Search | The Insurer TV

Willis Towers Watson makes LatAm expansion bid with Grupo Unity acquisition

News

M&A

Willis Towers Watson makes LatAm expansion bid with Grupo Unity acquisition

Willis 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

Buffett protégé Combs to replace Roberts as Geico CEO

News

Personal auto

Buffett protégé Combs to replace Roberts as Geico CEO

Veteran Geico CEO Bill Roberts will stand down from the position at the start of 2020 with Berkshire Hathaway investment manager Todd Combs replacing him.

Mon 23 Dec 2019

News

Falling rates threatening workers comp profitability: AM Best

AM Best has warned that declining rates and growing competition in US workers compensation could start to challenge carriers’ ability to retain profitable accounts and maintain market share.

Mon 23 Dec 2019

Cali insurance commissioner Lara extends wildfire non-renewal protection to 1mn+ homes

News

Legal/ Regulatory

Cali insurance commissioner Lara extends wildfire non-renewal protection to 1mn+ homes

The insurance commissioner for the State of California, Ricardo Lara, has broadened the protection of insurance non-renewal laws to 200,000 more homes in zip codes that are adjacent to the 2018 wildfires.

Mon 23 Dec 2019

PRA clamps down on Lloyd’s whistleblowing controls as existing measures fall short

News

Legal/ Regulatory

PRA clamps down on Lloyd’s whistleblowing controls as existing measures fall short

The Bank of England’s Prudential Regulation Authority (PRA) has imposed “enhanced monitoring and security” measures upon Lloyd’s of London after the watchdog discovered the Corporation’s only anonymous internal whistleblowing channel had not been operational for more than a year.

Mon 23 Dec 2019

Capacity cuts and losses push LatAm fac pricing at 1.1

News

Facultative

Capacity cuts and losses push LatAm fac pricing at 1.1

Withdrawals of capacity and a series of major losses have made the first of Latin America’s major renewal dates typified by significant pricing changes for facultative business.

Mon 23 Dec 2019

‘Burden of proof’ on Hiscox management as KBW flags social inflation fears

News

Results

‘Burden of proof’ on Hiscox management as KBW flags social inflation fears

“More comfort” is needed from Hiscox management with regard to the reserve position of its retail US casualty book, according to a research note from Keefe, Bruyette & Woods (KBW).

Mon 23 Dec 2019

NFP promotes Padovani to president amid Canada management overhaul

News

People Moves

NFP promotes Padovani to president amid Canada management overhaul

Expansive retail broker NFP has promoted Greg Padovani to president of its Canadian business, alongside chief operating officer John Belyea, chief strategy officer Marty Shaw and a raft of appointments to its property and casualty (P&C) management team.

Mon 23 Dec 2019

Gallagher strengthens construction team with Marsh JLT duo

News

People Moves

Gallagher strengthens construction team with Marsh JLT duo

Broking house Gallagher has continued to build out its construction business with the hire of Mark Barnes and Alan Probert, both joining from Marsh JLT Specialty.

Mon 23 Dec 2019

Guy Carpenter takes Allianz’s Schepens to lead Benelux region

News

People Moves

Guy Carpenter takes Allianz’s Schepens to lead Benelux region

MMC-owned Guy Carpenter has appointed Patrick Schepens as CEO of the Benelux region, effective April 2020.

Mon 23 Dec 2019

News

The Hartford joins thermal coal retrenchment trend

The Hartford will no longer insure or invest in companies that generate more than 25 percent of their revenues from thermal coal mining, or more than a quarter of their energy production from the fossil fuel.

Fri 20 Dec 2019

Stonybrook hires Harman as London partner in FAL push

News

Capital

Stonybrook hires Harman as London partner in FAL push

Boutique insurance industry advisory firm Stonybrook Capital has added Lloyd’s market veteran Chris Harman as a partner in its London practice.

Fri 20 Dec 2019

Scor completes 1.1 XoL retro programme as market clearing continues

News

Property catastrophe

Scor completes 1.1 XoL retro programme as market clearing continues

Scor has completed the delayed placement of the aggregate layers of its 2020 RenaissanceRe-led retro programme with an average rate increase in the region of 20 percent, The Insurer understands.

Fri 20 Dec 2019

IG confirms 2020 renewal with two-year placement

News

Marine

IG confirms 2020 renewal with two-year placement

The International Group has confirmed it has completed the renewal of its $3bn reinsurance excess of loss (XoL) reinsurance, with the placement being spread over two years.

Fri 20 Dec 2019

Guy Carp adds heavyweights Garner and Coleman to fac unit

News

People Moves

Guy Carp adds heavyweights Garner and Coleman to fac unit

Guy Carpenter has hired recently departed Agora Syndicate property D&F head, Peter Coleman, and former Willis Towers Watson North America facultative head, Alexander “Alf” Garner, The Insurer can reveal.

Fri 20 Dec 2019

Fairfax sells off 40% stake in Riverstone for $560mn

News

M&A

Fairfax sells off 40% stake in Riverstone for $560mn

Fairfax - owner of Allied World and Brit - has agreed to sell a 40 percent interest in its run-off group Riverstone UK to Omers, a pension plan provider for Ontario municipal employees, for at least $560mn as it mulls plans for broader run-off retrenchment in the UK.

Fri 20 Dec 2019