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American Hellenic club CEO embroiled in heroin smuggling scandal

News

Legal/ Regulatory

American Hellenic club CEO embroiled in heroin smuggling scandal

Ilias Tsakiris, the CEO of the American Hellenic P&I club, has had charges filed against him in connection with an investigation into alleged heroin smuggling by Greek shipping magnate Vagelis Marinakis, re-Insurance.com understands.

Tue 27 Mar 2018

Fidelity refuses to back down over Fidelis trademark claim

News

Legal/ Regulatory

Fidelity refuses to back down over Fidelis trademark claim

Investment powerhouse Fidelity appears intent on pursuing its copyright infringement claim against Richard Brindle’s Fidelis to the bitter end as the case came back into the London courts yesterday (26 March).

Tue 27 Mar 2018

Ed adds Herman from JLT’s Lloyd and Partners

News

People Moves

Ed adds Herman from JLT’s Lloyd and Partners

Broker Ed has hired Dean Herman from rival JLT-owned Lloyd and Partners to join its risk solutions team.

Tue 27 Mar 2018

News

Results

AIG increased Validus bid by $800mn

Validus CEO Ed Noonan extracted an additional $800mn from AIG during negotiations between the two firms late last year and in January this year before they agreed a final $5.56bn takeout price.

Tue 27 Mar 2018

Axa CEO defends EUR12.4bn XL deal over smaller acquisitions

News

Results

Axa CEO defends EUR12.4bn XL deal over smaller acquisitions

Axa’s Thomas Buberl has defended the decision to acquire XL Group for EUR12.4bn rather than pursuing smaller acquisitions.

Tue 27 Mar 2018

Comment

Results

Legacy boom town

Re-Insurance.com’s revelation that Darag is raising EUR100mn to bolster its M&A firepower, and the firm’s subsequent confirmation yesterday that it is teaming up with Scandinavian investment house New Nordic to acquire live businesses, demonstrates just how much interest there is in the run-off sector.

Tue 27 Mar 2018

UK government touts ILS credentials at Downing Street bash

News

Legal/ Regulatory

UK government touts ILS credentials at Downing Street bash

The Chancellor of the UK government, Philip Hammond, and the London Market Group (LMG) last night (26 March) hosted a reception at 11 Downing Street to promote the UK’s recently launched ILS legislation.

Tue 27 Mar 2018

News

RLI backs $100mn US InsurTech fund

US specialty carrier RLI has become a cornerstone investor in an InsurTech fund that is aiming to raise $100mn by the end of the year, re-Insurance.com understands.

Tue 27 Mar 2018

Lloyd’s acts to assuage rating agency concerns over peak exposures

News

Property catastrophe

Lloyd’s acts to assuage rating agency concerns over peak exposures

On the eve of Lloyd’s publishing its worst results since 2001, representatives from the Corporation’s Performance directorate met with senior executives from a number of Lloyd’s insurers to score-card how they are managing their aggregate cat exposures.

Tue 27 Mar 2018

News

Ed jumps in as Lloyd’s pushes market to electronic placement

Broker Ed has put down a marker in efforts to to switch the Lloyd’s market towards an electronic placement system by being the first to apply to the Corporation for recognition of its data and analytics platform, TradEd, re-Insurance.com can reveal.

Tue 27 Mar 2018

Lloyd’s non-exec salaries up despite £2bn loss

Analysis

Results

Lloyd’s non-exec salaries up despite £2bn loss

Lloyd’s annual results last week revealed that salaries across the Corporation climbed to £89mn ($126mn) last year, up from £84mn in 2016, analysis by re-Insurance.com shows.

Tue 27 Mar 2018

Marsh drafts in BCG to cut headcount in fresh savings drive

News

Results

Marsh drafts in BCG to cut headcount in fresh savings drive

Broking giant Marsh has appointed Boston Consulting Group (BCG) to lead a fresh efficiency drive designed to cut staff numbers, strip costs out of the business and improve margins, re-Insurance.com understands.

Tue 27 Mar 2018

Supreme Court dashes Greenberg’s final hope for AIG bailout challenge

News

Results

Supreme Court dashes Greenberg’s final hope for AIG bailout challenge

The US Supreme Court has called time on former-AIG CEO Hank Greenberg’s attempts to challenge the US government’s enforced $182bn bailout of the insurer during the financial crisis.

Mon 26 Mar 2018

Darag teams up with New Nordic in live market play

News

Legacy

Darag teams up with New Nordic in live market play

Legacy acquisition specialist Darag has partnered with managing general agent- and insurance company- owner New Nordic in move that will allow the run-off buyer to take on run-off books which also contain live business.

Mon 26 Mar 2018

News

B3i emerges from (re)insurers wing into separate legal entity

B3i, the blockchain research initiative formed by a consortium of (re)insurers in 2016, has officially become its own independent entity with a Zurich registered company.

Mon 26 Mar 2018

News

Marine

Aon Benfield’s marine director Connolly retires

John Connolly the long-serving managing director of Aon Benfield’s marine practice, is to retire, re-Insurance.com can reveal.

Mon 26 Mar 2018