NewsResultsUp-for-sale GRP’s underlying earnings leap to £50mnUp-for-sale UK broker consolidator GRP has reported a full year 2018-19 loss before tax of £17.9mn ($23.5mn) but a strong leap in underlying earnings.Mon 30 Dec 2019
NewsCasualtyAIG’s Browne leaves for Berkshire Hathaway SpecialtyHilary Browne has left her position as head of casualty, international at AIG to join Berkshire Hathaway Specialty Insurance (BHSI) as country manager for Ireland and head of casualty for the carrier’s UK and European platforms.Fri 27 Dec 2019
NewsPeople MovesTMH confirms outgoing TMK CEO Franks’ adviser roleTokio Marine Holdings has confirmed Charles Franks will take on the role of adviser from 1 January 2020, after he steps down as group CEO of Tokio Marine Kiln, including its Lloyd’s syndicates.Fri 27 Dec 2019
NewsLossesGIAJ pegs Hagibis and Faxai domestic claims at $6.7bnDamage from Typhoon Hagibis has cost domestic insurers 395.88bn yen ($3.6bn) in claims so far with the tally for Faxai reaching 334.13bn yen ($3.1bn), according to the latest estimate from the General Insurance Association of Japan (GIAJ).Fri 27 Dec 2019
NewsRating actionsAM Best goes negative on QIC outlookAM Best has changed the outlook of Qatar Insurance Company to negative from stable, citing underperformance in its non-Middle Eastern units, an outstanding $316mn from subsidiary Markerstudy Group and “control deficiencies” in QIC’s decision making.Fri 27 Dec 2019
NewsLegal/ RegulatoryVoce pushes for Argo directors’ exit ahead of planned retirementActivist investor Voce Capital has continued to turn the screw on Argo Group by insisting that the NYSE-listed insurer moves swiftly to change its board of directors rather than wait for its scheduled 2020 AGM.Fri 27 Dec 2019
NewsM&ALiberty Mutual sells off Russian unit to SovcombankBoston, Massachusetts-headquartered Liberty Mutual has agreed to sell its Russian subsidiary, Liberty Insurance PJSC, to Sovcombank Group – the third-largest private bank in Russia.Fri 27 Dec 2019
NewsCyberMerck and its insurers argue over adjustment of $1.3bn NotPetya claimIn the latest development in the high-profile dispute over Merck’s losses from 2017’s NotPetya cyber attack, insurers have hit back at the pharmaceutical giant’s argument that the court should treat its claim for more than $1.3bn as uncontested.Tue 24 Dec 2019
NewsM&AEMEA M&A business booming despite deal drop-off: AonWhile geopolitical volatility and trade uncertainty on both sides of the Atlantic has put a dampener on international M&A, with deal value falling 23 percent to $528.4bn in H1 2019, broking giant Aon is seeing “resilient” demand for this insurance in EMEA.Tue 24 Dec 2019
NewsLegal/ RegulatoryCali DoI calls for motor affinity group discount reformCalifornia’s Department of Insurance has proposed regulations to change the way affinity discount schemes are offered by motor insurers, to remove the so-called “redlining” that affects less affluent customers in the state.Tue 24 Dec 2019
NewsLegacySirius adds Asia Capital Re’s Singapore fac teamSirius International has added to its facultative capabilities in south east Asia, taking advantage of the fallout from the run-off of Asia Capital Re by acquiring its Singapore-based team.Tue 24 Dec 2019
NewsEnergyAlliant continues Texas energy build out with Marsh hireKarey Vaught has joined Alliant from Marsh to lead the expansive broker’s energy and marine business in the US from Houston, an appointment that follows the recent acquisition of a Texas energy broker.Mon 23 Dec 2019
NewsEnergyGCube adds Axis’ Tyluki to New York officeRenewable energy-focussed GCube has added Brian Tyluki to its growing New York-based office with the new arrival joining from Axis.Mon 23 Dec 2019
NewsIndependence American replaces Markel as Figo capacity providerFigo Pet Insurance’s capacity provider has switched from Markel to Independence American Insurance Company (IAIC) as the insurtech looks to revise its offering and address what its CEO called “unacceptable” rate rises, The Insurer has learned.Mon 23 Dec 2019
NewsLegal disputeAlliant hits back at Aon’s allegations over construction practice hiresAlliant and the seven construction practice executives it hired in October have responded to Aon’s accusations of a corporate raid in a filing that accuses the broking giant of having “unclean hands”.Mon 23 Dec 2019
NewsM&AWillis Towers Watson makes LatAm expansion bid with Grupo Unity acquisitionWillis Towers Watson is set to strengthen its presence in Latin America after the broker agreed a deal to acquire Panama-based Grupo Unity.Mon 23 Dec 2019