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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

AM Best to introduce new innovation rating criteria

News

Rating actions

AM Best to introduce new innovation rating criteria

AM Best is requesting comments from the insurance market on the draft of a new criteria procedure called “scoring and assessing innovation”, a response to the frenzied focus on insurtech in the industry.

Thu 14 Mar 2019

Carriers face $200mn+ of liability losses for Ethiopian Airlines

News

Aviation

Carriers face $200mn+ of liability losses for Ethiopian Airlines

Estimates of the potential liability loss on the Chubb-led Ethiopian Airlines cover have increased to as high as $200mn in addition to a hull loss of $60mn, The Insurer understands.

Thu 14 Mar 2019

News

Marine

Willis Towers Watson names Marsh’s Ripton head of global marine

Willis Towers Watson has named former Marsh marine CEO David Ripton as its head of broking, global marine in its Corporate Risk and Broking unit.

Thu 14 Mar 2019

Hamilton snaps up Liberty’s Pembroke and Ironshore Europe

News

M&A

Hamilton snaps up Liberty’s Pembroke and Ironshore Europe

Bermudian (re)insurer Hamilton has penned a deal to acquire Liberty Group’s up-for-sale Pembroke Managing Agency and Ironshore Europe (IEDAC).

Thu 14 Mar 2019

Swiss Re proposes $2bn share buy-back programme

News

Results

Swiss Re proposes $2bn share buy-back programme

Reinsurance powerhouse Swiss Re is to ask shareholders to approve a public share buy-back programme of up to CHF2bn ($2bn) at its annual general meeting next month.

Thu 14 Mar 2019

ILS funds turn to rated Bermudian Class 3As

Analysis

Collateralised

ILS funds turn to rated Bermudian Class 3As

ILS funds are sponsoring a flurry of new Bermuda Class 3A carriers, several of which are seeking AM Best ratings as they look to address trapped collateral and claw-back issues as well as seek greater access to (re)insurance risk, The Insurer understands.

Wed 13 Mar 2019

News

Aon partners with insurtech for AI-driven wildfire modelling

Aon has agreed an alliance that will allow insurers to evaluate their portfolio risk through Zesty.ai’s wildfire model.

Wed 13 Mar 2019

McDaniel-led Lockton team leaving to join Alliant

News

People Moves

McDaniel-led Lockton team leaving to join Alliant

A 10+ strong team of Denver-based Lockton executives led by Chuck McDaniel is leaving to join rival retail broker Alliant, The Insurer can reveal.

Wed 13 Mar 2019

Ardonagh defence claims Gallagher’s Matson targeted Burton with “cliff-vest” loan

News

Legal/ Regulatory

Ardonagh defence claims Gallagher’s Matson targeted Burton with “cliff-vest” loan

The Royal Court heard today that Gallagher CEO Simon Matson sought to tie Peter Burton, former broker at Gallagher subsidiary Alesco, to the firm for seven years through a “cliff-vest” loan of £625,000 ($825,00) before Burton eventually joined Bishopsgate.

Wed 13 Mar 2019