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EC3 Brokers taps Integro for new head of broking

News

People Moves

EC3 Brokers taps Integro for new head of broking

Specialist Lloyd’s broker EC3 Brokers has swooped on Integro for James Murphy who will take on the newly-created role of head of broking.

Thu 2 May 2019

$250mn McGill & Partners launches as ex-Willis CEO Casserley joins Board

News

Private Equity

$250mn McGill & Partners launches as ex-Willis CEO Casserley joins Board

Insurance broking veteran Steve McGill has gone live with his Warburg Pincus-backed start-up insurance broker platform McGill & Partners that promises to be an “alternative distribution channel” for major corporate business, adding former Willis CEO Dominic Casserley as non-executive director.

Thu 2 May 2019

Lancashire top line flat in Q1; experiencing rate “momentum”

News

Results

Lancashire top line flat in Q1; experiencing rate “momentum”

London-listed carrier Lancashire reported flat gross written premium in the first quarter of 2019, witnessing an uptick of just 0.6 percent compared to the same period in 2018.

Thu 2 May 2019

News

Results

Allstate cat losses up 88% in Q1

Allstate was hit by $680mn of catastrophe losses in the first quarter, up from $361mn in the same period last year.

Thu 2 May 2019

Allstate adds vertical and horizontal limit on 2019 cat tower

News

Property catastrophe

Allstate adds vertical and horizontal limit on 2019 cat tower

US insurance giant Allstate has renewed its nationwide excess cat program with a new $300mn cat bond and gap and wrap fill layers to take total reinsurance limits up to $4.863bn, less a $500mn retention and coinsurance in various layers up the tower.

Thu 2 May 2019

The Hanover latest insurer to report subrogation rights earnings boost

News

Results

The Hanover latest insurer to report subrogation rights earnings boost

The Hanover’s first quarter results – which comfortably beat expectations – included $13.5mn of favourable development from the sale of wildfire loss subrogation rights.

Wed 1 May 2019

The Hartford buys new $160mn ex-named storms and quake cat cover

News

Property reinsurance

The Hartford buys new $160mn ex-named storms and quake cat cover

The Hartford has bought $160mn of additional cat cover for the rest of 2019 to protect it against loss events other than named storms and earthquakes.

Wed 1 May 2019

The Hartford to buy $300mn Navigators ADC from Berkshire Hathaway

News

Results

The Hartford to buy $300mn Navigators ADC from Berkshire Hathaway

The Hartford is buying a $300mn adverse development cover (ADC) from Berkshire Hathaway to protect it against unfavourable loss reserve movement at The Navigators Group after its acquisition of the specialty insurer closes this summer.

Wed 1 May 2019

Analysis

Cyber

Cyber’s great reassessment: the year of affirmative action

The cyber risk market is being reshaped. Leading insurers are slashing coverage under traditional policies while many others are conducting internal reviews to either affirmatively cover silent cyber exposures or take them off their books – a shift observers say there is no going back from.

Wed 1 May 2019

News

Voce calls for Argo international operations sale and $100mn expenses reduction

Activist investor Voce Capital Management has issued a 130-page presentation detailing how it believes Argo can create value, including calling for the sale of the international operations and reducing expenses by $100mn.

Wed 1 May 2019

News

Lloyd’s to recruit 200 industry professionals to drive bold transformation plan

Lloyd’s CEO John Neal’s rallying call to the market to support his transformation project will lead to 200 industry professionals being seconded from brokers and underwriters to assist with his initiative.

Wed 1 May 2019

NiSource raises pipeline loss and reveals potential coverage dispute

News

Losses

NiSource raises pipeline loss and reveals potential coverage dispute

US utilities company NiSource has increased its estimate of third-party claims from the Greater Lawrence pipeline blast by 28 percent to beyond $1bn – well above the $800mn limits on its core liability tower.

Wed 1 May 2019

Enstar-backed Atrium rivals PE in advanced talks to acquire Neon

News

M&A

Enstar-backed Atrium rivals PE in advanced talks to acquire Neon

Enstar and Stone Point Capital backed Lloyd’s insurer Atrium is competing with the private equity firm Madison Dearborn to acquire the up for sale Lloyd’s carrier Neon, The Insurer can reveal.

Wed 1 May 2019

Investments drive Watford profits higher on public debut

News

Results

Investments drive Watford profits higher on public debut

Watford Holdings reported a surge in net income for the first quarter driven by a threefold increase in net investment income as it released its debut earnings as a publicly listed company.

Wed 1 May 2019

WTW posts 5% organic growth, earnings miss at Q1

News

Results

WTW posts 5% organic growth, earnings miss at Q1

Willis Towers Watson has reported 2019 first quarter earnings that missed analysts’ expectations despite posting organic growth of 4 percent in its corporate risk and broking segment thanks to new business generation and strong renewals.

Wed 1 May 2019

Aquiline’s Relation targets growth with McKechnie and Hall hires

News

People Moves

Aquiline’s Relation targets growth with McKechnie and Hall hires

Aquiline-backed US broker Relation Insurance Services has named former Swiss Re executive Chris McKechnie CFO and ex-Waller Helms managing director Tim Hall as head of M&A as it targets growth organically and through M&A.

Wed 1 May 2019