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Flood leaves IronPro with Leahy named president

News

People Moves

Flood leaves IronPro with Leahy named president

Thomas Leahy Jr has been named president of Liberty-owned Ironshore’s professional and management liability division IronPro, with Greg Flood understood to have exited the unit.

Thu 31 Oct 2019

News

Former Verto CEO’s new MGA targets fac and retro as well as treaty

Pyrrhic Re, the London-based MGA launched by Peter Mills – former CEO of Verto Syndicate 2689 – has set its sights on international facultative and retrocession business in addition to property treaty.

Thu 31 Oct 2019

News

Ascot opens FI group with Sompo International’s Becker at helm

Ascot has launched a Management Liability and Financial Institutions (FI) division, led by newly appointed executive vice president, Ryan Becker.

Thu 31 Oct 2019

Mapfre Re Q3 profit swells despite “catastrophic” Faxai and non-cat hits

News

Results

Mapfre Re Q3 profit swells despite “catastrophic” Faxai and non-cat hits

Mapfre Re – comprising Spanish giant Mapfre’s reinsurance and Global Risks specialty units – saw its net result grow from Eur3.4mn ($3.8mn) in Q3 2018 to Eur17.2mn ($19.2mn) this year, despite retained losses from Japanese Typhoon Faxai, two large non-cat losses and a Brazilian drought.

Thu 31 Oct 2019

Willis Towers Watson sees 6% organic growth in Q3

News

Results

Willis Towers Watson sees 6% organic growth in Q3

Willis Towers Watson (WTW) has continued the pattern of positive reporting amongst the big three brokers with third quarter organic growth of 6 percent.

Thu 31 Oct 2019

Schnorr named CEO of StarStone’s Lloyd’s managing agency

News

People Moves

Schnorr named CEO of StarStone’s Lloyd’s managing agency

Enstar-owned StarStone has promoted its global head of marine and offshore energy Simon Schnorr to chief executive of its Lloyd’s business - StarStone Underwriting Limited, The Insurer can reveal.

Thu 31 Oct 2019

Swiss Re P&C income up 39% despite 9M $1.1bn loss bill

News

Results

Swiss Re P&C income up 39% despite 9M $1.1bn loss bill

Reinsurance giant Swiss Re reported net income of $800mn within its P&C reinsurance division (P&C Re) for the first nine months of 2019, a 39 percent increase from the $634mn reported in the prior year.

Thu 31 Oct 2019

News

Losses

Demand surge could drive combined Faxai-Hagibis losses to $25bn

RenaissanceRe has warned interaction between Typhoons Faxai and Hagibis will exasperate demand surge and complicate claims adjusting.

Wed 30 Oct 2019

News

Results

Universal earnings slide in Q3

Universal Insurance Holdings has reported adjusted operating income of $28.5mn, down from $66.8mn, driven by a 15.8 point combined ratio increase.

Wed 30 Oct 2019

UPC falls to bigger Q3 loss than in prior period

News

Homeowners insurance

UPC falls to bigger Q3 loss than in prior period

Florida insurer United Insurance Holdings (UPC) has reported a core loss of $29.2mn, compared with a $14.9mn loss in the third quarter of 2018.

Wed 30 Oct 2019

Murphy to be Selective chairman as Marchioni gets set for CEO role

News

People Moves

Murphy to be Selective chairman as Marchioni gets set for CEO role

Selective Insurance Group has announced that John Marchioni will take over as the carrier’s next CEO on 1 February 2020 with the incumbent Greg Murphy moving to the newly created position of executive chairman.

Wed 30 Oct 2019

Hanover beats with Q3 increase in earnings

News

Results

Hanover beats with Q3 increase in earnings

The Hanover has reported a 9.5 percent increase in third quarter operating earnings, aided by lower catastrophe losses than in the prior year period.

Wed 30 Oct 2019

Burns & Wilcox sues CRC and defectors including Don Carson Sr

News

Legal dispute

Burns & Wilcox sues CRC and defectors including Don Carson Sr

Burns & Wilcox has sued its larger rival wholesale broker CRC Insurance Services over the defection of 10 employees, including a top executive who the lawsuit claims went “rogue” after 30 years with the company.

Wed 30 Oct 2019

News

RenRe to grow inwards retro book as CEO says reinsurance will not lag for long

RenaissanceRe CEO Kevin O’Donnell said the Bermudian expects to grow its inwards retro book and buy less retro protection on its own portfolio as it continues its strategy of exposing more capital in an improving rate environment.

Wed 30 Oct 2019

BSE and Ebix broking JV receives approval from Indian regulator

News

Legal/ Regulatory

BSE and Ebix broking JV receives approval from Indian regulator

A joint venture between the BSE (formerly Bombay Stock Exchange) and insurance software provider Ebix has received in-principle approval from the Insurance Regulatory and Development Authority of India (IRDAI) to act as a direct insurance broker.

Wed 30 Oct 2019

News

Insurance assets “tremendously overvalued”: Chubb’s Greenberg

In a wide-ranging earnings call, Chubb’s Evan Greenberg said insurance assets are greatly overvalued, described long-tail business as encompassing three different buckets and gave an upbeat outlook for pricing.

Wed 30 Oct 2019