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News

BGC and AmWINS frontrunners in RFIB sale process

BGC Partners, the owner of London market brokers Ed and Besso, and expansive US wholesaler AmWINS have emerged as two of the frontrunners in the chase for up-for-sale RFIB Insurance Brokers, The Insurer can reveal.

Thu 21 Mar 2019

News

Bermuda premier vows to get island off EU blacklist

Premier David Burt has acknowledged concerns in Bermuda about being placed on the European Union’s tax haven blacklist but says the island will be removed from it “at the earliest opportunity”.

Thu 21 Mar 2019

Comment

Gallagher and Lockton texts offer a cautionary tale

In the past week, bitter disputes on both sides of the Atlantic over broker defections have provided textbook examples of what not to text. For broking companies – and any other participants in the (re)insurance industry – they provide a worrying reminder that they should beware what their executives are communicating.

Thu 21 Mar 2019

Analyst ups Allstate Q1 profit projections after Feb cats estimate

News

Losses

Analyst ups Allstate Q1 profit projections after Feb cats estimate

KBW analyst Meyer Shields raised his Q1 earnings forecasts for Allstate after the US insurance giant reported lower-than-expected catastrophe losses for February.

Thu 21 Mar 2019

News

Flood

Townsville flood claims total 25,778 as bill hits $742mn: ICA

Insured losses emanating from the flood event which impacted the Australian city of Townsville earlier this year are estimated at A$1.04bn ($742mn), according to the Insurance Council of Australia (ICA).

Thu 21 Mar 2019

Liberty re-domiciles European business to Luxembourg

News

Brexit

Liberty re-domiciles European business to Luxembourg

Liberty Specialty Markets has re-domiciled its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to Luxembourg ahead of the UK’s exit from the European bloc at the end of March.

Thu 21 Mar 2019

News

Accredited agrees new partnership deal with Californian auto MGA Pronto

US program insurer Accredited Surety & Casualty Inc (Accredited) has inked another fronting deal this time with the Californian auto MGA Pronto General Insurance Agency Ltd.

Thu 21 Mar 2019

News

AM Best withdraws Atlas Financial’s ratings

Following large reserve increases and a delay to its 10-K filing, Atlas Financial Holdings has asked for its ratings to be withdrawn.

Wed 20 Mar 2019

News

Property catastrophe

Orchid appoints ex-Lockton CEO as chair

John Lumelleau has joined US property catastrophe specialist Orchid Underwriters Agency as chairman, succeeding Steve Carlsen.

Wed 20 Mar 2019

Gallagher vs Ardonagh: Chilton weighs in on “underhand tactics”

News

Energy

Gallagher vs Ardonagh: Chilton weighs in on “underhand tactics”

As the war of words continues between Gallagher’s London wholesaler Alesco and subsidiaries of the Ardonagh Group, industry heavyweight and former Gallagher UK CEO Grahame ‘Chily’ Chilton said he was both “shocked” and “surprised” that two employees would pass over sensitive information to rival firms.

Wed 20 Mar 2019

News

Cyber

Hydro confirms cyber insurance in place after attack

Norwegian aluminium company Norsk Hydro said the situation is “quite severe” following a cyber attack but has confirmed it has an insurance programme that includes business interruption cover.

Wed 20 Mar 2019

Steve Lockton sent ‘vulgar, profane and threatening texts’, allege defectors

News

Legal/ Regulatory

Steve Lockton sent ‘vulgar, profane and threatening texts’, allege defectors

A legal filing by seven producers who left Lockton for Alliant last week alleges former colleague Steve Lockton sent a “blunderbuss of vulgar, profane and threatening texts” to the defectors.

Wed 20 Mar 2019

News

Energy

Alesco launches $3.5bn Equatorial Guinea upstream energy reinsurance facility

Gallagher-owned Alesco has launched a reinsurance facility for all international upstream energy insurance programs written from Equatorial Guinea.

Wed 20 Mar 2019

News

Losses

Perils lowers Sydney hailstorm losses to A$633mn

Loss aggregation firm Perils has dropped its estimated insured property losses stemming from the Sydney hailstorms in December to A$633mn ($448.7mn).

Wed 20 Mar 2019

News

Arch confirms backing of Simpson’s HNW MGA Archipelago

Arch has confirmed its investment in a new UK MGA Archipelago Risk Services, as first revealed by The Insurer.

Wed 20 Mar 2019

US program insurer Accredited receives AM Best boost

News

Rating actions

US program insurer Accredited receives AM Best boost

The US’s fastest growing fronting insurer Accredited Surety & Casualty Company Inc (Accredited) predicts AM Best’s recent decision to increase its group rating will enable it to access more program business.

Wed 20 Mar 2019