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Legal/ Regulatory

Creditors owed $118mn by bankrupt CBL

The long drawn out liquidation case of CBL Corporation came to a close last week as administrator, KordaMentha, filed final accounts detailing outstanding payments of NZD 180mn ($118.1mn) due to 28 creditors.

Mon 3 Jun 2019

Gallagher completes JLT Aerospace takeover

News

Aviation

Gallagher completes JLT Aerospace takeover

Arthur J Gallagher has completed its £190mn ($240.1mn) acquisition of JLT’s global aviation business.

Mon 3 Jun 2019

News

Aviation

Hive Aero broadens aviation war book into excess liability coverage

London-based MGA Hive Aero has introduced excess third-party aviation war liabilities (AVN52) to its portfolio which, until now, was limited to aviation hull and war.

Mon 3 Jun 2019

News

Scor launches $250mn cat bond under UK ILS regime

French reinsurer Scor has once again used the UK’s ILS regime with the launch of a $250mn catastrophe bond – Atlas Capital UK 2019.

Mon 3 Jun 2019

News

Captives

Captives writing more third party business: Marsh

Captives are increasingly profiting from writing third party risks, according to the latest report on the sector by Marsh.

Fri 31 May 2019

AM Best slaps negative outlook on Greenlight Re’s A- rating

News

Rating actions

AM Best slaps negative outlook on Greenlight Re’s A- rating

AM Best has revised the outlook to negative on the critical A- (Excellent) financial strength rating of Greenlight Reinsurance and Greenlight Reinsurance Ireland, Designated Activity Company.

Fri 31 May 2019

Palomar adds $200mn limit in broadly flat renewal

News

Property reinsurance

Palomar adds $200mn limit in broadly flat renewal

Recently publicly listed quake specialist Palomar Holdings has renewed $470mn of its core reinsurance program including its cat bond Torrey Pines Re and added $200mn of extra limit at the top of its tower.

Fri 31 May 2019

News

Losses

Insurers to cover most of $2bn+ losses from past two weeks of tornadoes

Economic losses from this week’s US tornadoes are expected to exceed $1bn, following a similar week of losses last week, with insurers expected to cover the majority of wind and hail-related damage, according to Aon’s Impact Forecasting unit.

Fri 31 May 2019

Headline Florida renewal rate increases still 15-20% despite late rush

News

Property catastrophe

Headline Florida renewal rate increases still 15-20% despite late rush

A significant number of deals remain incomplete as the 2019 Florida renewal enters its last official 12 hours, but broker and reinsurer sources still expect average risk-adjusted rate increases to have fallen into the 15-20 percent range once the dust settles.

Fri 31 May 2019

Apollo and KKR lead major PIB debt issuance to fund growth strategy

News

Private Equity

Apollo and KKR lead major PIB debt issuance to fund growth strategy

The Brendan McManus-led UK broker consolidator PIB group has completed a major debt issuance to fund its M&A growth strategy with alternative investment heavyweight Apollo and private equity firm KKR, The Insurer understands.

Fri 31 May 2019

AM Best: Hamilton Re needs an underwriting profit in next two years

News

Rating actions

AM Best: Hamilton Re needs an underwriting profit in next two years

If Hamilton Re does not break even on underwriting within two years its critical A- (excellent) AM Best rating may come under negative pressure, the ratings agency has warned.

Fri 31 May 2019

Universal completes reinsurance placement with extra $134mn of limit

News

Property reinsurance

Universal completes reinsurance placement with extra $134mn of limit

Florida’s largest homeowners insurer Universal Insurance Holdings said it has renewed its 2019 reinsurance program at a cost that was only 6.7 percent higher than the expiring cover as it benefited from having previously placed a significant portion of limit on a multi-year basis.

Fri 31 May 2019

Analysis

(Re)insurers should brace themselves for another active hurricane season

On the eve of the official start to the 2019 North Atlantic hurricane season which officially starts tomorrow (1 June), (re)insurers have been warned that the next five months could see another active season to potentially equal 2018 or even 2017.

Fri 31 May 2019

News

CFC supplements Lloyd’s capacity with five new backers

London cyber-specialist MGA CFC has added five insurers to its panel of capacity providers in addition to Lloyd’s syndicates which, until now, have been its exclusive backer.

Fri 31 May 2019

Comment

XL’s injunction not “sneaky” in support of arbitration clause in UK D&O Policy

In a reassuring move for London market (re)insurers, the UK’s courts are imposing a wide jurisdiction to restrain foreign proceedings under insurance contracts bound by a London arbitration provision…

Fri 31 May 2019

News

Ed’s Clarkson joins board

Ed’s divisional CEO of specialty Heather Clarkson has been named a director of the London-headquartered broking house, according to Companies House filings.

Fri 31 May 2019