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People Moves

Kelly follows TMR’s O’Flynn to Ariel Re

Ariel Re has swooped on Tokio Millennium Re (TMR) for the second time this week as it builds out its financial lines team with the appointment of Sean Kelly as senior vice president and specialty underwriter for credit and financial products.

Thu 23 May 2019

Scor expands ILS arm with Coriolis Capital acquisition; takes AuM to $2.1bn

News

M&A

Scor expands ILS arm with Coriolis Capital acquisition; takes AuM to $2.1bn

French reinsurance powerhouse Scor has acquired Coriolis Capital – a fund manager specializing in ILS – taking its assets under management to $2.1bn.

Thu 23 May 2019

Lockton generates 11% organic growth in the US

News

Results

Lockton generates 11% organic growth in the US

Lockton reported strong organic growth in the US and internationally for the fiscal year ending 30 April 2019 and said the move to build out its reinsurance platform will provide further fuel for top line expansion.

Thu 23 May 2019

Puerto Rico insurer Triple-S taken off negative review

News

Rating actions

Puerto Rico insurer Triple-S taken off negative review

AM Best has returned the ratings of Triple-S Management’s property casualty operations to a stable outlook, following Hurricane Maria loss creep prompting downgrades last year.

Wed 22 May 2019

FHCF yet to make decision on reinsurance: sources

News

Property catastrophe

FHCF yet to make decision on reinsurance: sources

Florida’s state-backed catastrophe fund is yet to decide whether it will go ahead with the proposed renewal of its $1bn reinsurance cover, The Insurer understands.

Wed 22 May 2019

TRIPRA uncertainty is creating additional reinsurance demand: Marsh

News

Casualty Reinsurance

TRIPRA uncertainty is creating additional reinsurance demand: Marsh

A new report from Marsh has outlined the impact allowing the US terrorism backstop to expire at the end of 2020 would have, and revealed that insurers are already seeking additional reinsurance limits and coverages.

Wed 22 May 2019

Nationwide, Sedgwick among investors in Snapsheet’s $29mn round

News

Capital

Nationwide, Sedgwick among investors in Snapsheet’s $29mn round

Virtual claims insurtech Snapsheet has closed $29mn in Series E funding, which it says will accelerate the delivery of its platform to all property casualty.

Wed 22 May 2019

News

Aviation

Aviation market faces $1bn cash call in 2019

The fragile aviation insurance market is facing the prospect of a $1bn cash call in the second half of 2019 as a result of two of the largest claims it has had to face in a decade, The Insurer can reveal.

Wed 22 May 2019

News

Nevada reaches tentative settlement in Little Valley Fire case

The state of Nevada has agreed a tentative settlement in a case brought by insurers and homeowners seeking more than $80mn of damages related to a wildfire near Reno in 2016.

Wed 22 May 2019

Run-off to drive further consolidation in Europe: Moody’s

News

Legacy

Run-off to drive further consolidation in Europe: Moody’s

As European life insurers find it difficult to achieve organic growth, many are opting to place or buy run-off portfolios, according to the latest report from Moody’s.

Wed 22 May 2019

News

People Moves

ProAssurance names Rand CEO

Alabama-headquartered ProAssurance has named Edward Rand as its next CEO, taking over from Stancil Starnes who has held the role for 12 years.

Wed 22 May 2019

US P&C insurers’ operating income up 16% in Q1: AM Best

News

Results

US P&C insurers’ operating income up 16% in Q1: AM Best

A $1.4bn increase in net investment income and a $1bn increase in underwriting income boosted the US property casualty industry pre-tax operating income by 16.2 percent to $17.8bn in the first quarter, AM Best has revealed.

Wed 22 May 2019

Goldstein to launch insurance platform with PE backing

News

M&A

Goldstein to launch insurance platform with PE backing

Former Integro CEO Bill Goldstein is working on a new insurance platform with RedBird Capital Partners, the private equity hybrid investment firm that has a funding commitment from Ontario Teachers, The Insurer can reveal.

Wed 22 May 2019

News

Marine

Marine blockchain platform Insurwave pens MoU to boost trade in China

Insurwave, a marine insurance blockchain venture built by EY and Guardtime, has penned an agreement with Zhuhai Port Holdings Group to collaborate on shipping logistics and marine insurance across the Greater Bay Area.

Wed 22 May 2019

Ariel Re swoops on TMR EVP O’Flynn to lead financial lines

News

People Moves

Ariel Re swoops on TMR EVP O’Flynn to lead financial lines

Argo Group’s Ariel Re has hired Stephen O’Flynn from Tokio Millennium Re (TMR) as head of professional lines and casualty treaty underwriting – Bermuda.

Wed 22 May 2019

News

Willis Re partners with insurtech Concirrus

Reinsurance broking giant Willis Re is that latest industry behemoth to have partnered with marine focused insurtech Concirrus.

Wed 22 May 2019