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Bill to increase cat fund LAE reimbursement clears Florida committee

News

Flood

Bill to increase cat fund LAE reimbursement clears Florida committee

A Florida Senate committee has approved a bill that would increase the level of loss adjustment expenses (LAE) covered by the state’s cat fund from 5 percent to 10 percent – a move that could mitigate potential loss creep ceded to private reinsurers after future cat events.

Tue 9 Apr 2019

Swiss Re’s Jebi loss could increase by $500mn in Q1: KBW

News

Losses

Swiss Re’s Jebi loss could increase by $500mn in Q1: KBW

Swiss Re’s long list of large losses is likely to be above budget in its first quarter results, believe KBW analysts following a pre-close call with management.

Tue 9 Apr 2019

Ardonagh will be 'private for the next decade': Ross

News

M&A

Ardonagh will be 'private for the next decade': Ross

Ardonagh CEO David Ross says the UK broker consolidator will be profitable within the next two years but is committed to remaining privately owned for the next ten and believes “independence” is at the heart of the group’s future.

Tue 9 Apr 2019

Everest hires Taute as wholesale distribution leader

News

People Moves

Everest hires Taute as wholesale distribution leader

Everest Insurance has announced former Lexington executive Richard Taute as vice president of marketing distribution and national wholesale distribution leader for insurance.

Tue 9 Apr 2019

Third Point Re appoints Gibbons to lead specialty treaty portfolio

News

People Moves

Third Point Re appoints Gibbons to lead specialty treaty portfolio

Third Point Re has named Allied World’s former head of specialty reinsurance Tracey Gibbons to lead its specialty treaty portfolio.

Tue 9 Apr 2019

Ardonagh remains in the red for 2018 with £111.6mn loss

News

Results

Ardonagh remains in the red for 2018 with £111.6mn loss

Private equity owned UK broker consolidator Ardonagh Group narrowed its annual loss in 2018 to a deficit of £111.6mn.

Tue 9 Apr 2019

StarStone lands Ed Noonan and Dick Sanford

News

People Moves

StarStone lands Ed Noonan and Dick Sanford

Enstar’s specialty carrier StarStone Group has made big-statement hires with the appointment of former Validus chief Ed Noonan as chairman and ex-PartnerRe head of North America P&C Dick Sanford as president.

Mon 8 Apr 2019

Arch sues Koch to deny $85mn feed mill explosion claim

News

Losses

Arch sues Koch to deny $85mn feed mill explosion claim

Arch Specialty Insurance has filed a lawsuit against Koch Foods, claiming it should not pay its share of an $85.5mn claim resulting from a 2016 poultry feed mill explosion because of material misrepresentations made to the insurer.

Mon 8 Apr 2019

News

Capital

Palomar IPO to raise up to $110mn

US specialty carrier Palomar Holdings has launched the roadshow for its initial public offering, with the targeted proceeds increased greatly from the placeholder amount provided in its S-1 last month.

Mon 8 Apr 2019

Ethiopian Airlines insurers put up $275mn reserve

News

Aviation

Ethiopian Airlines insurers put up $275mn reserve

Lead Ethiopian Airlines insurer Chubb and broker Willis has recommended a $275mn reserve for liability and legal costs from the fatal crash of Ethiopian Airlines flight 302.

Mon 8 Apr 2019

News

RenRe follows Nephila with 1.6 Florida warning

RenaissanceRe has become the latest major Florida reinsurer to assert its determination to shrink its Florida book if pricing at the 1 June renewals does not respond positively.

Mon 8 Apr 2019

Analysis

Capital

This year’s top insurance model

The topics of the best model for starting up in the (re)insurance industry and how existing companies must evolve their business models to stay ahead were discussed by senior executives at a roundtable held in New York by The Insurer – in association with Lloyds Bank.

Mon 8 Apr 2019

News

Voce rallies Argo shareholders over incentive plan

Voce Capital Management has fired another warning shot at Argo’s Board, this time calling on shareholders to vote down Argo’s proposed 2019 Omnibus Incentive Plan at its upcoming AGM and affirming its intent to replace select board members with a slate of its own candidates.

Mon 8 Apr 2019

News

TigerRisk confirms Feldman hire to lead West Coast expansion

Reinsurance intermediary TigerRisk has confirmed it is launching a West Coast practice in the US with the hire of Kevin Feldman from Guy Carpenter.

Mon 8 Apr 2019

Gallagher names Thompson CEO of UK specialty and wholesale

News

Energy

Gallagher names Thompson CEO of UK specialty and wholesale

Broker Gallagher has named John Thompson as chief executive officer of its UK specialty London market and wholesale businesses, a position he has held on an interim basis since September 2018.

Mon 8 Apr 2019

Ariel Re hires TMR exec to head marine & energy reinsurance

News

People Moves

Ariel Re hires TMR exec to head marine & energy reinsurance

Ariel Re has become the latest firm to hire from the former ranks of Bermudian reinsurer Tokio Millennium Re with the appointment of David Martin as head of marine & energy reinsurance.

Mon 8 Apr 2019