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People Moves

Old Republic appoints new CEO

Old Republic International has promoted chief operating officer Craig Smiddy to CEO, effective 1 October.

Thu 9 May 2019

News

D&O

US D&O pricing up 13.8% in Q1

The average price for $1mn in US D&O limits was up 13.8 percent compared to the same quarter last year, Aon has revealed.

Thu 9 May 2019

Gupta resigns from Third Point Re USA role

News

People Moves

Gupta resigns from Third Point Re USA role

Third Point Re (TPRE) USA president Manoj Gupta has resigned from the position, The Insurer understands.

Thu 9 May 2019

Rob Bredahl resigns as Third Point Re CEO

News

People Moves

Rob Bredahl resigns as Third Point Re CEO

Daniel Malloy has been appointed interim CEO of Third Point Re, replacing Robert Bredahl who has resigned, with the Bermudian seeking to identify a permanent CEO.

Thu 9 May 2019

Beneducci steps away from CEO role at ProSight; set for May ’20 exit

News

People Moves

Beneducci steps away from CEO role at ProSight; set for May ’20 exit

ProSight founder Joe Beneducci has relinquished his CEO role at the US carrier with COO Larry Hannon taking the position with immediate effect.

Thu 9 May 2019

Westaim Q1 profits leap as it prepares to exit Stephen Way’s HIIG

News

M&A

Westaim Q1 profits leap as it prepares to exit Stephen Way’s HIIG

Canadian holding company Westaim Corp pointed to the “improved pricing” in the US specialty markets enjoyed by HIIG, the insurer that is expected to shortly have a new backer.

Thu 9 May 2019

News

Losses

California wildfire losses increased $614mn in Q1

The California department of insurance has reported insured losses from the November 2018 wildfires climbed $614mn in the first quarter, pushing total claims over $12bn as of April.

Thu 9 May 2019

News

New StarStone leadership refocusing on core lines as UW losses continue

The revamped management team of Enstar’s StarStone unit is repositioning its underwriting portfolio to focus on core lines, including excess casualty and workers’ comp in the US, and a range of specialty lines in its international book.

Thu 9 May 2019

AFL splits CEO role as it gears up for US expansion

News

People Moves

AFL splits CEO role as it gears up for US expansion

Independent Lloyd’s broker AFL Insurance Brokers has promoted its chief commercial officer Jonathan Bines to CEO of its UK operations while co-founder and current CEO Bob Finch will relocate to the US, becoming CEO of AFL North America.

Thu 9 May 2019

News

Q1 insurtech investment sets new records

Insurtech investors in the first quarter set records for the number of overall transactions, the number of property/casualty transactions and the volume of Series B and Series C funding, according to a Willis Towers Watson report.

Thu 9 May 2019

News

Lloyd’s firms threatened with deregistration as get tough approach to allegations continues

In the wake of the recent “sexism at Lloyd’s” furore sparked by a March Bloomberg BusinessWeek article, the 330-year old market has outlined a series of potentially heavy sanctions…

Thu 9 May 2019

Burton pays back controversial £625,000 Ardonagh loan

News

Legal/ Regulatory

Burton pays back controversial £625,000 Ardonagh loan

Former Alesco broker Peter Burton has recently paid back the controversial offshore £625,000 loan from an offshore company that was sanctioned by the CEO of UK broker Ardonagh Group ahead of the energy specialist resigning to join the company.

Thu 9 May 2019

Improved UW helps Liberty Mutual operating profits surge 68%

News

Results

Improved UW helps Liberty Mutual operating profits surge 68%

Pre-tax operating profit climbed $269mn to $662mn for the first quarter Combined ratio improved 2.7 points to 96.3% Consolidated net income for Q1 2019 was $671mn, an increase of $22mn or 3.4 percent over the same period in 2018. Net written premium for the first quarter was $9.70bn - a 2.8 percent increase from Q1 2018

Thu 9 May 2019

News

Lloyd’s invests in AI start-up as second lab cohort gets underway

Lloyd’s has invested an undisclosed sum in artificial intelligence start-up Layr, a cloud-based commercial insurance platform for small businesses.

Thu 9 May 2019

Employers Mutual ups bid for EMCI by 20%

News

M&A

Employers Mutual ups bid for EMCI by 20%

Employers Mutual Casualty Company (EMCC) has increased its offer to buy out minority shareholders in its majority-owned publicly traded carrier EMC Insurance Group (EMCI) from an initial $30 a share to $36 a share.

Thu 9 May 2019

Phoon re-emerges as CEO of Munich Re Singapore

News

People Moves

Phoon re-emerges as CEO of Munich Re Singapore

Munich Re has appointed the former chief exec of Canopius Asia, Linus Phoon as CEO of Singapore and Southeast Asia.

Thu 9 May 2019