News

Axa exposed to potential claims from Notre-Dame fire

French insurer Axa has revealed it provided liability cover for two contractors that were working on the renovation of Notre-Dame, and also insured some of its artefacts.

Private US flood market to surge on bank rule change and NFIP rating overhaul

Momentum is building for the private insurance market to take on more flood risk. This was the biggest topic of discussion during the National Association of Insurance Commissioners (NAIC) spring meeting.

$400mn HIIG sale speculation boosts Westaim shares

Speculation that the long-running sale process for US insurance group HIIG is close to completion boosted the shares in its largest shareholder Westaim last week.

Dual sale processes to be run for Minova’s Pioneer and BMS

Canaccord Genuity is poised to run a dual sale process for Minova Insurance’s MGA platform Pioneer Underwriting as well as its broking operation BMS.

Progressive grows commercial auto premiums 25% in Q1

US auto and home insurer Progressive has continued to grow its commercial lines business in the first quarter, which also included overall catastrophe losses of $72mn.

PRA demands business plans of underperforming insurers

The Prudential Regulation Authority has required all insurers with poor recent underwriting results to provide it with a copy of their 2019 business plan and a justification of why their plans are appropriate.

Premium volume surges in domestic US surplus lines market

The domestic non-admitted market is seeing a strong surge in business as Lloyd’s and certain US carriers led by AIG retrench from loss-struck lines.

Biba hires TMK’s Blundell as head of general insurance

The British Insurance Brokers’ Association (Biba) has hired Alistair Blundell, former head of distribution at Tokio Marine Kiln, to take on the role of head of general insurance.

Shepherd Compello targets European growth with Dutch subsidiary

Specialist Lloyd’s broker Shepherd Compello has launched a new operation in the Netherlands to support plans to expand in Europe and to mitigate any negative Brexit fallout.

Pop partners with Fractal to expand M&A offering

Sydney-headquartered Pop Insurance Holdings (Pop) and its MGA Fusion Specialty Insurance (Fusion), have entered into a worldwide partnership with Virginia-based tech firm Fractal Industries.

Private US flood insurance market grew 9% in 2018: NAIC

Private flood insurance premiums increased 9 percent last year, according to initial results revealed by the National Association of Insurance Commissioners (NAIC) property casualty committee, with FM Global continuing to dominate the market.

Proxy advisory firms split on removing Kessler as Scor chair

Investor advisory bodies ISS and Glass Lewis have supported CIAM’s opposition to Denis Kessler’s compensation at Scor, but ISS opposed a recommendation to split the CEO and chairman roles at the French reinsurer.

AmTrust to sell surety and credit business to Liberty Mutual

Expansive (re)insurer Liberty Mutual has agreed a deal to buy the global surety and credit reinsurance operations of AmTrust.

Everest Insurance Ireland launches UK branch

Everest Insurance Ireland dac (EIID) – the European subsidiary of Bermudian Everest’s International platform – has launched a branch office in the United Kingdom.

Lloyd’s 2014 YoA sunk by Eur700mn Lürssen shipyard loss

The September 2018 Lurssen shipyard fire has caused an extraordinary eleven-fold quarterly increase in the Lloyd’s incurred claims data for the 2014 YoA account, highlighting the impact the Eur700mn loss had on the 330-year old market, The Insurer can reveal.

Axis Re promotes Hottinger to EMEA LatAm president

Axis Re has appointed Andy Hottinger as president of its EMEA LatAm division, succeeding Jan Ekberg who is retiring after a 45-year career in the (re)insurance industry.

Colello joins PartnerRe as P&C Americas CEO

PartnerRe has named Axis executive Jon Colello as CEO of its P&C Americas platform.

Arch adds Obelisk to regional division

Arch has completed its acquisition of Obelisk Underwriting, which now forms part of the Arch UK Regional Division.

Indian regulator maintains 5% cession rate for GIC Re

The Insurance Regulatory and Development Authority of India (Iradi) has maintained the 5 percent obligatory cession for GIC Re for 2019-20.

Global reinsurance capital falls by $20bn in 2018: Aon

Total capital in the global reinsurance sector fell for the first time since 2015, reducing by $20bn to $585bn at 31 December 2018, according to analysis from broking giant Aon.

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