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Hiscox Re’s head of specialty Smith to depart

News

People Moves

Hiscox Re’s head of specialty Smith to depart

London-listed carrier Hiscox is to part ways with its reinsurance arm’s head of specialty Damien Smith, The Insurer can reveal.

Thu 4 Jul 2019

News

Swiss Re: global insurance premium reached record $5tn in 2018

· Life and non-life premiums will grow around 3 percent in real terms over 2019/20 · US remains largest insurance market, followed by China and Japan – ongoing shift of insurance business east continues · By 2029, Asia-Pacific will account for 42 percent of global premium · China on course to become largest insurance market by mid-2030s

Thu 4 Jul 2019

News

Tangency Capital in $165mn raise

Bermuda-based ILS investment venture Tangency Capital has raised a further $165mn as it targets opportunities ahead of the main thrust of the Atlantic hurricane season.

Thu 4 Jul 2019

Barbican hires Markel’s Hope as D&O underwriter

News

People Moves

Barbican hires Markel’s Hope as D&O underwriter

Barbican Insurance Group has hired long-standing financial lines practitioner Antony Hope as class underwriter for directors’ & officers’ (D&O) liability insurance, with immediate effect.

Thu 4 Jul 2019

Arrest warrant issued for former Hiscox Bermuda exec

News

Legal dispute

Arrest warrant issued for former Hiscox Bermuda exec

The Bermuda Police Service (BPS) has issued an arrest warrant for Yuval Joshua Abraham, the former CFO of Hiscox Services Ltd who was sued by the company over fraud allegations.

Thu 4 Jul 2019

US insurers up PE fund investment holdings

News

Private Equity

US insurers up PE fund investment holdings

US P&C insurers increased their holdings of private equity investments by almost a quarter since 2016 as they searched for additional yield from their portfolios, according to research by AM Best.

Wed 3 Jul 2019

Analysis

Cyber

$6bn US cyber market needs to broaden its coverage: Betterley report

The latest Betterley Report on US cyber/privacy insurance has revealed the estimated size of the market measured by premium volume has grown by $1bn since last year’s survey but the consultant has warned products too often focus on breach of private data.

Wed 3 Jul 2019

Paris takes aim at London ILS market as CCR Re commits to 2020/21 sidecars

News

Property reinsurance

Paris takes aim at London ILS market as CCR Re commits to 2020/21 sidecars

CCR Re, the open market reinsurance arm of French state-owned carrier Caisse Centrale de Réassurance (CCR), has pledged to launch sidecars for next year and 2021 in a move that seeks to further place Paris as an ILS-friendly jurisdiction to rival London.

Wed 3 Jul 2019

AGCS pulls back Australian and NZ operations as Pacific CEO exits

News

People Moves

AGCS pulls back Australian and NZ operations as Pacific CEO exits

Allianz Global Corporate Specialty (AGCS) is set to close its operations in New Zealand and cease writing longtail business in Australia from 1 September 2019, with AGCS Pacific CEO Willem Van Wyk stepping down from the top role in the region.

Wed 3 Jul 2019

Fidelis names Vandoninck CEO of rebranded third party capital arm

News

People Moves

Fidelis names Vandoninck CEO of rebranded third party capital arm

Fidelis has rebranded its partnership business as Socium, with Philip Vandoninck set to lead the division as CEO.

Wed 3 Jul 2019

News

Downstream market faces $1.25bn loss from Girard Point refinery fire

The beleaguered downstream energy market is set for a $1.25bn total loss as a result of last month’s devastating fire and explosion at Philadelphia Energy Solutions’ (PES) crude oil refinery in Philadelphia, The Insurer can reveal.

Wed 3 Jul 2019

Lloyd’s third party oversight revamp set for Q1 2020

News

Legal/ Regulatory

Lloyd’s third party oversight revamp set for Q1 2020

Changes to Lloyd’s third party oversight byelaws – designed to modernise existing arrangements and drive down compliance costs – will come into force in the first quarter of next year.

Wed 3 Jul 2019

Allianz makes offer for Sul América motor and P&C books

News

M&A

Allianz makes offer for Sul América motor and P&C books

German insurance giant Allianz has made a non-binding offer to acquire the motor, property and casualty books from Sul América – Brazil’s second-largest insurer.

Wed 3 Jul 2019

Philadelphia fire will strengthen downstream rating resolve

News

Energy

Philadelphia fire will strengthen downstream rating resolve

The recent massive fire and explosion at Philadelphia Energy Solutions’ (PES) crude oil refinery in Philadelphia is only likely to strengthen downstream insurers’ resolve to continue to push rates up, as well as further limiting appetite for refining risks, according to Marsh JLT Specialty.

Wed 3 Jul 2019

Blanc steps down as ABI chair following Zurich resignation

News

People Moves

Blanc steps down as ABI chair following Zurich resignation

Amanda Blanc, Zurich’s departing CEO of Europe, Middle East & Africa (EMEA) and bank distribution, has stepped down from her position as the chair of the Association of British Insurers (ABI) in the wake of her shock resignation from the Swiss (re)insurer.

Wed 3 Jul 2019

SOBC DARAG acquires Innovative Physicians Solutions

News

M&A

SOBC DARAG acquires Innovative Physicians Solutions

US legacy acquirer SOBC DARAG has received regulatory approval to acquire Vermont-domiciled risk retention group (RRG) Innovative Physicians Solutions (IPS).

Wed 3 Jul 2019