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News

Axis Re Strategic Partners names Hands head of Australia

Axis Re, the reinsurance arm of Axis Capital Holdings, has named Robert Hands as a head of Australia and strategic account executive of Axis Re Strategic Partners.

Mon 24 Jun 2019

Allianz sells Spanish distribution rights to Santander for Eur936mn

News

M&A

Allianz sells Spanish distribution rights to Santander for Eur936mn

Allianz and Banco Santander have entered an agreement for the German insurance giant to end its participation in Allianz Popular – its life insurance, pensions, asset management, and non-life insurance in business Spain for Eur936.5mn ($1.07bn).

Mon 24 Jun 2019

News

Earthquake

Peru earthquake triggers $60mn World Bank cat bond pay out

Last month’s earthquake in Peru has triggered a 30 percent pay out on a $200mn catastrophe bond that was part of the World Bank’s large $1.36bn Pacific Alliance placement, sources have confirmed.

Fri 21 Jun 2019

Axa XL among insurers facing loss from Girard Point refinery fire

News

Energy

Axa XL among insurers facing loss from Girard Point refinery fire

The under-pressure downstream energy market could face substantial losses as a result of a massive fire and a series of explosions at Philadelphia Energy Solutions’ (PES) crude oil refinery in Philadelphia, The Insurer can reveal.

Fri 21 Jun 2019

News

Cyber

Potential BI losses from a UK cyber attack could reach $3.25bn

An analysis by cyber risk modelling company Kovrr has estimated insured business interruption losses from a UK cyber catastrophe could reach $3.25bn, comparable to the risk of a flood catastrophe covered by property insurance.

Fri 21 Jun 2019

Ark’s head of specialty programmes Bryant departs

News

People Moves

Ark’s head of specialty programmes Bryant departs

Ark Syndicate Management’s head of specialty programmes Richard Bryant has stepped away from the firm, The Insurer can reveal.

Fri 21 Jun 2019

Hudson Structured and Nephila back AI insurtech funding round

News

Commercial property

Hudson Structured and Nephila back AI insurtech funding round

Property-focused artificial intelligence (AI) insurtech start-up Tensorflight has closed a $2mn financing round led by investors including ff Venture Capital, Hudson Structured Capital Management (HSCM), Nephila and Hemi Ventures.

Fri 21 Jun 2019

American Club swings to $5.5mn loss in 2018

News

Marine

American Club swings to $5.5mn loss in 2018

International Group member American Club booked a net loss of $5.5mn for the year ended 31 December 2018, after turning a profit of $5.7mn the prior year, as the insurer saw claims swell in what was a challenging year.

Fri 21 Jun 2019

Comment

Misrepresenting the market?

It could be argued that Lloyd’s CEO John Neal has achieved more in a matter of months than his predecessor Inga Beale did over the course of her five years in the role.

Fri 21 Jun 2019

News

New operation and oversight framework needed for delegated authority: Lloyd’s

Lloyd’s head of policyholder and third-party oversight has called for a change to the way the market interacts with coverholders – from onboarding, trading and reporting to associated oversight arrangements – so the market can retain the business.

Fri 21 Jun 2019

News

Medical Protection Society and Asta launch SPA at Lloyd’s

The Medical Protection Society (MPS) has launched a Lloyd’s special purpose arrangement that will insure corporate healthcare entities from 1 July.

Fri 21 Jun 2019

FedNat prices in line with 1 June average: sources

News

Rates

FedNat prices in line with 1 June average: sources

FedNat is close to completing its 1 July reinsurance renewal at pricing that is expected to be in line with the mid-to-high-teen average increases seen at 1 June, The Insurer can reveal.

Fri 21 Jun 2019

PI ruling reveals 50 Lockton customers moved their business to Alliant

News

Legal dispute

PI ruling reveals 50 Lockton customers moved their business to Alliant

In a 56-page opinion granting Lockton a preliminary injunction against Alliant in the ongoing dispute over mass defections earlier this year, Delaware vice chancellor Travis Laster wrote the former employees’ solicitation efforts “have had a massive effect on Lockton”.

Thu 20 Jun 2019

Atlas Financial receives delinquency notification from Nasdaq

News

Commercial auto

Atlas Financial receives delinquency notification from Nasdaq

Embattled US auto insurer Atlas Financial Holdings has received a delinquency notification letter from Nasdaq because its share price has closed below $1 for 30 consecutive days.

Thu 20 Jun 2019

Mosher to replace Mayewski as AM Best Ratings Services CEO

News

People Moves

Mosher to replace Mayewski as AM Best Ratings Services CEO

Larry Mayewski is to retire as chairman, president and CEO of AM Best Rating Services and will be succeeded by Matthew Mosher, who is currently executive vice president and chief operating officer.

Thu 20 Jun 2019

News

Allstate reveals $473mn May cat losses

The Allstate Corporation has estimated $473mn of pre-tax catastrophe losses for May 2019, bringing its second quarter cat losses so far to $763mn.

Thu 20 Jun 2019