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News

Allied World Syndicate 2232 secures 10% capacity increase

Allied World Syndicate 2232 has secured Lloyd’s business plan approval for a 10 percent stamp capacity increase across both platforms for 2020, The Insurer can reveal.

Tue 19 Nov 2019

News

Specialty

CAC Specialty creates direct financing capability for clients with Fortress tie-up

CAC Specialty has confirmed start-up financing from Fortress Investment Group and a strategic relationship with funds managed by affiliates of the investment giant in a move first revealed by The Insurer.

Tue 19 Nov 2019

News

Talanx commits to carbon neutral operations in Germany

German (re)insurer Talanx has agreed to the United Nations’ Principles for Responsible Investment as well as operating with a net-zero carbon footprint in Germany.

Tue 19 Nov 2019

Q3 reveals $2.1bn Dorian and Faxai hit for European Big Four

Analysis

Losses

Q3 reveals $2.1bn Dorian and Faxai hit for European Big Four

The four European reinsurance heavyweights – Swiss Re, Munich Re, Scor, and Hannover Re – are currently estimating a combined third quarter $2.1bn hit from Hurricane Dorian and Typhoon Faxai, analysis by The Insurer has shown.

Tue 19 Nov 2019

News

Lloyd’s launches next stage of anti-bullying initiative with #SpeakUp campaign

In its latest measure to address the findings of Lloyd’s Annual Culture Survey, the Corporation of Lloyd’s has launched a campaign urging individuals to speak up if they see or experience unacceptable behaviour in the market.

Tue 19 Nov 2019

CFC names AIG’s Marshall transaction liability head

News

People Moves

CFC names AIG’s Marshall transaction liability head

London-based MGA CFC has appointed Angus Marshall as its transaction liability practice leader, as it targets growth in the US and “further afield.”

Tue 19 Nov 2019

News

Covéa completes Eur120mn Hexagon II cat bond ahead of 1.1 XoL renewal

French mutual Covéa Group has competed its sponsorship of a new Eur120mn ($133mn) Hexagon II Reinsurance DAC catastrophe bond which will sit along its traditional 1.1 renewed XoL cat cover.

Tue 19 Nov 2019

S&P upgrades Mapfre on restructure and diversification

News

Rating actions

S&P upgrades Mapfre on restructure and diversification

Rating agency Standard & Poor’s has upped the credit rating assigned to Spanish giant Mapfre Group, citing “effective implementation of restructuring measures” which “enhances the Group’s underlying earnings diversification and competitiveness.”

Tue 19 Nov 2019

News

Tokio Marine Holdings international profit up 1.6% in H1

Q2 international business profit up 1.6 percent TMHCC profit down 3.4 percent European operation’s earnings fell by 39.2 percent Estimated full year cat losses of 207.0bn yen ($1.9bn)

Tue 19 Nov 2019

Investment income drives MS Amlin H1 profit surge as restructure unveiled

News

Results

Investment income drives MS Amlin H1 profit surge as restructure unveiled

MS&AD-owned MS Amlin delivered a H1 net income of £109mn ($141.2mn), which ballooned from the £7mn it delivered in the same period last year on the back of strong investment returns and no major losses caused by natural catastrophes.

Tue 19 Nov 2019

News

Results

Adverse development impacts Sompo International H1 results despite top line growth

Sompo International reported a H1 adjusted operating profit of $190mn, up only slightly from the $182mn it posted in H1 2018, despite growing its top line by some 13 percent.

Tue 19 Nov 2019

Target sues Chubb for denying coverage for data breach payments

News

Cyber

Target sues Chubb for denying coverage for data breach payments

Target has sued Chubb for denying coverage related to $74mn of settlements with banks stemming from the US retailer’s 2013 data breach.

Mon 18 Nov 2019

Global W&I market swells 35% to $2.3bn since 2014: Aon

News

M&A

Global W&I market swells 35% to $2.3bn since 2014: Aon

The value of the global warranties and indemnities (W&I) market grew to $2.3bn in 2018, marking a 35 percent increase since 2014, as worldwide M&A activity reached pre-recession values in 2015 and continued to increase.

Mon 18 Nov 2019

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Mon 18 Nov 2019

News

Casualty Reinsurance

Hiscox casualty reinsurance withdrawal points to need for more rate: KBW

The revelation that Lloyd’s blue-chip Hiscox will cease writing all casualty reinsurance is a sign that current rate increases are not large enough to offset the negative claims trends, driven by social inflation, according to equity analysts Keefe, Bruyette & Woods.

Mon 18 Nov 2019

Rochester diocese latest institution to sue insurers over CVA claims

News

Legal dispute

Rochester diocese latest institution to sue insurers over CVA claims

The Diocese of Rochester has sued insurers including CNA, Markel and Lloyd’s underwriters for breach of contract and declaratory judgment over the deluge of child abuse claims that led it to file for bankruptcy.

Mon 18 Nov 2019