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Mercury shares slide as profits fall by a third

News

Results

Mercury shares slide as profits fall by a third

Shares in LA-headquartered Mercury General dropped by more than 11 percent following the release of its third quarter results on Monday, which saw the carrier’s operating income drop from $61.7mn in Q3 2018 to $43mn in the most recent quarter.

Tue 29 Oct 2019

AmTrust International shuffles PI leadership

News

People Moves

AmTrust International shuffles PI leadership

Steven Moore will take on the role of lead underwriter for professional indemnity (PI), replacing Russell Newell who moves over to AmTrust International’s PI-focused MGA, Collegiate.

Tue 29 Oct 2019

QIC profits up 6 percent in first nine months

News

Results

QIC profits up 6 percent in first nine months

Qatar Insurance Company – the parent company of Lloyd’s carrier Antares and Bermuda-based Qatar Re – has reported a net profit of $137mn for the first nine months of 2019, up 6 percent on the prior year period.

Tue 29 Oct 2019

News

“Lost ground” won’t be made up until mid-2021: CNA’s Robusto

CNA’s CEO has commented that current rate levels would need to be sustained through mid-2021 to make up the lost ground from loss cost trends outpacing rate changes since early 2015.

Tue 29 Oct 2019

Brown & Brown reports 3.4% organic growth in Q3

News

Results

Brown & Brown reports 3.4% organic growth in Q3

Brown & Brown reported third quarter organic growth of 3.4 percent that lagged other early reporters, despite a surge in its wholesale brokerage operation where underlying revenues jumped 11 percent.

Mon 28 Oct 2019

NFP asks judge to transfer JLT dispute over West Coast execs

News

Legal dispute

NFP asks judge to transfer JLT dispute over West Coast execs

Citing its rival’s “pure gamesmanship”, NFP has asked a New York court to either transfer a JLT lawsuit against it to California, where JLT in a related suit has sued four executives that joined NFP earlier this year, or dismiss the case.

Mon 28 Oct 2019

Cat losses push Everest’s Q3 combined ratio to 101.4%

News

Results

Cat losses push Everest’s Q3 combined ratio to 101.4%

Everest Re has reported after-tax operating income of $138.4mn for the third quarter, down from $167.5mn in the same period last year.

Mon 28 Oct 2019

Court strikes insolvency and conduct claims from Florida Specialty order

News

Legal/ Regulatory

Court strikes insolvency and conduct claims from Florida Specialty order

A Leon County judge has ruled in favour of Florida Specialty and its CEO Susan Patschak and ordered the removal of language in a liquidation order that had stated the company is legally insolvent and that it or its directors or officers willfully violated the law.

Mon 28 Oct 2019

News

Cyber

Cyber excess pricing tipped to tighten in response to privacy regulations

Cyber underwriters report the threat of losses from penalties and fines under regulations such as GDPR and CCPA will put pressure on pricing, with excess layers particularly affected.

Mon 28 Oct 2019

BHSI adds casualty and construction to French book with Axa XL hires

News

People Moves

BHSI adds casualty and construction to French book with Axa XL hires

Berkshire Hathaway Specialty Insurance (BHSI) will now write casualty and construction business in France, appointing Olivier Antiphon as head of construction and Anne-Sophie Bonifay as head of casualty.

Mon 28 Oct 2019

Haverstick exits program start-up Transverse

News

People Moves

Haverstick exits program start-up Transverse

Former Third Point Re executive Shane Haverstick has left program fronting start-up Transverse Insurance Company, The Insurer can reveal.

Mon 28 Oct 2019

Apollo and Athene in $4.6bn capital raise

News

M&A

Apollo and Athene in $4.6bn capital raise

Alternative investment heavyweight Apollo has increased its stake in Athene Holding to 35 percent for a sum of $1.55bn and has committed $3bn of capital to Athene’s strategic capital vehicle (ACRA).

Mon 28 Oct 2019

News

Cyber

Rivington hires Welsh and launches London platform with cyber offering

MGA and program administrator Rivington Partners has established a London MGA platform led by cyber underwriting executive Rick Welsh, The Insurer can reveal.

Mon 28 Oct 2019

Aston Lark buys Lloyd’s broker Protean Risk

News

M&A

Aston Lark buys Lloyd’s broker Protean Risk

Peter Blanc-led intermediary Aston Lark has acquired Protean Risk to form a financial institutions division.

Mon 28 Oct 2019

News

Marine

Marsh JLT Specialty looks to Gard’s Nevill for UK marine & cargo chief

Marsh JLT Specialty has appointed Louise Nevill as CEO of its UK marine & cargo business.

Mon 28 Oct 2019

News

Aegis London launches digital trading division with Squires at helm

Lloyd’s managing agency Aegis London has unveiled a digital trading division, appointing Tom Squires, former deputy head of casualty, to lead the operation.

Mon 28 Oct 2019