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IAG sells $432mn SBIG stake to Warburg Pincus and Premji Invest

News

M&A

IAG sells $432mn SBIG stake to Warburg Pincus and Premji Invest

Insurance Australia Group (IAG) has agreed to sell its 26 percent stake in SBI General Insurance Group (SBIG), the joint venture it shares with the State Bank of India, for a total of A$640mn ($432.38m).

Thu 17 Oct 2019

Markel CatCo sets loss reserves for Dorian & Faxai

News

Losses

Markel CatCo sets loss reserves for Dorian & Faxai

Markel CatCo has established specific loss reserves held by its listed reinsurance fund for hurricane Dorian and typhoon Faxai.

Thu 17 Oct 2019

News

Parametric

CCRIF adds Guatemala as 22nd member

The Caribbean Catastrophe Risk Insurance Facility (CCRIF) has added Guatemala to the program, marking the arrival of its 22nd member overall and the third member from Central America.

Thu 17 Oct 2019

Darag Guernsey acquires Thames Water captive

News

M&A

Darag Guernsey acquires Thames Water captive

Darag Guernsey – the Channel Islands-based arm of run-off specialist Darag – has acquired Guernsey-based captive (re)insurer Thames Water Insurance Company Limited (TWICL) from its parent, Kemble Water Finance (Kemble Water).

Thu 17 Oct 2019

News

M&A

EPIC confirms Prime Risk Partners deal

Prime Risk Partners (PRP) will become part of Oak Hill Partners-backed EPIC holdings in a transaction first mooted by The Insurer earlier this month.

Thu 17 Oct 2019

News

Maiden files to re-domesticate to Vermont from Bermuda

Maiden Holdings’ principal operating subsidiary has filed to re-domesticate to Vermont, with the holding company also applying to update its Nasdaq listing status.

Wed 16 Oct 2019

Marsh’s Doyle warns of pricing “domino effect” from Tripra non-renewal

News

Commercial insurance

Marsh’s Doyle warns of pricing “domino effect” from Tripra non-renewal

At a US House Financial Services hearing, Marsh president and CEO John Doyle has urged reauthorisation of the federal terrorism risk insurance programme and warned that insurance availability will fall as the deadline looms.

Wed 16 Oct 2019

UPC reveals $61mn hit from Q3 cats and loss creep

News

Losses

UPC reveals $61mn hit from Q3 cats and loss creep

United Insurance Holdings (UPC Insurance) has announced it expects to incur $46mn pre-tax of net retained catastrophe losses for the third quarter, as well as $15mn pre-tax of adverse development.

Wed 16 Oct 2019

RLI beats as reserve releases help underwriting profits rise

News

Results

RLI beats as reserve releases help underwriting profits rise

Early third quarter reporter RLI Corp unveiled operating earnings of $25.9mn that were up 25 percent on the $20.8mn generated in the same period last year.

Wed 16 Oct 2019

News

Allianz X contributes to $12mn Quantemplate funding round

Quantemplate, an insurance data and analytics firm, has secured $12mn investment in its latest funding round from backers including Allianz X, the $1bn technology investment arm of German giant Allianz.

Wed 16 Oct 2019

News

Axis backs away from coal and oil sands underwriting

Bermudian (re)insurer Axis Capital is to stop writing new primary insurance or facultative reinsurance cover for the construction of thermal coal plants or mines and their infrastructure or oil sands extraction and pipeline projects.

Wed 16 Oct 2019

News

B3i rolls out updated version of cat XoL product

Industry blockchain initiative B3i has launched the latest version of its blockchain-powered catastrophe XoL product, following the release of the first version in July 2019.

Wed 16 Oct 2019

Applied Underwriters CEO seals Berkshire buyout in $920mn deal

News

Workers' compensation

Applied Underwriters CEO seals Berkshire buyout in $920mn deal

Applied Underwriters founding CEO Steve Menzies has completed a transaction to buy the workers compensation specialist’s core insurance subsidiaries from Berkshire Hathaway in a move first revealed by The Insurer.

Wed 16 Oct 2019

Mayes resigns from Guy Carpenter facultative

News

People Moves

Mayes resigns from Guy Carpenter facultative

Neil Mayes has become the latest senior member of Guy Carpenter’s facultative team in London to resign, The Insurer can reveal.

Wed 16 Oct 2019

News

Swiss Re to take $500mn+ net Faxai loss: KBW

As the industry’s largest Japan cat reinsurer, Swiss Re will have a H2 loss bill of at least $1bn from Typhoons Faxai and Hagibis, with $500mn+ alone from last month’s Faxai, according to Keefe, Bruyette & Woods.

Wed 16 Oct 2019

Axa eyes sale of Central European operations: report

News

M&A

Axa eyes sale of Central European operations: report

French insurance powerhouse Axa is considering selling its business units in Poland, the Czech Republic and Slovakia for as much as Eur800mn ($883.1mn).

Wed 16 Oct 2019