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Brexit

Lloyd’s sets sights on European business after Brexit: Neal

The chief executive of Lloyd’s has set out plans to target more business on the continent following the UK’s departure from the European Union.

Tue 12 Nov 2019

Pool Re mulling move from XoL to treaty structure

News

War and terrorism

Pool Re mulling move from XoL to treaty structure

UK reinsurance terrorism mutual Pool Re is considering a shift from providing excess-of-loss cover to treaty reinsurance.

Tue 12 Nov 2019

Pool Re launches terrorism knowledge-sharing Solutions unit

News

War and terrorism

Pool Re launches terrorism knowledge-sharing Solutions unit

The UK’s government-backed terrorism reinsurer Pool Re has launched a specialist unit created to support its membership by sharing understanding, terrorism modelling and risk management techniques.

Tue 12 Nov 2019

GC confirms senior Aon Bermuda hires in island restructuring

News

People Moves

GC confirms senior Aon Bermuda hires in island restructuring

Guy Carpenter has confirmed the hire of Aon’s Robert Johnston and Peter Komposch in Bermuda, a move first revealed by The Insurer in May.

Tue 12 Nov 2019

News

Swiss Re-backed Zego awarded Gibraltar licence in UK insurtech first

Gig economy-focused Zego has become the first UK insurtech to be granted an insurance licence, allowing the tech firm to build and sell its own products.

Tue 12 Nov 2019

News

Argo to conclude run-off proposal process in Q4

Argo Group expects to close the process of obtaining reinsurance cover for its run-off segment before year end, while it will also continue the pruning of its international segment that saw it withdraw from marine hull and certain coverholder business in Q3.

Tue 12 Nov 2019

BP Marsh to back Prospect Insurance Brokers

News

M&A

BP Marsh to back Prospect Insurance Brokers

Insurance-focused UK investment firm BP Marsh is set to take a stake in independent London market intermediary Prospect Insurance Brokers (PIB) as the broker gears up for expansion, The Insurer can reveal.

Mon 11 Nov 2019

News

Construction

Construction PI premiums more than double as cladding cover tightens: report

Professional indemnity (PI) policies for workers in the construction sector have seen premiums rise “to well in excess of 100 percent”, as insurers increasingly exclude cladding or have pulled out of PI entirely.

Mon 11 Nov 2019

News

Global insurtech funding down 13% in October: KBW

Insurtech transaction funding stood at $511.3mn in October 2019, down from $587.4mn this time last year, reflecting a year-on-year slowdown of transactions, according to analysts at Keefe, Bruyette & Woods.

Mon 11 Nov 2019

Navigators property head Wallace leaves for Munich Re

News

Commercial property

Navigators property head Wallace leaves for Munich Re

The Hartford-owned Navigators’ head of E&S property Jim Wallace has resigned from the carrier and is set to join Munich Re’s expansive US specialty insurance platform, The Insurer can reveal.

Mon 11 Nov 2019

Analysis

Axa XL’s Burberl was wrong – but only by two months

In March 2018, Axa’s youthful CEO Thomas Burberl was forced to defend his decision to pay $15.3bn for XL Catlin as his own company’s share price tumbled in response.

Mon 11 Nov 2019

CAC Specialty adds Schaper to lead real estate practice

News

People Moves

CAC Specialty adds Schaper to lead real estate practice

Expansive US specialty insurance brokerage CAC Specialty has hired former Lockton executive Chelley Schaper as senior vice president to lead its new real estate practice, The Insurer can reveal.

Mon 11 Nov 2019

News

Cat and D&O lines to lead rate increases into 2020: USI

Troubled public D&O accounts could see rates more than double, according to retail broker USI in its latest forecasts for pricing in the US commercial insurance sector going into 2020.

Mon 11 Nov 2019

Reps & warranties carriers face several large $50mn and $100mn+ claims

News

Losses

Reps & warranties carriers face several large $50mn and $100mn+ claims

A flurry of large claims against reps & warranties (R&W) insurers in the US this year is likely contributing to a deceleration of rate softening in the sector, despite abundant capacity, according to broker USI.

Mon 11 Nov 2019

News

People Moves

Hyperion names Craig group CFO

Hyperion – which owns brokers Howden and RKH, as well as managing general agent Dual – has named Mark Craig as group chief financial officer, effective 1 January 2020.

Mon 11 Nov 2019

News

Rates

Commercial insurance rates surge 8% in Q3: Marsh

Global commercial insurance pricing has increased by 8 percent in the third quarter of this year, on average, marking the eighth consecutive quarter of pricing increases.

Mon 11 Nov 2019