NewsPeople MovesWillis Re swoops on Canopius for Asia-Pacific agriculture headWillis Re has named Canopius’ David Gregori as head of agriculture for Asia Pacific to lead the set-up of its agriculture team in the region.Wed 20 Feb 2019
NewsLegal/ Regulatory$6bn+ now written in London through broker facilities£4.8bn ($6.2bn) of gross written premium in the London market is now placed through facilities operated by brokers, according to a wide-ranging study by UK regulator the Financial Conduct Authority (FCA) published today.Wed 20 Feb 2019
NewsResultsScor P&C swings to Eur83mn Q4 lossFrench reinsurer Scor fell into the red in its property and casualty business in the fourth quarter of 2018, reporting an operating loss of Eur83mn ($94.2mn).Wed 20 Feb 2019
NewsCasualty ReinsuranceScor’s Global P&C CEO Peignet retires as Conoscente takes the helmScor’s chief executive officer of Global P&C Victor Peignet is to retire from the French reinsurance giant with Jean-Paul Conoscente taking up the role following his departure.Wed 20 Feb 2019
NewsLegal/ RegulatoryFCA probe findings evidence of broker value: Liiba’s CroftThe findings of the newly-released final report into the FCA’s wholesale insurance broker review has provided insurance intermediaries with a “clean bill of health”, the CEO of the London and International Insurance Brokers’ Association has said.Wed 20 Feb 2019
NewsLegal/ RegulatoryWholesale brokers in the clear following FCA probeThe Financial Conduct Authority has found no evidence of “competition concerns” following its wide-ranging study into broker activities in the London wholesale market in a massive win for market brokers.Wed 20 Feb 2019
NewsResultsWeather losses push Donegal to 110.5% Q4 combined ratioPennsylvania-based Donegal Group has reported a $15.0mn fourth-quarter loss, with catastrophes pushing its combined ratio to 110.5 percent.Tue 19 Feb 2019
NewsResultsCats hit UPC combined ratio but underlying performance improvesUnited Insurance Holdings (UPC Insurance) reported a combined ratio that deteriorated by 16.3 points to 108.9 percent in the fourth quarter as it felt the impact of Hurricane Michael and a higher aggregate retention compared to the prior-year period.Tue 19 Feb 2019
NewsM&AFormer Aspen CEO O’Kane to get $10mn transaction bonusFormer Aspen CEO Chris O’Kane has been granted a $10mn bonus and former CFO Scott Kirk has been granted a $1mn bonus for assisting in the Bermudian (re)insurer’s $2.6bn takeover by Apollo Global Management.Tue 19 Feb 2019
NewsPeople MovesZuk joins Orchid to build out platform and ILS capabilityCat-focused MGA Orchid Underwriters has hired Joe Zuk as it looks to diversify by geography and product line and build a platform that can act as a conduit for ILS capacity, The Insurer can reveal.Tue 19 Feb 2019
NewsLossesILS investors seek rate hardening after costly H2 2018: Swiss Re2018 marked the second-highest year of ILS issuance volume on record, but investors will now seek rate hardening after another costly cat year, according to Swiss Re.Tue 19 Feb 2019
NewsRatesIG cover incepts; achieves fifth year of rate reductionsThe International Group has eked out a rate reduction of around 1.7 percent for its cover that incepts tomorrow (20 February) for 2019/2020, marking the fifth year in a row it obtained improved terms.Tue 19 Feb 2019
CommentLegal/ RegulatoryLondon brokers steel themselves for potential FCA bombshellThere may be some sleepless nights among senior London market broker executives tonight as they prepare themselves for the UK regulator to publish its long-awaited results into the wholesale broker market in a few hours’ time.Tue 19 Feb 2019
NewsAllianz leads second Vale dam $400mn lossAGCS already lead on $200mn Vale GL $400mn TÜV SÜD cover exposed; AGCS leads Arrests in alleged corruption probe Tue 19 Feb 2019
NewsResultsFast-shrinking CatCo says average rates up as high as 30 percent2017-18 Losses now $4.5bn+ Claims rates on book were effectively up 30 percent at 1.1 AuM shrunk to $3bn; what will it be next month?Tue 19 Feb 2019
NewsResultsProsight’s 2018 profit up on low cat losses and $5mn reserve releaseUS specialty insurer Prosight reported a combined ratio in 2018 of 96.7 percent, an improvement from the 99.7 percent in 2017.Tue 19 Feb 2019