Rupert Atkin steps down as Talbot chairman

Rupert Atkin is to stand down from his role of non-executive chairman at AIG-owned Talbot after 28 years with the Lloyd’s syndicate.

Wed 8 May 2019

Bermuda expects blacklist removal this month after EU group backing

Bermuda has been recommended for removal from the European Union’s blacklist of non-cooperative tax jurisdictions by a key EU group, with the island’s officials telling The Insurer they expect to be taken off the list within weeks.

Wed 8 May 2019

Seattle-based managing broker Bueler exits JLT Re

JLT Re executive vice president Aaron Bueler has left the reinsurance broker as its operations are combined with Guy Carpenter following the takeover by MMC, The Insurer can reveal.

Wed 8 May 2019

Munich Re P&C Q1 profit down a third due to attritional losses

Munich Re reported a net profit of Eur420mn ($470.4mn) in its P&C reinsurance division in the first quarter of 2019, down nearly a third from the Eur591mn it posted in the first quarter of 2018.

Wed 8 May 2019

Investment gains boost Sirius bottom line despite Q1 cat creep

Comprehensive income more than doubled at Sirius as investment gains offset underwriting deterioration in the first quarter that included increased loss estimates for Hurricanes Irma, Michael and Florence.

Wed 8 May 2019

UPC shifts cat to QS and slashes open market reinsurance placement

As Florida renewal negotiations continue, United Insurance Holdings (UPC Insurance) has revealed only about $800mn of its $3.2bn reinsurance program remains to be placed, with its open market capacity needs falling 50 percent over 2018.

Wed 8 May 2019

UW profits down 35% at Alleghany

Improved underwriting results in Alleghany’s insurance operation were offset by a dip at reinsurance arm TransRe on the back of several large non-cat losses and lower reserve releases.

Wed 8 May 2019

FedNat pushed to Q1 loss on 70% hail storm estimate increase

Florida insurer FedNat Holding made an operating loss of $2.4mn in the first quarter, compared with income of $8.5mn in the same period last year, after again increasing its hail storm loss estimate.

Wed 8 May 2019

RenRe grows GWP 35% in Q1

RenaissanceRe’s gross written premiums were up $404.6mn to $1.6bn in a first quarter that beat analysts’ expectations.

Tue 7 May 2019

Centerbridge and Goldman Sachs join Abry as Aston Lark bidders

Private equity firm Centerbridge and US investment bank Goldman Sachs have joined Abry Partners as the first-round bidders for UK commercial broker Aston Lark Group, The Insurer understands.

Tue 7 May 2019

Former JLT marine CEO Longley to leave MMC; linked with newly launched McGill & Partners

Gordon Longley – the former UK CEO of marine and cargo at JLT – is the latest executive to resign from their role at new parent MMC, understood to be leaving to join Steve McGill’s new broking platform, The Insurer can reveal.

Tue 7 May 2019

GMBC launches European digital MGA platform

German (re)insurance services and technology provider GMBC has unveiled an MGA platform for the European markets.

Tue 7 May 2019

AIG reveals details on its strong pricing momentum

On its Q1 earnings call earlier today, AIG management was positive about pricing improvement while revealing increased Jebi losses will be taken entirely by reinsurers, long term property insurance deals will be halved from their peak by next year and it expects a “meaningful price correction” at the 1 June reinsurance renewals.

Tue 7 May 2019

The Dazzling Decade: It has been a decade to remember.

Tue 7 May 2019

ILS market growth slows in Q1; investors seek greater loss creep data

Growth in the ILS market continued to slow in the first quarter of 2019 – which saw slightly more than $1.1bn raised through non-life catastrophe bond issues – the lowest first quarter for total issuance in the past five years and a lot slower than the Q1 $1.8bn average since 2013, according to Willis Re.

Tue 7 May 2019

Argo names Serra Italy CUO

Argo Group’s Italian carrier – ArgoGlobal Assicurazioni – has named Marco Serra as chief underwriting officer for Italy, effective immediately.

Tue 7 May 2019