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News

People Moves

Lancashire CFO Whelan to step down

Lancashire’s chief financial officer and CEO of the carrier’s Bermudian arm Elaine Whelan is to retire from her top role at the carrier next year.

Fri 24 May 2019

Senate passes bill extending NFIP to end of September

News

Property catastrophe

Senate passes bill extending NFIP to end of September

The Senate has voted 85-8 to pass an emergency disaster relief measure agreed with President Trump that includes extending National Flood Insurance Program (NFIP) authorisation to 30 September.

Thu 23 May 2019

Florida governor signs AOB bill into law

News

Legal/ Regulatory

Florida governor signs AOB bill into law

Florida’s legislation reforming assignment of benefits (AOB) has been signed into law by Governor Ron DeSantis, and will come into effect 1 July.

Thu 23 May 2019

News

Losses

$4bn of MS&AD’s Japan cat losses reinsured; Akibare cat bond a total loss

MS&AD has revealed that 70 percent of its gross Japanese catastrophe losses in 2018 were covered by reinsurance, including an expected total loss of its Akibare 2016-1 cat bond.

Thu 23 May 2019

News

Cyber

CFC launches instant quote and bind platform for SME cyber policies

London-based MGA CFC Underwriting has developed an online trading platform that brokers can use to generate and customise cyber policies for their small to medium enterprise (SME) clients, without underwriter involvement.

Thu 23 May 2019

NOAA forecasts 2-4 major hurricanes in 2019 season

News

Property catastrophe

NOAA forecasts 2-4 major hurricanes in 2019 season

The National Oceanic and Atmospheric Administration (NOAA) has predicted a near-normal Atlantic hurricane season this year, with a 40 percent chance of a near-normal season, a 30 percent chance of an above-normal season and a 30 percent chance of a below-normal season.

Thu 23 May 2019

2018 D&O profitability up despite $3bn Petrobras, $480mn Wells Fargo settlements

News

D&O

2018 D&O profitability up despite $3bn Petrobras, $480mn Wells Fargo settlements

The US directors and officers (D&O) insurance market’s performance improved in 2018. But AM Best has warned in a new report that a growing number of emerging issues including a Supreme Court ruling and the growing number of unicorn companies pose new challenges for underwriters.

Thu 23 May 2019

Risk Strategies to consolidate and build wholesale platform under Power

News

M&A

Risk Strategies to consolidate and build wholesale platform under Power

Fast-growing US broker Risk Strategies is looking to consolidate its existing network of specialty intermediaries into a single wholesale platform and build it out organically and through M&A under new divisional head Matt Power, The Insurer can reveal.

Thu 23 May 2019

Real estate investor sues Mapfre for $37mn unpaid Maria claims

News

Legal dispute

Real estate investor sues Mapfre for $37mn unpaid Maria claims

Capital Crossing Servicing has filed a lawsuit against Mapfre Praico Insurance Company claiming the insurer has only paid $2.6mn of $39.6mn total submitted claims related to Hurricane Maria.

Thu 23 May 2019

NTA expected to significantly expand MS Amlin-led trucking quota share

News

Commercial auto

NTA expected to significantly expand MS Amlin-led trucking quota share

US specialty MGA NTA General Insurance Agency is expected to seek significant profitable growth on the trucking liability program it reinsures through a State National-fronted 100 percent quota share, The Insurer can reveal.

Thu 23 May 2019

The Hartford completes Navigators purchase

News

M&A

The Hartford completes Navigators purchase

The Hartford’s acquisition of specialty insurer The Navigators Group has closed today for $2.2bn in cash, including expenses.

Thu 23 May 2019

News

Inland marine

New players intensifying US inland marine competition

New entrants are threatening the US inland marine market’s strong profitability, while CNA and Liberty Mutual held the top two spots and AIG grew its premiums 47 percent last year, according to a new report from AM Best.

Thu 23 May 2019

News

Energy

Downstream market sees rates rebound

Loss-affected accounts in the downstream energy market have been able to achieve rating increases of 30 percent at recent renewals as the beleaguered sector seeks to recalibrate after two atrocious years of losses, The Insurer can reveal.

Thu 23 May 2019

News

Ex-Marsh exec Jeremy Cooke partners with SSL founder Sturdy to launch Abu Dhabi Re

The recently retired senior Marsh executive Jeremy Cooke is teaming up with SSL founder Andrew Sturdy to launch the first underwriting platform in Abu Dhabi’s International Financial Centre.

Thu 23 May 2019

News

Ardonagh Q1 loss increases to £24.7mn as debt finance costs climb

Private equity owned UK broker consolidator The Ardonagh Group saw its losses climb to £24.7mn in the first quarter of 2019 as the cost to service its £1bn+ debt burden increased, compared with a loss of £14.2mn for the same period last year.

Thu 23 May 2019

Liberty Mutual Re joins Lloyd’s Mexico platform

News

People Moves

Liberty Mutual Re joins Lloyd’s Mexico platform

Liberty Mutual Reinsurance (LM Re), the reinsurance arm of Liberty Special Markets (LSM), has become the latest player to open an operation in Mexico under the Lloyd’s banner.

Thu 23 May 2019