News

Lloyd’s insurer Ark in $57mn PartnerRe energy renewal rights deal

PartnerRe has sold the renewal rights of its leading London market energy insurance book to Lloyd’s insurer Ark, re-Insurance.com can reveal.

Alpha planned UK insurer launch before regulator intervention

Alpha Insurance – the Danish insurer that entered run-off earlier this week – had planned to form a licenced UK insurance company, re-Insurance.com can reveal.

Neon appoints tax underwriter to expand M&A team

Neon has expanded its M&A team with the appointment of Suhail Qureshi as tax underwriter.

Aspen confirms $125mn ADC and buys more QS and XoL in 2018

Bermudian (re)insurer Aspen has bought a $125mn adverse development cover (ADC) to protect against prior year deterioration and is buying significantly more reinsurance in 2018 that may inhibit its ability to rebound its net earnings.

UK Chancellor calls for financial services to be included in EU free trade agreement

Chancellor Philip Hammond has thrown his support behind financial services’ inclusion in any future trade deal with the European Union (EU).

Oscar winner Branch returns to his underwriting roots

US MGU Avoca Risk Underwriting Solutions (Avoca) has hired Chris Branch, the former Beazley executive who has the rare distinction of being an Academy Award winner and an ex-Lloyd’s underwriter.

Beazley to end LMG tenure and return to MS Amlin

Chris Beazley is to step down from his position of CEO at the London Market Group (LMG).

XL leads Maersk fire hull policy

XL Catlin leads the hull cover for Danish shipping giant Maersk’s Honam ship which had to be evacuated due to a fire in the hold in the Arabian Sea yesterday re-Insurance.com has learned.

Aon Benfield confirms Paire hire

Aon Benfield has confirmed the hire of former Guy Carpenter EMEA global partners and strategic advisory head Eric Paire as head of its newly-formed capital advisory unit, as revealed by re-Insurance.com last September.

Goldman Sachs and Morgan Stanley exposed if EUR720mn Ethniki sale fails

The sell-side bankers who advised in the sale of Greece’s oldest insurance company Ethniki could be pursued for compensation if the takeover saga fails to complete by the fast-approaching deadline.

Canopius names Duffy managing agency CEO

Lloyd’s carrier Canopius has named group chief underwriting officer (CUO) Mike Duffy as its new CEO as the company’s private-equity-backed management buyout nears completion.

China cracks down on opaque insurance ownership structures

The China Insurance Regulatory Commission (CIRC) has issued new rules for reporting of insurance companies’ equity ownership amid concerns over the transparency of investors’ holdings and source of funds.

S&P places Axa on watch over XL bid

Ratings agency S&P has put Axa’s long-term ratings on negative watch citing concerns about the French carrier’s capital adequacy if its proposed $15.3bn acquisition of XL succeeds.

Axa pares losses as analysts take the long view

Shares in Axa have erased earlier losses to edge up as much as 2 percent today (6 March) after a near 10 percent drop yesterday, as investors reacted to the French carrier’s enormous $15.3bn acquisition of XL Group.

Canopius, Channel Syndicate and Liberty form $27bn trade credit consortium

The Channel Syndicate, Canopius, and Liberty Specialty Markets have set-up a consortium to provide capacity for Toredo, an online platform for single situation trade credit insurance.

Darag acquires Swedish insurer and integrates non-life business

Legacy specialist Darag has acquired Swedish insurance company IKANO Försäkring AB (Ikano) for an undisclosed sum.

Validus’ AlphaCat completes $5mn LatAm ILS transaction

Validus Holdings’ insurance linked security (ILS) fund manager AlphaCat has completed a $5mn catastrophe bond transaction with Brazilian reinsurer Terra Brasis Re.

Pool Re mulls innovative terrorism ILS

Fresh from its successful £2.1bn retro XoL renewal last week, the UK state-backed mutual terrorism reinsurer Pool Re is in talks with broker-dealers about issuing a ground-breaking insurance linked security (ILS) that will provide cover for terrorism losses including cyber coverage, re-Insurance.com can reveal.

Danish regulator now raises prospect of Alpha insolvency

A day after Danish Alpha Insurance said it was entering “solvent” run-off, the Danish financial regulator, DFSA, has said the distressed carrier “no longer complies with the minimum capital requirement” which may have “negative implications for the policyholders”.

Axa swoops for XL with $15.3bn buyout offer

After weeks of speculation Axa emerged as the victor in the race to buy XL Group with a $15.3bn (EUR12.4bn) all cash offer that sets the scene for further consolidation in the global P&C market.

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