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Barry still forecast to become hurricane just before Louisiana landfall

The latest update from the National Hurricane Center (NHC) has upgraded the weather system tracking towards the Gulf of Mexico coast to Tropical Storm Barry, with current forecasts suggesting it will reach hurricane strength before a Louisiana landfall.

Thu 11 Jul 2019

News

Dive In Festival 2019 launches

Dive In – which promotes diversity and inclusion in the global insurance sector – has opened registration for its 2019 festival.

Thu 11 Jul 2019

Danish regulator bars Gefion from business expansion

News

Legal/ Regulatory

Danish regulator bars Gefion from business expansion

The Danish Financial Supervisory Authority (DFSA) has ordered unrated Danish provider Gefion not to increase its volumes of business.

Thu 11 Jul 2019

Sompo International restructures commercial P&C as global insurance CEO Kuhn departs

News

People Moves

Sompo International restructures commercial P&C as global insurance CEO Kuhn departs

Sompo International has named Michael Chang, Christopher Sparro and Graham Evans co-leaders of the carrier’s commercial property and casualty (P&C) insurance division, as John Kuhn, CUO of the P&C unit and CEO of global insurance, steps down after six and a half years.

Thu 11 Jul 2019

Bahrain market falters as competitors gain momentum: AM Best

News

M&A

Bahrain market falters as competitors gain momentum: AM Best

Bahrain’s status as the regional (re)insurance hub in the Middle East is showing signs of waning as other countries in the region launch innovative risk-based regimes and the jurisdiction fails to attract investors, according to AM Best.

Thu 11 Jul 2019

ABI names Allianz CEO Dye new chair to succeed Blanc

News

People Moves

ABI names Allianz CEO Dye new chair to succeed Blanc

The Association of British Insurers (ABI) has named the CEO of Allianz Insurance, Jon Dye, as its new chair in the wake of Amanda Blanc stepping down from the top role at the trade body in the wake of her shock resignation from Zurich last week.

Thu 11 Jul 2019

London A&H market not expecting Bahamas crash claims

News

A&H

London A&H market not expecting Bahamas crash claims

The wounded and recuperating London accident & health (A&H) market is not expecting significant claims as a result of the recent tragic death of American coal billionaire and philanthropist Chris Cline, The Insurer understands.

Thu 11 Jul 2019

News

MS Amlin exits Lloyd’s India

MS Amlin – a subsidiary of Japanese giant MS & AD – has decided to discontinue its operations on the Lloyd’s India platform one year early, after a “group-wide” structure and performance review.

Thu 11 Jul 2019

News

TOM to reach “inflection point” at year end as Future at Lloyd’s gathers pace: Neal

The London Market Target Operating Model (TOM) is to be rolled into John Neal’s six-point turnaround strategy for the market, the CEO has revealed.

Thu 11 Jul 2019

Canopius takes WTW’s Jeffers for APAC credit & political risk underwriter

News

People Moves

Canopius takes WTW’s Jeffers for APAC credit & political risk underwriter

Top five Lloyd’s insurer Canopius has named Jamie Jeffers as credit & political risk underwriter in Singapore, as it continues to expand its Asia Pacific footprint.

Thu 11 Jul 2019

Swiss Re shelves ReAssure IPO on back of muted investor interest

News

Results

Swiss Re shelves ReAssure IPO on back of muted investor interest

Zurich-headquartered Swiss Re has abandoned plans to float its UK life insurance business ReAssure due to a low level of interest in the UK primary market from investors.

Thu 11 Jul 2019

Arcus confirms RenRe’s Shepherd as active underwriter

News

People Moves

Arcus confirms RenRe’s Shepherd as active underwriter

Credit Suisse’s Arcus Syndicate 1856 has named former RenRe London-based property underwriter Alex Shepherd as active underwriter, a move first revealed by The Insurer earlier this year.

Thu 11 Jul 2019

Kemper to move $16mn collector vehicle book to Hagerty

News

High net worth

Kemper to move $16mn collector vehicle book to Hagerty

US insurer Kemper has entered into a marketing agreement with Hagerty to transfer its $16mn Classic Collectors book to the classic car insurance specialist and its underwriting carrier.

Wed 10 Jul 2019

Swiss Re CorSo hits pause on new business in property hab

News

Commercial property

Swiss Re CorSo hits pause on new business in property hab

Swiss Re Corporate Solutions (CorSo) is not currently entertaining new business in the US habitational property market as it re-evaluates the class, The Insurer can reveal.

Wed 10 Jul 2019

Lloyd’s gets AM Best ratings affirmation

News

Rating actions

Lloyd’s gets AM Best ratings affirmation

AM Best has highlighted “robust remedial actions” to improve technical performance as well as efforts to cut the cost of doing business as it affirmed the ratings of Lloyd’s.

Wed 10 Jul 2019

News

Losses

Insurers face up to $1.4bn bill for June European weather losses: Aon

Aon has pegged insured losses stemming from two outbreaks of severe weather across Europe in June at up to $1.39bn.

Wed 10 Jul 2019