NewsM&AStandard Diversified cancels $54mn Tri-State acquisitionTobacco company Standard Diversified’s planned acquisition of an admitted carrier offering homeowners and personal auto insurance in New York has gone up in smoke.Wed 13 Mar 2019
NewsBudding US marijuana market needs greater (re)insurance capacityThe US marijuana industry’s growth potential means the aggregate limits offered by the roughly 25 carriers providing coverage now are too low, suggests a new AM Best report.Wed 13 Mar 2019
NewsM&ALiberty puts Ironshore HNW business up for saleLiberty Mutual is looking to sell the high net worth (HNW) unit of Ironshore, the carrier it bought for around $3bn two years ago, The Insurer can reveal.Wed 13 Mar 2019
NewsBerkshire’s Three lauded but regulators may be harder to win overBerkshire Hathaway’s recent announcement that it will offer small businesses a three-page policy has caused a big stir. Wed 13 Mar 2019
NewsResultsBMS 2018 revenues reach £100mn milestoneLondon-headquartered (re)insurance broker BMS has defied sector headwinds to post a 25 percent increase in revenues which takes its 2018 top line past the £100mn milestone for the first time.Wed 13 Mar 2019
NewsM&ARegulators approve RenRe’s TMR acquisitionRenaissanceRe Holdings has received all regulatory approvals required for its acquisition of Tokio Millennium Re.Tue 12 Mar 2019
NewsNJ takes action against Applied Underwriters amid sale reportsThe New Jersey Department of Banking and Insurance has ordered Berkshire Hathaway’s Applied Underwriters to show cause why it should not be suspended from transacting workers’ compensation and employers’ liability insurance in the state.Tue 12 Mar 2019
NewsPeople MovesP&C CEO Goldie to leave PartnerRePartnerRe has parted company with Charlie Goldie, the CEO of its property and casualty business.Tue 12 Mar 2019
CommentLegal/ RegulatoryThe downside of litigation: Airing dirty laundryThis morning, The Insurer revealed that the bitter - and very personal - legal dispute between Gallagher and UK broking Group Ardonagh had finally begun.Tue 12 Mar 2019
NewsAon’s Cochrane appointed to New Venture Group to drive IP pushAon’s New Ventures Group (NVG) is now formally sponsoring the broker’s Intellectual Property Solutions unit as part of an initiative to grow the innovation portfolio.Tue 12 Mar 2019
NewsRating actionsAM Best goes negative on Donegal’s A ratingAM Best has revised the ratings outlooks of the Donegal Insurance Group to negative from stable after catastrophe losses and reserve increases.Tue 12 Mar 2019
NewsFronting carriersCarrier consolidation to drive further MGA and fronting growthThe carrier M&A wave will continue to fuel start-up MGAs and growth opportunities in the program fronting space, according to panelists at The Insurer’s New York Insurance Forum.Tue 12 Mar 2019
NewsLegal/ RegulatoryAlesco QC: David Ross is “not a banker” as day one legal skirmishes beginThe barrister representing broker Alesco in a bitter London market poaching dispute has opened the case for the wholesaler by questioning why rival firm Ardonagh and its CEO David Ross sanctioned a loan of £625,000 to a former Alesco employee who jumped ship shortly afterwards.Tue 12 Mar 2019
NewsAviationGlobal Aerospace wrote 17.5% of Boeing product liability slipGlobal Aerospace (GA) is the lead carrier on the product liability policy – writing 17.5 percent of the slip - that is expected to respond to claims stemming from the grounding of Boeing 737 Max 8 aircrafts in various jurisdictions, The Insurer can reveal.Tue 12 Mar 2019
NewsLegal/ RegulatoryGallagher and Ardonagh bitter dispute finally begins in UK High CourtThe trial that few thought would ever happen has just begun between the UK subsidiary of broking heavyweight Gallagher and the private equity-owned former Towergate empire, now known as Ardonagh Group.Tue 12 Mar 2019
NewsPeople MovesArgoGlobal appoints RSA’s Alonso EMEA CUOArgoGlobal, the Lloyd’s insurer and part of Argo Group, has appointed Alfredo Alonso chief underwriting officer for Europe, Middle East and Asia.Tue 12 Mar 2019