NewsLegal/ RegulatoryAllianz gains regulatory nod for first foreign-controlled Chinese carrierGerman insurer Allianz has received approval from the Chinese financial regulator to launch an insurance holding company in China.Mon 26 Nov 2018
NewsPeople MovesGuy Carpenter’s Carter to join Lloyd’s Council in 2019Reinsurance powerbroker Vicky Carter will become the second female member of the Lloyd’s Council in 2019, Re-Insurance can reveal.Mon 26 Nov 2018
NewsM&AM&A hungry Allianz extends CEO’s contract by five yearsOliver Bäte, the CEO of Europe’s second largest insurer Allianz, has had his contract extended by a further five years.Fri 23 Nov 2018
Typhoon/Cyclone preparedness planning for propertyWhile typhoon/cyclone can occur at any time of the year, the typhoon/cyclone season in Asia generally occurs from June to November, with a peak between August and October.Thu 22 Nov 2018
NewsJapan 3Q cats cost international reinsurers $5.1bnJapan’s brutal third quarter cat events will cost international reinsurers at least $5.1bn, analysis by Re-Insurance reveals, as data from the General Insurance Association of Japan published today shows that insured claims have reached $5.2bn. Thu 22 Nov 2018
NewsLossesMarkel CatCo share price falls to all-time low on NAV hit warningShares in the listed fund of retro investment specialist Markel CatCo fell nearly 30 percent in London trading today (22 November) as the firm revealed Q3 nat cats will generate a further hit to the net asset value (NAV) of securities in its London-listed fund.Thu 22 Nov 2018
NewsPeople MovesHiscox’s Jeremy Pinchin to retireJeremy Pinchin, the man who won many plaudits for his stewarding of Lloyd’s claims-paying response to the 9/11 attacks, will retire from Hiscox plc after 13 years in various senior roles.Thu 22 Nov 2018
NewsRating actionsResurrected Folgate handed B rating by AM BestFolgate Insurance Company has been assigned a B financial strength rating and bb+ issuer credit rating from AM Best, days after the UK insurer announced it had penned a quota share underwriting deal with MS Amlin.Thu 22 Nov 2018
NewsRating actionsCitadel Re loses AM Best A- ratingNiche Bermudian reinsurer Citadel Reinsurance Company Ltd (Citadel Re) has been downgraded below the critical A- financial strength rating (FSR) by AM Best, the minimum typically required to write international specialty business.Thu 22 Nov 2018
NewsBrexitScor launches Paris-based European insurer to mitigate Brexit falloutReinsurance powerhouse Scor has launched Scor Europe SE, a Paris-based P&C specialty insurance company designed to mitigate any business fallout following the UK’s departure from the European Union.Wed 21 Nov 2018
NewsMS&AD sends $2.5bn Q3 bill to cat reinsurersMS&AD will recover $2.5bn from its cat reinsurers from the roll-call of loss events that hit the country in 3Q, more than its two big domestic rivals Sompo and Tokio Marine combined.Wed 21 Nov 2018
NewsLegal/ RegulatoryFurther delay in publication of FCA wholesale broker probe findingsThe Financial Conduct Authority (FCA) has once again pushed back the publication date of the initial findings of its wholesale insurance broking study to the first quarter of next year.Wed 21 Nov 2018
NewsPeople MovesLloyd’s COO Khoury-Haq to leave in 2019Lloyd’s chief operating officer Shirine Khoury-Haq is to leave the Corporation in the first half of 2019 after nearly 5 years in Lime Street.Wed 21 Nov 2018
NewsMapfre invests $28.5mn in Madrid-based tech venture fundSpanish (re)insurer Mapfre is to invest EUR25mn ($28.5mn) in Madrid-based B2B tech venture fund Alma Mundi Insurtech Fund.Wed 21 Nov 2018
NewsRating actionsKuwait Re’s nine-month profit climbs 7 percentKuwait Re posted an after-tax profit of KD2.97mn ($9.83mn) for the first nine months of 2018, thanks to a 33.7 percent increase in net earned premium.Wed 21 Nov 2018
NewsPeople MovesArch names Sturgess international insurance CEOArch has named Hugh Sturgess as CEO of Arch Insurance International, effective 1 January 2019, succeeding Matt Shulman, who was recently named CEO of Arch Insurance North America.Wed 21 Nov 2018