NewsCastel splits off Weald Risk Partners into Fidelis-backed standalone entityCastel Underwriting Agencies, the MGA platform for individual specialist underwriters, has split off its niche forestry physical damage platform Weald Risk Partners into a separate cell within its Castel Specialty portfolio.Mon 23 Apr 2018
NewsPeople MovesAlesco hires construction executive Hiller from WillisAlesco - the expansive London market broker that celebrates its ten year anniversary later this year - has plucked Martin Hiller from larger rival Willis Towers Watson to bolster the senior management of its construction team.Mon 23 Apr 2018
NewsLegacyBarbican drafts in Aon Benfield to manage RITC auctionLloyd’s insurer Barbican has instructed Aon Benfield to evaluate third-party reinsurance to close (RITC) quotes for its back-year liabilities, re-Insurance.com can reveal.Fri 20 Apr 2018
NewsTMK partners with Australian InsurTech firm for SME coverTokio Marine Kiln is partnering with Australian InsurTech firm Evari to offer cover for small-and medium-sized companies in the country, the carrier announced today.Fri 20 Apr 2018
NewsLegal/ RegulatoryArdonagh’s results hit by £51mn Towergate compensation billArdonagh Group’s dismal £260.9mn 2017 FY loss was exacerbated by a more than £50mn charge thought to be related to claims against one of its companies Towergate, which was forced to payout millions in compensation over a pensions advice scandal.Fri 20 Apr 2018
NewsLossesAllstate expects Q1 losses to total $361mnUS insurance giant Allstate is expecting first quarter catastrophe losses to hit $361mn, with $222mn of that total from events in March alone.Thu 19 Apr 2018
NewsM&AAspen’s first round bids due next weekPotential acquirers of the up-for-sale Bermudian (re)insurer Aspen Insurance Holdings have until the 27 April to submit first round bids for the business in the sale process managed by JP Morgan and Goldman Sachs, re-Insurance.com can reveal.Thu 19 Apr 2018
NewsBrexitAIG transfers business to newly established European companiesAIG has moved forward with its Brexit planning as it paves the way to transfer its existing business to two newly-established insurance companies in the UK and Luxembourg.Thu 19 Apr 2018
NewsResultsTowergate and Price Forbes owner Ardonagh Group posts £261mn lossArdonagh Group, which owns London market wholesaler Price Forbes and UK retail broker Towergate, saw 2017 losses increase more than five-fold to £260.9mn ($370.3mn) driven in part by a surge in “regulatory costs”.Thu 19 Apr 2018
NewsCyberEnvelop Risk to launch Bermuda cyber platform with Chatterjee hireHannover Re’s Bermuda-based cyber expert Aritra (Ari) Chatterjee has joined start-up Envelop Risk as chief underwriting officer and will launch an underwriting platform on the island later this year, re-Insurance.com can reveal.Thu 19 Apr 2018
NewsAviationAviation underwriters hold their mettle in Q1Under pressure from senior management, after a devastating catastrophe year in 2017, aviation underwriters pushed back in the first quarter to hold rates flat, according to broker JLT.Wed 18 Apr 2018
NewsPeople MovesAxis Re takes AIG’s Thomas for new CUO roleAxis Re has appointed Megan Thomas to a newly-created chief underwriting officer role, the Bermudian announced today.Wed 18 Apr 2018
NewsPeople MovesMarsh moves US financial and professional lines leader to UKMarsh has named Paul Denny financial and professional practice leader for the UK.Wed 18 Apr 2018
NewsA&HAccident and health goes live on PPLAccident and health is the the latest line of business to go live on the electronic placing platform PPL.Wed 18 Apr 2018
NewsResultsMcGavick stands to gain over $150mn from Axa’s XL dealXL Group CEO Mike McGavick could earn up to $154.3mn from the $15.4bn deal with French insurer Axa which would take his total holdings in the Bermudian to $180mn, or 1.18 percent of total equity.Tue 17 Apr 2018
NewsResultsAxa’s bid for XL tops industry multiplesThe AXA-XL proxy statement highlights the impressive valuation achieved by the Bermudian firm; nearly 2x tangible and fully diluted price to book. How does it compare to other M&A in the sector…Tue 17 Apr 2018