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FI head Cooper in Sompo International exit

News

Commercial insurance

FI head Cooper in Sompo International exit

Sompo International’s head of US financial institutions and commercial management liability Fred Cooper is parting company with the carrier, The Insurer can reveal.

Thu 19 Dec 2019

Seven-year Tria reauthorisation passed by Congress

News

Commercial property

Seven-year Tria reauthorisation passed by Congress

The US Senate has approved a spending package that includes reauthorisations of the terrorism insurance backstop and the National Flood Insurance Program (NFIP), with the bill now heading to President Donald Trump’s desk to be signed into law.

Thu 19 Dec 2019

Chubb discontinues claims against NFL in concussion dispute

News

Legal dispute

Chubb discontinues claims against NFL in concussion dispute

Chubb has discontinued its claims in long-running litigation against the National Football League (NFL), following insurers being denied access to the documents from a 2015 $1bn settlement over player concussions.

Thu 19 Dec 2019

Tradewise UK inks Berkshire Hathaway capacity deal as parent enters run-off

News

Commercial auto

Tradewise UK inks Berkshire Hathaway capacity deal as parent enters run-off

Gibraltar-based Tradewise Insurance Company will cease to enter any new or renewal contracts as of 31 December 2019, while its UK business – Tradewise Insurance Services – has secured capacity from Berkshire Hathaway to continue operations from 2020.

Thu 19 Dec 2019

Ascot US adds cyber expert Walter from Axis

News

Commercial insurance

Ascot US adds cyber expert Walter from Axis

Ascot has rounded out phase one of its US insurance company business line build-out with the addition of Drew Walter and four colleagues from Axis to lead a push into the cyber and errors and omissions (E&O) markets, The Insurer can reveal.

Thu 19 Dec 2019

BMS Re US adds Dranchak to lead ratings agency advisory services

News

People Moves

BMS Re US adds Dranchak to lead ratings agency advisory services

Expansive intermediary BMS has added a trio of analytics and actuarial executives to its US reinsurance platform including former JLT Re head of strategic advisory Americas, Nick Dranchak.

Thu 19 Dec 2019

News

Allstate reports light November for cats

US insurer Allstate has estimated its catastrophe losses for the month of November will be $33mn, dropping to $26mn after tax.

Thu 19 Dec 2019

News

Munich Re taps developing market revenue streams with $500mn FMO deal

Munich Re has agreed to back a portfolio of emerging market credit risks underwritten by the Dutch entrepreneurial development bank FMO for three years, up to a total amount of $500mn.

Thu 19 Dec 2019

News

Canopius continues trade and political risk overhaul with Acappella’s Kennett

Lloyd’s insurer Canopius has appointed Claire Kennett as trade and political risk (TPR) underwriter as the carrier continues to build out its newly restructured trade political risk division.

Thu 19 Dec 2019

Peak Re sees AM Best rating affirmed despite higher retro costs

News

Rating actions

Peak Re sees AM Best rating affirmed despite higher retro costs

AM Best has maintained Fosun-backed Peak Reinsurance Company’s financial strength rating of ‘A-‘ and its long-term issuer credit rating of ‘a-‘ with a stable outlook, despite an increase to the cost of its retro program.

Thu 19 Dec 2019

News

Losses

Insured cat losses fall to $56bn in 2019: Swiss Re Sigma

Insured losses from man-made and natural catastrophes fell 40 percent year-on-year to $56bn in 2019, well below the ten-year average of $75mn, according to Swiss Re Sigma.

Thu 19 Dec 2019

News

Argo brings AGM forward as Voce continues criticism of board

Argo has confirmed it is bringing forward of the date of its annual general meeting from May to March as criticism from activist investor Voce Capital has continued apace.

Thu 19 Dec 2019

News

Retro

AIG and RenRe poised to take advantage of “dramatic” 1.1 retro rate surge: KBW

RenaissanceRe and AIG will able to take advantage of “dramatic” 1.1 retro rate changes, with Arch, Axis and Third Point Re also expected to produce better than expected P&C returns as they push for higher property catastrophe reinsurance and specialty insurance rates in 2020, according to a North American equity research note by Keefe, Bruyette & Woods (KBW).

Thu 19 Dec 2019

Retro market begins to clear after late activity

Analysis

Losses

Retro market begins to clear after late activity

A surge of firm order terms (FOTs) in the last few days indicates that the 1.1 retro market has finally begun to clear, with sources suggesting pricing is up in the 10-20 percent range for loss-free occurrence deals and up 20-30 percent for aggregate covers, The Insurer can reveal.

Wed 18 Dec 2019

News

MS Amlin confirms exit from domestic UK P&C classes

MS Amlin has confirmed that it will cease underwriting corporate property, real estate, casualty and package binders through its UK P&C business with effect from 31 January 2020, with these classes placed into run-off.

Wed 18 Dec 2019

Comment

Commercial property

Is Santa Claus coming to Washington?

US insurers will soon find out whether they have been naughty or nice when the US Senate decides if it will deliver a veritable wish list of legislation benefiting insurers, including what would represent a stunningly early renewal of the terrorism insurance backstop.

Wed 18 Dec 2019