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JLT’s CEO of Private Client Services Downey latest to depart

News

People Moves

JLT’s CEO of Private Client Services Downey latest to depart

The chief executive of JLT’s Private Client Services (PCS) Warren Downey is the latest high-profile exit from the broking house since MMC’s takeover closed in April, The Insurer can reveal.

Tue 9 Jul 2019

News

Regulatory flexibility fuels next stage of ILS evolution for CCR

The revelation that CCR Re is committed to follow-up its landmark debut French collateralized reinsurance sidecar is a sign of what is possible when a regulator responds effectively – and quickly – to the needs of an industry.

Tue 9 Jul 2019

News

Mapfre and China Re collaborate on Belt and Road project insurance

Spanish (re)insurer Mapfre and Hong Kong-listed carrier China Re have penned an agreement to collaborate on insuring investments related to China’s Belt and Road Initiative (BRI).

Tue 9 Jul 2019

LSM Bermuda drives Ironshore integration with senior appointments

News

People Moves

LSM Bermuda drives Ironshore integration with senior appointments

Liberty Specialty Markets (LSM) has named Steven Beadle as CFO of its Bermuda arm and Chen Foley as head of claims on the island, as the carrier continues to bring Ironshore Bermuda businesses under the LSM banner.

Tue 9 Jul 2019

AGCS shakes-up Alternative Risk Transfer and crisis management leadership teams

News

People Moves

AGCS shakes-up Alternative Risk Transfer and crisis management leadership teams

Allianz Global Corporate & Specialty (AGCS) has made a series of appointments in its Alternative Risk Transfer (ART) and crisis management businesses.

Tue 9 Jul 2019

Ed hires Barbican’s Kelley to lead property in Bermuda

News

People Moves

Ed hires Barbican’s Kelley to lead property in Bermuda

Global wholesale and specialty broker Ed has named Carrie Kelley an executive vice president and head of property insurance at its newly opened operation in Hamilton, Bermuda.

Tue 9 Jul 2019

Assurant buys new top layer and lowers retention on cat programme

News

Property catastrophe

Assurant buys new top layer and lowers retention on cat programme

US insurer Assurant has cut the per-event retention on its cat cover from $120mn to $80mn and bought a new $135mn top layer as it looks to lower its exposure and reduce earnings volatility.

Mon 8 Jul 2019

Westcott named president of Berkley Re America

News

People Moves

Westcott named president of Berkley Re America

WR Berkley has hired former Navigators and Willis Re executive Dan Westcott as president of its Berkley Re America platform.

Mon 8 Jul 2019

Riverstone acquires loss adjuster Rockville

News

M&A

Riverstone acquires loss adjuster Rockville

Fairfax-owned run-off manager Riverstone has purchased Rockville Risk Management and ER Quinn Company (Rockville), a third-party administrator and loss adjusting company based in New York.

Mon 8 Jul 2019

Pool Re edges closer to closing the terrorism protection gap

Comment

War and terrorism

Pool Re edges closer to closing the terrorism protection gap

News today of Britain’s state-backed terrorism reinsurer Pool Re’s £40mn ($50mn) retro placement for non-damage business interruption (NDBI) following a terrorist attack marks the latest step in the organisation’s journey towards closing the insurable gap for UK firms.

Mon 8 Jul 2019

News

AIG shares to outperform on UW improvements and rising P&C rates: KBW

Shares in AIG are expected to keep outperforming the market as broadly rising commercial P&C pricing and company-specific underwriting turnaround efforts drive down the insurer’s combined ratio, according to KBW analyst Meyer Shields.

Mon 8 Jul 2019

Palomar reveals exposure to SoCal quakes

News

Earthquake

Palomar reveals exposure to SoCal quakes

Recently floated Palomar Holdings has said the total insured value (TIV) of policies it has written within a one hundred-mile radius of the epicenters of the two quakes that struck Southern California last week is “considerably less” than its excess of loss (XoL) reinsurance programme.

Mon 8 Jul 2019

Blanc’s exit from Zurich result of ‘personality clash’ with Greco: report

News

People Moves

Blanc’s exit from Zurich result of ‘personality clash’ with Greco: report

The shock departure of Amanda Blanc from Zurich Insurance after less than a year as CEO of Europe, Middle East Africa (EMEA) was informed by differences between her and Group CEO Mario Greco, according to reports.

Mon 8 Jul 2019

News

Earthquake

SoCal earthquake damages unlikely to exceed $100mn: USGS

The United States Geological Survey (USGS) has predicted that economic losses resulting from the 6.4 and 7.1 magnitude earthquakes that shook Southern California on 4 and 5 July will come in well below $100mn.

Mon 8 Jul 2019

CCR Re names Collignon senior underwriter

News

People Moves

CCR Re names Collignon senior underwriter

CCR Re, the open market reinsurance arm of French state-owned carrier Caisse Centrale de Réassurance (CCR), has named Olivier Collignon senior underwriter.

Mon 8 Jul 2019

Canopius builds out APAC team with four hires

News

People Moves

Canopius builds out APAC team with four hires

Top five Lloyd’s carrier Canopius has swooped on Woodina, Talbot and XL Catlin to add a team of four to its recently-established branch, Canopius Australia & Pacific in Sydney.

Mon 8 Jul 2019