Florida’s HCI cuts reinsurance limit at 1.6Floridian homeowners specialist HCI, which was hit by around $267mn of gross losses from Hurricane Irma last year, has cut limits on its reinsurance programme for the next 12 months.
Insurance can reduce tax-payer burden: BealeInsurance products have the ability to directly reduce the risk to economic output globally and close the protection gap, Lloyd’s CEO Inga Beale has said.
XL shareholders give Axa deal the green lightXL Group’s shareholders have approved Axa’s $15.3bn all cash offer to buy the Bermuda-domiciled firm, effectively clearing the way for the deal to go ahead.
Leadenhall Capital’s assets under management swell to more than $5bnLondon-based ILS fund manager Leadenhall Capital Partners has grown its assets under management to exceed $5bn in the first half of the year.
Threat of violence puts Tokyo in danger of $24bn loss of outputOf all the cities in the world, Japan’s capital is the one that faces the greatest risk to its economic output, according to a study by Lloyd’s.
Lloyd’s threatens to close under-performing syndicatesLloyd’s performance management director Jon Hancock has warned managing agents he will close down consistently loss-making syndicates if they don’t turn-around as part of a major escalation in the Corporation’s oversight, re-Insurance.com can reveal.
Lloyd’s targets seven loss-making classes in new £6.4bn crackdownLloyd’s has instructed its managing agents to provide quarterly reports and an “action plan” on the underwriting performance of seven under-performing classes of business as part of a wider initiative to improve the market’s poor results, re-Insurance.com can reveal.
Brokers must separate advisory services from insurance: Carnegie-BrownLondon market brokers need to carve out “a more clearly defined role” in the value chain and make clear distinctions in the services offered, Lloyd’s chairman Bruce Carnegie-Brown has said.
Aviation broker Chad among a duo of hires to land at JLTThe former UK CEO and the deputy chairman of Marsh’s global aviation practice Marcel Chad has touched down at JLT, re-Insurance.com can reveal.
MS Amlin given greenlight for Belgium hubMS Amlin has received approval from the National Bank of Belgium to re-domicile one of its UK businesses Amlin Insurance SE (AISE), from the UK to Brussels.
Markerstudy consolidates subsidiaries after Qatar Re takeoverMotor insurance MGA Markerstudy has set out plans to brings its entities under a single brand - Markerstudy Insurance Services Limited (MISL).
Schinnerer Group plans to double premium to $2bn following rebrandMarsh & McLennan Companies-owned managing general underwriter, Schinnerer Group, has rebranded to Victor as it looks to double premiums to $2bn.
Luxembourg approves RSA post-Brexit subsidiaryRegulators in Luxembourg have approved London-based RSA’s application to set up an insurance subsidiary in the country in the wake of the UK’s decision to leave the EU.
Canopius exits professional indemnity and financial institutionsLloyd’s insurer Canopius is pulling out of its professional indemnity (PI) and financial institutions (FI) business lines in London, re-Insurance.com can reveal.
Tampakakis becomes the latest hull underwriter to leave TMKKonstantinos Tampakakis has become the latest marine underwriter to resign from Tokio Marine Kiln, re-Insurance.com can reveal.
Guy Carp hires Goldman’s Kumar as new GC Securities chiefGuy Carpenter has recruited Goldman Sachs’ executive Shiv Kumar as the new president and global leader of its GC Securities Capital Markets unit.
Fidelis mints $50mn Bermuda sidecarFidelis has launched a $50mn ILS sidecar based in Bermuda to provide collateralised capacity support for the carrier’s reinsurance book.
XL Catlin lures Smyth back from Aspen to head excess casualty businessXL Catlin has appointed former employee Donnacha Smyth as president of its global excess casualty insurance business.
AmTrust postpones vote on $2.7bn take-private deal after shareholder mutinyAmTrust has postponed the shareholder vote on a $2.7bn deal tabled by its CEO, his in-laws and their backers to take the firm private after it failed to gain enough support for the transaction.
Lloyd’s broker AFL pushes into ILS marketLloyd’s broker AFL has hired big data specialist James Poole to head up its new ILS advisory business Agile Risk Advisory, the company announced today (4 June).