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M&A

Gallagher’s Artex acquires EWI Re

AJG’s captive and alternative risk transfer subsidiary, Artex Risk Solutions, has purchased Dallas, Texas-based reinsurance broker EWI Re.

Thu 21 Nov 2019

News

Losses

Allstate pegs October cat losses at $237mn

US giant Allstate has estimated pre-tax catastrophe losses of $237mn – or $187mn after-tax – from 12 catastrophes for the month of October 2019.

Thu 21 Nov 2019

News

Results

New specialty hires hand Ardonagh line of sight income boost

New producer hires are driving “substantial growth” within The Ardonagh Group’s specialty arm, providing the acquisitive broker consolidator with further line of sight income of £15-20mn ($19-26mn) per annum over the next three years, the group’s chief financial officer has said.

Thu 21 Nov 2019

RSA hull head Forsyth fined £154K for secret payments to wife and avoiding tax

News

Legal/ Regulatory

RSA hull head Forsyth fined £154K for secret payments to wife and avoiding tax

London-listed carrier RSA’s marine hull business leader Stuart Forsyth has been fined £154,498 ($200,315) by UK regulators the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) for allegedly transferring “excessive” amounts of his salary to his wife in a previous role in an effort to avoid tax.

Thu 21 Nov 2019

News

Swiss Re Corporate Solutions unveils international property policy standard

Swiss Re Corporate Solutions has launched a tool to generate standard master and local wording for all property policies around the world.

Thu 21 Nov 2019

News

People Moves

Integro CEO Behrends exits

Integro’s chief executive officer, Andrew Behrends, is stepping down from the top role as of 31 December, after three and a half years with the broker.

Thu 21 Nov 2019

Cali insurance commissioner calls for P&C insurers to expedite wildfire claims

News

Losses

Cali insurance commissioner calls for P&C insurers to expedite wildfire claims

California insurance commissioner, Ricardo Lara, has asked property and casualty firms in the state to prioritise claims handling procedures for residents and businesses affected by wildfires, in response to the state of emergency declared by Governor Gavin Newsom last month.

Thu 21 Nov 2019

News

The Insurer App is live

The Insurer has launched its mobile app, giving you access to the latest news, analysis and comment articles as they are published, straight to your device.

Thu 21 Nov 2019

Ardonagh losses total £67.7mn in 9M as operating profit climbs

News

Results

Ardonagh losses total £67.7mn in 9M as operating profit climbs

Private equity-owned UK broker consolidator The Ardonagh Group saw its pre-tax loss reach £67.7mn ($87.51mn) in the first nine months of the year (9M2018: -£48.9mn) but the David Ross-led group reported organic growth of 4.6 percent and saw a notable improvement in its underlying performance.

Thu 21 Nov 2019

News

Munich Re-reinsured Vouch raises further $45mn to fuel US expansion

Vouch Insurance, an insurtech offering Munich Re-backed business insurance policies for start-ups, has raised $45mn in a Series B investment and announced its launch in California.

Wed 20 Nov 2019

Veteran Markel chairman Kirshner to retire

News

People Moves

Veteran Markel chairman Kirshner to retire

Vice chairman Steven Markel will take over from Alan Kirshner as executive chairman of US specialty insurer Markel Corp when the veteran stands down from the post next May.

Wed 20 Nov 2019

Marsh sues Cobbs Allen over 30 hires for CAC Specialty

News

Legal dispute

Marsh sues Cobbs Allen over 30 hires for CAC Specialty

Marsh has followed McGriff Seibels & Williams in suing over hires by CAC Specialty, the new brokerage launched by Cobbs Allen earlier this year.

Wed 20 Nov 2019

Willis looks to add non-admitted capacity to DBS panels

News

Commercial insurance

Willis looks to add non-admitted capacity to DBS panels

Willis Towers Watson North America is considering building an excess and surplus lines (E&S) component to the carrier panels it has been launching as part of its Differentiated Broking Solutions (DBS) strategy, The Insurer can reveal.

Wed 20 Nov 2019

Former Ironshore chief Kelley to retire from Liberty

News

Commercial insurance

Former Ironshore chief Kelley to retire from Liberty

Liberty Mutual’s vice chairman of Global Risk Solutions (GRS) Kevin Kelley is to retire from the company at the end of the year, The Insurer can reveal.

Wed 20 Nov 2019

GIAJ pegs Faxai claims payouts at $2.44bn

News

Losses

GIAJ pegs Faxai claims payouts at $2.44bn

The General Insurance Association of Japan has calculated that claims payments resulting from Typhoon Faxai have reached 265bn yen ($2.44bn).

Wed 20 Nov 2019

News

CoverWallet sale could sound alarm for smaller carriers: KBW

Aon’s impending purchase of insurtech CoverWallet has signalled a time where direct-to-insured commercial platforms have the potential to increase pricing sensitivity, favouring bigger carriers that can accommodate wide-scale discounts, according to Keefe Bruyette & Woods.

Wed 20 Nov 2019