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Losses

AIR pegs Hurricane Michael losses at up to $10bn

AIR Worldwide has estimated that industry losses resulting from Hurricane Michael’s winds and storm surge at up to $10bn.

Mon 15 Oct 2018

News

Cincinnati pegs Q3 cat losses at $120mn; adds to messy quarter

US specialty insurer Cincinnati Financial has said it expects to be impacted by pre-tax catastrophe losses of approximately $120mn in the third quarter continuing the theme of pre-announcements from what is proving a messy quarter for loss events.

Mon 15 Oct 2018

US antitrust approval granted for MMC’s acquisition of JLT

News

Legal/ Regulatory

US antitrust approval granted for MMC’s acquisition of JLT

The US Federal Trade Commission (FTC) has granted US antitrust approval for Marsh & McLennan Companies’ $5.6bn takeover of JLT.

Mon 15 Oct 2018

New Lloyd’s CEO outlines immediate priorities

News

People Moves

New Lloyd’s CEO outlines immediate priorities

The former QBE CEO John Neal has formally begun his new role as the CEO of the Corporation of Lloyd’s today with a welcome from the man who ultimately selected him, chairman Bruce Carnegie-Brown.

Mon 15 Oct 2018

Axa XL names Catlin veteran as London Market Wholesale CUO

News

People Moves

Axa XL names Catlin veteran as London Market Wholesale CUO

Axa XL insurance has named Dan Curran as chief underwriting officer for its London Market Wholesale business.

Mon 15 Oct 2018

Axis Re names Haugh as global markets head

News

People Moves

Axis Re names Haugh as global markets head

Axis Re, the reinsurance arm of Axis Capital, has named Ann Haugh as president of its global markets division.

Mon 15 Oct 2018

News

Market Modernisation

Treaty reinsurance goes live on PPL

Treaty reinsurance risk can now be quoted and bound on electronic placing platform PPL, as risks placed on the platform rise to record levels.

Mon 15 Oct 2018

JLT chairman urges shareholders to approve MMC acquisition

News

M&A

JLT chairman urges shareholders to approve MMC acquisition

The chairman of JLT chairman Geoffrey Howe has urged shareholders to approve the $5.6bn takeover by Marsh & McLennan Companies - parent company of Marsh and Guy Carpenter.

Mon 15 Oct 2018

Ardonagh: Insurance Insider “inaccurate” over energy defections

News

Legal/ Regulatory

Ardonagh: Insurance Insider “inaccurate” over energy defections

The Ardonagh Group has described an Insurance Insider article as “inaccurate” in a bitter legal battle between the firm and its larger rival, Gallagher Group.

Fri 12 Oct 2018

Cincinnati to enter Lloyd’s with acquisition of Munich Re’s Beaufort

News

M&A

Cincinnati to enter Lloyd’s with acquisition of Munich Re’s Beaufort

Cincinnati Financial Corporation is to gain a foothold in the Lloyd’s market with the acquisition of Munich Re’s MSP Underwriting - which operates through Beaufort Underwriting Agency and Syndicate 318.

Fri 12 Oct 2018

Axa to reward shareholders with divi increase after $15.3bn XL deal

News

Results

Axa to reward shareholders with divi increase after $15.3bn XL deal

Despite the EUR6bn that was wiped from Axa’s valuation earlier this year following its shock $15.3bn acquisition of P&C powerhouse XL Group, the “real legacy” of the transaction will be for the Paris-headquartered firm to increase its dividend pay-outs, predicts analysts at stockbrokers Jefferies.

Fri 12 Oct 2018

Insurers lose court battle over Iran sanctions claim

News

Legal/ Regulatory

Insurers lose court battle over Iran sanctions claim

A host of London market and Lloyd’s insurers have lost their High Court battle over a decision to not pay out on a $1.7mn marine cargo policy over fears that payment may expose them to a wave of Iran-related political sanctions.

Fri 12 Oct 2018

Antares names CNA Hardy’s Taylor next head of specialty

News

Marine

Antares names CNA Hardy’s Taylor next head of specialty

Lloyd’s insurer Antares has appointed the former CNA Hardy head of specialty John Taylor to lead its specialty business.

Fri 12 Oct 2018

Profit warnings issued by hardest hit on Eur620mn Lürssen shipyard loss

News

Results

Profit warnings issued by hardest hit on Eur620mn Lürssen shipyard loss

The two largest insurers on the EUR700mn lineslip hit by last month’s Lürssen shipyard fire - RSA and Lancashire - have now both issued profit warnings for the third quarter as losses from the heavy loss event creep up.

Fri 12 Oct 2018

Securis: collateral release ends reinsurance exposures

News

Results

Securis: collateral release ends reinsurance exposures

ILS fund manager Securis has made its position clear to ICat/Beat Capital that there is no obligation to pay the $13mn+ in reinsurance recoveries claimed by its Syndicate 4242 because of the contractual wordings that cover the release of collateral securing the placement.

Fri 12 Oct 2018

News

Losses

Hurricane Michael insured losses pegged at $8bn

Insured losses from Hurricane Michael will be “close to $8bn”, according to modelling firm Karen Clark & Company (KCC).

Fri 12 Oct 2018