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London market insurers claim Iran sanctions prevent claim settlement

News

Legal/ Regulatory

London market insurers claim Iran sanctions prevent claim settlement

Eleven London market and Lloyd’s insurers are in the UK’s High Court defending their refusal to pay out on a historic Iran-related marine cargo claim due to fears that payment may expose them to a wave of political sanctions.

Wed 3 Oct 2018

News

GIC to retain preferred status as mammoth agricultural treaty expands to $2bn

The rapid growth in India’s agricultural insurance market means GIC Re is now responsible for the industry’s largest non-US agricultural reinsurance treaty with the firm experiencing a doubling of inwards gross premiums for the class in only one year.

Wed 3 Oct 2018

Analysis

GIC Re expands on back of Indian agri-re boom

The rapid growth in India’s agricultural insurance market means GIC Re is now responsible for the industry’s largest non-US agricultural reinsurance treaty with the firm experiencing a doubling of inwards gross premiums for the class in only one year.

Wed 3 Oct 2018

News

Iran exploring ILS market: report

Iran is exploring the development of new financial products – including Islamic bonds and insurance-linked securities – in an attempt to relieve pressure on the economy, Reuters has reported.

Wed 3 Oct 2018

News

First quarter ILS issuance up 54 percent

First quarter ILS issuance activity rose 54 percent in year-on-year as alternative capital markets bounce back after the impact of Hurricanes Harvey, Irma, Maria, according to the Bermuda Monetary Authority.

Wed 3 Oct 2018

RenRe shares climb 5 percent as it remains committed to ‘strategic plan’

News

Results

RenRe shares climb 5 percent as it remains committed to ‘strategic plan’

Bermudian carrier RenaissanceRe has responded to calls from activist investors TimeSquare to carry out a review of the carrier and consider the possibility of a sale.

Wed 3 Oct 2018

RenRe investors TimesSquare push for sale

News

Results

RenRe investors TimesSquare push for sale

Blue-chip Bermudian reinsurer Renaissance Re has seen its share price jump today following a call from a long-term shareholder to initiate a sales process.

Tue 2 Oct 2018

News

Legacy

R&Q inks latest legacy deal with WCIC acquisition

London-listed R&Q has agreed to acquire Western Captive Insurance Company Designated Activity Company (WCIC) from the Coffey Group for an undisclosed sum.

Tue 2 Oct 2018

News

Marine

International Group names next CEO

The International Group (IG) has appointed Nick Shaw to lead the P&I club.

Tue 2 Oct 2018

News

Casualty

AFL taps JLT Re for casualty hire

Independent Lloyd’s broker AFL has appointed Julia Moretti as director of casualty.

Tue 2 Oct 2018

Canopius names Phoon’s replacement in Asia

News

People Moves

Canopius names Phoon’s replacement in Asia

Canopius has named Natt Wattanaumphaipong Asia Pacific head of reinsurance.

Tue 2 Oct 2018

United’s third quarter catastrophe bill hits $35mn

News

Results

United’s third quarter catastrophe bill hits $35mn

United Insurance Holdings has racked up $35mn of net catastrophe losses in a third quarter that saw Hurricane Florence pound the Carolinas as a Category 1 storm.

Tue 2 Oct 2018

News

People Moves

Cloutier leaves Brit for Aspen

Brit’s executive chairman Mark Cloutier is set to leave for Apollo Global Management to advise on the $2.6bn acquisition of Aspen with a view to taking over at the helm of the Bermudian.

Mon 1 Oct 2018

News

Aon extends capital advisory offering to Americas

Aon has built on its recently-launched capital advisory practice by extending its offering to the Americas, the broker’s reinsurance arm announced today.

Mon 1 Oct 2018

AmTrust investor asks regulators to block $2.95bn take-private deal

News

Results

AmTrust investor asks regulators to block $2.95bn take-private deal

Arca Capital, a significant shareholder in AmTrust, is seeking to block an all-but-done deal that would see the US insurer’s management take the firm private in a transaction worth $2.95bn.

Mon 1 Oct 2018

Liberty builds out London FI team with two hires

News

People Moves

Liberty builds out London FI team with two hires

Liberty Specialty Markets (LSM) has made two appointments to its financial institutions (FI) business in London.

Mon 1 Oct 2018