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The Hanover confirms E&S president; reveals surety head

News

People Moves

The Hanover confirms E&S president; reveals surety head

The Hanover has confirmed the appointment of Steven Mills as president of its excess and surplus (E&S) business – a hire first revealed by The Insurer in January – while announcing an expansion of its specialty leadership team.

Tue 26 Feb 2019

UK commercial rates set to rise above the global average: Moody’s

News

Results

UK commercial rates set to rise above the global average: Moody’s

Commercial insurance rates in the UK are forecast to outperform the global average, however continued pressure on margins will likely mute much of the uptick, according to a report by Moody’s.

Tue 26 Feb 2019

Former LMA CEO Gittings joins DXC Technology as non-exec

News

Market Modernisation

Former LMA CEO Gittings joins DXC Technology as non-exec

David Gittings - the former chief executive of the LMA – has joined DXC Technology as a non-executive director.

Tue 26 Feb 2019

Onex $750mn cornerstone investor in Catlin start-up

News

Private Equity

Onex $750mn cornerstone investor in Catlin start-up

Canadian private equity heavyweight Onex Partners is the cornerstone backer behind Stephen Catlin and Paul Brand’s start-up specialty insurer and has committed circa $750mn capital to the new venture, The Insurer can reveal.

Tue 26 Feb 2019

News

Pool Re launches first ever terrorism cat bond £75mn Baltic Re

The UK’s state-backed terrorism reinsurer Pool Re has overcome ILS investor caution to launch the industry’s first ever terrorism cat bond with the £75mn issuance, Baltic PCC Ltd.

Tue 26 Feb 2019

News

People Moves

RSA names Charlotte Jones CFO

RSA has appointed Charlotte Jones as chief financial officer.

Tue 26 Feb 2019

News

Results

JLT posts 5% organic growth in 2018

London-headquartered broking house JLT reported 5 percent organic growth in 2018, with its global specialty business a key driver of the uptick.

Tue 26 Feb 2019

Global commercial insurance price rises pick up: Marsh

News

Rates

Global commercial insurance price rises pick up: Marsh

Average global commercial insurance prices climbed by 2 percent in Q4 2018 according to broker Marsh’s latest report on the sector – the fifth consecutive quarter of hardening and the steepest uplift since the survey began in 2012.

Tue 26 Feb 2019

FedNat to buy 1347’s Maison platform for $51mn

News

M&A

FedNat to buy 1347’s Maison platform for $51mn

FedNat Holding Company has agreed a deal to buy Maison Insurance Company (MIC) and other homeowners’ related entities from 1347 Property Insurance Holdings for $51mn.

Mon 25 Feb 2019

News

Insurers fear Lennox tornado claim will go past $400mn

Property insurers are bracing for further creep on a claim from Lennox International on one of its manufacturing plants devastated by a tornado last summer, The Insurer can reveal.

Mon 25 Feb 2019

News

Q4 2018 insurtech deal value was second-highest ever

Sixty-three insurtech deals with a total value of $1.59bn were announced worldwide in the fourth quarter – which also included Germany’s first insurtech initial public offering – according to Willis Towers Watson’s latest Quarterly InsurTech Briefing.

Mon 25 Feb 2019

Analysis

Argo the latest to receive an activist missile with toe-curling allegations

The relatively comfortable world of P&C investing has been increasingly shaken up by activist investors and their penchant for angry letters and management demands in recent years.

Mon 25 Feb 2019

News

Argo board battles back against “misleading” Voce letter

Argo Group’s board of directors has pointed to what it says are misleading and inaccurate statements made by activist investor Voce Capital in a letter this morning that included criticisms of the carrier’s management under CEO Mark Watson.

Mon 25 Feb 2019

News

CRC creates data and analytics platform

CRC Group has made a multi-million-dollar investment in a new data and analytics platform it says will improve every aspect of how a wholesale-placed account is marketed and serviced, including gauging carrier appetite and industry benchmarking on pricing and coverage.

Mon 25 Feb 2019

Voce lambasts Argo CEO Watson; criticises “shockingly high” expenses

News

Results

Voce lambasts Argo CEO Watson; criticises “shockingly high” expenses

In a strongly-worded letter to Argo’s board, activist investor Voce Capital Management has nominated four director candidates, stating the (re)insurer will never be able to meaningfully enhance return on equity with its current strategy and expense structure.

Mon 25 Feb 2019

Trust Re submits delayed 2017 accounts to regulator

News

Legal/ Regulatory

Trust Re submits delayed 2017 accounts to regulator

Ailing carrier Trust Re has finally filed its long-delayed 2017 financial results to its domestic regulator, the Bank of Bahrain, The Insurer understands.

Mon 25 Feb 2019