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People Moves

Volante launches motor MGA

Volante Global, the MGA platform led by Talbir Bains, has launched its latest MGA - Gentium Motor.

Mon 13 Aug 2018

News

PPL penal regime begins with league table of London adopters

A league table of those to take up the London market E-placing platform, PPL, will be published next quarter as the penal regime begins for Lloyd’s adoption.

Mon 13 Aug 2018

AM Best warns that Maiden’s reserve charge has been ‘noted’

News

Rating actions

AM Best warns that Maiden’s reserve charge has been ‘noted’

Ratings agency AM Best has said it would not be taking any action against Bermudian reinsurer Maiden in the wake of its disappointing second quarter results, but warned that “changes in equity and reserves through the first six months of 2018 have been noted”.

Fri 10 Aug 2018

Munich Re hires senior XL underwriter to lead its US specialty push

News

People Moves

Munich Re hires senior XL underwriter to lead its US specialty push

Munich Re has hired XL Group’s head of US terrorism and political violence Ben Tucker to lead a new unit focussed on writing a variety of US non-marine specialty classes, re-Insurance.com can reveal.

Fri 10 Aug 2018

Comment

M&A

Aspen’s high noon fast approaches

The six months of uncertainty for up-for-sale Bermudian carrier Aspen will end soon - and perhaps even as early as this time next week, sources close to the company suggest.

Fri 10 Aug 2018

Analysis

M&A

Maiden’s voyage

Bermuda’s Maiden has veered off course and appears to be going in a very different direction.

Fri 10 Aug 2018

News

Legacy

Legacy acquirer Armour builds out M&A team with two hires

Run-off specialist Armour has appointed Ranbeer Bhatia and Andrea Piatti.

Fri 10 Aug 2018

Tokio on the hook for $452mn flood losses as international units suffer

News

Results

Tokio on the hook for $452mn flood losses as international units suffer

Japanese carrier Tokio Marine Holdings expects to pay out 50bn yen ($451.8mn) for losses stemming from heavy rain in the country last month.

Fri 10 Aug 2018

AmTrust’s combined ratio swells to 106% after another reserve charge

News

Results

AmTrust’s combined ratio swells to 106% after another reserve charge

Soon-to-be private US insurer AmTrust saw its combined ratio balloon to 106.1 percent in the second quarter after booking another reserve charge.

Fri 10 Aug 2018

Sompo International profits slip on combined ratio creep

News

Results

Sompo International profits slip on combined ratio creep

Profits at Japanese giant Sompo’s eponymous international unit, which was built out of the 2016 acquisition of Endurance, dipped 4.5 percent in the most recent quarter after a modest spike in the segment’s combined ratio.

Fri 10 Aug 2018

Liberty Mutual sees 2Q profits up on lower cats

News

Results

Liberty Mutual sees 2Q profits up on lower cats

Liberty Mutual’s underwriting performance swung to a profit in the second quarter, with the Boston-based carrier clocking a combined ratio of 97.9 percent.

Thu 9 Aug 2018

AmTrust buys time to terminate $2bn Maiden quota share

News

Casualty Reinsurance

AmTrust buys time to terminate $2bn Maiden quota share

US insurer AmTrust has negotiated extra time to cancel its $2bn reinsurance quota share with sister company Maiden.

Thu 9 Aug 2018

Maiden’s shares plunge 41% as CEO resigns after bad Q2

News

Results

Maiden’s shares plunge 41% as CEO resigns after bad Q2

Shares in Maiden crashed by more than 41 percent on Thursday after the Bermudian reinsurer announced that its top brass had resigned after another poor second-quarter performance.

Thu 9 Aug 2018

News

People Moves

Aspen takes Advent’s head of specialty

Aspen Insurance has tapped Advent’s head of specialty Robin Waller to take over as head of international upstream energy.

Thu 9 Aug 2018

Top execs depart as AmTrust charge sends Maiden to an unexpected loss

News

People Moves

Top execs depart as AmTrust charge sends Maiden to an unexpected loss

The CEO and finance boss of Maiden have both stepped down in the wake of a poor second quarter that saw the Bermudian fall to an unexpected loss after taking a reserve charge on a book of business written for its sister company AmTrust.

Thu 9 Aug 2018

Travelers CFO Benet steps down with plaudits

News

People Moves

Travelers CFO Benet steps down with plaudits

Travelers long-serving CFO Jay Benet had his retirement greeted with plaudits this week after nearly 17 years in the role.

Thu 9 Aug 2018