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News

Peak Re unveils $75mn sidecar Lion Rock Re

Hong Kong-headquartered Peak Re has unveiled a $75mn special purpose insurer (SPI) which it describes as Asia’s first-ever sidecar.

Mon 10 Dec 2018

Comment

Retro

The CatCo crunch…

*1.1 Retro quotes being re-priced ** Ajit’s phone “already ringing” *** Late renewal just got a lot tougher On the 9 November 2017, Hiscox CEO Bronek Masojada predicted a hardening reinsurance market based on the inability of ILS funds to “reload” after 2017’s HIM losses which, as we now know, totalled over $100bn.

Fri 7 Dec 2018

News

StarStone ends QS with ILS fund Securis

StarStone has ended its partnership with major ILS provider Securis, The Insurer can reveal.

Fri 7 Dec 2018

Markel didn’t invest in CatCo’s $2.3bn+ “reload”

News

Retro

Markel didn’t invest in CatCo’s $2.3bn+ “reload”

Markel Corp didn’t invest in CatCo’s mammoth $2.3bn+ fund raising that occurred in late 2017 after Hurricanes Harvey, Irma and Maria caused more than a $100bn+ of industry losses while tying up billions of dollars of capital among ILS funds.

Fri 7 Dec 2018

News

People Moves

Sanford leads trio of PartnerRe exits

PartnerRe is set to see the departure of a trio of senior underwriting executives led by Head of North America P&C Richard (Dick) Sanford, The Insurer can reveal.

Fri 7 Dec 2018

Enstar completes $200mn AmTrust investment

News

M&A

Enstar completes $200mn AmTrust investment

Bermudian legacy-to-live carrier Enstar has completed its $200mn investment in Evergreen.

Fri 7 Dec 2018

News

CNA gets improved deal on PL quota share

US insurer CNA has been rewarded by reinsurers for the performance to date of its professional liability quota share with an extra half a point of ceding commission, The Insurer can reveal.

Fri 7 Dec 2018

News

Aviation

Gallagher snaps up aviation broker Boston Marks

Arthur J Gallagher has snapped up Boston Marks Group which includes Boston Marks Insurance NZ in New Zealand, BMG Aviation in Australia and the book of business of Boston Marks Insurance Brokers in the United Kingdom.

Fri 7 Dec 2018

Markel CatCo shares fall to all-time low following regulatory investigation revelation

News

Losses

Markel CatCo shares fall to all-time low following regulatory investigation revelation

Shares in the listed fund of retro investment specialist Markel CatCo fell 25 percent in London trading today (06 December) as the firm revealed US and Bermuda authorities are looking into loss reserves recorded in late 2017 and early 2018 at CatCo and its subsidiaries.

Fri 7 Dec 2018

Axa XL ratings upgraded following mega-merger completion

News

Rating actions

Axa XL ratings upgraded following mega-merger completion

XL Group and Axa have both had their ratings removed from under review with developing implications and their financial strength rating upgraded by AM Best.

Fri 7 Dec 2018

Validus Specialty swoops on Argo for CUO hire

News

People Moves

Validus Specialty swoops on Argo for CUO hire

Validus Specialty has appointed Stephen McGill as Senior Vice President and Chief Underwriting Officer of Validus Specialty, Western World and Crop Risk Services, effective immediately.

Fri 7 Dec 2018

Markel CatCo under investigation by US/Bermuda authorities

News

Legal/ Regulatory

Markel CatCo under investigation by US/Bermuda authorities

Markel CatCo - a leading provider of collateralised retro capacity - confirmed last night it is under investigation by “US and Bermuda authorities” over its loss reserves.

Fri 7 Dec 2018

Majority of $10bn+ wildfire damage to be covered by insurance: Aon

News

Losses

Majority of $10bn+ wildfire damage to be covered by insurance: Aon

The majority of the losses stemming from the wildfires that ravaged parts of California last month will be insured, according to Aon.

Thu 6 Dec 2018

Ed names Kendall head of cat & exposure management

News

People Moves

Ed names Kendall head of cat & exposure management

Global reinsurance, wholesale and specialty broker Ed has appointed Jo Kendall as head of catastrophe and exposure management.

Thu 6 Dec 2018

AM Best upgrades global reinsurance market to stable

News

Casualty Reinsurance

AM Best upgrades global reinsurance market to stable

AM Best has revised its outlook for the global reinsurance segment to stable from negative.

Thu 6 Dec 2018

News

People Moves

Mercer to name JLT exec as new COO

Investment consultancy Mercer will make the CEO of JLT’s employee benefits arm, Bala Viswanathan, its chief operating officer when the acquisition of JLT by its parent company MMC completes.

Thu 6 Dec 2018