NewsRatesWR Berkley shares up 3% on pricing momentum and beatShares in US specialty insurer WR Berkley reacted positively this morning after a first quarter earnings beat and bullish commentary on commercial insurance pricing that adds further weight to the theory that the market is in the early stages of a meaningful transition.Wed 24 Apr 2019
NewsEverest launches $25mn public company management liability coverEverest Insurance has unveiled a new $25mn limit management liability cover for public companies aimed at addressing the uptick in litigation and regulatory scrutiny.Wed 24 Apr 2019
NewsM&ACovéa seeks new reinsurance acquisitionsFrench co-operative Covéa said its sights are set on acquisitions as it remains interested in diversifying into reinsurance despite dropping plans to buy reinsurer Scor earlier this year.Wed 24 Apr 2019
NewsPeople MovesEx-Willis CEO Plumeri secures funding for martial arts ventureFormer Willis Group chairman and CEO Joe Plumeri has led the latest fundraising efforts for the self-styled premier Hispanic mixed martials arts sports franchise, Combate Americas.Wed 24 Apr 2019
NewsPrudential closes $2.6bn pre-Brexit pension longevity reinsurance dealsFortune 500 listed Prudential Financial’s retirement arm has closed a circa $2.6bn in previously undisclosed longevity reinsurance contracts, a move that signals an unprecedented start to the 2019 UK pension risk transfer market.Wed 24 Apr 2019
NewsMarineAllied World’s marine vice president Reuben exitsPene Reuben, vice president and marine liability underwriter, has left (re)insurer Allied World, The Insurer can reveal.Wed 24 Apr 2019
NewsPeople MovesAviva CEO shakes-up board as UK head exitsThe newly appointed Group CEO of UK insurance giant Aviva – Maurice Tulloch – has made a wave of changes to its leadership team, with the CEO of UK Insurance Andy Briggs stepping down.Wed 24 Apr 2019
NewsLossesFedNat increases Q1 hail loss estimate by 57 percentFlorida insurer FedNat Holdings has updated its estimate of first quarter weather-related losses to $12.2mn, net of its quota-share reinsurance, including $11mn of losses from the Brevard County hail storm.Tue 23 Apr 2019
NewsRatesRate rises now outpacing loss costs on many lines: WR BerkleyWR Berkley reported that rate improvements helped it grow its first quarter premiums, with the US carrier suggesting signs of returning discipline “may be early indicators that the moment the industry has been waiting for is coming to many parts of the business”.Tue 23 Apr 2019
NewsConstructionAon combines construction and inland marine groupsAon has combined its construction and engineering team with its inland marine team to form a single global unit within its reinsurance solutions business.Tue 23 Apr 2019
NewsM&AMarketScout invests in cyber insurtech Wingman PartnersInsurance exchange and specialty MGA MarketScout has invested in Wingman Partners, describing the insurtech platform as “by far the most impressive quote to bind offering we have analysed”.Tue 23 Apr 2019
NewsProgramAxon Re formed to offer LatAm cargo and stock throughput reinsuranceSpecialty program administrator Axon Underwriting Services has formed Axon Re to offer its cargo and stock throughput reinsurance program within the Latin American region.Tue 23 Apr 2019
CommentVoce Capital’s Argo attack appears too little, too lateEarlier today, The Insurer revealed that the alternative investment firm EnTrust is the likely bankroller to activist Voce Capital’s attack on Argo Group.Tue 23 Apr 2019
News$20bn mysterious NY investor emerges as backer of Argo activist$20bn alternative investment firm EnTrust Global has emerged as the likely mystery backer for activist investor Voce Capital Management’s onslaught against Argo’s board and CEO, The Insurer understands.Tue 23 Apr 2019
NewsLossesCatCo aims to deliver 2019 portfolio to reinsurance fund’s shareholdersThe net asset value (NAV) of the ordinary shares of CatCo Reinsurance Opportunities Fund plummeted 58 percent in 2018. But the fund’s annual report reveals CatCo is committed to delivering its 2019 portfolio to the shareholders.Tue 23 Apr 2019