P&C rates firm by 3.5% in Q1: CIABThe Council of Insurance Agents and Brokers has reported an average rate hike of 3.5 percent for all commercial lines with the exception of from workers’ compensation.
AM Best places Third Point Re on negative outlookAM Best has revised the outlooks on Third Point Re’s ratings to negative from stable over concerns about the Bermuda hedge fund reinsurer’s ability to make an underwriting profit and the departure of its CEO.
Higher proposed Citizens budget includes new PLA placementCitizens hopes to release firm order terms (FOTs) to reinsurers tomorrow after seeking board approval for a 10 percent uplift in its provisional 2019 risk transfer budget to a maximum of $110mn to include funding for its proposed $200mn personal lines account (PLA) cover.
Property and D&O drive global pricing rise: MarshMarsh has revealed its global insurance market index of average commercial prices increased 3 percent in the first quarter 2019, including the US reporting its largest composite price increase since 2013.
Aon’s Bennett named chair of global reinsurance clients in team shake-upAon’s head of global reinsurance clients Bruce Selby Bennett has been named chairman and will lead a new executive team as part of a number of organisational changes across the unit.
Deutsche Rück 2018 profits triple in 2018 as underwriting losses narrowGerman reinsurer Deutsche Rückversicherung AG has reported an operating result before tax of Eur78.2mn ($87.4mn) in 2018, more than triple the Eur24mn it reported in 2017.
Regulators approve The Hartford’s acquisition of NavigatorsThe Hartford has received all regulatory approvals for closing its acquisition of The Navigators Group, and expects the deal to be effective on 23 May.
JLT’s head of portfolio management Pollard leaves MMC for HyperionThe former head of portfolio management at JLT Specialty Toby Pollard has resigned from his new role at Marsh following the acquisition by the Dan Glaser-led parent company MMC, The Insurer can reveal.
Globe Underwriting hires WSG’s Mackay to lead North American propertyEd Broking-owned MGA Globe Underwriting has lured former president Jennifer Mackay from Wilson Smith Group (WSG) Specialty Underwriters.
Retro “sunk cost” to temper Florida rate rises: KBWKBW analyst Christopher Campbell has put out a note suggesting that Florida reinsurance rates are now on course to be up 10-20 percent with some “likely imperfect” variability by cedant.
Cal Fire says PG&E power lines started Camp FirePG&E’s carriers have been confirmed as on the hook for $1.4bn of losses after a California Department of Forestry and Fire Protection investigation blamed the utility’s power lines for causing last November’s Camp Fire.
Swiss Re Corporate Solutions exits E&S general liabilitySwiss Re Corporate Solutions has pulled out of E&S primary and excess US general liability business, The Insurer can reveal.
ISS and Glass Lewis support ‘no’ vote on AIG exec pay: reportShareholder proxy firms Institutional Shareholder Services (ISS) and Glass Lewis have advised American International Group shareholders to vote against pay packages awarded to the carrier’s directors.
Stevens replaces Drake as president of Victor InternationalMarsh & McLennan Companies-owned managing general underwriter, Victor Insurance, has named Anthony Stevens as president of Victor International.
Generali profits up 6.9% in Q1Italian insurance giant Generali witnessed a surge in profit in the first quarter, reporting an operating result at group level that increased 6.9 percent to Eur1.3bn ($1.46bn).
Aspen head of US distribution departs amid restructureRussell Brown, senior vice president and head of US distribution at Aspen Insurance, has left the carrier as part of the restructure revealed this week, The Insurer can reveal.
Fundamentals of distribution business drive frothy M&A environmentThere is no sign of a let-up in M&A activity in the US distribution space, as buyers continue to be drawn to the appeal of cash businesses generating fee and commission-based income, according to executives at Target Markets last week.
Ex-TMR exec Faries appointed ChainThat advisor(Re)insurance Blockchain solutions provider ChainThat has hired Kathleen Faries, who recently left Tokio Millennium Re, as its Bermuda advisor.
Bermuda execs Johnston and Komposch swap Aon for GCAon Reinsurance Solutions executives Robert Johnston and Peter Komposch are leaving the firm’s Bermuda platform to join rival Guy Carpenter, The Insurer can reveal.
US House passes bill extending NFIP to 30 SeptemberThe House of Representatives has passed a bill to extend authorisation of the National Flood Insurance Program, with the Senate now needing to take action to avoid the backstop expiring at the end of this month.