Aquiline ERS Syndicate 218 capacity holds firm at £480mnMotor-focused Lloyd’s insurer ERS Syndicate 218 will keep its stamp capacity flat at £480mn ($644mn) for 2021 following approval from Lloyd’s, The Insurer can reveal.
Aquiline doubles down on Lloyd’s with Arcus dealAquiline-backed Lloyd’s insurer ERS’ takeover of Arcus Syndicate 1856 will give the carrier a platform to expand beyond motor lines.
Arcus avoids run-off as Aquiline-backed ERS acquires Credit Suisse’s Lloyd’s platformArcus Syndicate 1856 has been spared being placed into run-off after an eleventh-hour move by Lloyd’s motor specialist ERS to replace the ILS arm of Credit Suisse as its capital provider, The Insurer can reveal.
ERS names AIG’s Bilsby CEO to drive expansion beyond motor linesMotor insurer ERS has swooped on AIG for its global head of specialty Peter Bilsby as the carrier looks to enter specialist commercial insurance lines.
Covid drives ERS to near nine-fold H1 profit increaseMotor insurer ERS has reported a profit of £28.2mn in the first half of the year, up from the £3.1mn it posted in the same period last year as the steep drop off in driving during the Covid-19 lockdown led to a fall in claims frequency.
ERS names former Ageas UK CEO Boisseau chairLloyd’s motor insurer ERS has named Francois-Xavier Boisseau, the former chief executive of Ageas UK, as non-executive director and chair of ERSSML, the managing agent of Syndicate 218 at Lloyd’s.
ERS adds former Ageas UK CEO Boisseau to boardLloyd’s motor insurer ERS has appointed Francois-Xavier Boisseau, the former chief executive officer of Ageas UK Insurance to its board of directors.
ERS sees FY 2019 combined ratio spike as Ogden changes impactLloyd’s motor insurer ERS, owned by private equity house Aquiline, saw its FY 2019 combined ratio increase by 3.6 percent to 99.7 percent as the impact of the government’s changes to the Ogden discount rate took effect.
Dashboard warning lights flash red for UK motorThe trading statement released by Hastings Insurance on Friday 17 January, warning of a reduced full-year dividend and worse-than-expected Q4 claims inflation in its core UK market, was not scheduled - but nor was it entirely unexpected.
Blanc to become chair of ERSERS has named Amanda Blanc as non-executive director and chair-designate of ERSSML, the managing agent of the specialist motor insurer’s Syndicate 218 at Lloyd’s.
ERS Syndicate 218 capacity holds firm at £480mn; Lloyd’s 2020 capital load threatCapacity for motor-focused Lloyd’s insurer ERS Syndicate 218 will remain at the same level of £480mn for 2020 following formal approval from Lloyd’s, The Insurer can reveal.
ERS sees H1 CR climb to 102.8% as Ogden changes biteTroubled motor-focused Lloyd’s insurer ERS booked a combined ratio of 102.8 percent in the first half of this year – compared to 96.6 percent in H1 2018 – as it pointed towards the UK Ministry of Justice’s (MoJ) decision to alter the Ogden rate as a contributory factor.
ERS reshuffles exec team as CFO Wade exitsMotor-focused Lloyd’s syndicate ERS has made a series of changes to its executive team as its chief financial officer Katie Wade exits.
Aquiline makes U-turn on ERS salePrivate equity firm Aquiline Capital Partners is no longer exploring sale options of its motor-focused Lloyd’s syndicate ERS.
Up-for-sale Lloyd’s motor business ERS produces best performance since 2013; Securis continues investmentMotor-focused Lloyd’s syndicate ERS returned to profit in 2018, producing its best result since 2013 and confirmed that it is still backed by Securis, the ILS fund manager which was thought to have withdrawn all of its Lloyd’s investments in 2019.
Lloyd’s M&A: ERS and Neon will be the litmus test for PE appetiteDespite the proposed £400mn+ sale of Liberty Group’s Pembroke Managing Agency entering into exclusivity, a number of other Lime Street sale processes have recently faltered amidst buyer caution, a brutal 2019 business plan exercise and mismatches on valuation.
Up-for-sale Lloyd’s motor insurer receives heavy capital loadingLloyd’s motor syndicate ERS has received a capital loading for next year in a further demonstration of the Corporation’s “get tough” approach after the recent decline in the market’s results.
Aquiline puts ERS up for salePrivate equity house Aquiline has appointed investment banks Macquarie and Evercore to explore a potential sale of Lloyd’s motor specialist ERS.
ERS returns to profit so far in 2018Specialist motor-only Lloyd’s syndicate ERS has booked a £5.6mn profit in the first half of the year as its combined ratio fell well below 100 percent.
Aquiline mulls sale of Lloyd’s insurer ERSAfter more than five years of ownership, private equity firm Aquiline Capital Partners is contemplating the sale of its Lloyd’s motor specialist ERS and its advisers have already made soft approaches to potential buyers to gauge interest, re-Insurance.com understands.