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Victor’s arrival ensures at least four new Lloyd’s entrants at 1.1

Victor Syndicate 2288, the first Lloyd’s syndicate from Marsh’s managing general underwriter (MGU) platform Victor Insurance Holdings, will be the fourth new entrant to go live at Lloyd’s from 1 January 2020.

Tue 10 Dec 2019

EMC’s president and CEO Kelley to step down in 2020

News

Commercial insurance

EMC’s president and CEO Kelley to step down in 2020

Bruce Kelley will bring his time as president and chief executive of EMC Insurance Companies (EMCIC) to an end in March next year, with Scott Jean stepping up to replace him.

Tue 10 Dec 2019

Comment

Neal’s £300mn raises the stakes…

Lloyd’s CEO John Neal cannot be accused of lacking ambition.

Tue 10 Dec 2019

Flood insurtech Neptune switches CEO and chairman roles

News

People Moves

Flood insurtech Neptune switches CEO and chairman roles

Neptune Flood has announced its CEO and chairman are switching roles, with Trevor Burgess assuming the role of CEO and Jim Albert taking on the role of chairman.

Tue 10 Dec 2019

Risk Strategies boosts marine presence with Gowrie acquisition

News

M&A

Risk Strategies boosts marine presence with Gowrie acquisition

Risk Strategies has acquired insurance program brokerage Gowrie Group and marine managing general agent Maritime Program Group (MPG), which together are the largest recreational marine insurance specialists in the US.

Tue 10 Dec 2019

Connie Germano

SVP, Head of Specialty Casualty, Everest Insurance Company

Tue 10 Dec 2019

Axis adds Dowling to board as Friedman and Keane retire

News

People Moves

Axis adds Dowling to board as Friedman and Keane retire

Axis Capital has appointed Anne Melissa Dowling to its board of directors, while Robert Friedman and Maurice Keane will retire effective 31 May 2020.

Tue 10 Dec 2019

News

WR Berkley renews $600mn of cat limit through Tremor

WR Berkely has priced and placed $600mn of capacity for its 2020 property catastrophe renewal via insurtech Tremor’s risk trading and auction platform.

Tue 10 Dec 2019

News

AM Best withdraws ACR rating after Catalina acquisition

Rating agency AM Best has simultaneously downgraded and withdrawn the financial strength and long-term credit issuer ratings (ICR) Asia Capital Reinsurance Group Pte. Ltd. (ACR), citing Catalina run-off plans and a withdrawal request from the Singapore-based reinsurer.

Tue 10 Dec 2019

Marsh P&I head calls for mutual market overhaul

News

Marine

Marsh P&I head calls for mutual market overhaul

Marsh’s head of protection and indemnity Mark Cracknell has once again called into question having 13 members of the International Group, suggesting the market only needs eight mutual members and that an overhaul of the industry organisation is warranted.

Tue 10 Dec 2019

News

Results

Chubb takes $10mn stake in ATI

US giant Chubb has taken an equity stake worth $10mn in the African Trade Insurance Agency (ATI), a Nairobi, Kenya-based political risk and credit insurer.

Tue 10 Dec 2019

Canopius looks to Swiss Re for political risk deputy head

News

People Moves

Canopius looks to Swiss Re for political risk deputy head

Lloyd’s insurer Canopius has hired Andrew Tongue as trade & political risk underwriter, serving as deputy head of the class under recently appointed Crispin Hodges.

Tue 10 Dec 2019

PG&E takes additional $4.9bn hit to meet wildfire victims payout

News

Wildfires

PG&E takes additional $4.9bn hit to meet wildfire victims payout

California utility firm Pacific Gas & Electric Company (PG&E) expects to take a $4.9bn fourth-quarter charge in connection with its recently announced $13.5bn deal to settle claims from wildfire victims.

Tue 10 Dec 2019

Argo sets shareholder ‘special meeting’ vote eligibility deadline

News

Legal dispute

Argo sets shareholder ‘special meeting’ vote eligibility deadline

Argo Group International Holdings has chosen a ‘record date’ of 8 January to determine which of the specialty (re)insurers’ shareholders will be able to vote on activist investor Voce Capital’s calls for a ‘special meeting’, where it proposes to replace five Argo board directors with its own nominees.

Tue 10 Dec 2019

News

Victor launches Lloyd’s Syndicate 2288

Marsh-owned managing general underwriter (MGU) Victor Insurance Holdings has gained Lloyd’s approval to launch Victor Syndicate 2288 and commence underwriting effective 1 January 2020 with an initial stamp capacity of £57mn ($75mn).

Tue 10 Dec 2019

News

Lloyd’s raises £300mn of senior debt to fund Future at Lloyd's programme

Lloyd’s has secured £300mn ($396.6mn) of senior debt in order to finance the first stages of its transformation programme, The Future at Lloyd’s.

Tue 10 Dec 2019