Insurance

AIG and Stone Point close deal to form new HNW MGA

AIG has announced the successful completion of the transaction to transition its HNW business to a new MGA, Private Client Select Insurance Services, set up in partnership with Stone Point Capital.

Fidelis raises estimated $89.4mn after closing IPO

Fidelis Insurance Holdings Limited is looking to lean further into the hardening market after generating estimated net proceeds of $89.4mn after closing its IPO on the New York Stock Exchange of an aggregate of 15 million common shares at a public price of $14 per share.

Guy Carp promotes Loh to CEO of Southeast Asia and Korea

Guy Carpenter has promoted Les Loh to CEO of Southeast Asia and Korea.

KBW: HO renewal rate increases pick up pace to 7.3% in June

Farmers’ 22.4 percent renewal rate change on its homeowners book led the way in June as carriers continued to push for increase in the challenged line of business, with the industry-wide average coming in at 7.3 percent, according to KBW.

ICW promotes Novak to president

ICW Group Insurance Companies has promoted John Novak to president, assuming the role from CEO Kevin Prior.

Hamilton reports $29.9mn 2022 loss as investment income plummets

Hamilton Insurance Group has reported a net loss of $29.9mn for 2022 driven by a significant decrease in investment income.

BHSI hands Zilberud additional head of marine, US retail role

Berkshire Hathaway Specialty Insurance has appointed Dimitry Zilberud as senior vice president, head of marine, retail US, as the carrier splits out its US marine operation into separate dedicated retail and wholesale channels.

Antares Re loss widens amid further deterioration at discontinued UK motor units

Antares Re saw its comprehensive loss rise to $521.4mn in 2022, up from $175.9mn the previous year, driven by an escalation in losses in its discontinued operations.

Fusion Specialty Europe adds Dual’s Cibin to new Madrid branch

Specialist M&A-focused MGA Fusion Specialty Europe has appointed Filippo Cibin as partner at its new Southern Europe branch in Madrid.

ABI names Zurich’s Bailey as president

The Association of British Insurers has appointed Zurich’s Tim Bailey as president, while M&G’s Clare Bousfield has been named deputy president.

Gallagher Re’s Vickers: Volatility challenge for cedants after “permanent” reinsurer repositioning

Although reinsurers fulfilled their role of providing capacity for capital management at mid-year property cat renewals, the widespread increase in retentions has left insurers in a challenging position when it comes to managing volatility, according to James Vickers, chairman of international at Gallagher Re.

Suncorp becomes latest member of ARPC’s cyclone reinsurance pool

Suncorp has become the latest participant in the Australian federal government-backed cyclone reinsurance pool.

RMS 23 hurricane model update could compound cat supply constraints

With property cat (re)insurance remaining in strong hard market territory, underwriters and brokers are digesting the potential impact of the new North Atlantic hurricane model from RMS, which points to increases in expected losses in Texas, the Gulf, Florida and Southeast states of up to 30 percent.

Activists target Lloyd’s insurer Probitas over Adani mine stance

Climate protest group Money Rebellion has staged a “die in” protest at Probitas 1492’s London office as part of an ongoing campaign over the syndicate’s alleged involvement in Adani’s controversial Carmichael coal mine project.

Scor’s Léger joins Insurance Development Forum steering committee

Scor CEO Thierry Léger has become the latest addition to the Insurance Development Forum’s steering committee.

Chubb promotes Mostert to country president in South Africa

Chubb has promoted Zelda Mostert, currently CFO for South Africa, to the role of country president.

VIG names Löger as chairman and CEO

Vienna Insurance Group has named Austria's former finance minister Hartwig Löger as CEO and chairman, succeeding Elisabeth Stadler who is to retire after almost 40 years in the insurance industry.

Helvetia strengthens coal exclusions and outlines gradual exit from oil and gas

Swiss insurer Helvetia has outlined its exit strategy for coal-related insurance business as part of a more detailed strategy around how it plans to take action to mitigate climate change.

Australian court fines IAG unit a record A$40mn for pricing failures

Australia’s federal court has fined a unit of IAG a record A$40mn ($26.5mn) for failing to honour certain discount promises made to policyholders.

Conduit Re’s Smith: (Re)insurers must adopt holistic view of role in net-zero transition

The (re)insurance industry’s role in supporting decarbonisation efforts extends beyond underwriting exclusions for fossil fuel-related activities and should incorporate a holistic view of individual companies’ long-term transition planning, according to Andrew Smith, chief risk and sustainability officer at Conduit Re.

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