News

Dale takes senior underwriting duo from Aspen

Lloyd’s third party and employers’ liability insurer Dale Underwriting has hired Richard Frost and Richard Loader as senior class underwriters.

ArgoGlobal bolsters casualty unit with two new hires

Lloyd’s insurer ArgoGlobal has made two appointments to its casualty division.

Markel takes Guy Carp’s Chu to head up ceded reinsurance

Markel has hired Julia Chu from Guy Carpenter to take a newly-created position as chief of global ceded reinsurance.

Canopius takes Brit exec Meyer and hires COO

Brit COO Nigel Meyer has left the company after seven years to join the newly-private again Canopius as its CFO.

AFL launches marine division

Ambitious Lloyd’s broker AFL has launched a commercial marine division, appointing the former head of Ed’s marine division to lead the business unit.

Acrisure completes Beach buyout

US retail broker Acrisure has sealed its acquisition of reinsurance intermediary Beach from Jeff Greenberg-run private equity house Aquiline, it was announced today.

China to merge banking and insurance regulators

China is set to combine its insurance and banking regulatory oversight bodies as leader Xi Jinping accelerates his campaign to clean up the country’s heavily-leveraged financial system.

Hannover Re underwriting profit slips to just EUR15mn in 2017

German reinsurance giant Hannover Re saw its full-year property and casualty underwriting profit plummet to just EUR15.5mn ($19.1mn) in 2017, a drastic deterioration from the EUR503.1mn it reported this time last year.

Exin in talks with Swiss Re and others to complete EUR720mn Ethniki deal

Matt Fairfield’s Exin is in talks with five reinsurers including Swiss Re and Munich Re to provide reinsurance financing to complete the agreed sale of Greece’s largest insurance company Ethniki, re-Insurance.com can reveal.

Kea Trader bill swells to $210mn marine (re)insurance loss

Losses from the Kea Trader container ship, which ran aground in July last year, have deteriorated by an additional $40mn - pushing the cost for marine (re)insurers to $210mn, re-Insurance.com can reveal.

Japanese 1.4 reinsurance renewals set to come in flat

Japan’s six largest reinsurance renewals at 1.4 are expected to come in flat after years of compound rate reductions, with international markets reluctant to countenance further cuts in the wake of a relatively stronger 1.1 this year, re-Insurance.com understands.

Sompo the driving force behind Canopius $952mn MBO

The private equity-backed management buyout of Canopius that completed on Friday was pushed for by Japanese owner Sompo, the Lloyd’s carrier’s chairman Michael Watson has confirmed.

Markel CATCo ties up 55% of net assets from 2017 H2 cats

Despite paying out $400mn in claims in 2017, the collateralised retro fund manager Markel CATCo said today (12 March) that more than half of its year-end net assets in its listed CATCo Reinsurance Opportunities Fund are tied-up in sidepockets to pay for further losses and potential creep from last year’s cat events.

Twelve Capital EUR20m investment at risk from Alpha run-off

Insurance fund manager Twelve Capital is at risk of losing its EUR20m ($24.6mn) investment in Danish insurer Alpha, which was put into run-off earlier this month.

London broking trio HHS reunite at Beach

Beach has hired ex-Integro executives John Sutton and Toby Humphreys as the newly-acquired reinsurance broker launches a specialty and wholesale platform.

Aspen shares leap on JP Morgan appointment

Shares in Aspen Insurance spiked almost 9 percent on Friday (9 March) following reports that JP Morgan had been appointed to advise the Bermudian (re)insurer’s Board.

R&Q writes $70mn ADC

R&Q has written a $70mn Adverse Development Cover (ADC) reinsuring medical professional liability and general liability risks on behalf of a US domiciled risk retention group.

Canopius completes $952mn Centerbridge backed MBO

Canopius has once again become an independent, privately owned (re)insurer following the completion of its $952mn private equity-backed MBO.

AIG sells remaining $500mn Arch Capital stake

Arch Capital Group has launched a secondary offering which will enable operating subsidiaries of AIG to sell almost 5.7mn shares in the Bermuda-headquartered firm.