News

Hamilton Lloyd’s departures prompt underwriting reshuffle

Hamilton’s Syndicate 3334 has restructured its underwriting team following the departure of its deputy active underwriter and active underwriter.

The Swedish Club loses appeal over $15mn Renos loss

A cohort of hull and machinery underwriters led by the Swedish Club have lost an appeal looking to dodge a $15mn loss after a freighter ship the MV Renos was destroyed by fire six years ago.

Irish authorities order CBL to halt writing business

The Central Bank of Ireland has instructed New Zealand-listed construction specialist carrier CBL to stop writing business in the country with immediate effect as concerns over the company’s financial position spread to Europe.

IG reinsurance cover incepts as group mulls broker change

As the clock ticks over this evening into the 20 February there will likely be a few celebrations ringing around the marine P&I world as the International Group’s (IG) $3bn cover for the coming year finally incepts.

Mariners brace for $100mn+ Sanchi pollution loss

The marine P&I market is facing hundreds of millions of dollars in environmental pollution losses from the sinking of the Iranian-flagged Sanchi ship which went down with around 1 million barrels of crude oil onboard in the East China Sea last month, re-Insurance.com understands.

More details emerge on Nexus mooted stake sale

Nexus’ recently-announced “shareholder liquidity event” is likely to take the form of a non-management individual share sale despite speculation that the MGA was weighing an IPO or full sale.

Terror cover for UK motor reinsurers in doubt as Swiss Re mulls 1.1 exclusion

The future of terrorism reinsurance coverage available to UK motor insurers is in question as leading reinsurers are close to withdrawing cover at 1.1.19, re-Insurance.com can reveal.

Carriers finally ‘called time’ on rate reductions: Willis

“Already on the ropes and fatigued” (re)insurers have finally “responded to the towel entering the ring” to call time on rate reductions, according to a report from Willis Towers Watson.

Lancashire execs buy stock after heavy falls

A number of Lancashire’s leading executives and directors bought up shares in the carrier as trading came to a halt last Friday following a week in which a catastrophe-scarred set of Q4 results sent the stock down over 14 percent.

Softbank looks for Swiss Re board seat

Softbank, the Japanese tech conglomerate that stunned markets last week after reports emerged it was mulling a $30bn stake in Swiss Re, is pushing for a seat on the carrier’s board in a bid to have a say in how the reinsurer spends its $161bn investment pot.

Lloyd’s legacy deals sealed by Enstar and R&Q

Randall and Quilter (R&Q) has completed a £30mn deal to take on the old Sportscover legacy book, now owned by Hamilton’s Lloyd’s platform in what is the second agreement of its type to be announced in less than a week.

Nexus appoints Panmure Gordon as it eyes stake sale

London-based managing general agent Nexus has appointed investment bank Panmure Gordon as it ramps up efforts to sell a portion of the business, re-Insurance.com understands.

Navigators storms ahead of analyst estimates with $24.5mn profit

Navigators has reported a $24.5mn profit for the fourth quarter that significantly outstripped analyst expectations and was well ahead of the $17.7mn it reported this time last year.

UPDATE: Bäte remains coy on Allianz-XL acquisition speculation

Allianz CEO Oliver Bäte has said the German giant remains committed to investing in the P&C arena, but declined to comment on speculation that Mike McGavick’s XL is the next target on the firm’s radar.

Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki deal

Matt Fairfield’s inchoate pan-European insurer Exin is facing two separate deadlines - with one only days away - to buy Greece’s largest insurer, if Greek reports are correct.

Fairfax takes $185mn wildfire hit as Allied World deal hits profits

The wildfires that ravaged the state of California in the fourth quarter are expected to cost Fairfax - through its numerous subsidiaries - a total of $185.4mn.

Brit posts 112 percent combined ratio for 2017

Fairfax’s Brit Insurance eked out a small post-tax profit of $21.5mn for the full year 2017 despite the enervating effects of last year which culminated in a combined ratio of 112.4 percent.

TMK's flagship syndicate facing 2017 loss of up to £168mn

Tokio Marine Kiln has said that its flagship Lloyd’s syndicate 510 is expecting the return on its £1.13bn capacity to run to a loss of between 4.8 percent and 14.9 percent.

Lloyd’s carriers settle $10mn Kanye West lawsuit

A number of Lloyd’s contingency insurers have settled a $10mn lawsuit involving rap star Kanye West who cancelled 21 tour dates claiming he was suffering from a debilitating illness.