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CBL defied regulators to transfer EUR25mn to Danish insurer Alpha

News

Legacy

CBL defied regulators to transfer EUR25mn to Danish insurer Alpha

Embattled New Zealand carrier CBL ignored orders from its home regulator to illicitly transfer EUR25mn to its second largest business provider in a bid to cover the cracks in its balance sheet caused by the growing French construction liability crisis.

Fri 2 Mar 2018

ERS posts ‘frustrating’ £12.2mn loss for 2017 as Ogden impact lingers

News

Results

ERS posts ‘frustrating’ £12.2mn loss for 2017 as Ogden impact lingers

The specialist Lloyd’s motor insurer has reported a loss of £12.2mn ($16.8mn) for 2017 as changes to the Ogden rate continue to impact ERS’s balance sheet.

Fri 2 Mar 2018

News

RMS hires Valley veteran White as CEO

Catastrophe modelling firm RMS has tapped up experienced Silicon Valley executive Karen White as its new CEO.

Fri 2 Mar 2018

News

Brexit

Insurers ‘split’ over post-Brexit regulatory framework: CII

The UK insurance industry is in disagreement as to what the regulatory framework should look like when Britain leaves the European Union, according to the Chartered Insurance Institute (CII).

Fri 2 Mar 2018

Catastrophes push State Farm to $6.5bn underwriting loss

News

Results

Catastrophes push State Farm to $6.5bn underwriting loss

America’s largest insurer State Farm booked a $6.5bn underwriting loss on premium earned in 2017 as last year’s hurricanes and wildfires in the US took their toll on the group’s bottom line.

Fri 2 Mar 2018

NZ brought in CBL liquidators over $55mn payment breach

News

Legal/ Regulatory

NZ brought in CBL liquidators over $55mn payment breach

The Reserve Bank of New Zealand asked the country’s court to appoint liquidators to CBL Insurance over $55mn of overseas payments the company made against the regulator’s wishes.

Thu 1 Mar 2018

ProSight posts ‘record’ profit in first Q4 since exiting Lloyd’s

News

Legacy

ProSight posts ‘record’ profit in first Q4 since exiting Lloyd’s

Private equity-backed carrier ProSight posted a $26mn profit for the final quarter of 2017, making it the most profitable year-end three-month period on record for the firm.

Thu 1 Mar 2018

AmTrust rises to just under privatisation offer price

News

Results

AmTrust rises to just under privatisation offer price

Shares in AmTrust have jumped to $13.10 in early New York trading, a fraction under the $13.50 price offered to shareholders as management bids to take the carrier private.

Thu 1 Mar 2018

HPS and Madison Dearborn Partners to acquire broker platform Compass

News

M&A

HPS and Madison Dearborn Partners to acquire broker platform Compass

Private equity firms HPS Investment Partners and Madison Dearborn Partners (MDP) have agreed to acquire Compass, the London-based broker platform.

Thu 1 Mar 2018

AmTrust founders up buy-out offer to $2.7bn as company discloses 'material weaknesses'

News

Results

AmTrust founders up buy-out offer to $2.7bn as company discloses 'material weaknesses'

US carrier AmTrust has upped its buyout offer to public equity holders to $13.50 per share and requested a 15 day extension to file its 2017 results amid “material weaknesses” in internal controls in a hectic 24 hours after sister company Maiden Holdings posted poor Q4 results yesterday.

Thu 1 Mar 2018

UPDATE: £2.1bn Pool Re XoL restructures with new third layer and cyber trigger

News

Casualty Reinsurance

UPDATE: £2.1bn Pool Re XoL restructures with new third layer and cyber trigger

Analysis of the industry’s largest XoL retro terrorism programme, together with diagram of stack and Pool Re chain of security…

Thu 1 Mar 2018

Hurricanes push Starstone to underwriting loss as Atrium breaks even

News

Results

Hurricanes push Starstone to underwriting loss as Atrium breaks even

The trio of Atlantic hurricanes that battered parts of the US and the Caribbean also took their toll on Starstone’s profits, while reserve releases kept fellow Enstar subsidiary Atrium in the black for 2017.

Thu 1 Mar 2018

Pool Re expands Munich Re led XoL treaty to record £2.1bn

News

Casualty Reinsurance

Pool Re expands Munich Re led XoL treaty to record £2.1bn

Pool Re has once again expanded its excess of loss treaty to a new record size of £2.1bn and extended the cover to include an element of cyber coverage, the UK state-backed terrorism mutual has confirmed today.

Thu 1 Mar 2018

AmTrust completes US fee sale to Madison Dearborn

News

M&A

AmTrust completes US fee sale to Madison Dearborn

US carrier AmTrust has completed the sale of a 51 percent stake in its US fee business to private equity firm Madison Dearborn in a deal struck late last year which brings the firm around $950mn in cash to boost its capital base.

Thu 1 Mar 2018

Christian steps down as Aon UK CEO to take new global chairman role

News

People Moves

Christian steps down as Aon UK CEO to take new global chairman role

Dominic Christian, the senior London market figure who oversaw the integration of Aon Re and Benfield following the latter’s acquisition in 2008, is stepping down from his role as CEO of Aon UK

Thu 1 Mar 2018

News

Leadenhall launches new remote risk fund

The London-based ILS fund manager Leadenhall Capital Partners has launched a new “remote risk” fund with $22.5mn of seed capital, re-Insurance.com can reveal.

Wed 28 Feb 2018