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News

Losses

Bermuda and Florida insurers remain in pricing “standoff” as Jebi and Michael losses creep

Floridian insurers and Bermuda’s cat reinsurers remain in a “standoff” over renewal pricing despite only days before the 1 June deadline, according to JMP Securities.

Tue 28 May 2019

News

Singapore's first cat bond issued by Security First and Swiss Re as Florida hardens

Florida-based primary insurer Security First has closed its $100mn First Coast Re II Pte. Ltd catastrophe bond issuance, the first cat bond transaction completed under Singapore’s new ILS framework.

Tue 28 May 2019

News

People Moves

Suncorp CEO Cameron steps down suddenly

The CEO of one of Australia’s largest insurers, Suncorp, Michael Cameron has stepped down immediately after nearly four years in the role.

Tue 28 May 2019

CCR Re receives positive outlook boost by S&P

News

Results

CCR Re receives positive outlook boost by S&P

CCR Re, the open market reinsurance arm of French state-owned carrier Caise Centrale de Réassurance (CCR), has been awarded with a positive outlook on its A- financial strength rating by S&P.

Tue 28 May 2019

Florida stand-off continues as renewal deadline nears

Analysis

Property catastrophe

Florida stand-off continues as renewal deadline nears

The outcome of a complex and fraught Florida renewal remains uncertain going into its final week as brokers test the resolve of the market and several of the biggest reinsurers hold back authorizations.

Fri 24 May 2019

News

Argo directors approved at AGM, executive comp narrowly passed

Argo’s shareholders have voted to elect all five of its Class III directors to the Bermudian (re)insurer’s board, based on a preliminary count provided by its proxy solicitor, and narrowly approved its executive compensation.

Fri 24 May 2019

House fails to act after Senate passes NFIP extension

News

Flood

House fails to act after Senate passes NFIP extension

US Congress looks to have failed to pass reauthorisation of the National Flood Insurance Program (NFIP) in time to stop it lapsing on 31 May, after the House of Representatives did not approve a disaster relief measure passed by the Senate.

Fri 24 May 2019

Insurers face legal action over £30mn British Steel claim

News

Legal/ Regulatory

Insurers face legal action over £30mn British Steel claim

Insurance advisory firm Mactavish is preparing legal action against the insurers of British Steel over an unpaid £30mn ($38mn) insurance claim filed before the manufacturer collapsed into liquidation on Wednesday.

Fri 24 May 2019

Delek to sell insurer Phoenix to PE firms Centerbridge and Gallatin Point

News

M&A

Delek to sell insurer Phoenix to PE firms Centerbridge and Gallatin Point

Israel-based Delek Group has signed an agreement to sell a 32.5 percent stake in its insurer Phoenix Holdings to private equity firms Centerbridge Partners and Gallatin Point Capital for 1.72bn shekels ($476mn).

Fri 24 May 2019

JLT launches legal proceedings against Hyperion as defections intensify

News

Legal/ Regulatory

JLT launches legal proceedings against Hyperion as defections intensify

MMC-owned JLT has begun legal proceedings in the UK against the London-headquartered intermediary Hyperion following a flurry of high-profile resignations, The Insurer can reveal.

Fri 24 May 2019

News

Legal/ Regulatory

Old Mutual board suspends CEO Moyo

The chief executive of South African carrier Old Mutual Life Assurance Company, Peter Moyo, has been suspended by the insurer’s board of directors after a “material breakdown in trust and confidence,” in an announcement filed on the Johannesburg Stock Exchange today.

Fri 24 May 2019

Japanese carriers hit by additional reinsurance costs following 2018 nat cats

News

Losses

Japanese carriers hit by additional reinsurance costs following 2018 nat cats

Japanese non-life insurers are facing pressure to rebuild catastrophe reserves amid rising reinsurance costs that follow a catastrophe loss-heavy year in 2018, according to a market segment report from AM Best.

Fri 24 May 2019

Analysis

Energy

Upstream shuffle?

“Nothing stands still for long in the Energy insurance markets,” notes Willis Towers Watson (WTW) in its Energy Market Review 2019.

Fri 24 May 2019

News

People Moves

Everest Re adds Hartzband to board

Bermudian Everest Re Group has appointed Stone Point Capital founding partner Meryl Hartzband to its board of directors. She will join the carrier’s audit, compensation and nominating & governance committees.

Fri 24 May 2019

News

Chad to leave JLT Aerospace ahead of Gallagher takeover

Senior aviation executive Marcel Chad is understood to have signalled his intention to exit JLT ahead of the planned £190mn transfer of JLT Aerospace to rival broking house Gallagher, The Insurer can reveal.

Fri 24 May 2019