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Lockton seeks TRO and preliminary injunction against Alliant-bound team

News

Legal/ Regulatory

Lockton seeks TRO and preliminary injunction against Alliant-bound team

Lockton has reacted to the departure of Chuck McDaniel and his team to Alliant by filing for a temporary restraining order and preliminary injunction against him and six other executives, The Insurer can reveal.

Fri 15 Mar 2019

News

Results

Maiden posts $269mn Q4 loss

Maiden’s losses increased two-fold in the fourth quarter of 2018, with the carrier reporting a net loss of $269mn or $3.25 per share.

Fri 15 Mar 2019

News

Flood

Perils pegs Townsville flood losses at $677mn

Loss aggregation firm Perils has pegged insured losses stemming from the flood event which impacted the city of Townsville earlier this year at AUD$957mn ($677mn).

Fri 15 Mar 2019

News

Cyber

Merck insurers resist NotPetya silent cyber claim

US pharmaceutical company Merck is taking legal action against its property insurers over losses relating to 2017’s NotPetya cyber attack after several markets denied the claim citing a war exclusion.

Fri 15 Mar 2019

News

People Moves

Pioneer names Greggains US CEO

Pioneer Underwriters has named Nick Greggains as CEO of its US operation.

Fri 15 Mar 2019

SoCal Edison paid $121mn for $300mn Berkshire back-up cover

News

Liability

SoCal Edison paid $121mn for $300mn Berkshire back-up cover

The hard market for California wildfire insurance drove loss-struck SoCal Edison (SCE) to turn to Berkshire Hathaway as a reinsurer of last resort to replenish coverage in the immediate aftermath of the December 2017 Thomas Fire.

Fri 15 Mar 2019

Thomas decision threatens $1bn Aegis and EIM-led SoCal Edison tower

News

Losses

Thomas decision threatens $1bn Aegis and EIM-led SoCal Edison tower

“Line slap” from a power line owned by Southern California Edison (SCE) started the deadly Thomas Fire in Ventura and Santa Barbara counties in December 2017, an investigation has determined.

Thu 14 Mar 2019

Hamilton will benefit from Pembroke’s earnings diversification: AM Best

News

Rating actions

Hamilton will benefit from Pembroke’s earnings diversification: AM Best

AM Best says Hamilton Re’s ratings remain unchanged following an agreement to buy Pembroke Managing Agency but has placed Ironshore Europe’s ratings on review.

Thu 14 Mar 2019

News

Validus Re to set up Canada office

AIG subsidiary Validus Reinsurance intends to file an application to establish a Canadian branch, with a chief agency in Toronto.

Thu 14 Mar 2019

Europe asks MMC rivals to comment on sale of JLT's aerospace unit

News

Legal/ Regulatory

Europe asks MMC rivals to comment on sale of JLT's aerospace unit

A month before JLT agreed to sell its sector-leading aerospace division to assist with regulatory approval for MMC’s £4.3bn takeover of the UK broking group, the European Commission canvassed MMC and JLT rivals for their comments on a “structural divestment” of the business unit, The Insurer can reveal.

Thu 14 Mar 2019

Aegis looks to grow Lloyd’s syndicate 5% in 2019

News

Results

Aegis looks to grow Lloyd’s syndicate 5% in 2019

Lloyd’s managing agency Aegis London expects to grow its Syndicate 1225 by 5 percent in 2019 despite a backdrop of difficult market conditions and the “challenging” Lloyd’s business review process.

Thu 14 Mar 2019

Transverse targets April start after securing preliminary A- rating

News

Fronting carriers

Transverse targets April start after securing preliminary A- rating

Program start-up Transverse Insurance Group is aiming to get its first deals on the books in April after securing an A- preliminary credit assessment (PCA) from AM Best, The Insurer can reveal.

Thu 14 Mar 2019

News

Losses

Winter Storm Eberhard insured losses could reach Eur1.5bn: AIR

AIR Worldwide has estimated insured losses for Winter Storm Eberhard will be between Eur900mn and Eur1.5bn ($1.02bn and $1.70bn), the majority of which are expected in Germany.

Thu 14 Mar 2019

Generali’s P&C unit grows top and bottom line in 2018

News

Results

Generali’s P&C unit grows top and bottom line in 2018

Italian powerhouse Generali delivered an operating profit of Eur1.99bn ($2.25bn) in its property and casualty business in 2018, which was coupled with top line growth in the segment.

Thu 14 Mar 2019

News

Cyber

FM Global slashes cyber limits to $1mn in property coverages

FM Global is significantly reducing sub-limits on cyber coverages offered as part of its property policies, The Insurer can reveal.

Thu 14 Mar 2019

Hamilton sees US growth opportunity with Pembroke acquisition

News

M&A

Hamilton sees US growth opportunity with Pembroke acquisition

Hamilton’s acquisition of Pembroke and Ironshore Europe will provide a broader platform for growth in Europe, Latin America and the US, including through the Bermudian’s joint venture MGA Attune, according to CEO Pina Albo.

Thu 14 Mar 2019