News

BHSI mints Perth office with Chubb hires

Berkshire Hathaway Specialty Insurance (BHSI) is continuing to make a concerted push into Australia as it opens a new office in Perth

Lefebvre to depart Hamilton Re

Hamilton Re’s chief underwriting officer for casualty business Claude Lefebvre is set to leave the company at the end of the month, it announced today (23 March).

MS Amlin parts ways with marine underwriters

MS Amlin has let go its long standing senior hull underwriter Richard Lurcott, re-Insurance.com can reveal.

Maersk Honam loss feared to hit IG reinsurance programme

The fire which gutted Maersk’s Honam vessel earlier this month, killing four sailors onboard and damaging substantial cargo, is set to blow through the International Group’s (IG) $100mn pool retention and deal the reinsurance market a severe marine loss, re-Insurance.com understands.

Aon UK names chief operating officer as Ledger retires

Nathan Shanaghy has been appointed chief operating officer (COO) of Aon UK.

Fosun waiting in the wings for Ethniki if Exin bid topples

Chinese conglomerate Fosun is prepared to submit a second bid for Greek insurer Ethniki should Matt Fairfield’s Exin fail to secure financing for its EUR718mn ($885.6mn) bid by a 28 March deadline.

Lloyd’s managing agents struggling with delegated resources: Mazars

Over half of Lloyd’s managing agents are facing a resources crunch in their delegated authorities teams, with most expecting the situation to get worse this year, according to a new survey by accountancy firm Mazars.

D&O pricing slumps 8% in 2017 despite record number of lawsuits

The price for $1mn of directors and officers (D&O) cover in the US sank by 8.3 percent last year despite a record number of class action lawsuits against publicly-listed firms, a study by Aon has found.

Marsh’s White appointed Liiba chair

Roy White, chairman of UK specialties at Marsh, has been named the new chair of broker association Liiba.

Generali Germany CEO hints at P&C acquisitions

Generali’s chief executive for Germany Giovanni Leverani has suggested that the company may use the proceeds from its run off of its local life business to fund acquisitions in the P&C sector.

Pool Re given UK government go-ahead to cover non-damage BI losses

The UK government’s decision to amend the 1993 Reinsurance (Acts of Terrorism) Act will enable Pool Re to extend its cover to include non-damage business interruption losses resulting from acts of terrorism.

Beazley CUO Maidment to step down at end of 2018

Long-serving Beazley chief underwriting officer (CUO) Neil Maidment is set to retire at the end of the year after nearly three decades with the company.

Darag in EUR100mn capital raise as it looks to increase deal firepower

Private equity-owned legacy acquirer Darag is looking to raise around EUR100mn as it seeks to grow its war chest and conduct more sizeable deals, re-Insurance.com understands.

Hiscox’s Bronek Masojada appointed PPL chair

Bronek Masojada, CEO of Hiscox, has been appointed chair of the PPL board.

Beale walks away with £1.3mn as Lloyd’s sinks to loss

Lloyd’s CEO Inga Beale took home £1.3mn ($1.8mn) in 2017 despite missing out on a potential £200,000 bonus related to the market’s overall profitability.

China puts former banking head in charge of new joint regulator

Former head of the China Banking Regulatory Commission (CBRC) Guo Shuqing has been named the new chief of a joint insurance and banking regulator as the country looks to crackdown on risky financial practices.

‘Strong interest’ for Lloyd’s ILS: Parry

Lloyd’s is moving forward with its plans of a market catastrophe bond that would add an extra layer of capital security to policyholders, the Corporation’s CFO John Parry has said, confirming previous reports by re-Insurance.com.

Brexit uncertainty drives AM Best negative outlook on UK insurance sector

On the day that Lloyd’s of London posted its worst result since 2001, AM Best went negative on the UK non-life sector citing a difficult operating environment caused by competitive market conditions and Brexit uncertainty.

Lloyd’s attritional losses creep in 2017

The Lloyd’s market was already under strain from attritional losses in 2017 even before the catastrophes of the second half of the year took hold, the market revealed in its annual report.

Lloyd’s expense ratio barely changed despite modernisation agenda

Lloyd’s continued to battle with an “unsustainable” expense ratio in 2017 despite numerous modernisation initiatives being pushed by those on the Corporation’s top floor.

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