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Blockchain to tackle ‘stubbornly high’ admin costs for carriers

Blockchain, the much-vaunted technology underpinning cryptocurrencies, could be the solution to the high costs the commercial and specialty (re)insurance incurs from accounting and settlement (A&S) charges, according to experts ChainThat and R3.

Thu 29 Mar 2018

London broker Alsford Page & Gems loses top brass

News

People Moves

London broker Alsford Page & Gems loses top brass

Private equity-backed London market broker Alsford Page & Gems (APG) has parted ways with its CEO and chief operating officer in a restructure of its board of directors.

Thu 29 Mar 2018

Integro seals Tysers deal in £110mn sale

News

M&A

Integro seals Tysers deal in £110mn sale

The protracted sale of Tysers has finally reached a conclusion after the London-market broking house reached a £110mn deal with acquisitive US intermediary Integro, re-Insurance.com understands.

Thu 29 Mar 2018

Swiss Re shares rise as Softbank closes in on $9.6bn stake deal

News

M&A

Swiss Re shares rise as Softbank closes in on $9.6bn stake deal

Japanese investment powerhouse Softbank is nearing a deal with Swiss Re to buy a 25 percent stake in the reinsurer for around $9.6bn, according to reports.

Thu 29 Mar 2018

Third Point Re affirmed after strong 17.8 percent investment return

News

Results

Third Point Re affirmed after strong 17.8 percent investment return

Despite never having made an underwriting profit, the total return reinsurer Third Point Re (TP Re) has had its AM Best A- (excellent) financial strength rating affirmed by AM Best after another strong year of investment returns.

Thu 29 Mar 2018

NBG ‘considering all options’ as Exin loses exclusivity in Ethniki chase

News

M&A

NBG ‘considering all options’ as Exin loses exclusivity in Ethniki chase

Matt Fairfield’s Exin has failed to secure funding in time for a National Bank of Greece (NBG) deadline today (28 March) in its EUR720mn ($890mn) bid for state-owned insurer Ethniki, according to a presentation obtained by re-Insurance.com.

Wed 28 Mar 2018

UPDATED: Aspen shares surge by more than 5% as sale process nears

News

Results

UPDATED: Aspen shares surge by more than 5% as sale process nears

Shares in Aspen spiked by more than 7 percent in yesterday after re-Insurance.com revealed that a formal sales process was expected to be launched as soon as next week.

Wed 28 Mar 2018

Aspen poised to begin $2.5bn+ sale process

News

M&A

Aspen poised to begin $2.5bn+ sale process

Aspen’s bankers Goldman Sachs and JP Morgan have told potential buyers that a sales process will go live shortly and potentially as early as next week, re-Insurance.com understands.

Wed 28 Mar 2018

The Hanover appoints Goldmans to explore Chaucer sale

News

M&A

The Hanover appoints Goldmans to explore Chaucer sale

US carrier and Chaucer owner The Hanover today (28 March) announced that it has appointed investment bank Goldman Sachs to explore a sale of the Lloyd’s syndicate.

Wed 28 Mar 2018

Uninsured Russian mall fire prompts calls for liability cover law

News

Legal/ Regulatory

Uninsured Russian mall fire prompts calls for liability cover law

The fire in a Russian shopping mall which caused the deaths of at least 64 people has led to calls for the government to introduce liability insurance laws after it emerged the complex owner had not purchased cover.

Wed 28 Mar 2018

News

Brexit

Bank of England and FCA back passporting into UK during Brexit transition

The Bank of England has said it expects EU firms to be able to continue doing business in the UK under the current passporting regime during the Brexit transition period up to 2020.

Wed 28 Mar 2018

Ed shakes up management team amid culture shift

News

People Moves

Ed shakes up management team amid culture shift

London-headquartered broker Ed has shaken up the roles of some of its most senior management in a move that is designed to de-layer reporting lines and put greater emphasis on executives being market-facing, re-Insurance.com understands.

Wed 28 Mar 2018

Former Anbang chairman denies ‘economic crime’ charges

News

Legal/ Regulatory

Former Anbang chairman denies ‘economic crime’ charges

Wu Xiaohui, the former chairman of Chinese insurer Anbang who was arrested as part of a broader crackdown on the country’s financial system last year, has denied all charges against him at the start of his trial in Shanghai today (28 March), according to reports.

Wed 28 Mar 2018

News

Losses

Perils Debbie loss estimate tops out at AUD1.74bn

Catastrophe data provider Perils has finalised its loss estimate for Cyclone Debbie which swept across parts of Queensland and New South Wales last year at AUD1.74bn ($1.33bn).

Wed 28 Mar 2018

News

Cyber

Markel appoints head of cyber business

Markel has named Kara Owens managing director of its global cyber business.

Tue 27 Mar 2018

News

GC’s Carter praises changing market diversity dynamics

DiveIn, the Insurance Supper Club, the Diversity Action Group, iWIN – these days it’s fair to say that while the market still has a long way to go, there’s no shortage of organisations championing diversity and inclusion.

Tue 27 Mar 2018