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Barry brings hurricane threat to Gulf Coast

News

Losses

Barry brings hurricane threat to Gulf Coast

The National Hurricane Center (NHC) has warned that a tropical depression expected to form later today or Thursday could strengthen to a hurricane as it approaches the central Gulf Coast by the weekend.

Wed 10 Jul 2019

Analysis

ILS investors continue to suffer as (re)insurance equities boom in H1

While investors in (re)insurance equities and debt have enjoyed a ripping H1, the ILS sector continued the malaise that gripped it for much of 2018.

Wed 10 Jul 2019

Analysis

Alternative capital contracts 4% in Q1

Assets under management (AuM) in the alternative capital sector fell by 4 percent to $93bn in the first quarter of the year, according to analysis by Aon.

Wed 10 Jul 2019

News

Lloyd’s explores smart contracts to boost efficiency

Lloyd’s has taken the first step towards making smart contracts and parametric insurance a reality, as the marketplace continues to target innovation and efficiency.

Wed 10 Jul 2019

News

People Moves

EC3 Brokers add to US senior team

EC3 Brokers US – the stateside arm of Lloyd’s insurer EC3 Brokers – has named James Norris as chief actuary and Terry Holley as senior vice president.

Wed 10 Jul 2019

US commercial property momentum picks up through mid-year renewals

Analysis

Commercial insurance

US commercial property momentum picks up through mid-year renewals

The rate of acceleration in US commercial property pricing increased through the key 1 June and 1 July renewals as insurers pushed for rate as well as improved terms and conditions on accounts, multiple broking and underwriting sources have told The Insurer.

Wed 10 Jul 2019

News

People Moves

McConachie quits Third Point Re board

Neil McConachie has given up his seat on the Third Point Re board of directors, effective from 1 July.

Wed 10 Jul 2019

BHSI looks to QBE for Krause as it relocates German HQ

News

People Moves

BHSI looks to QBE for Krause as it relocates German HQ

Berkshire Hathaway Specialty Insurance (BHSI) has appointed Andreas Krause as country manager for Germany, as the carrier relocates its national headquarters from Düsseldorf to a new office in Cologne.

Wed 10 Jul 2019

Grenfell Tower insurer loses arbitration dispute with Munich Re

News

Legal dispute

Grenfell Tower insurer loses arbitration dispute with Munich Re

Munich Re has won a dispute against Norwegian insurer Protector Forsikring relating to reinsurance contracts that cover the financial property loss following the devastating Grenfell Tower fire in 2017.

Wed 10 Jul 2019

Direct Line’s Baker replaces Waks as Axa UK and Ireland CRO

News

People Moves

Direct Line’s Baker replaces Waks as Axa UK and Ireland CRO

Axa UK and Ireland has appointed David Baker as chief risk officer to replace outgoing CRO Evan Waks, who leaves after 17 years with the insurer.

Wed 10 Jul 2019

News

Blackshear joins Ryan Specialty as compliance head

Expansive managing general agency Ryan Specialty Group (RSG) has hired Michael Blackshear as senior vice president and global chief compliance officer.

Wed 10 Jul 2019

Brit looks to Swiss Re and Redstone to build out US casualty division

News

People Moves

Brit looks to Swiss Re and Redstone to build out US casualty division

Brit Global Specialty USA (BGSU) has named Garick Zillgitt as vice president, primary general liability and Justin Magee as vice president, excess casualty, as the carrier continues to grow its casualty offering.

Wed 10 Jul 2019

Zurich names Martin EMEA CEO after Blanc departure

News

People Moves

Zurich names Martin EMEA CEO after Blanc departure

Swiss insurance giant Zurich has promoted former Group chief risk officer Alison Martin to take up the role of EMEA CEO and head of bank distribution, following the shock resignation of Amanda Blanc last week.

Wed 10 Jul 2019

News

Capital

Global reinsurance capital bounces back in Q1: Aon

Total capital in the global reinsurance sector returned to $605bn in the first quarter of 2019, climbing $20bn from the year end 31 December 2018, according to analysis from broking giant Aon.

Tue 9 Jul 2019

News

Legal/ Regulatory

FCA imposes £230mn in fines in 2018/19

The Financial Conduct Authority has imposed a total of £227.3mn ($283.2mn) in financial penalties for the year ended 31 March 2019, marking the most expensive year of fines the regulator has dished out for three years.

Tue 9 Jul 2019

Markel’s Stobbs succeeds Cannock as Asia MD

News

People Moves

Markel’s Stobbs succeeds Cannock as Asia MD

Markel International has named Christian Stobbs as managing director of Asia, replacing Matt Cannock who is leaving the firm after seven years.

Tue 9 Jul 2019