Pool Re returns contingency terror cover to commercial marketUK terror mutual Pool Re will cease to reinsure its members for the contingency cover it provides to insureds due to sufficient capacity now existing within the commercial insurance and reinsurance markets.
Hamilton hires new Lloyd’s CFO from WRBExpansive Hamilton Insurance Group has appointed a new CFO for its Lloyd’s Insurance arm, Hamilton Underwriting Ltd, following the departure of Simon Barrett last month.
R&Q unveils second 2019 MGA program deal with KitsuneLondon-listed Randall & Quilter Investment Holdings Ltd (R&Q) has unveiled its second new European program underwriting transaction in under a week with an agreement to use its A- rated Malta subsidiary to front for the UK MGA Kitsune Ltd.
US commercial rates up 2% in 2018The US commercial insurance composite rate increased on average 2 percent over the course of 2018, according to MarketScout.
AmTrust executive exits continue after take-private dealAmTrust has continued to part company with senior management executives after the completion of its $2.95bn take-private deal with Stone Point at the end of November, The Insurer can reveal.
New London MGA Aurous hires Qatar Re energy duoAurous Risk Partners, the new London-based MGA, has hired a duo of former Qatar Re energy underwriters to lead its entry into the energy markets.
Downstream energy losses trumped capacity by $2bn in 2018: JLTThe downstream energy market was hit with a loss bill of $3.75bn last year, outstripping the premium pool for the class by more than $2bn, according to JLT.
Hackers target Hiscox and Lloyd’s in 9/11 data breach: reportThe FBI is undertaking an investigation into the theft of some 18,000 insurance and legal documents relating to the 11 September attacks by a hacker, according to reports.
Maiden to return $700mn to AmTrust after exiting quota shareMaiden is to return approximately $700mn in gross unearned premium to AmTrust after being dropped from its US small commercial business quota share.
Suncorp on the hook for up to A$610mn H2 nat cat lossesAustralian carrier Suncorp expects the December hailstorms in Sydney to push its natural hazard loss bill to between A$600mn and A$610mn ($419mn and $426mn) in the second half of 2018.
WR Berkley takes Chubb’s North America CUO Maloney and shuffles senior managementWR Berkley has swooped on Chubb for Michael Maloney as it appoints new executives.
Losses from Cyclone Eleanor creep to EUR756mn: PerilsLoss aggregation firm Perils has pegged insured losses stemming from extratropical Cyclone Eleanor – also known as Burglind - at EUR756mn ($859.7mn).
IAG expands 2019 catastrophe reinsurance cover to A$9bnAustralian carrier IAG has upped its 2019 cat reinsurance program to A$9bn ($6.27bn), an increase of A$1bn from the cover it had in place last year.
R&Q signs first new 2019 European program deal with CPDRandall & Quilter Investment Holdings Ltd (R&Q) has unveiled its first new program partnership transaction in 2019 with the UK personal lines MGA CPD Underwriting Solutions Ltd.
AmTrust swaps Maiden for Swiss Re on US small commercial business quota shareAmTrust has dropped Maiden to enter into a quota share agreement with Swiss Re.
ILS feeling the squeeze at 1.1For the first time in a decade, it looks as if the ILS market is feeling the squeeze, with investors pulling back capital at 1.1.
Arch completes takeover of The Ardonagh Group’s UK commercial lines businessArch Insurance Europe has completed the acquisition of the UK commercial lines business owned by The Ardonagh Group.
Reinsurance markets divided at 1.1: Willis Re*Divided reinsurance markets ** Europe cat flat to down; US upwards *** Upwards pressure in certain specialty markets **** Casualty reinsurance rates climbing ***** ILS/retro dislocation
JLT Re global cat index dips 1.2 percent at 1.1Average global property cat reinsurance rates tracked by JLT Re actually fell by 1.2 percent at 1.1 despite the industry’s $80bn+ of 2018 losses.
AIG completes acquisition of Ellipse from Munich ReUS giant AIG has completed its takeover of UK life insurer Ellipse from Munich Re.