Brit swoops on Aviva’s Drew for head of outwards reinsurance

London (re)insurer Brit has named James Drew as head of outwards reinsurance.

Tue 21 May 2019

Greenlight Re makes sixth insurtech investment

Greenlight Re Innovations has invested in insurance online dispute resolution start-up FairClaims – bringing the total number of insurtech businesses it has invested in to six.

Mon 20 May 2019

Safe Auto files for $50mn IPO

US personal auto insurer Safe Auto has filed for an initial public offering, with its S-1 registration statement listing a $50mn proposed maximum aggregate offering price.

Mon 20 May 2019

MGM’s insurers on hook for $751mn of possible Las Vegas shooting settlement

MGM Resorts International has revealed it could settle for up to $800mn with the plaintiffs in multiple lawsuits over the 2017 Las Vegas shooting, with its general liability insurers including AIG and Chubb exposed to $751mn of any settlement.

Mon 20 May 2019

EC approves £190mn JLT Aerospace deal with Gallagher

The European Commission has formally approved Gallagher’s £190mn acquisition of JLT’s aerospace division, The Insurer can reveal.

Mon 20 May 2019

FRC completes £6mn investigation into KPMG Lloyd’s audit failures

The Financial Reporting Council’s (FRC) investigation – which resulted in a £6mn ($7.7mn) fine for KPMG – into the preparation and audit of accounts for Equity Red Star (Syndicate 218 at Lloyd’s) came to a close last week after the best part of seven years.

Mon 20 May 2019

QBE North America VP Byerly to lead UK financial lines

QBE’s Robert Byerly has been promoted from vice president of D&O liability in North America to director of financial lines, UK.

Mon 20 May 2019

MS Amlin losses narrow in 2018

MS Amlin – a subsidiary of Japanese giant MS&AD – has posted a net loss after-tax of £94mn ($119.9mn) for the 2018 calendar year, down from the loss of £760mn it posted in 2017.

Mon 20 May 2019

Aston Lark owners Bowmark confirm sale to Goldman Sachs

Mid-market private equity firm Bowmark Capital has confirmed the sale of the Peter Blanc-led broker Aston Lark to Goldman Sachs’ Merchant Banking Division, as previously revealed by The Insurer.

Mon 20 May 2019

Athene upgrade latest win for investment heavyweight Apollo

Mon 20 May 2019

Tokio Marine international profit climbs 30%; reinsurance returns to black

Japanese giant Tokio Marine Holdings has reported a 30 percent boost in profit within its international business arm  – which includes Tokio Marine HCC, Tokio Marine Kiln and the carrier’s reinsurance operation – to 187.8bn yen ($1.7bn) for the 12 months ending 31 March 2019.

Mon 20 May 2019

HDI Global Specialty taps Neon for aviation and space head

HDI Global Specialty SE has named Martin Jackson to replace Tim Slade as head of aviation and space.

Mon 20 May 2019

Sompo International 2018 profits slump; returns to u/w profit

Sompo International reported a 2018 adjusted profit of $177mn in the 12 months to 31 March, with the carrier shedding two thirds off the profit of $511mn it posted in the 2017 financial year.

Mon 20 May 2019

Lloyd’s syndicates’ 2017 forecasts finally stabilises after Irma creep

Lloyd’s troubled 2017 year of account is finally stabilising after a series of quarters where syndicates scrambled to update their estimates in response to loss creep from the year’s cat events.

Mon 20 May 2019

Watford Re gets bullish analyst coverage and Best affirmation

Analysts from JMP Securities and KBW initiated coverage of recently listed Watford Re with “outperform” recommendations and positive views on the Bermudian’s outlook and its iteration of the total return (re)insurer model.

Fri 17 May 2019

War exclusion confusion irking cyber market

The fallout from 2017’s NotPetya attacks is still being felt by the cyber insurance market – with frustrations rising about the press reports of the resulting lawsuits causing confusion over whether the standalone product will pay out.

Fri 17 May 2019