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AmTrust shutters its Lloyd’s marine book

News

Losses

AmTrust shutters its Lloyd’s marine book

AmTrust has jettisoned its Lloyd’s marine business - which is thought to be worth up to £30mn ($39.9mn) - in a shock decision announced earlier this week, re-Insurance.com can reveal.

Mon 25 Jun 2018

Naming and shaming will be key driver in PPL uptake: Masojada

News

Market Modernisation

Naming and shaming will be key driver in PPL uptake: Masojada

The uptake of the London Market’s electronic placing platform, PPL, will vastly improve when the names of companies not using it are released, according to Bronek Masojada, CEO of Hiscox and chair of the PPL board.

Mon 25 Jun 2018

Haley ready for more deals now the Willis-Towers Watson merger is done

News

M&A

Haley ready for more deals now the Willis-Towers Watson merger is done

Willis Towers Watson is now in a position to do more deals, the firm’s boss has told the Financial Times almost three years to the day since the $18bn merger of Willis and Towers Watson was announced.

Mon 25 Jun 2018

Gard faces P&I loss from Rotterdam port spill

News

Losses

Gard faces P&I loss from Rotterdam port spill

Norwegian P&I club Gard could be on the hook for a pollution-linked loss after a spill from a chemical tanker in Rotterdam released 217 tons of heavy fuel into the water while exiting the Dutch port.

Mon 25 Jun 2018

Analysis

M&A

AmTrust: The Winners and Losers

After weeks of wrangling and looming uncertainty about whether or not it would get over the line, AmTrust’s CEO and his wife’s family have finally won out in their bid to take the firm private in a $2.95bn deal with Stone Point which has faced substantial opposition from activist and minority investors.

Fri 22 Jun 2018

News

Marine

Lloyd’s hones in on underperforming marine classes

Lloyd’s has issued yet another warning to syndicates writing various marine classes that profitability must improve or they face being barred from operating in the segment, re-Insurance.com can reveal.

Fri 22 Jun 2018

CBL administrators delay watershed meeting as talks drag on

News

Legal/ Regulatory

CBL administrators delay watershed meeting as talks drag on

The administrators for defunct New Zealand carrier CBL have put on ice plans for a meeting to establish the insurer’s fate as they work to thrash out a last-ditch deal with the firm’s directors.

Fri 22 Jun 2018

News

Marine

Ark taps MS Amlin’s marine underwriter Lurcott

Lloyd’s (re)insurer Ark has hired marine market expert Richard Lurcott, re-Insurance.com can reveal.

Fri 22 Jun 2018

PG&E pegs California wildfire insurance recoveries at $375mn

News

Losses

PG&E pegs California wildfire insurance recoveries at $375mn

California public utility company PG&E has said it hopes to recover around $375mn from its insurers over damage caused during a spate of wildfires in the state in the second half of last year.

Fri 22 Jun 2018

News

Gard appoints new chair

Gard has elected Morten W Høegh to the board of its Bermuda-based P&I operations.

Fri 22 Jun 2018

AmTrust shareholders approve Stone Point go-private deal

News

M&A

AmTrust shareholders approve Stone Point go-private deal

AmTrust investors have given their assent to the company’s $14.75 per share go-private deal with Stone Point, putting an end to long-running shareholder opposition to the proposed deal tabled by the firm’s CEO, his wife’s family and their backers.

Thu 21 Jun 2018

News

BMS tells its LatAm brokers to keep client savings as a ‘professional fee’

The CEO of broker BMS has told his staff in Latin America to hold on to savings they achieve for their clients and book the revenue as a “professional fee”, an internal memo obtained by re-Insurance.com reveals.

Thu 21 Jun 2018