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MMC: Marsh and Guy Carpenter performed strongly in Q1

News

Results

MMC: Marsh and Guy Carpenter performed strongly in Q1

Marsh & McLennan Companies (MMC), which is in the early stages of integrating recently acquired Jardine Lloyd Thompson Group (JLT), has reported solid consolidated revenue in the first quarter of 2019 of $4.1bn, an increase of 2 percent, or 4 percent on an underlying basis, compared with Q1 2018.

Thu 25 Apr 2019

Eliot Partnership swoops on Axis for APAC chairman

News

People Moves

Eliot Partnership swoops on Axis for APAC chairman

Insurance headhunting firm Eliot Partnership has named Axis Specialty’s Andreas Thiele as executive chairman of Asia Pacific and a partner of the firm.

Thu 25 Apr 2019

News

People Moves

LSM promotes property binders duo

Liberty Specialty Markets (LSM) has promoted Kerry Hall to underwriting manager for property and Richard Wheeler to senior business and strategic development underwriter.

Thu 25 Apr 2019

News

Legacy

Pro to acquire Vibe MGA Management

Legacy outsourcing firm Pro Global has today signed the sale and purchase agreement to acquire Vibe MGA Management, the MGA incubator arm of Vibe UK Holdings.

Thu 25 Apr 2019

Argo taps Swiss Re for CEO of its Brazilian business

News

People Moves

Argo taps Swiss Re for CEO of its Brazilian business

Argo Seguros – the Brazilian arm of Bermudian-headquartered carrier Argo Group – has appointed Newton Queiroz as CEO.

Thu 25 Apr 2019

Axa XL promotes Catlin’s Wilson to global head of portfolio solutions

News

People Moves

Axa XL promotes Catlin’s Wilson to global head of portfolio solutions

Axa XL has promoted Charlotte Wilson to global head of portfolio solutions, with responsibility for developing the carrier’s global strategy for portfolio solutions.

Thu 25 Apr 2019

News

Argo says Voce trying to “distract shareholders”

Argo Group has hit back at activist investor Voce Capital Management’s latest accusations, with the Bermudian (re)insurer saying Voce has misrepresented income-producing assets as corporate housing.

Thu 25 Apr 2019

Cincinnati Financial takes 5 points off CR in Q1 earnings beat

News

Results

Cincinnati Financial takes 5 points off CR in Q1 earnings beat

Cincinnati Financial reported a solid first quarter earnings beat that included an almost 5 percentage points improvement in its combined ratio to 93.0 percent, despite higher weather-related cat losses.

Wed 24 Apr 2019

Universal’s combined ratio increases 10.6 points in Q1

News

Results

Universal’s combined ratio increases 10.6 points in Q1

Florida insurer Universal Insurance Holdings has reported a 7.1 increase in net premiums and a 10.6 point increase in its combined ratio to 87.2 percent in the first quarter.

Wed 24 Apr 2019

Fitch goes negative on Sirius's A- rating, says “future ownership uncertain”

News

Rating actions

Fitch goes negative on Sirius's A- rating, says “future ownership uncertain”

Fitch has placed Sirius International Group’s ratings on negative watch, including the A- financial strength rating of Sirius’s operating subsidiaries, over worries that its majority shareholder can remain a going concern.

Wed 24 Apr 2019

News

Losses

Axis increases Jebi and Trami losses by $30mn in Q1

Axis Capital has reported first quarter results that missed expectations, while revealing a 13.2 percent drop in reinsurance net premiums and an increase in losses from last year’s Japan typhoons.

Wed 24 Apr 2019

AOB reform passes Florida legislature, heads to governor to sign

News

Legal/ Regulatory

AOB reform passes Florida legislature, heads to governor to sign

Florida’s Senate has voted 25-14 to approve a bill to tackle assignment of benefits (AOB) abuse, with the state’s governor confirming that he will sign the bill into law.

Wed 24 Apr 2019

Amynta replaces CEO with BofA Merrill Lynch deal advisor

News

M&A

Amynta replaces CEO with BofA Merrill Lynch deal advisor

Former Bank of America Merrill Lynch insurance deal advisor Robert Giammarco has been appointed chairman and CEO of Amynta – a group of MGAs, warranty and specialty risk companies that Madison Dearborn Partners paid AmTrust $950mn for a 51 percent stake in last year.

Wed 24 Apr 2019

News

Voce urges Argo to “come clean” over corporate spending

[CORRECTS EARLIER VERSION] The war of words has again intensified between Voce Capital Management and Argo, with the activist investor calling on the Mark Watson-led (re)insurer to “come clean” about the alleged misuse of corporate assets and “hair-splitting explanations” for the use of its corporate housing programme and company jet.

Wed 24 Apr 2019

News

Velocity distribution with insurer captive agency networks drives expansion

Nephila’s Velocity Risk Underwriters MGA is set to add New Jersey to its homeowners footprint as it continues to grow its book through the captive agency networks of major US carriers, including Farmers, The Insurer can reveal.

Wed 24 Apr 2019

Swiss Re swoops on AGCS for LatAm Corporate Solutions CEO

News

People Moves

Swiss Re swoops on AGCS for LatAm Corporate Solutions CEO

Swiss Re Corporate Solutions has appointed AGCS’ Angelo Colombo CEO of Latin America.

Wed 24 Apr 2019