Catalina acquires $2bn UK employers’ liability run-off book from ZurichBermuda run-off heavyweight Catalina has entered into an agreement with Zurich to transfer a $2bn UK employers’ liability portfolio in a deal that will see Catalina take on policies written pre-2007.
Kerner to spearhead NA specialty insurance unit at Munich ReMike Kerner has been unveiled by Munich Re as head of a new commercial insurance unit for North America as the (re)insurance giant targets growth in the specialty primary market.
CSAM’s Guernsey cat platforms have A- ratings affirmedCredit Suisse’s two Guernsey-based rated reinsurance platforms, Kelvin Re and Humboldt Re, have had their A- AM Best ratings affirmed on the eve of the 1.1 renewals.
Power out at AIG’s LexingtonMatt Power is set to officially part company with AIG’s excess and surplus lines (E&S) platform Lexington at the end of this month, The Insurer can reveal.
Former Argo execs launch wholesale MGA platform AccelerantThe former Argo executive and erstwhile CEO of Bermudian reinsurer PXRE Jeff Radke has launched a new London-headquartered wholesale MGA, Accelerant Holdings, The Insurer can reveal.
Bermuda retro specialist Lutece Re acquired by BTG PactualBrazilian investment bank BTG Pactual has acquired the Bermudian retro specialist Lutece Re for an undisclosed sum.
Lloyd’s cuts market modernisation fee in 2019Contributions by managing agents at Lloyd’s to the London Market Target Operating Model (TOM) are to be cut in 2019.
Trade bodies welcome FATCA changesInsurance trade bodies both sides of the pond have welcomed proposed changes by the US Treasury and IRS to the Foreign Account Tax Compliance Act (FATCA).
Beazley builds out Asia financial lines team with two hiresHarry Goh and Jessica Schappell will join Beazley’s Singapore office in the new year.
Indian regulator ends first preference rule for domestic reinsurersThe Insurance Regulatory Authority of India (IRDAI) will no longer be giving first right of refusal in reinsurance contracts to its domestic reinsurer, GIC Re.
California Insurance Commissioner pegs wildfire losses at $9bnThe wildfires that ravaged swathes of California last month will cost insurers in excess of $9bn, according to the Insurance Commissioner of California, Dave Jones.
Allstate hit with $685mn November cat billUS insurance giant Allstate incurred pre-tax catastrophe losses of $685mn last month.
AM Best downgrades Mercury on Cali wildfire lossesAM Best has downgraded the Financial Strength Rating and Long-Term Issuer Credit Ratings of Mercury Casualty Group on the back of the insurer’s exposure to wildfire losses and significant market concentration in California.
Broker adoption of PPL rises 350 percentThe number of risks bound by brokers on e-placement platform, PPL, has risen by 350 percent in the last 12 months, according to figures from the London and International Insurance Brokers Association (LIIBA).
All managing agents join centralised DA platformAll managing agents involved in live delegated authority business have signed up to the London Market Group’s delegated authority platform, the trade body announced today.
AIG adds Price from Arch as exec build out continuesAIG has continued its senior management overhaul with the hire of Michael Price from Arch as deputy chief underwriting officer (CUO) of its general insurance (GI) business, The Insurer can reveal.
Liberty receives regulatory nod for Luxembourg hubLiberty Specialty Markets, has received a licence for its European insurance company Liberty Mutual Insurance Europe SE (LMIE) to operate from Luxembourg.
Brit launches K&R product with SchillingsBrit has partnered with Schillings Critical Risk – a reputation and privacy consultancy – to create a new kidnap and ransom insurance product.
Starr continues aviation expansion drive with Brazil operationStarr Insurance Companies’ Brazilian subsidiary has been granted a local license to offer aviation insurance.