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Marine

Acappella builds out marine liability team after closing cargo book

Laurence Winter is set to join Lloyd’s platform Acappella to lead its marine liability business, re-Insurance.com understands.

Tue 10 Jul 2018

Aon and Chubb launch Lloyd’s terrorism and political violence facility

News

Political risk

Aon and Chubb launch Lloyd’s terrorism and political violence facility

Broking house Aon and (re)insurer Chubb have collaborated to create a stand-alone terrorism and political violence solution at Lloyd’s, the two companies announced today.

Tue 10 Jul 2018

News

M&A

BP Marsh takes stake in Australian MGA

BP Marsh has acquired a 20 percent stake in Australian managing general agent ATC Insurance Solutions, the UK-based insurance investment house announced today.

Tue 10 Jul 2018

News

People Moves

R-T Specialty’s ProExec hires Legge

Pat Ryan-owned wholesale broker R-T Specialty has hired Vanbridge co-founder Jonathan Legge to lead its transactional liability and private equity practices under the RT ProExec brand.

Tue 10 Jul 2018

News

Losses

Japanese flood losses likely to top $1bn

Economic losses from flash floods and mudslides that have devastated parts of southern Japan in the past two weeks are likely to exceed $1bn, according to an early estimate from Aon.

Tue 10 Jul 2018

News

Cyber

US cyber loss ratio shrinks in 2017 despite $275mn Merck loss

Despite 2017 witnessing the industry’s largest ever insured cyber loss at $275mn, it was a banner year for US cyber underwriters with a combined ratio of only 61.4 percent and aggregate premiums climbing to at least $1.84bn.

Mon 9 Jul 2018

News

Florida insurer Frontline debuts $350mn cat bond

Swiss Re Capital Markets has structured the issuance of a $350mn ILS transaction on behalf of the US insurer Frontline, highlighting the continuing appetite of capital markets investors to support cat risk securitisations.

Mon 9 Jul 2018

Reed retires as Scor restructures London operations

News

People Moves

Reed retires as Scor restructures London operations

David Reed is set to retire as CEO of Scor’s Lloyd’s business amid a reshuffle that will see both Channel Syndicate and the reinsurance giant’s other UK operations brought under one roof.

Mon 9 Jul 2018

Markel taps Hamilton for finance director

News

People Moves

Markel taps Hamilton for finance director

Markel has hired Simon Barrett to take over as finance director for its international operations, which include its Lloyd’s Syndicate 3000.

Mon 9 Jul 2018

TMK seals deal to take control of $200mn US flood MGA

News

M&A

TMK seals deal to take control of $200mn US flood MGA

Tokio Marine Kiln has completed a deal to buy the remaining 51 percent of WNC Holdings, a California-based managing general agent specialising in writing cover for flood and construction risk.

Mon 9 Jul 2018

Gienal to replace Blanc at the helm of Axa in the UK and Ireland

News

People Moves

Gienal to replace Blanc at the helm of Axa in the UK and Ireland

Axa has appointed Claudio Gienal to take over as chief executive of UK and Ireland.

Mon 9 Jul 2018

Investor pressure driving reinsurance purchasing: Willis Re

News

Results

Investor pressure driving reinsurance purchasing: Willis Re

Fears over earnings volatility is the main driver of reinsurance buying, a survey by Willis Re has found.

Mon 9 Jul 2018

News

Marine

MS Amlin taps Aon for war underwriter

MS Amlin has appointed Brecht van Hoorebeke as a war underwriter, it announced today.

Mon 9 Jul 2018

News

Beale fires another warning shot to marine market as market exits ramp up

following a swathe of market exits, the outgoing-CEO of Lloyd’s Inga Beale fired a warning shot to marine underwriters yesterday, cautioning insurers to adapt to the “new normal” of low prices and increased loss ratios.

Fri 6 Jul 2018

Marsh puts circa 60 staff on notice in latest round of job cuts

News

People Moves

Marsh puts circa 60 staff on notice in latest round of job cuts

Marsh is telling around 60 London and international staff that they will be losing their jobs in another round of redundancies at the broking powerhouse, re-Insurance.com can reveal.

Fri 6 Jul 2018

Comment

People Moves

Does Lloyd’s need another chairman?

It’s a rhetorical question. It doesn’t, as Bruce Carnegie-Brown only took the reins last year and is delivering on one of the key functions of any chairman which is to patiently take the soundings of an organisation’s stakeholders and find the right executive team to deliver a strategy and a vision.

Fri 6 Jul 2018