late inflow of capacity helped clear 1.1 retro market

Analysis

Property catastrophe

Late inflow of capacity helped clear 1.1 retro market

A late move to come off the sidelines by ILS funds thought to include Aeolus and traditional retro powerhouse Everest Re was a key driver in largely clearing the market after a lengthy stand-off between sellers and buyers, The Insurer understands.

Mon 6 Jan 2020

Analysis

Neon closure latest in Lloyd’s market cull

Neon has become the latest Lloyd’s carrier to close following a string of market exits since the Corporation launched remedial action to turn around the performance of the market in May 2018, ushering in a tougher regime for underperformers.

Mon 6 Jan 2020

Liquidation of Florida insurer Windhaven takes effect

News

Legal/ Regulatory

Liquidation of Florida insurer Windhaven takes effect

Windhaven Insurance, a major cedant of Greenlight Re until last year, has officially moved into liquidation after it was determined that attempts to rehabilitate the Florida private passenger insurer would be useless.

Mon 6 Jan 2020

RFIB directors resign following deal to create $3bn GWP London intermediary

News

M&A

RFIB directors resign following deal to create $3bn GWP London intermediary

Former Aon UK head Dennis Mahoney and a flurry of other RFIB directors have resigned following the completion of the UK broker’s £100mn acquisition by London rival Tysers to create a powerful independent wholesaler.

Mon 6 Jan 2020

Everest Insurance appoints Karmilowicz NA P&C president

News

People Moves

Everest Insurance appoints Karmilowicz NA P&C president

Everest Insurance has promoted Mike Karmilowicz to executive vice president and president of its North America property and casualty (P&C) business.

Mon 6 Jan 2020

News

Losses

Australia bushfire insured losses “could easily double”: S&P

The insured losses from the ongoing Australia bushfires have been tipped to greatly increase, with S&P noting that reinsurance protection is likely to be eaten into.

Mon 6 Jan 2020