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R&Q appoints Sellek and Quilter as joint CEOs

News

People Moves

R&Q appoints Sellek and Quilter as joint CEOs

London-listed legacy and program specialist R&Q has appointed the former AM Best and Lloyd’s executive Roger Sellek as joint CEO alongside the firm’s co-founder and CFO Alan Quilter.

Wed 19 Jun 2019

Citizens slashes rate request by 43% after AOB reform

News

Legal/ Regulatory

Citizens slashes rate request by 43% after AOB reform

Florida’s state-backed insurer Citizens is seeking board approval to file a revised capped 4.7 percent rate increase for personal lines business that is well below the 8.2 percent increase it filed for at the end of last year.

Tue 18 Jun 2019

Florida’s governor approves bill to increase FHCF reimbursement

News

Legal/ Regulatory

Florida’s governor approves bill to increase FHCF reimbursement

Florida’s governor Ron DeSantis has approved legislation that increases the required loss adjustment expenses (LAE) reimbursement covered by the state’s catastrophe fund and tweaks surplus lines rules.

Tue 18 Jun 2019

MMC calls on lawmakers to reauthorize US terrorism backstop

News

Legal/ Regulatory

MMC calls on lawmakers to reauthorize US terrorism backstop

Marsh property terrorism placement and advisory leader Tarique Nageer has testified on Capitol Hill highlighting the importance of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), which is due to expire at the end of next year.

Tue 18 Jun 2019

News

McGriff streamlines wholesalers with new strategic partner panel

The recently combined retail brokerage operations of BB&T Insurance have signed up six wholesale brokers to a panel of “strategic partners” who will be plugged in to the firm’s new data and analytics platform, The Insurer can reveal.

Tue 18 Jun 2019

TigerRisk execs Feldman and Freer win PI against Guy Carp in California

News

Legal dispute

TigerRisk execs Feldman and Freer win PI against Guy Carp in California

A California court has issued a preliminary injunction against Guy Carpenter and Marsh & McLennan Companies in the dispute over two executives that joined TigerRisk.

Tue 18 Jun 2019

News

ChainThat first insurtech to join BMA Innovation Hub

(Re)insurance blockchain service provider ChainThat has become the first technology company to receive approval from The Bermuda Monetary Authority (BMA) to join its Innovation Hub.

Tue 18 Jun 2019

Court vacates $65mn Stanford Ponzi scheme insurance settlement

News

Legal dispute

Court vacates $65mn Stanford Ponzi scheme insurance settlement

The Fifth Circuit has vacated a $65mn insurance settlement involving Lloyd’s underwriters and other carriers related to the Stanford Financial Ponzi scheme.

Tue 18 Jun 2019

News

Twelve Capital launches own ILS funds in Europe

Twelve Capital, an insurance-focused investment manager, has broadened the product base it offers to ILS investors under its own brand – including cat bonds and collateralised reinsurance.

Tue 18 Jun 2019

News

Cyber

Why one cyber expert believes Zurich will pay Mondelez’s $100mn loss

A panel on cyber war and terrorism suggested the issue of attribution may mean Zurich will have to pay Mondelez’s $100mn NotPetya claim, while work is underway to make intent to pay losses in similar situations clearer in policies.

Tue 18 Jun 2019

News

People Moves

Old Mutual CEO Moyo fired by board

The suspended chief executive officer of Old Mutual, Peter Moyo, has had his contract of employment terminated by the South African insurer’s board of directors.

Tue 18 Jun 2019

News

Zego raises $42mn to fund European expansion

Balderton Capital-backed Zego, the insurtech start-up which provides pay-as-you-go vehicle and fleet insurance to Uber and Deliveroo drivers, has raised $42mn (£33.3mn) in its latest investment round.

Tue 18 Jun 2019

Jefferies raises Beazley 2019 growth forecast by 10% on back of GWP uptick

News

Losses

Jefferies raises Beazley 2019 growth forecast by 10% on back of GWP uptick

Equity analysts Jefferies has raised its 2019 growth forecast for blue chip insurer Beazley from 5 to 10 percent, prompted by an uptick of 16 percent in gross written premiums in the first quarter.

Tue 18 Jun 2019

Axa XL bolsters UK client & country management team with EY’s Read

News

People Moves

Axa XL bolsters UK client & country management team with EY’s Read

Axa XL has named Christopher Read chief operating officer of UK legal entities as part of a broader executive shake-up within its UK client and country management team.

Tue 18 Jun 2019

WR Berkley names president of professional lines unit

News

People Moves

WR Berkley names president of professional lines unit

WR Berkley has continued its series of subsidiary management changes with the appointment of insurance managing consultant Daniel Spragg as president of Berkley Select, effective immediately.

Tue 18 Jun 2019

Comment

Aviation

New aviation entrants prepare for take-off…

News today of the launch of BGC’s new aviation broking intermediary is the latest in a series of developments for a sector which has had a busy – and at times turbulent – start to the year.

Mon 17 Jun 2019