London Market

London broker Paragon sale price leaps from £42mn to £70mn

Australian broking house PSC Insurance Group will now reach deeper into its pockets to reward the owner-manager shareholders of FI specialist Lloyd’s broker Paragon following a jump in 2019 profits during the earn-out phase.

Aon names Madell UK health solutions and affinity CBO

Aon has named Helene Madell as chief broking officer (CBO) for commercial risk solutions, health solutions and affinity in the UK.

Hyperion reports 11% organic growth at FY19

Hyperion Group – the UK insurance intermediary backed by General Atlantic and CDPQ – continued its growth trajectory last year with organic growth of 11 percent, revenues climbing 17 percent to £725mn ($942mn) and an Ebitda margin of 25 percent for the year ending 30 September 2019.

FSCS reveals compensation cost of insurer failures

The collapse of Gibraltar-based insurer Lamp in 2019 and Danish insurer Qudos the year before cost the UK financial services lifeboat fund £12.4mn ($16.2mn) in compensation pay-outs to policyholders.

HDI Global Specialty targets Eur2.1bn GWP by 2024

Hannover-headquartered HDI Global Specialty has set its sights on generating Eur2.1bn of gross written premium by its fifth full year of trading, with the business aiming to take advantage of the disruption within the London Market and seeking further European expansion.

AIG drops PwC in favour of Mazars for UK audit: reports

AIG has handed mid-tier auditor Mazars a mandate to audit its UK operations in a move that will see the insurance giant move away from the Big Four accounting firms for the first time, according to reports.

Lloyd’s to expand PMD role for Hancock successor

The next performance management director (PMD) of Lloyd’s will have a broader range of responsibilities than the role Jon Hancock signed up to when he took the position in late 2016.

Breach premiums in Gulf up 0.2 – 0.5 percent of hull value

Marine war premiums have jumped between 0.2 and 0.5 percent of the insured value of a vessel for transit through the Persian Gulf, as underwriters of the class respond to the escalating international disputes between the US and Iran.

Lloyd’s takes a lead – and should be congratulated

One advantage of tough times is that it enables an institution to examine all its established practices that otherwise remain unchallenged when the sun is shining.

RenRe-structured capital market funds back Beazley cyber cat risks

RenaissanceRe and Beazley have launched a product to broaden the blue-chip insurer’s catastrophe cover for cyber events, with the majority of the security to be provided by capital sources structured by RenRe.

Global Aerospace leads Ukraine International airline crash

Aviation agency Global Aerospace leads the programme for the Ukraine International Airlines (UIA) flight PS752, which crashed this morning in Iran, killing all 176 people on board, The Insurer can reveal.

FCA warns insurance market in 'Dear CEO' letter on culture in wake of misconduct reports

The Financial Conduct Authority (FCA) has warned insurance managers they may fail to pass the Senior Managers and Certification Regime (SM&CR) if they do not address non-financial misconduct and culture failings.

Neon closure latest in Lloyd’s market cull

Neon has become the latest Lloyd’s carrier to close following a string of market exits since the Corporation launched remedial action to turn around the performance of the market in May 2018, ushering in a tougher regime for underperformers.

HW Wood hires Kelsh as international non-marine head

Independent Lloyd’s broker HW Wood has brought in Martin Kelsh as head of international non-marine and added the new arrival to parent company HW International’s board of directors, The Insurer has learned.

BGCI names aerospace business Piiq Risk Partners

BGC’s insurance arm – which also owns broking houses Besso and Ed – has branded its global aviation and aerospace (re)insurance intermediary Piiq Risk Partners.

IUA makes cyber warfare and climate change 2020 business plan priorities

The International Underwriting Association (IUA) has made cyber warfare and climate change risks key areas of focus of its 2020 business plan, establishing a new market group to tackle the insurance implications of the latter.

Allianz closes $1.08bn LV= GI acquisition

Allianz has completed its acquisition of the remaining 51 percent stake in the general insurance business of UK insurer LV= for £1.08bn ($1.43bn), almost double the £578mn ($729mn) valuation when the deal was first announced in May 2019.