News

UK political overhaul delays much-needed broadening of Pool Re coverage

Supporters fear UK government may miss a golden opportunity to reform state-backed terrorism reinsurer; Labour MP rebuffed in early bid to add legislation.

China regulator slams 19 P&C carriers for 'illegal and disruptive' products

The China Insurance Regulatory Commission (CIRC) has issued regulatory letters to 19 property and casualty (P&C) carriers chastising the companies for selling products inconsistent with their mandate as insurers.

Nexus acquires D&O MGA Apsley Specialty

The up-for-sale London-based managing general agent Nexus has acquired a smaller rival in the financial institutions space Apsley Specialty.

Peak Re sells 13% stake to Prudential Financial

Fosun-owned Hong Kong reinsurer Peak Re has struck a deal to sell 13.1 percent of its equity to US-based carrier Prudential Financial.

Arch beats estimates as profits surge

Arch Capital delivered an expectation-topping $187.4mn operating profit in the fourth quarter as it dodged significant losses from the catastrophes that plagued the industry in the final months of 2017.

Lloyd’s yacht market in deep water after 2017 losses

Sky-rocketing claims dealt Lloyd’s yacht underwriters a hefty blow last year as incurred claims soared to an eye-watering 221.4 percent of premium written in the fourth quarter.

Marsh criminal complaint puts aviation brokers in the spotlight again

News that four Marsh brokers are the subject of a criminal complaint over use of client information in the Philippines has once again again raised questions around broking practices in the aviation space.

Swiss Re shares finish the week flat despite Softbank investment rumours

Shares in Swiss Re closed flat last week despite reports suggesting Japanese investment giant Softbank was eyeing a $10bn in the big-four reinsurance giant.

UPDATE: CNA climbs 5% after reserve releases help Q4 beat

CNA shares have surged over 5 percent in early trading in New York after the firm delivered a $286mn fourth quarter profit as the group’s $38mn of catastrophe losses was more than offset by reserve releases.

StarStone swoops on ArgoGlobal for crisis management underwriter

StarStone has appointed Andrew Summers senior political risk underwriter to join its newly launched crisis management division.

BHSI moves into Dubai with AIG energy hire

Berkshire Hathaway’s specialty operation BHSI is set to open shop in Dubai after receiving regulatory approval and hiring AIG’s global head of energy and engineered risks Alessandro Cerase.

Brit expands US marine operations

Brit has made two appointments to its US marine business and it continues to build out its yacht and cargo books in the wake of catastrophe losses incurred in the second half of last year.

Calamos demands Exin audits as it looks to claw back default loans

The Greek-American billionaire John Calamos has asked an Illinois court to see a full audit of Exin’s financials as part of an attempt to claw back over $41mn extended to Matt Fairfield’s company as part of its ongoing attempts to buy Greek state insurer Ethniki, according to documents obtained by re-Insurance.com.

JP Morgan makes U-turn on $14bn Allianz–XL deal outlook

After initial scepticism, JP Morgan now says Allianz’s rumoured bid for Bermudian XL Group could make sense for the German heavyweight’s shareholders even at a hefty take out price of $14bn - or around $54 a share.

UPDATE: AIG shares climb almost 5% after results

Shares in AIG were up almost 5 percent when the opening bell rang at the New York Stock Exhange this morning after the US insurance giant announced its fourth quarter and full year results.

Aspen’s O’Kane ‘ruling nothing out’ regarding M&A

The CEO of Bermudian (re)insurer Aspen Chris O’Kane has said the (re)insurer is “open minded” to a strategic review that could ultimately lead to a sale process.

Marsh executives face criminal complaint in fresh aviation scandal

Some of Marsh’s top executives in Asia as well as members of its aviation team are the subject of a criminal complaint in the Philippines after allegedly sharing confidential client information.

Willis reinsurance revenues post 4% Q4 organic growth

Willis Towers Watson’s investment, risk and reinsurance unit reported solid 4 percent organic growth in the fourth quarter to take headline income to $300mn for the period.

Beazley mulls entering UK ILS market

London (re)insurer Beazley Group has confirmed it is exploring an entry into the nascent UK ILS market.

CBL shares now halted amid Gibraltar ‘dommages ouvrage’ concerns

New Zealand-listed carrier CBL has had its shares suspended by the country’s stock exchange days after it announced a NZ$100mn reserve strengthening to deal with deteriorations in controversial Gibraltar-written French construction business.

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