Terra Brasis Re and Austral Re to form Brazil’s second-largest reinsurer

After almost a year of negotiations, Brazilian reinsurer Austral Resseguradora SA will acquire Terra Brasis Resseguros SA which, upon completion, will create the second-largest reinsurer in Brazil.

Mon 17 Jun 2019

US cyber claims growth outpacing policy growth – AM Best

An AM Best report has revealed that cyber claims growth greatly exceeded in-force policy growth in 2018 but the rating agency believes the line still represents a positive opportunity for insurers.

Mon 17 Jun 2019

Lloyd’s: 22 syndicates to be approved for mid-term growth

Lloyd’s performance management directorate (PMD) is set to approve around 22 syndicate applications to increase capacity at mid-point 2019, The Insurer can reveal.

Mon 17 Jun 2019

AIG wins in appeal of product liability dispute with Chubb subsidiary

The Eighth Circuit court of appeals has ruled in favour of AIG in a long-running dispute with a Chubb subsidiary that dates back to 2010 and involves a $6mn settlement in an underlying product liability lawsuit over defective air ducts.

Mon 17 Jun 2019

Perils acquires Canadian cat data company CatIQ

Loss aggregator Perils has acquired Toronto-based Catastrophe Indices & Quantification (CatIQ), which was established in 2014 to provide catastrophe loss and exposure information in Canada for an undisclosed sum.

Mon 17 Jun 2019

Artex reshuffles International management team

Artex Risk Solutions, a Bermuda-based alternative risk management solutions provider, has made a series of senior appointments in its international unit, under the leadership of recently re-appointed Group CEO, Peter Mullen.

Mon 17 Jun 2019

WTW insurtech Innovisk launches M&A MGA

Willis Towers Watson-backed Innovisk Capital Partners has launched Themis, a London-based MGA that will underwrite merger and acquisition (M&A) insurance policies.

Mon 17 Jun 2019

BGC lands JLT’s Chad to launch new global aviation broker

BGC’s insurance arm – which owns broking houses Besso and Ed – has hired aviation executive Marcel Chad to launch a new global aviation and aerospace (re)insurance intermediary.

Mon 17 Jun 2019

TigerRisk confirms appointment of Frase for West Coast expansion

Expansive intermediary TigerRisk has confirmed it has hired Willis Re’s Lindsey Frase to take on the role of partner and member of the company’s North American current client division, a move first revealed by The Insurer last month.

Mon 17 Jun 2019

BCI and PCP acquire 70% of London wholesaler BMS

Management own significant minority stake to continue organic growth strategy…

Mon 17 Jun 2019

MS Amlin hires RSA’s Vogiatzidou to lead marine in Dubai

MS Amlin – a subsidiary of Japanese giant MS&AD – has appointed Mary Vogiatzidou as senior marine underwriter, based out of the carrier’s Dubai office.

Mon 17 Jun 2019

Cyber market questions whether it should cover privacy claims

The cyber insurance market is bracing itself for a deluge of claims once the California Consumer Privacy Act (CCPA) comes into effect at the start of 2020, prompting some underwriters to ask whether the market should be covering these types of losses.

Fri 14 Jun 2019

Lockton wins TRO against Alliant in Delaware court

Lockton has secured a temporary restraining order (TRO) preventing Alliant from soliciting previous clients of the Chuck McDaniel-led group of seven Denver-based producers that defected to the rival broker in March.

Fri 14 Jun 2019

S&P: insurers face outsize losses from potential casualty catastrophes

Fri 14 Jun 2019

Lloyd’s expense ratio won’t improve in 2019: Hancock

Lloyd’s has launched a new review of administrative expenses after the Corporation’s performance management director Jon Hancock confirmed the market’s stubbornly-high circa 40 percent expense ratio is unlikely to improve in 2019.

Fri 14 Jun 2019

Aspen launches cyber risk management platform

Aspen Insurance has released a cyber risk management platform called SSIMPLE to assist clients in the prevention and detection of and response to privacy and network security incidents.

Fri 14 Jun 2019