News

UPDATE: Axa drops 8% as investors react to XL deal

Axa’s shares have shed more than 8 percent in trading following the French carrier’s announcement of its massive $15.3bn deal to buy XL Group this morning.

JLT Re appoints Ariel Hernandez senior vice president for Miami

JLT Re has hired Ariel Hernandez as senior vice president in Miami to lead the broker’s analytics efforts for the Caribbean, Central America and broader Latin America Region.

Denmark’s Alpha Insurance in run-off as CBL contagion spreads

Denmark’s Alpha Insurance has entered into run-off with immediate effect as the contagion from last month’s collapse of New Zealand’s CBL Group spreads.

Under pressure Maiden shares hold up despite AM Best downgrade

Shares in Maiden Holdings closed broadly flat on 2 March following a downgrade by AM Best earlier that day as investors acknowledged the Bermudian’s lower dependence on financial strength ratings compared to its peers.

Ardonagh CFO Mugge moves aside

In a surprise move, the chief financial officer of Ardonagh Group Mark Mugge has lost his board seat and been moved over to work on “growth acceleration projects”.

Equifax to recover $75mn from insurers over data breach

US consumer credit reporting agency Equifax is set to recoup $75mn from its insurers after taking a $275mn hit from a data breach last year when hackers stole sensitive customer information.

AIG loses bid to reject Woodford D&O cover

AIG has lost an appeal to deny directors’ and officers’ cover to former Olympus CEO Michael Woodford (pic) over the executive’s ongoing lawsuit with KeyMed related to his administration of the company’s pension pot.

Asta offloads its Pelican MGA to Manchester Underwriting

Asta has sold one of its managing general agents (MGA) Pelican Underwriting to Manchester Underwriting Management (MUM), a specialty-focused pen holder.

CBL defied regulators to transfer EUR25mn to Danish insurer Alpha

Embattled New Zealand carrier CBL ignored orders from its home regulator to illicitly transfer EUR25mn to its second largest business provider in a bid to cover the cracks in its balance sheet caused by the growing French construction liability crisis.

ERS posts ‘frustrating’ £12.2mn loss for 2017 as Ogden impact lingers

The specialist Lloyd’s motor insurer has reported a loss of £12.2mn ($16.8mn) for 2017 as changes to the Ogden rate continue to impact ERS’s balance sheet.

RMS hires Valley veteran White as CEO

Catastrophe modelling firm RMS has tapped up experienced Silicon Valley executive Karen White as its new CEO.

Insurers ‘split’ over post-Brexit regulatory framework: CII

The UK insurance industry is in disagreement as to what the regulatory framework should look like when Britain leaves the European Union, according to the Chartered Insurance Institute (CII).

Catastrophes push State Farm to $6.5bn underwriting loss

America’s largest insurer State Farm booked a $6.5bn underwriting loss on premium earned in 2017 as last year’s hurricanes and wildfires in the US took their toll on the group’s bottom line.

NZ brought in CBL liquidators over $55mn payment breach

The Reserve Bank of New Zealand asked the country’s court to appoint liquidators to CBL Insurance over $55mn of overseas payments the company made against the regulator’s wishes.

ProSight posts ‘record’ profit in first Q4 since exiting Lloyd’s

Private equity-backed carrier ProSight posted a $26mn profit for the final quarter of 2017, making it the most profitable year-end three-month period on record for the firm.

AmTrust rises to just under privatisation offer price

Shares in AmTrust have jumped to $13.10 in early New York trading, a fraction under the $13.50 price offered to shareholders as management bids to take the carrier private.

HPS and Madison Dearborn Partners to acquire broker platform Compass

Private equity firms HPS Investment Partners and Madison Dearborn Partners (MDP) have agreed to acquire Compass, the London-based broker platform.

AmTrust founders up buy-out offer to $2.7bn as company discloses 'material weaknesses'

US carrier AmTrust has upped its buyout offer to public equity holders to $13.50 per share and requested a 15 day extension to file its 2017 results amid “material weaknesses” in internal controls in a hectic 24 hours after sister company Maiden Holdings posted poor Q4 results yesterday.

UPDATE: £2.1bn Pool Re XoL restructures with new third layer and cyber trigger

Analysis of the industry’s largest XoL retro terrorism programme, together with diagram of stack and Pool Re chain of security…

Hurricanes push Starstone to underwriting loss as Atrium breaks even

The trio of Atlantic hurricanes that battered parts of the US and the Caribbean also took their toll on Starstone’s profits, while reserve releases kept fellow Enstar subsidiary Atrium in the black for 2017.

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