Maiden’s shares plunge 41% as CEO resigns after bad Q2Shares in Maiden crashed by more than 41 percent on Thursday after the Bermudian reinsurer announced that its top brass had resigned after another poor second-quarter performance.
Aspen takes Advent’s head of specialtyAspen Insurance has tapped Advent’s head of specialty Robin Waller to take over as head of international upstream energy.
Top execs depart as AmTrust charge sends Maiden to an unexpected lossThe CEO and finance boss of Maiden have both stepped down in the wake of a poor second quarter that saw the Bermudian fall to an unexpected loss after taking a reserve charge on a book of business written for its sister company AmTrust.
Travelers CFO Benet steps down with plauditsTravelers long-serving CFO Jay Benet had his retirement greeted with plaudits this week after nearly 17 years in the role.
Underwriters must adapt to ‘new normal’ in California: AM BestInsurers need to change the way fire perils in California are modelled and underwritten in the wake of wildfires that have taken hold across the state, according to AM Best.
Echelon denies Qudos fraud allegations as settlement talks continueEchelon Insurance, the former owner of the Danish insurer Qudos, has denied allegations of wrongdoing made by London-headquartered alternative investment firm New Nordic earlier this week over the 2017 sale of the unrated European carrier.
Better reinsurance profits help Navigators comfortably beat estimatesImproved profitability in the global reinsurance unit of Navigators helped the US specialty carrier comfortably surpass the expectations of analysts in the second quarter.
Zurich P&C profit up 11% in first half 2018European Insurance powerhouse Zurich has reported an improved business operating profit in its P&C division in the first six months of the year, up 11 percent to $1.14bn.
Hannover Re’s P&C premiums climb 19% as losses cost less than expectedTop line in Hannover Re’s property and casualty division swelled by 19.2 percent in the first half of the year driven by a surge in demand for structured reinsurance solutions, the big four reinsurer has said.
AIG confirms return of Thomas LillelundAIG has confirmed it has snared Aspen Re’s CEO Thomas Lillelund, as revealed by re-Insurance.com..
Property and finpro drive commercial line price hikesCommercial insurance pricing increased in the second quarter, driven by growth in property, as well as financial and professional lines, according to Marsh.
Aspen share price now marooned below NTA on M&A concernsAspen Insurance Holding’s share price has now fallen 18 percent since its year-to-date high in early April as speculators become increasingly pessimistic about the imminent sale of the company as a formal M&A process edges closer to a conclusion.
Gallagher strengthens construction team with JLT veteranGallagher has built out its construction division with the appointment of Julie Scott.
MS&AD warns of $600mn bill for Japanese floodsJapanese insurer MS&AD has warned that it is expecting gross losses of around 66bn yen ($594.8mn) after flood waters inundated swathes of the insurance giant’s heartland last month.
Munich Re shares suffer following worst man-made loss bill in a decadeShares in reinsurance giant Munich Re dipped by as much as 4 percent this morning after man-made disasters helped push the carrier’s P&C reinsurance division to an underwriting loss in the second quarter.
MS Amlin breaks even as staff cuts take their toll on the bottom lineMS Amlin broke even in the first quarter of 2018 as the Lloyd’s carrier’s expenses almost doubled to cover the cost of a sweeping staff cuts.
IGI taps Axis for downstream energy underwriterMiddle Eastern carrier IGI has strengthened its energy offering with the appointment of James Green as senior underwriter for downstream energy.
Munich Re falls to P&C underwriting loss in Q2German powerhouse Munich Re’s property and casualty reinsurance division was pushed to an underwriting loss in the second quarter as a significant bill for man-made disasters sent its combined ratio over 100 percent.
Aspen appoints new reinsurance head as AIG hires LillelundAspen Re’s CEO Thomas Lillelund is leaving the Bermudian carrier, which is elevating his number two to lead its reinsurance unit.
Average cyber policy limits plunge by almost 50%: CIABThe typical limit on a cyber policy was down 47 percent to $3.2mn in 2018, according to a study by the Council of Insurance Agents and Brokers (CIAB) in the US.