News

Munich Re builds out US specialty team with two hires

Munich Re Specialty Group has appointed Ben Tucker and Steven Weiss to lead it’s Americas underwriting team.

Aon boosts cyber reinsurance team

Aon has made two promotions within its cyber reinsurance business, with Catherine Mulligan and Luke Foord-Kelcey both moving into elevated positions at the broking house.

Private equity houses put $213mn behind Sirius’ go-public deal

A consortium of private equity firms have put $213mn behind a $2.2bn deal that will see Chinese-owned Sirius become a publicly-listed firm in the US.

Maiden in advanced talks to sell US arm as TransRe buys renewal rights

Troubled Bermudian Maiden has struck a deal to sell a portfolio to TransRe and revealed that it is in “advanced discussions” to offload its $1.1bn North American business to an as-yet-unnamed third party.

Axis makes Hamilton head of A&H insurance

Axis has promoted Jay Hamilton to lead its global accident and health (A&H) insurance offering, the Bermudian announced yesterday.

AM Best puts Aspen’s rating under review after $2.6bn Apollo deal

AM Best has said it is reviewing Aspen’s “A” rating after the announcement earlier this week that the Bermudian had reached a $2.6bn deal to be acquired by Apollo Global Management.

Peak Re top line swells 42% in first half of 2018

Fosun-owned Asian Hong Kong-headquartered reinsurer Peak Re booked $671.2mn in gross written premium in the first six months of 2018, an increase of 42 percent compared to the first half of last year.

Les Rock returns with London MGA Rokstone

Apollo can walk away if Aspen downgraded or net cat losses exceed $350mn

Investment firm Apollo Global Management can walk away from its agreed $2.6bn acquisition of Bermudian (re)insurer Aspen Insurance Holdings if the Bermudian (re)insurer is downgraded by either AM Best or S&P rating agency before the transaction completes, Aspen’s 8-K filing today confirms.

Canopius swoops on Chubb to strengthen credit and political risk team

Top ten Lloyd’s insurer Canopius has appointed Sean Redden as underwriting counsel for its specialty division, with a focus on credit and political risk.

LMA names Navigators' Sheila Cameron next CEO

The Lloyd’s Market Association (LMA) has appointed Sheila Cameron, currently head of international operations at newly-acquired Navigators, as its next CEO.

Malloy builds out new Acrisure division with senior Pioneer hire

Fast-expanding US broking house Acrisure has tapped the Lloyd’s MGA Pioneer for its New York-based chief operating officer Stephen Sitterly, re-Insurance.com can reveal.

Aspen confirms $2.6bn Apollo buy-out

NYSE-listed Aspen Insurance Holdings has confirmed this morning that it has agreed to a $2.6bn buy out from investment heavyweight Apollo Global Management, as predicted by re-Insurance.com yesterday.

Aspen and Apollo to close buy-out deal

Aspen Insurance Holdings is expected to announce this week - and perhaps as early as tomorrow - that its five month sale process has come to an end with an agreed buy-out that values the NYSE-listed firm at nearly $2.6bn.

Steadfast books 5% organic growth in the last year

Brokers owned by Australia’s largest broking network Steadfast clocked 5 percent organic growth in net revenues in the 12 months leading up to the end of June.

Greenberg calls on China to 'level the playing field'

Former AIG patriarch and now head of the Starr Companies, Hank Greenberg, has called on China to reform its protectionist stance to overseas trade and investment arguing that it is the country’s own “interest to reform”.

Hurricane Lane nears Hawaii as a Cat 3

Hawaii has been inundated by 19 inches of rain overnight as Hurricane Lane approached the southwest tip of the state’s Big Island bringing flooding and landslides.

Markel takes Beazley’s Lam in Singapore

Markel has hired Beazley’s underwriting manager Gordon Lam in Singapore.

Icat’s Lloyd’s business to become Beat Syndicate 4242 after merger

Icat owner Paraline has merged with venture capital firm Beat Partners in a deal that will see the recently launched investment house takeover Syndicate 4242, it was announced today.

Ardonagh issues fresh debt as H1 losses narrow

The loss-making Ardonagh Group issued a £98.5mn bond to settle its bank overdraft facilities and provide new M&A “firepower”, while its pre-tax losses fell to £38.2mn in the first half of 2018, down from £60.3mn this time last year.