NewsM&AUSI completes US Risk acquisitionExpansive US broker USI has completed the acquisition of wholesaler US Risk, in a transaction first revealed by The Insurer.Mon 1 Jul 2019
NewsRatesReinsurance rates up at mid-year but primary classes still climbing quicker: Willis ReThe memory of 2017-2018 losses and the retrenchment of some ILS and traditional capacity combined to create “tangible pricing momentum” at the 1.6 and 1.7 renewals.Mon 1 Jul 2019
NewsMaiden and Enstar delay ADC completionEnstar has agreed to extend the time required to complete its significantly reduced loss portfolio transfer (LPT) and adverse development reinsurance contract (ADC) with its Bermudian reinsurer and former AmTrust stablemate Maiden by a month.Mon 1 Jul 2019
NewsLiberty Mutual renews Limestone Re sidecar at $240mnUS P&C heavyweight Liberty Mutual has renewed its reinsurance sidecar Limestone Re at $240mn, slightly smaller than last year’s $278mn vehicle because of a “revised portfolio composition”. Mon 1 Jul 2019
NewsM&ABravo Group drums up £80mn growth fund from Deutsche BankThe Bravo Group – which includes Broker Network, Compass and Ethos Broking – has secured an £80mn ($101mn) loan facility from Deutsche Bank to accelerate its acquisition strategy.Mon 1 Jul 2019
NewsPeople MovesApollo names Littlefair head of reserving and analyticsApollo Syndicate Management has hired Chris Littlefair to take up the newly created role of head of reserving and analytics.Mon 1 Jul 2019
CommentThe rating agency paradox: rewarding those who cut prices…It is a long-established paradox that the industry’s de facto global regulators – rating agencies AM Best and S&P – use premiums written rather than net exposures relative to capital as a measure of financial strength. The outcome of this approach is that if insurers cut rates in a soft market then the capital models suggest they are over-capitalised while if they increase rates and even cut net exposures this can perversely put pressure on their capital adequacy.Mon 1 Jul 2019
NewsM&AAM Best put HIIG on negative outlook despite “very strong” balance sheetDespite a balance sheet described by AM Best as “very strong” and a return to GAAP profitability in 2017-18, the rating agency placed its A- (excellent) financial strength rating on HIIG’s operating companies to a negative outlook late last week.Mon 1 Jul 2019
NewsPeople MovesSills leaves CapSpecialty with Sennott taking reinsStephen Sills has stepped down as chairman, CEO and president of Alleghany’s US specialty insurer CapSpecialty.Mon 1 Jul 2019
NewsGenerali frontrunner to acquire Portuguese Tranquilidade: reportsItalian giant Generali has emerged as the frontrunner to acquire Apollo Global Management-owned Tranquilidade – the second-largest general insurer in Portugal – beating Spanish rival Grupo Catalana Occidente, according to sources.Mon 1 Jul 2019
NewsPeople MovesAllianz’s Bäte completes Lloyd’s global advisory committeeAllianz CEO Oliver Bäte is the final industry heavyweight to join the Lloyd’s global advisory committee, established to provide strategic counsel to CEO John Neal in his bid to transform the recent fortunes and structure of the 300+ year-old market.Mon 1 Jul 2019
NewsFirm orders bound on PPL platform soar to 250,000Approximately 250,000 firm orders have been bound on the Lloyd’s electronic placing platform, PPL, since its launch in 2016.Mon 1 Jul 2019
NewsLegal/ RegulatoryCNA swoops on QBE North America’s Gonzalez for general counselUS insurer CNA has appointed Jose Ramon Gonzalez as executive vice president and general counselMon 1 Jul 2019
NewsAon launches crop insurance blockchain platform for Sri Lankan farmersAon has developed a blockchain-based platform that will provide microinsurance policies to paddy field farmers in Sri Lanka, to indemnify them against losing their crops during extreme weather conditions.Mon 1 Jul 2019
NewsPeople MovesMS Amlin names Perottino as country manager for FranceMS Amlin – a subsidiary of Japanese giant MS&AD – has named Véronique Perottino as country manager for France.Mon 1 Jul 2019
NewsPeople MovesWillis global head of broking resigns to co-lead BGC Insurance’s aerospace start-upLong-serving senior Willis Towers Watson (WTW) executive Philip Smaje has resigned to co-lead BGC’s ambitious new aerospace broker start-up with his former colleague Marcel Chad.Mon 1 Jul 2019