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Guy Carpenter swoops on Lloyd’s for chief actuary as management reshuffle continues

News

People Moves

Guy Carpenter swoops on Lloyd’s for chief actuary as management reshuffle continues

MMC-owned Guy Carpenter has made a series of new hires, the latest wave of people moves at the broking house following the close of the acquisition of JLT last month.

Mon 13 May 2019

Analysis

Legal/ Regulatory

Time to worry about TRIPRA again

The end of 2020 feels a long time away. But, as a note from AM Best makes clear, insurers with US terrorism exposure should start worrying about it now.

Fri 10 May 2019

Florida market set for “mayhem” in late and uncertain renewal

Analysis

Renewals

Florida market set for “mayhem” in late and uncertain renewal

Florida buyers, brokers and reinsurers are set for a manic last two-and-a-half weeks of the renewal season with an influx of firm order terms (FOTs) expected next week and risk-adjusted rate increases that look set to average around 20 percent but could be significantly higher on some accounts.

Fri 10 May 2019

Looming TRIPRA expiration threatens ratings downgrades

News

Rating actions

Looming TRIPRA expiration threatens ratings downgrades

AM Best will begin compiling a list of insurers with exposures to terrorism later this year, and request those with material exposure provide plans for mitigating it in the event that TRIPRA is not renewed.

Fri 10 May 2019

News

People Moves

Keith Harrison heads to Lockton Re

Former JLT Re executive Keith Harrison is joining Lockton as the broker continues to build out its reinsurance platform, The Insurer can reveal.

Fri 10 May 2019

RenRe’s O’Donnell wary about impact of Florida reforms

News

Legal/ Regulatory

RenRe’s O’Donnell wary about impact of Florida reforms

RenaissanceRe is taking a wait and see approach to Florida’s legislative changes that increase the loss adjustment expense (LAE) reimbursement covered by the state cat fund and clamp down on assignment of benefits (AOB) abuse.

Fri 10 May 2019

News

Third Point Re’s shares fall 6% following Bredahl resignation

Investors have reacted negatively to the sudden departure of Robert Bredahl from Third Point Re, while the new interim CEO revealed the Bermudian is targeting more than $50mn property cat premiums after entering the market this year.

Fri 10 May 2019

Prime Risk Partners appoints Reagan ahead of potential sale process

News

M&A

Prime Risk Partners appoints Reagan ahead of potential sale process

Reagan Consulting has been appointed to advise Prime Risk Partners as it considers ownership options that could see PE backer Thomas H Lee transition out of the expansive retail agent consolidator after five years as an investor, The Insurer can reveal.

Fri 10 May 2019

Marcal Paper Mills expected to cost FM Global $400mn

News

Losses

Marcal Paper Mills expected to cost FM Global $400mn

FM Global is facing a $400mn loss as a result of the Marcal Paper Mills fire in New Jersey earlier this year, The Insurer can reveal.

Fri 10 May 2019

News

M&A

AmWINS exits RFIB sale talks

AmWINS has followed BGC Partners in pulling out of sale talks for private equity-owned RFIB Insurance Brokers, The Insurer can reveal.

Fri 10 May 2019

News

Results

Peak Re top line balloons in 2018

Hong Kong-based reinsurer Peak Re booked $1.38bn in gross written premium in 2018, up from the $1.10bn it wrote the previous year.

Fri 10 May 2019

Analysis

MPL market struggling with shrinking demand, soft pricing

Berkshire Hathaway is by far the biggest writer of US medical professional liability insurance, a market that is facing falling demand, soft market pricing, reform challenges and dwindling reserve redundancies, an AM Best report has revealed.

Fri 10 May 2019

News

UPC halves Armor Re II cat bond

United Insurance Holdings (UPC)’s latest catastrophe bond, Armor Re II Ltd, has been cut to $100mn from its planned $200mn due to its Class A tranche being priced at the upper end of guidance, according to reports.

Fri 10 May 2019

News

Flood

Perils increases Townsville flood estimate to $728mn

Loss aggregation firm Perils has increased its estimate of insured losses stemming from Australia’s Townsville floods earlier this year to AUD$1.04bn ($728mn).

Fri 10 May 2019

Skuld remains above water despite 2018/19 profits leakage

News

Marine

Skuld remains above water despite 2018/19 profits leakage

Scandinavian P&I Club Skuld saw its bottom line drop by 81 percent for the financial year ending 20 February 2019 as difficult trading conditions and a handful of large claims took their toll.

Fri 10 May 2019

Frase and McKeon leave Willis Re for TigerRisk

News

Casualty Reinsurance

Frase and McKeon leave Willis Re for TigerRisk

Lindsey Frase and Brian McKeon are leaving Willis Re for TigerRisk as the Rod Fox-headed broker continues to build out its West Coast platform, The Insurer can reveal.

Fri 10 May 2019