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S&P rewards Fidelis for strong five years with A- rating

News

Property catastrophe

S&P rewards Fidelis for strong five years with A- rating

Fidelis has been assigned A- financial strength and BBB issuer credit ratings by S&P, with the ratings agency noting the credible position built in five years of operation.

Wed 18 Dec 2019

Ascot continues US expansion with Greene hire

News

Management liability

Ascot continues US expansion with Greene hire

Ascot’s US build out has continued with the arrival of Crystal Greene from Liberty International Underwriters to lead its management liability team, The Insurer can reveal.

Wed 18 Dec 2019

News

QBE crop struggles to pressure major insurers’ shares: KBW

Losses in the North American (NA) crop market that could push QBE’s combined ratio for the segment to 109 percent have sparked concerns from Keefe, Bruyette & Woods (KBW) analysts about the read across for other carriers writing the business.

Wed 18 Dec 2019

Florida auto insurer Windhaven placed into rehabilitation

News

Legal/ Regulatory

Florida auto insurer Windhaven placed into rehabilitation

Erstwhile Greenlight Re counterparty Windhaven Insurance Company, a Florida writer of non-standard private passenger insurance coverage, has been placed into rehabilitation amid allegations of under-reserving.

Wed 18 Dec 2019

News

Aviation

BGCI aviation start-up continues build out with Sompo and WTW hires

BGC Insurance Group (BGCI) has made two further hires from the London market as the ambitious start-up intermediary takes its US-London headcount to 25, The Insurer can reveal.

Wed 18 Dec 2019

News

People Moves

AIG elevates Zaffino to president

AIG has named Peter Zaffino as president of the global insurance group in a move that will also be interpreted as his status as Brian Duperreault’s anointed successor.

Wed 18 Dec 2019

News

Flood

Flood Re issues broking tender for £10mn reinsurance contract

Guy Carpenter’s five year relationship with UK government-backed Flood Re could come to an end, with news that the carrier is putting the renewal of its flood reinsurance program out to tender.

Wed 18 Dec 2019

Bank of England to test climate-related risks

News

Legal/ Regulatory

Bank of England to test climate-related risks

Underlining the growing importance of climate change for the (re)insurance market, the Bank of England (BofE) is to test the resilience of the UK’s largest insurers and banks to risks associated with different possible climate scenarios, as well as the financial system’s broader exposure to climate-related risk.

Wed 18 Dec 2019

News

Liberty hires Hiscox’s Rubin as North American terrorism head

Liberty Specialty Markets (LSM) has appointed Jennifer Rubin to a newly created role as senior underwriting executive and head of terrorism underwriting in North America.

Wed 18 Dec 2019

News

Aviation

Starr takes Swiss Re’s Nawrath to launch German aviation unit

Starr Insurance Companies has added Carsten Nawrath to its expanding aviation business, to lead the build out of a new operation in Munich, Germany.

Wed 18 Dec 2019

Arceo.ai adds experienced cyber trio to management team

News

People Moves

Arceo.ai adds experienced cyber trio to management team

Cyber insurance start-up Arceo.ai has continued to build out its bench of senior cyber talent with the hiring of former Zurich executive John Soughan together with Michael Phillips from Allianz and Beazley’s Samuel Lisi.

Wed 18 Dec 2019

Expansive BRP adds circa $19mn of revenue with two acquisitions

News

M&A

Expansive BRP adds circa $19mn of revenue with two acquisitions

BRP Group has made two acquisitions as the independent broker seeks to further build out its rapidly expanding operations.

Tue 17 Dec 2019

CNA gets another improved deal on PL quota share

News

Casualty Reinsurance

CNA gets another improved deal on PL quota share

US insurer CNA has been rewarded for the second year in a row with an additional half a point of ceding commission on its professional liability quota share at a time when reinsurers are typically looking for improved terms on proportional deals, The Insurer can reveal.

Tue 17 Dec 2019

News

Losses

QBE warns crop losses may push 2019 CR above target

QBE has warned its group-wide 2019 combined operating ratio could be slightly above the top end of its targeted range of 94.5 to 96.5 percent with weather-related losses emanating from its North American crop insurance operations largely to blame.

Tue 17 Dec 2019

US House passes Tria and NFIP extensions

News

Flood

US House passes Tria and NFIP extensions

The US Senate is being urged to take action after the House of Representatives passed a broad government spending package that includes a seven-year extension of the federal terrorism insurance backstop and a nine-month extension of the National Flood Insurance Program (NFIP).

Tue 17 Dec 2019

Paragon gets injunction as Allied World program dispute heads to arbitration

News

Commercial insurance

Paragon gets injunction as Allied World program dispute heads to arbitration

A judge in a lawsuit between Paragon Insurance Holdings and Allied World over a wineries and breweries program has granted the MGA an injunction and compelled the dispute to arbitration.

Tue 17 Dec 2019