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RSA slashes London market business after 2018 losses

In the aftermath of a 3rd quarter profit warning in part because of its heavy exposures to the Eur620mn Lurssen shipyard fire, RSA is restructuring its London market business which will see the group’s specialty/wholesale revenues cut by a third.

Tue 13 Nov 2018

News

AIG FP execs entitled to bonuses that could reach £2.67bn

Former executives in AIG’s controversial derivatives trading division that was blamed for the insurance giant’s near collapse in 2008 are entitled to contractual bonuses that could in theory extend to £2.67bn.

Tue 13 Nov 2018

News

JLT Re expands Iberia footprint

JLT Re, the reinsurance broking arm of JLT, has launched JLT Re Iberia through the acquisition of JLT March Re. Located in Madrid, JLT Re Iberia will provide local expertise to clients and create a link with colleagues and clients in Latin America.

Tue 13 Nov 2018

News

Trust Re owner now hit by Moody’s rating downgrade

Moody’s has downgraded the ratings of Jersey, Channel Islands-based Nest Investments Holdings (NIH) on the back of its reinsurance subsidiary Trust Re’s continuing failure to publish audited 2017 financial results.

Tue 13 Nov 2018

News

MMC unveils major new combined unit Marsh-JLT Specialty

*Clarke head of specialty **Klisura head of placement ***JLT executives get key roles in new structure

Tue 13 Nov 2018

News

CSAM Syndicate confirms 2019 Lloyd’s approval

In contrast to the imminent withdrawal of ILS fund manager Securis from the Lloyd’s market, Credit Suisse Asset Management (CSAM) has confirmed its Lloyd’s platform Arcus 1856 will trade next year.

Tue 13 Nov 2018

News

TransRe invests in New Paradigm

US cat MGU New Paradigm Group LLC has received an undisclosed capital injection from TransRe, the New York headquartered reinsurance group.

Mon 12 Nov 2018

Charlie Fry

Head of Reinsurance, Operations and Transformation, General Insurance, AIG

Mon 12 Nov 2018

Morgan Stanley: California Camp wildfire could cost up to $4bn

News

Losses

Morgan Stanley: California Camp wildfire could cost up to $4bn

Insured losses emanating from the Camp wildfire raging across Northern California, already the most destructive in US history, could total as much as $4bn but insurers may be able to mitigate their net loss by recovering from state utility company PG&E, according to analysis by Morgan Stanley today.

Mon 12 Nov 2018

Failed NZ insurer CBL now accused of links to South American cartel

News

Legal/ Regulatory

Failed NZ insurer CBL now accused of links to South American cartel

New Zealand insurer CBL Insurance – whose failure earlier this year led to the knock-on collapse of Danish insurer Alpha - was formally put into liquidation earlier today by the Auckland High Court amidst allegations of hidden insolvency and ties to an alleged international drug smuggling cartel.

Mon 12 Nov 2018

Markel Insurance SE receives regulatory green light on UK sub

News

Brexit

Markel Insurance SE receives regulatory green light on UK sub

Richmond-headquartered Markel has announced its German insurance company Markel Insurance SE has received regulatory approval to operate a branch within the UK.

Mon 12 Nov 2018

Hannover Re pays tribute to passing of respected veteran Jürgen Gräber

News

People Moves

Hannover Re pays tribute to passing of respected veteran Jürgen Gräber

Hannover Re has paid tribute to its executive board member Jürgen Gräber who passed away suddenly on Friday (9 November).

Mon 12 Nov 2018

News

Losses

Talanx earnings climb despite industrial insurance losses

Hannover Re owner Talanx saw earnings before interest and taxes (EBIT) jump 33 percent in the first nine months of the year despite a spike in industrial property insurance losses weighing on earnings in the third quarter.

Mon 12 Nov 2018

News

Energy

Canopius, BMS unveils London energy hires

Lloyd’s insurer Canopius has confirmed the hiring of Beazley’s deputy head of energy Rachel Sabbarton to replace veteran Geoff Tin.

Mon 12 Nov 2018

News

Maiden’s $2.7bn LPT throws down gauntlet to Catalina

The battle for the ownership of NASDAQ-listed Maiden Holdings Ltd took an intriguing twist late on Friday evening when the up-for-sale Bermudian firm agreed to transfer £2.675bn of loss reserves out of the company.

Mon 12 Nov 2018

News

StarStone repositions in bid to reverse heavy 2018 loss

After a tough third quarter, Enstar Group’s specialty insurer StarStone is now on course to post a heavy FY 2018 underwriting loss equivalent to a combined ratio of 120 percent.

Mon 12 Nov 2018