NewsLegacyR&Q acquires Global Re as FY results may “substantially” exceed expectationsRandall & Quilter Investment Holdings Ltd (R&Q) has unveiled its largest ever legacy acquisition this morning with the $80.5mn purchase of Global Re, the US arm of reinsurer Gerling Global Re that went into run-off in 2002.Wed 19 Sep 2018
NewsLossesAIR pegs Florence wind and storm bill at up to $4.6bnAIR Worldwide has said insured losses stemming from Hurricane Florence’s winds and storm surge will range from $1.7bn to $4.6bn. Tue 18 Sep 2018
NewsM&AMMC’s acquisition of JLT is about one word – growth: GlaserThe $5.6bn acquisition of JLT by MMC is all about driving growth for the buyer, according to Dan Glaser, president and chief executive of MMC.Tue 18 Sep 2018
NewsM&AAFL snaps up US-based MGA ZodiacLloyd’s broker AFL has acquired a majority stake in US-based Zodiac Insurance Services, for an undisclosed sum.Tue 18 Sep 2018
NewsM&AMMC (re)insurance business to be 40 percent bigger than rival AonMMC’s $5.6bn acquisition of Jardine Lloyd Thompson Group (JLT) will cement the group’s position as the industry’s largest global broker based on (re)insurance revenues and will also create a 40 percent top line differential based on 2017 results.Tue 18 Sep 2018
NewsPeople MovesAxis promotes Helen O’Sullivan to lead Irish subsidiariesAxis has appointed Helen O’Sullivan as CEO of Axis Specialty Europe SE and Axis Re SE.Tue 18 Sep 2018
NewsPeople MovesTokio Marine Kiln taps Axis for CFO as Dover departsTokio Marine Kiln has appointed Reeken Patel chief financial officer.Tue 18 Sep 2018
NewsM&AGuy Carp-JLT Re set to become largest reinsurance broker…justThe combined revenue of the broking titan formed by MMC’s $5.6bn purchase of JLT Group will enable the combined reinsurance units to leapfrog Aon’s reinsurance arm to become the industry’s largest reinsurance broker based on 2017 revenues.Tue 18 Sep 2018
NewsM&AJLT’s shares leap 31 percent on largest-ever broker M&A dealShares in London-listed broking group JLT have soared 31 percent in early trading today in response to its shock $5.6bn takeover by US rival MMC, the largest ever acquisition of an insurance intermediary.Tue 18 Sep 2018
NewsM&AMMC swoops on JLT in $5.6bn takeover dealMarsh & McLennan Companies - parent company of Marsh and Guy Carpenter - is to acquire London-listed rival JLT.Tue 18 Sep 2018
NewsLossesKCC pegs Florence losses at $2.5bnModeling firm Karen Clark & Company has said losses from Hurricane Florence, which battered the Carolinas over the weekend, are set to reach up to $2.5bn.Mon 17 Sep 2018
NewsLossesMarine insurers facing EUR590mn bill for Lürssen shipyard lossMarine insurers are bracing themselves for an estimated loss in the region of EUR590mn ($687mn) after a superyacht shipyard in Germany caught fire last week, according to re-Insurance sources.Mon 17 Sep 2018
NewsHiscox to shrink Syndicate 33’s stamp capacity by £200mn next yearHiscox has announced plans to shrink its flagship Syndicate 33’s stamp capacity by £200mn next year as a crackdown by Lloyd’s performance director Jon Hancock rumbles on.Mon 17 Sep 2018
NewsM&ACovea mulling another Scor bid: ReutersCovea is considering another approach for Scor with an offer that would see the French mutual insurer commit to keeping the reinsurance giant listed in Paris, Reuters has reported.Mon 17 Sep 2018
NewsEnergyBMS continues energy team build-out with more Price Forbes hiresLondon wholesaler BMS has continued to build out its nascent energy insurance team with three more hires from rival Price Forbes and a fourth addition from JLT.Mon 17 Sep 2018
NewsLossesMost of North Carolina’s flood losses uninsuredParts of North Carolina remain under water today after Hurricane Florence dumped around 33 inches of rain on to the state over the weekend.Mon 17 Sep 2018