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Sirius 1945 leads Q3 PPL table as Lloyd’s syndicates beat target

Sirius Syndicate 1945 has topped the third quarter league table of Lloyd’s adopters of the e-placing platform PPL, with Lloyd’s syndicates accepting more than the mandated target of 60 percent of ‘in scope’ risks.

Mon 11 Nov 2019

News

Channel Syndicate inks 2017 and prior years RITC

Scor-owned Channel Syndicate has agreed a reinsurance to close deal for its 2017 and prior years of account, subject to regulatory approval.

Mon 11 Nov 2019

News

Blenheim 5886 secures 16% capacity increase

Asta-managed Blenheim Syndicate has received approval from Lloyd’s to increase its capacity to £250mn ($320.1mn) in 2020, up from £215mn in 2019.

Mon 11 Nov 2019

Talanx Q3 profit soars as turnaround programme gathers pace

News

Results

Talanx Q3 profit soars as turnaround programme gathers pace

Talanx Group – which includes HDI Specialty and Hannover Re – has delivered a third quarter operating profit of Eur619mn ($682mn), up from the Eur259mn it reported in the third quarter of 2018.

Mon 11 Nov 2019

E&S pace of change remains “rapid and unprecedented”: AmWINS

News

Rates

E&S pace of change remains “rapid and unprecedented”: AmWINS

Hardening conditions in E&S property are expected to continue well into 2020, while casualty submissions are surging and the IPO D&O market is the hardest in history, according to wholesale giant AmWINS.

Fri 8 Nov 2019

Sirius searching for deal to ease shareholder concentration amid CMI sale reports

News

M&A

Sirius searching for deal to ease shareholder concentration amid CMI sale reports

Sirius International Insurance Group is still actively working to find a solution to resolve its stock’s “unique illiquidity situation” and shareholder concentration, according to president and CEO Kip Oberting.

Fri 8 Nov 2019

Hallmark looks to capitalise on E&S tailwinds after Q3 growth

News

Commercial insurance

Hallmark looks to capitalise on E&S tailwinds after Q3 growth

Hallmark Financial Services reported its gross written premiums increased 33 percent in the third quarter, as the US specialty insurer benefited from the big rate increases being seen on E&S business.

Fri 8 Nov 2019

Blue River president Kelley to leave as Breckenridge exits continue

News

People Moves

Blue River president Kelley to leave as Breckenridge exits continue

Stephen Kelley is set to leave his position as president of Breckenridge Insurance Group’s Blue River Underwriters (BRU) at the end of the year, the latest in a series of executive departures from the WR Berkley-owned program manager and wholesaler, The Insurer can reveal.

Fri 8 Nov 2019

PartnerRe reveals $93mn Q3 Dorian and Faxai hit

News

Losses

PartnerRe reveals $93mn Q3 Dorian and Faxai hit

PartnerRe swung to a non-life $49mn underwriting profit in the third quarter despite $93mn in pre-tax losses from Hurricane Dorian and Typhoon Faxai, net of retrocession and reinstatement premiums.

Fri 8 Nov 2019

Insurtech MGA AllDigital Specialty adds Micheals from Hiscox

News

Commercial insurance

Insurtech MGA AllDigital Specialty adds Micheals from Hiscox

Blockchain and AI-driven start-up AllDigital Specialty has hired Eric Micheals from Hiscox USA as CUO and COO as it builds out a twin-track offering as an MGA and technology as a service (TaaS) provider, The Insurer can reveal.

Fri 8 Nov 2019

News

Flood

NFIP rating revamp pushed back a year

Fema has announced that its Risk Rating 2.0 initiative will now be implemented in October 2021, a year later than it originally announced, against a backdrop of political criticism of the new rating system.

Fri 8 Nov 2019

News

Hiscox suffers Lloyd’s “blue-eyed boy” syndrome: Canaccord

London-listed carrier Hiscox is suffering from “blue-eyed boy” syndrome after its shares initially fell over 14 percent in trading yesterday following US casualty loss fears, according to Canaccord Genuity.

Fri 8 Nov 2019

Analysis

Soros-backed Vibe becomes latest syndicate to close since Lloyd’s crack down

The George Soros-backed Vibe Syndicate 5678 has become the third full Lloyd’s syndicate to close as a consequence of the tough performance review led by the market’s head of underwriting, Jon Hancock.

Fri 8 Nov 2019

News

James River tipped for ADC as Uber collateral disagreement revealed

Analysts believe James River may look to purchase an adverse development cover (ADC) for the cancelled Uber book, while its CEO revealed on an earnings call that Uber had asked for the return of $1.2bn the insurer had drawn from a trust account to pay claims.

Fri 8 Nov 2019

News

Marine

Former Standard Syndicate active underwriter launches marine cyber MGA

Robert Dorey, active underwriter at the Standard Syndicate until January 2019, has unveiled Astaara Company Limited (ACL), a three-pronged marine cyber insurance firm, comprising an MGA, a risk management consultancy and analytics capabilities.

Fri 8 Nov 2019

News

Rates

Satellite rates to double: Greenlight’s Burton

Satellite rates will rocket in the short term in response to two substantial large losses in the third quarter, Greenlight Re’s chief executive Simon Burton has predicted.

Fri 8 Nov 2019