Search | The Insurer TV

Russia targets big three brokers in 'investigation' over sanctions dodging

News

Legal/ Regulatory

Russia targets big three brokers in 'investigation' over sanctions dodging

The Russian authorities appear to have taken aim at the big three reinsurance brokers’ dealings in the country after a report in a state-run newspaper said the companies’ dealings with the Russian National Reinsurance Company (RNRC) were under “investigation” by the Interior Ministry.

Tue 10 Apr 2018

Angerstein: Lloyd’s headcount leaps despite costly virtue signalling

Comment

People Moves

Angerstein: Lloyd’s headcount leaps despite costly virtue signalling

The Corporation of Lloyd’s senior management have been signalling their commitment to cost-reductions for some time - so one can imagine there was a collective groan when it published its market-wide results last month.

Tue 10 Apr 2018

Marsh CEO Doyle to reveal restructure plans as staff cuts loom

News

People Moves

Marsh CEO Doyle to reveal restructure plans as staff cuts loom

Marsh employees will today (10 April) face the first of many days of reckoning in a global conference call with the broking giant’s boss to discuss details of a restructuring that was first revealed by re-Insurance.com in March.

Tue 10 Apr 2018

Lloyd’s sale rush raises existential questions

Analysis

M&A

Lloyd’s sale rush raises existential questions

The recent influx of Lloyd’s platforms onto the M&A market has raised a plethora of issues for what the sales rush means for the future of the market - as well as what the sudden spike in supply could do to already frothy takeout multiples.

Tue 10 Apr 2018

AmTrust filing says poor performance led to $2.7bn take-private deal

News

Results

AmTrust filing says poor performance led to $2.7bn take-private deal

AmTrust’s abysmal performance last year was cited as one of the key reasons that the company’s board voted to approve a $2.7bn offer to take the carrier private that was tabled by its CEO, his in-laws and their capital backers StonePoint, it has emerged.

Mon 9 Apr 2018

Catalina paid $272mn for Hartford UK run-off books

News

Results

Catalina paid $272mn for Hartford UK run-off books

Legacy acquisition heavyweight Catalina paid The Hartford $272mn last year to acquire its UK run-off businesses, a sum which suggests a discount to their book value.

Mon 9 Apr 2018

News

People Moves

Beazley’s Andrew Horton named LMG chair

The London Market Group (LMG) has appointed Andrew Horton, CEO of Beazley, as the chair of the organisation.

Mon 9 Apr 2018

News

Aon Benfield structures $1bn aviation reinsurance programme for US Exim Bank

The US Export-Import Bank (Exim) has purchased a $1bn limit reinsurance programme backed by the private market for the first time after working on the placement with broker Aon Benfield.

Mon 9 Apr 2018

FCA cuts back on investigations to focus on Brexit

News

Legal/ Regulatory

FCA cuts back on investigations to focus on Brexit

The Financial Conduct Authority (FCA) has set out plans to scale back activities that aren’t directly impacted by Britain’s departure from the European Union.

Mon 9 Apr 2018

Chubb’s Greenberg takes aim at share buybacks and litigation

News

Results

Chubb’s Greenberg takes aim at share buybacks and litigation

In a wide-ranging annual letter to shareholders, Chubb boss Evan Greenberg has criticised the industry’s tendency toward share buybacks to boost stock value and what he considers an “unnecessary tax on corporate America” from soaring legal costs hurting the D&O market.

Mon 9 Apr 2018

News

Rating actions

AM Best affirms Accredited’s A- rating

Accredited Surety & Casualty Company Inc (Accredited), the US insurance arm of London-listed R&Q, has had its AM Best A- (excellent) rating affirmed yesterday (6 April).

Sat 7 Apr 2018

Maiden shares open up as Bermudian appoints BofA for ‘strategic review’

News

M&A

Maiden shares open up as Bermudian appoints BofA for ‘strategic review’

Shares in Bermudian reinsurer Maiden have risen in early morning trading in New York - despite trade war fears prompting a broader market slump - after the company announced it had appointed Bank of America Merrill Lynch to conduct a “strategic review” of its operations.

Fri 6 Apr 2018

Howden buys majority stake in Turkish broker ACP

News

M&A

Howden buys majority stake in Turkish broker ACP

Howden has agreed to acquire a majority stake in Turkish broker ACP, buying out private equity fund Mediterra Capital for an undisclosed sum.

Fri 6 Apr 2018

US D&O loss ratio spike drags insurers into the red: AM Best

News

Professional lines

US D&O loss ratio spike drags insurers into the red: AM Best

US D&O loss ratios spiked the highest in at least seven years in 2017 fuelled by a record number of federal securities class action suits while insurers struggled to achieve rate increases.

Fri 6 Apr 2018

REVEALED: The full scope of the FCA’s wholesale broker probe

News

Legal/ Regulatory

REVEALED: The full scope of the FCA’s wholesale broker probe

Crunch time is looming for wholesale brokers ensnared in the Financial Conduct Authority’s (FCA) investigation into conflicts of interest at the top of the market’s largest intermediaries.

Fri 6 Apr 2018

Above average Atlantic hurricane season expected in 2018

News

Losses

Above average Atlantic hurricane season expected in 2018

Colorado State University (CSU) researchers have predicted the Atlantic hurricane season to be ‘slightly above average’ in 2018, anticipating 14 named storms.

Thu 5 Apr 2018