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The Swedish Club loses appeal over $15mn Renos loss

News

Legal/ Regulatory

The Swedish Club loses appeal over $15mn Renos loss

A cohort of hull and machinery underwriters led by the Swedish Club have lost an appeal looking to dodge a $15mn loss after a freighter ship the MV Renos was destroyed by fire six years ago.

Tue 20 Feb 2018

Irish authorities order CBL to halt writing business

News

Legacy

Irish authorities order CBL to halt writing business

The Central Bank of Ireland has instructed New Zealand-listed construction specialist carrier CBL to stop writing business in the country with immediate effect as concerns over the company’s financial position spread to Europe.

Tue 20 Feb 2018

Analysis

Results

Investors take decisive action in response to Q4 results

Investors were quick to punish carriers that underperformed in a fourth quarter that was plagued by California wildfire losses as they decisively rewarded firms that exceeded expectations in results released last week.

Mon 19 Feb 2018

IG reinsurance cover incepts as group mulls broker change

News

Marine

IG reinsurance cover incepts as group mulls broker change

As the clock ticks over this evening into the 20 February there will likely be a few celebrations ringing around the marine P&I world as the International Group’s (IG) $3bn cover for the coming year finally incepts.

Mon 19 Feb 2018

Mariners brace for $100mn+ Sanchi pollution loss

News

Losses

Mariners brace for $100mn+ Sanchi pollution loss

The marine P&I market is facing hundreds of millions of dollars in environmental pollution losses from the sinking of the Iranian-flagged Sanchi ship which went down with around 1 million barrels of crude oil onboard in the East China Sea last month, re-Insurance.com understands.

Mon 19 Feb 2018

Comment

Legal/ Regulatory

Division where unity is required…

The anti-insurer headlines are easy to imagine. A terrorist once again uses his vehicle to maim and kill and – in the aftermath of the atrocity – the notoriously aggressive British tabloid press seize on the revelation that UK motor insurers have recently changed their coverage to exclude liability for terrorist attacks.

Mon 19 Feb 2018

More details emerge on Nexus mooted stake sale

News

Results

More details emerge on Nexus mooted stake sale

Nexus’ recently-announced “shareholder liquidity event” is likely to take the form of a non-management individual share sale despite speculation that the MGA was weighing an IPO or full sale.

Mon 19 Feb 2018

Terror cover for UK motor reinsurers in doubt as Swiss Re mulls 1.1 exclusion

News

Legal/ Regulatory

Terror cover for UK motor reinsurers in doubt as Swiss Re mulls 1.1 exclusion

The future of terrorism reinsurance coverage available to UK motor insurers is in question as leading reinsurers are close to withdrawing cover at 1.1.19, re-Insurance.com can reveal.

Mon 19 Feb 2018

Comment

Results

What next for Ethniki?

With an apparent deadline later this week, Re-Insurance.com wonders what the team of impressive US and Greek financiers compiled by Ethniki acquirer Exin will do following the recent revelations of legal action between the firm and some of its backers…

Mon 19 Feb 2018

Carriers finally ‘called time’ on rate reductions: Willis

News

Losses

Carriers finally ‘called time’ on rate reductions: Willis

“Already on the ropes and fatigued” (re)insurers have finally “responded to the towel entering the ring” to call time on rate reductions, according to a report from Willis Towers Watson.

Mon 19 Feb 2018

Lancashire execs buy stock after heavy falls

News

Results

Lancashire execs buy stock after heavy falls

A number of Lancashire’s leading executives and directors bought up shares in the carrier as trading came to a halt last Friday following a week in which a catastrophe-scarred set of Q4 results sent the stock down over 14 percent.

Mon 19 Feb 2018

News

M&A

Softbank looks for Swiss Re board seat

Softbank, the Japanese tech conglomerate that stunned markets last week after reports emerged it was mulling a $30bn stake in Swiss Re, is pushing for a seat on the carrier’s board in a bid to have a say in how the reinsurer spends its $161bn investment pot.

Mon 19 Feb 2018

News

Legacy

Lloyd’s legacy deals sealed by Enstar and R&Q

Randall and Quilter (R&Q) has completed a £30mn deal to take on the old Sportscover legacy book, now owned by Hamilton’s Lloyd’s platform in what is the second agreement of its type to be announced in less than a week.

Mon 19 Feb 2018

Nexus appoints Panmure Gordon as it eyes stake sale

News

Results

Nexus appoints Panmure Gordon as it eyes stake sale

London-based managing general agent Nexus has appointed investment bank Panmure Gordon as it ramps up efforts to sell a portion of the business, re-Insurance.com understands.

Fri 16 Feb 2018

Navigators storms ahead of analyst estimates with $24.5mn profit

News

Results

Navigators storms ahead of analyst estimates with $24.5mn profit

Navigators has reported a $24.5mn profit for the fourth quarter that significantly outstripped analyst expectations and was well ahead of the $17.7mn it reported this time last year.

Fri 16 Feb 2018

UPDATE: Bäte remains coy on Allianz-XL acquisition speculation

News

Results

UPDATE: Bäte remains coy on Allianz-XL acquisition speculation

Allianz CEO Oliver Bäte has said the German giant remains committed to investing in the P&C arena, but declined to comment on speculation that Mike McGavick’s XL is the next target on the firm’s radar.

Fri 16 Feb 2018