NewsMcGill & Partners hires GC UK fac headNeil Mayes, the London-based managing director of facultative at Guy Carpenter, is set to follow in the footsteps of his former colleague Paul Summers by becoming the latest recruit to McGill & Partners, The Insurer can reveal.Fri 18 Oct 2019
NewsDownstream market expected to swerve significant SASREF refinery lossThe beleaguered downstream energy market has been given something of a respite following initial fears that an explosion at Saudi Aramco’s Jubail refinery earlier this week could have been yet another unwelcome major loss in a challenging year, The Insurer understands.Fri 18 Oct 2019
NewsDavies launches Bermuda consulting businessPrivate equity-backed Davies Group has launched an insurance compliance and regulatory consulting business in Bermuda.Fri 18 Oct 2019
NewsMunich Re expects positive Eur850mn result in third quarterMunich Re shares were up in early trading this morning after the carrier said it expected to unveil a consolidated result of approximately Eur850mn ($946.1mn) in the third quarter, despite high major-loss expenditure.Fri 18 Oct 2019
NewsSwiss Re Corporate Solutions & Brokerslink partner on business platformSwiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, is to develop an international insurance program management platform for the Brokerslink network.Fri 18 Oct 2019
NewsBeale hits out at Lloyd’s for lack of gender balance on boardFormer Lloyd’s of London CEO Inga Beale has hit out at her former employer, berating the centuries-old insurance market for its lack of gender balance in senior roles and on the board.Fri 18 Oct 2019
NewsPeople MovesWR Berkley promotes LeBlanc to president of Acacia unitDavid LeBlanc has been named president of WR Berkley subsidiary Acadia Insurance, succeeding Douglas Nelson, who has been appointed chairman.Fri 18 Oct 2019
NewsRating actionsAM Best satisfied with insurers’ terrorism risk mitigation plansAM Best has determined that no rating actions are necessary for now after reviewing US insurers’ terrorism risk mitigation plans, with the purchase of additional reinsurance protection one of the most common terrorism exposure mitigation initiatives.Thu 17 Oct 2019
NewsHomeowners insuranceFlorida insurers pressured over slow payment of Michael claimsInsurers in Florida are facing criticism over outstanding claims from Hurricane Michael – with the state’s insurance department promising to review the industry’s response – while some analysts warn of further loss creep from the storm.Thu 17 Oct 2019
NewsCasualtyRLI trades up 5% on casualty-led pricing momentumShares in RLI Corp traded up in New York today after the US specialty carrier revealed strong pricing momentum on its third quarter earnings call.Thu 17 Oct 2019
NewsLegal/ RegulatoryAtlas Financial to transfer to Nasdaq Capital Market following delisting appealA Nasdaq hearings panel has granted Atlas Financial’s appeal of its delisting notice, as well as granting a request to transfer the embattled commercial insurer’s listing to the Nasdaq Capital Market.Thu 17 Oct 2019
NewsCasualtyAsbestos losses “show signs of subsiding”: AM BestAsbestos reserves fell 3.7 percent to $18.4bn in 2018 over the previous year while environmental reserves rose 2.6 percent to $5.3bn, a new AM Best analysis has revealed.Thu 17 Oct 2019
NewsResultsBB&T Insurance generates 8.7% organic growth in Q3BB&T Insurance Holdings reported another quarter of strong organic revenue growth and margin expansion compared to Q3 2018.Thu 17 Oct 2019
NewsLossesHagibis may push Japan’s big 3 beyond cat loss budgets: AM BestThe strong reinsurance programmes of Japan’s biggest three insurers mean they are not likely to report an overall loss for the current fiscal year despite large typhoon losses exceeding catastrophe loss budgets, AM Best believes.Thu 17 Oct 2019
NewsPeople MovesStarStone appoints Talbot’s Gillingham head of war and terrorismStarStone has named Talbot Underwriting’s Henry Gillingham as head of war and terrorism in its crisis management division.Thu 17 Oct 2019
NewsPeople MovesGuy Carp names Marsh’s Samengo-Turner global fac headMMC’s reinsurance broking arm, Guy Carpenter, has appointed head of Marsh JLT Specialty Asia, Dominic Samengo-Turner, to the role of global facultative leader.Thu 17 Oct 2019