Lloyd’s reveals plan to update TPA oversightLloyd’s has revealed plans to update its oversight of third-parties by implementing a new risk-based approach, streamlining procedures and tightening the controls on claims administrators.
StarStone offloads MGA Malakite and airline businessStarStone has entered an agreement with Eelseco - the space, aviation and energy underwriting platform – to sell its MGA Malakite and Zurich-based airlines and products portfolio.
Meyenhofer leaves Aon Bermuda after three monthsAon Reinsurance Solutions Bermuda CEO Matthias Meyenhofer has resigned from the broker, The Insurer can reveal.
PRA orders Lloyd’s and UK insurers to develop silent cyber action planUK insurers have been instructed by the Prudential Regulation Authority (PRA) to develop detailed plans setting out how they are reducing their exposures to so-called silent cyber losses.
Perils pegs Sydney hailstorm losses at A$635mnLoss aggregation firm Perils has pegged insured property losses stemming from the Sydney hailstorms in December at A$635mn ($461.8mn).
AFG misses as annuity and P&C underwriting profits dipAmerican Financial Group reported operating profits that missed Wall Street forecasts as they fell primarily on a drop in earnings in the company’s annuity segment, but also on the back of lower P&C underwriting income.
Sompo launches parametric crop cover with German carrierSompo International has teamed up with German insurer SV SparkassenVersicherung to launch a parametric cover against crop losses such as drought, heavy frost or long spells of wet weather.
The Hanover beats on earnings and sees 6.1% commercial rate raisesUS insurer The Hanover edged to an earnings beat for the fourth quarter and pointed to continued price increases across its portfolio, including a 6.1 percent uplift in core commercial lines rates.
Axis misses with loss after heavy Q4 cat burdenAxis Capital fell to a fourth quarter net operating loss of $148mn, or $1.77 a share that was worse than Wall Street forecasts as cat losses hit the bottom line.
FEMA adds top layer with $1.32bn NFIP reinsurance coverThe US Federal Emergency Management Agency (FEMA) has renewed its cover for the National Flood Insurance Program (NFIP) in a deal that sees it transfer $1.32bn of the NFIP’s financial risk to the private reinsurance market.
RenRe’s O’Donnell offers bullish view on property cat ratesRenaissanceRe CEO Kevin O’Donnell has offered a more positive assessment of 1/1 for his company than widely reported in the market and a bullish outlook for rising reinsurance rates at upcoming Japanese and Florida renewals.
Arch hires Travelers’ Boquist to lead new admitted energy platformArch has launched a new business unit to provide admitted middle market insurance solutions to energy companies in North America.
Lloyd’s Neal named chair of LM TOMLloyd’s CEO John Neal has been named chair of the TOM Steering Board by London Market Group (LMG).
Aon Broking CEO Fitzgerald leavesVeteran Aon executive Tom Fitzgerald is leaving the global broker after 27 years.
Ardonagh drags Pat Gallagher into bitter UK poaching disputeBishopsgate has won a court application for access to documents from rival broker Alesco and its parent Gallagher but failed in its claim for costs as the war of attrition between the industry’s fourth largest broker and The Ardonagh Group continues.
Scor contemplated PartnerRe mergerScor contemplated a merger with PartnerRe before Covea approached the company with a Eur43 a share offer, court documents filed by the French reinsurer reveal.
Travelers gains regulatory nod for Irish post-Brexit hubTravelers Europe has been granted a licence by the Central Bank of Ireland for a new, wholly owned insurance subsidiary incorporated in the Republic of Ireland.
QBE pulls back on Lloyd’s Asia platformQBE has revealed it will cease trading marine, energy, political violence and terrorism on the Lloyd’s Asia platform by the end of the year.
Hedge fund reinsurer Watford Re confirms NASDAQ IPO intentBermudian Watford Re will test investor appetite for the hedge fund/total return (re)insurance model after formally filing for a NASDAQ IPO.
RFIB builds out Africa footprint with Johannesburg office and new hiresIndependent wholesale broker RFIB has expanded its operations in Africa with a new office in Johannesburg, making two appointments to support its growth.