S&P downgrades Chaucer as Hanover eyes saleRatings agency S&P has lowered Chaucer’s financial strength rating (FSR) by one notch from A to A- as the Lloyd’s carrier’s US owner The Hanover Group (THG) weighs up selling off the business.
Catalina takes 5% stake in Bermudian reinsurer MaidenRun-off giant Catalina has upped its stake in AmTrust’s sister company Maiden, a live-market Bermudian reinsurer, a regulatory filing shows.
BLP and Bryan Cave merger completesThe merger of law firms Bryan Cave and (re)insurance specialists Berwin Leighton Paisner (BLP) completed over the weekend.
Allied World leads table of worst performing 2017 Lloyd’s insurersAllied World’s Lloyd’s syndicate 2232 was the worst performing syndicate in 2017 with an eye-watering combined ratio of 196 percent fuelled by heavy cat losses and prior year under-reserving, analysis by re-Insurance.com shows.
Another ‘disappointing’ renewal for reinsurers at 1.4: Willis ReThe flat reinsurance rates witnessed at 1 January have lingered to plague reinsurers at the 1.4 renewals, Willis Re has said.
Your Guide to Lloyd’s Syndicate Results 2017Another year and another set of Lloyd’s syndicate results come into the world but after one of the worst years in the market’s 330-year history, four fifths of syndicates posted a loss with 17 of those reporting a combined ratio in excess of 150 percent.
California mudslide loss tops $421mn and Commissioner Jones takes creditCalifornian insurers have now received more than $421mn in claims from the deadly Montecito mudslides in January.
Hannover Re forms Lloyd’s SPA 6134German reinsurer Hannover Re has created the fifth new Lloyd’s Special Purpose Arrangement (SPA) Syndicate 6134, managed by the Lloyd’s managing agency Argenta which it acquired last year.
GIC Re becomes fifth new 2018 Lloyd’s syndicate start-upIndian reinsurance powerhouse GIC Re has finally realised its ambition of owning a Lloyd’s platform and become the fifth full Lloyd’s syndicate start-up for 2018 after its Syndicate 1947 began incepting risks at 1.4.
Rivera returns to Tokio Marine HCC in executive roleSusan Rivera, the well-regarded US P&C executive who survived Eliot Spitzer’s blitzkreig on the industry in 2004-05, has returned to Tokio Marine HCC as executive Vice President and COO.
Scor’s Gentsch to depart as Rousseau takes over as deputy CEOScor has revealed that the deputy CEO of its global P&C business Benjamin Gentsch is to depart with Laurent Rousseau set to step in and fill his shoes.
Aspen Re chairman leaves with $1.4mn severance after disastrous 2017Up-for-sale Aspen has revealed that the chairman of its reinsurance business and the CEO of Aspen Re Americas Brian Boornazian has stepped down.
London broker Alsford Page & Gems loses top brassPrivate equity-backed London market broker Alsford Page & Gems (APG) has parted ways with its CEO and chief operating officer in a restructure of its board of directors.
Integro seals Tysers deal in £110mn saleThe protracted sale of Tysers has finally reached a conclusion after the London-market broking house reached a £110mn deal with acquisitive US intermediary Integro, re-Insurance.com understands.
Swiss Re shares rise as Softbank closes in on $9.6bn stake dealJapanese investment powerhouse Softbank is nearing a deal with Swiss Re to buy a 25 percent stake in the reinsurer for around $9.6bn, according to reports.
Third Point Re affirmed after strong 17.8 percent investment returnDespite never having made an underwriting profit, the total return reinsurer Third Point Re (TP Re) has had its AM Best A- (excellent) financial strength rating affirmed by AM Best after another strong year of investment returns.
NBG ‘considering all options’ as Exin loses exclusivity in Ethniki chaseMatt Fairfield’s Exin has failed to secure funding in time for a National Bank of Greece (NBG) deadline today (28 March) in its EUR720mn ($890mn) bid for state-owned insurer Ethniki, according to a presentation obtained by re-Insurance.com.
UPDATED: Aspen shares surge by more than 5% as sale process nearsShares in Aspen spiked by more than 7 percent in yesterday after re-Insurance.com revealed that a formal sales process was expected to be launched as soon as next week.
Aspen poised to begin $2.5bn+ sale processAspen’s bankers Goldman Sachs and JP Morgan have told potential buyers that a sales process will go live shortly and potentially as early as next week, re-Insurance.com understands.
The Hanover appoints Goldmans to explore Chaucer saleUS carrier and Chaucer owner The Hanover today (28 March) announced that it has appointed investment bank Goldman Sachs to explore a sale of the Lloyd’s syndicate.