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Forensic accountants search for $30mn “missing funds” in Spirit RRG liquidation

Forensic accountants are investigating more than $30mn in missing funds allegedly owed by trucking MGA CTC Transportation Insurance Services of Missouri to the risk retention group it owned and operated, The Insurer can reveal.

Fri 15 Nov 2019

Former WRB financial lines head Magee reappears at AIG

News

People Moves

Former WRB financial lines head Magee reappears at AIG

AIG has appointed Chris Magee as head of management liability in the UK, The Insurer understands.

Fri 15 Nov 2019

News

RenRe added to Mutual Re assuming companies group

RenaissanceRe will be added to reinsurance association Mutual Re’s group of assuming companies, replacing EMC at the start of 2020.

Fri 15 Nov 2019

News

Brit Syndicate 2988 secures 50% capacity increase

Brit’s Name-backed Syndicate 2988 has secured Lloyd’s business plan approval for a more than 50 percent stamp capacity increase in 2020.

Fri 15 Nov 2019

News

Securis appoints Willis Re to advise on Lloyd’s exit

Securis Investment Partners has engaged Willis Re to extract the ILS fund manager from its unhappy involvement with the Lloyd’s market, The Insurer can reveal.

Fri 15 Nov 2019

Arch inks $150mn policy in crypto security first

News

Cyber

Arch inks $150mn policy in crypto security first

Arch Insurance UK, subsidiary of Bermudian Arch Capital, has underwritten an insurance policy for cryptocurrency and blockchain security platform Ledger Vault, indemnifying the tech firm and its customers against the theft of crypto assets up to a limit of $150mn.

Fri 15 Nov 2019

News

Cyber

LMA unveils property D&F and marine cyber clauses

The Lloyd’s Market Association (LMA) has published four draft model marine cyber clauses in response to the Corporation’s clampdown on non-affirmative, or silent, cyber exposures and pressure from Lloyd’s performance management director, Jon Hancock.

Fri 15 Nov 2019

AGCS names Williams global financial lines head as Poncin departs

News

People Moves

AGCS names Williams global financial lines head as Poncin departs

Allianz Global Corporate & Specialty (AGCS) has appointed Shanil Williams as global head of financial lines, succeeding Bernard Poncin, who leaves after more than seven years in the role.

Fri 15 Nov 2019

News

Lemonade postpones IPO: report

Owners of New York-based insurtech Lemonade have put on hold plans to list the carrier’s stock, after the initial public offering of Softbank-backed stablemate WeWork fell apart in September.

Fri 15 Nov 2019

PSC Insurance to buy Caroll Insurance Group for £3.4mn

News

M&A

PSC Insurance to buy Caroll Insurance Group for £3.4mn

Australian broking house PSC Insurance Group (PSC) has continued to expand its London market presence with the acquisition of Lloyd’s broker Carroll Insurance Group (CIG) for some £3.4mn.

Fri 15 Nov 2019

News

Allianz gets nod as China’s first wholly-owned foreign insurance holding company

Allianz has received regulatory approval from the China Banking and Insurance Regulatory Commission (CBIRC) to begin operating as China’s first fully foreign-owned insurance holding company.

Fri 15 Nov 2019

News

Casualty

Insurers must prepare for a tougher US casualty market: Jefferies

US exposed casualty insurers need to strengthen reserves, increase prices and prepare for a tougher US casualty market, according to equity analyst Jefferies.

Fri 15 Nov 2019

S&P revises Argo US outlook to negative, questions governance

News

Rating actions

S&P revises Argo US outlook to negative, questions governance

S&P Global has revised the outlook of Argo Group US to negative from stable, having only revised the outlook from positive last month.

Thu 14 Nov 2019

News

NFP among investors in DataCubes $15.2mn Series B round

Insurtech DataCubes has raised $15.2mn to help grow its team and accelerate its research and development.

Thu 14 Nov 2019

EPIC surety hire barred from competing with Marsh until August 2020

News

Legal dispute

EPIC surety hire barred from competing with Marsh until August 2020

A court has ordered that EPIC’s Southwest region surety practice leader, who joined from Marsh in July, must not compete with his former employer until August next year or pending trial.

Thu 14 Nov 2019

Pioneer becomes fifth full syndicate to close since Hancock warning

Analysis

Legacy

Pioneer becomes fifth full syndicate to close since Hancock warning

Pioneer Syndicate 1980 has become the fifth full syndicate to close following a Lloyd’s market meeting in May 2018 when the Society’s head of underwriting Jon Hancock launched remedial action to turn around the performance of the market and warned that a tougher regime would lead to syndicate closures.

Thu 14 Nov 2019