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Ironshore oil rig dispute with Halliburton heads to arbitration

News

Legal/ Regulatory

Ironshore oil rig dispute with Halliburton heads to arbitration

A dispute between Ironshore and Halliburton over a $12mn oil rig explosion payout is heading for arbitration after the Fifth Circuit reversed a district court ruling that Ironshore waived all of its subrogation rights and did not have a binding arbitration agreement.

Fri 19 Apr 2019

Lloyd’s syndicates denied recovery of $500mn Chevron “Big Foot” loss

News

Legal/ Regulatory

Lloyd’s syndicates denied recovery of $500mn Chevron “Big Foot” loss

The Fifth Circuit appeals court has denied efforts by Lloyd’s syndicates - including ones owned by Munich Re, QBE, Chaucer and Aegis - to recoup more than $500mn in losses from a steel tendon failure on a Chevron oil-drilling platform in 2015.

Fri 19 Apr 2019

Florida Senate committee clears bill to increase FHCF LAE cap

News

Legal/ Regulatory

Florida Senate committee clears bill to increase FHCF LAE cap

An omnibus bill that would make a raft of insurance-related changes is heading for the Florida Senate floor after passing the Appropriations Committee.

Fri 19 Apr 2019

News

Losses

Heritage latest Floridian to reveal hail losses, expects $15mn Q1 cat loss

Floridian insurer Heritage Insurance Holdings expects $10.2mn of net losses from the Brevard County hail storm at the end of March

Fri 19 Apr 2019

News

People Moves

Tony Ursano to leave TigerRisk

TigerRisk president Tony Ursano is set to leave the firm next month to pursue other interests. Ursano joined TigerRisk in 2015 to build out its M&A and capital markets platform and link it with the firm’s reinsurance broking operation to provide risk solutions and advisory services to insurers and reinsurers.

Fri 19 Apr 2019

Mixed messages from bellwethers on US commercial pricing

Comment

Rates

Mixed messages from bellwethers on US commercial pricing

Travelers saw a strong increase in pricing momentum on its business insurance book, but specialty carrier RLI was more muted in its enthusiasm after “flat” E&S submissions and moderate rate hikes in the first quarter.

Thu 18 Apr 2019

Fema confirms close of second cat bond, covering $300mn of NFIP risk

News

Flood

Fema confirms close of second cat bond, covering $300mn of NFIP risk

The Federal Emergency Management Agency (Fema) now has $2.12bn of flood cover in place after confirming the close of a $300mn catastrophe bond covering National Flood Insurance Program (NFIP) risk, with Hannover Re acting as a transformer.

Thu 18 Apr 2019

News

Losses

UPC the latest to reveal Florida hail losses in Q1

Florida-based insurer UPC Insurance has estimated first quarter catastrophe losses of $18mn before income taxes but net of expected reinsurance recoveries, with the biggest driver of losses the hail storm at the end of March.

Thu 18 Apr 2019

Holborn makes senior executive hire from Goldman Sachs

News

People Moves

Holborn makes senior executive hire from Goldman Sachs

Independent US reinsurance broker Holborn has appointed Peter Beckman to the newly-created role of executive officer.

Thu 18 Apr 2019

Vault plans major geographical and product expansion in 2019

News

High net worth

Vault plans major geographical and product expansion in 2019

A year and a half after its launch, high net worth (HNW) insurer Vault has received approval to write on an admitted basis in Connecticut, New Jersey and Pennsylvania as it looks to roll out its homeowners offering to 15 new states this year, The Insurer can reveal.

Thu 18 Apr 2019

Travelers shares up as commercial pricing accelerates in Q1

News

Casualty

Travelers shares up as commercial pricing accelerates in Q1

A solid earnings beat and positive commentary on commercial insurance pricing at Travelers were only slightly tempered by news of a reserve charge related to New York’s Child Victims Act legislation.

Thu 18 Apr 2019

Sompo International promotes Brazil to CEO of Europe insurance unit

News

People Moves

Sompo International promotes Brazil to CEO of Europe insurance unit

Sompo International has named Thomas Brazil chief executive officer of its European Economic Area (EEA) insurance business, Sompo SI Insurance Europe.

Thu 18 Apr 2019

News

Rates

BB&T Insurance generates 6.7% organic growth

Income at US retail and wholesale broker BB&T Insurance surged to a record $510mn for the first quarter and was up 17.0 percent compared to the prior-year period, driven by 6.7 percent organic growth and the impact of its Regions acquisition.

Thu 18 Apr 2019

News

Hannover Re to eliminate coal cover and investments by 2038

Reinsurance powerhouse Hannover Re is the latest German carrier to scale back its coal-related underwriting policies and investments.

Thu 18 Apr 2019

News

Losses

Allstate hit with $381mn March cat bill

US insurance giant Allstate sustained $381mn of catastrophe losses last month.

Thu 18 Apr 2019

Travelers beats in Q1 as top line swells to record levels

News

Results

Travelers beats in Q1 as top line swells to record levels

US commercial and personal lines giant Travelers has beaten the expectations of analysts in the first quarter, delivering a core income per diluted share of $2.83, as gross written premium ballooned to a record $7.84bn.

Thu 18 Apr 2019