News

Lloyd’s market swings to heavy £2bn loss for 2017

The Lloyd’s market has posted a £2bn ($2.8bn) pre-tax loss for 2017, a severe deterioration from the £2.1bn profit it reported this time last year as the venerable institution’s combined ratio swelled to a hefty 114 percent.

Lloyd’s warns of financial penalties for failure to comply with PPL mandate

Syndicates that do not meet the usage targets of the Lloyd’s electronic placement platform - PPL - will pay additional fees and may be subject to capital loading.

Capsicum Re partners with Arch for US mortgage reinsurance pilot

Reinsurance intermediary Capsicum Re is to act as broker to Arch’s new mortgage subsidiary, Arch MRT, on a credit risk programme.

Aon Benfield hires Meyenhofer as Bermuda chief

Aon Benfield has named Matthias Meyenhofer, formerly head of EMEA global clients at its rival Guy Carpenter, as its new CEO of its Bermuda business.

Ping An’s P&C premiums surge over 12% to $32bn in 2017

Chinese insurance giant Ping An saw its property and casualty premiums surge by more than over 12 percent in 2017 as it wrote more than RMB200bn ($31.58bn) of business.

UK Government tables Ogden rate reforms

UK Justice Secretary David Gauke is today (20 March) set to introduce the Civil Liability Bill into the House of Lords which features changes to how the Ogden rate is set as well as reforms to whiplash claims.

Liberty expands terrorism business into Europe

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has expanded the footprint of its terrorism business beyond London by creating a role for a Paris-based terrorism underwriter.

UPDATE: Aspen shares outperform market as M&A speculation mounts

Shares in Aspen jumped over 4 percent by market close yesterday, drastically outperforming a Facebook-led broad equities sell-off in the latest sign investors are marking the carrier as a favoured acquisition target.

Ed instructed to plug EUR33mn capacity gap caused by Alpha run-off

An underwriting subsidiary of now-defunct CBL has instructed broker Ed to fill the approximately EUR33mn hole left in its capacity supply by the failure of Danish insurer Alpha, re-Insurance.com understands.

Integro expected to seal Tysers deal this week despite Goldstein exit

Acquisitive US broking house Integro is expected to finally seal its acquisition of London broker Tysers this week despite losing its CEO Bill Goldstein, re-Insurance.com understands.

US P&C industry posts $23.5bn loss in 2017: AM Best

Property and casualty (P&C) carriers in the US have reported a net underwriting loss of $23.5bn in 2017, according to AM Best data.

IGI posts small profit despite 2017 cats

Dubai-headquartered International General Insurance Holdings (IGI) stayed in the black for 2017 despite the roll-call of cat events in the second half of the year.

JLT Re swoops on Aon Benfield for Asia treaty CEO

JLT Re has appointed Vinod Krishnan CEO of treaty business in Asia.

GIC Re’s Lloyd’s syndicate to launch on 1 April

Indian reinsurer GIC Re has been given the go ahead for its Lloyd’s syndicate — GIC Syndicate 1947 – to begin writing business in Lloyd’s from 1st April, according to local media reports.

XL Catlin introduces Brexit continuity clause to policies

XL Catlin’s London operation has introduced a clause to bridge the potential gap in policy coverage following Britain’s exit from the EU.

Talanx combined ratio slips into the red after hurricane losses

Hannover Re-owner Talanx saw its 2017 combined ratio slip into the red as last year’s earthquakes, storms and wildfires took their toll on its bottom line.

Arch’s Grandisson anointed as Iordanou successor with CEO appointment

Constantine Iordanou has stepped down as CEO of Arch Capital Group Ltd to make way for Marc Grandisson and paving the way for his long-term colleague to succeed him.

Aquiline mulls sale of Lloyd’s insurer ERS

After more than five years of ownership, private equity firm Aquiline Capital Partners is contemplating the sale of its Lloyd’s motor specialist ERS and its advisers have already made soft approaches to potential buyers to gauge interest, re-Insurance.com understands.

Goldstein’s surprise Integro exit delays Tysers deal

News that Integro CEO Bill Goldstein has left the US firm has yet further delayed the expansive broking house’s acquisition of London market intermediary Tysers, re-insurance.com has learned.

AmTrust’s combined ratio balloons to 113% in delayed 2017 results

AmTrust has revealed an underwriting loss in its delayed 2017 results, which shows a combined ratio that climbed by almost 20 points to 112.9 percent.

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