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UK insurtech Cytora raises £25mn

Cytora, which uses AI to help commercial insurers underwrite risk, has raised £25mn in series B funding.

Wed 17 Apr 2019

Swiss Re’s $2bn share buy-back granted shareholder approval

News

Results

Swiss Re’s $2bn share buy-back granted shareholder approval

Shareholders of reinsurance behemoth Swiss Re approved a public share buy-back programme of up to CHF2bn ($2bn) at its annual general meeting earlier today (17 April).

Wed 17 Apr 2019

Appeals court gives reinsurers a victory in Equitas asbestos ruling

News

Legal/ Regulatory

Appeals court gives reinsurers a victory in Equitas asbestos ruling

The keenly-anticipated Equitas v MMI judgment has provided the reinsurance industry with welcome judicial guidance that insurers cannot present 100 percent of employers’ liability (EL) mesothelioma claims to any year of cover they choose.

Wed 17 Apr 2019

News

Former TMK marine team set to launch MGA Amphitrite

A four-strong team made up of former Tokio Marine Kiln employees is gearing up for the launch of a new London-based marine MGA, The Insurer can reveal.

Wed 17 Apr 2019

Capsicum Re swoops on GC to build out mortgage indemnity unit

News

People Moves

Capsicum Re swoops on GC to build out mortgage indemnity unit

Capsicum Re has appointed former Guy Carpenter executive, Stephen Mathews, to lead the use of analytics in its mortgage indemnity reinsurance division as it continues to expand its New York office.

Wed 17 Apr 2019

NSM targets further 2019 acquisitions to grow premium beyond $1bn

News

M&A

NSM targets further 2019 acquisitions to grow premium beyond $1bn

White Mountains-owned full service MGU and program administrator NSM is expected to add to its Embrace Pet Insurance acquisition in the coming months, as it continues to execute its specialty niche roll-up strategy through a strong pipeline of bolt-on transactions.

Tue 16 Apr 2019

News

Enstar in $500mn A&E legacy deal with Zurich

Enstar has signed an agreement with Zurich to reinsure $500mn of the carrier’s run-off US asbestos and environment liability portfolios.

Tue 16 Apr 2019

News

Starr and Hank Greenberg lead $18mn investment in AI platform

Amenity Analytics, an AI-enabled insights platform, has closed an $18mn Series B round of funding led by Starr Companies and its CEO Hank Greenberg, with investment also coming from Allstate.

Tue 16 Apr 2019

News

Axa exposed to potential claims from Notre-Dame fire

French insurer Axa has revealed it provided liability cover for two contractors that were working on the renovation of Notre-Dame, and also insured some of its artefacts.

Tue 16 Apr 2019

News

Flood

Private US flood market to surge on bank rule change and NFIP rating overhaul

Momentum is building for the private insurance market to take on more flood risk. This was the biggest topic of discussion during the National Association of Insurance Commissioners (NAIC) spring meeting.

Tue 16 Apr 2019

News

$400mn HIIG sale speculation boosts Westaim shares

Speculation that the long-running sale process for US insurance group HIIG is close to completion boosted the shares in its largest shareholder Westaim last week.

Tue 16 Apr 2019

Dual sale processes to be run for Minova’s Pioneer and BMS

News

M&A

Dual sale processes to be run for Minova’s Pioneer and BMS

Canaccord Genuity is poised to run a dual sale process for Minova Insurance’s MGA platform Pioneer Underwriting as well as its broking operation BMS.

Tue 16 Apr 2019

News

Commercial auto

Progressive grows commercial auto premiums 25% in Q1

US auto and home insurer Progressive has continued to grow its commercial lines business in the first quarter, which also included overall catastrophe losses of $72mn.

Tue 16 Apr 2019

PRA demands business plans of underperforming insurers

News

Legal/ Regulatory

PRA demands business plans of underperforming insurers

The Prudential Regulation Authority has required all insurers with poor recent underwriting results to provide it with a copy of their 2019 business plan and a justification of why their plans are appropriate.

Tue 16 Apr 2019

Premium volume surges in domestic US surplus lines market

News

Rates

Premium volume surges in domestic US surplus lines market

The domestic non-admitted market is seeing a strong surge in business as Lloyd’s and certain US carriers led by AIG retrench from loss-struck lines.

Tue 16 Apr 2019

Biba hires TMK’s Blundell as head of general insurance

News

People Moves

Biba hires TMK’s Blundell as head of general insurance

The British Insurance Brokers’ Association (Biba) has hired Alistair Blundell, former head of distribution at Tokio Marine Kiln, to take on the role of head of general insurance.

Tue 16 Apr 2019