News

New MGA Volante launches with capital from Nephila

Volante, a new multi-class and multi-territory international managing general agent (MGA) platform, will launch and commence trading during Q1 2018.

Sirius Syndicate 1945 places marine book into run-off

Sirius has placed its marine cargo, treaty and yacht books of business at Lloyd’s into run off, Reinsurance can reveal.

Giles to join London Market broker as chairman

London broker Endeavour Insurance Services is poised to signal its ambitious growth strategy with the arrival of the well-known UK insurance figure Chris Giles, Reinsurance can reveal.

London market marine merry-go-round continues

The changes in the London market marine underwriting classes have continued this week with two significant departures.

Exin hires Oman Insurance CEO Adamantiadis

Exin– the ambitious pan-European insurance start-up backed by Calamos Asset Management – has lured the CEO of Oman Insurance Company, Christos Adamantiadis, to become head of its expansive European operations, Reinsurance can reveal.

Marsh promotes Paul Moody to CEO of UK Specialties

Marsh has appointed Paul Moody to be CEO of its UK Specialties Division.

JLT’s Chairman runs risk of falling foul to corporate governance reform

JLT is at risk of falling foul of reforms aimed at improving accountability of the largest companies in the UK.

Price Forbes latest London broker to undertake job-cutting exercise

Price Forbes has made a number of people redundant as part of an efficiency drive to reduce costs and improve margins by its private equity owners, Reinsurance can reveal.

Enderby to leave Marsh in London efficiency drive

Dominic Enderby, Marsh’s Marine UK Placement Leader, is one of the most prominent market figures likely to leave the broking giant following a recent restructuring, Reinsurance understands.

Putting a price on Price Forbes

Recent minority share sale - perhaps by departing founder Michael Donegan - implies valuation as high as £183mn

Lloyd’s needs to share data to improve market efficiency

Senior industry executives gathered at Reinsurance’s ‘The Future of Cargo Insurance and Risk’ roundtable have called on Lloyd’s to do more to improve the distribution of data across the market.

Fierce rate resistance from brokers ahead of 1.1 renewals

The ILS fund manager, Leadenhall Capital Partners, increased its assets under management to a new record size of $4.5bn last week but acknowledged that brokers determination to negotiate hard ahead of the 1.1 renewals prompted the firm to rein in some new capital flows ahead of closing its books.

Southern California fires to take State’s 2017 loss beyond $10bn

As the industry reeled from AIR Worldwide’s initial $85bn high-end loss estimate for Hurricane Maria in late September, few would have conceived that the then sporadic California wildfires that began a few days later might ultimately lead to insured losses that approach or even exceed Maria’s event loss total.

Brit launches $100mn Bermuda collateralised reinsurer Sussex Re

Leading Lloyd’s (re)insurer Brit Insurance is launching a $100mn capacity Bermuda-based collateralised reinsurance vehicle, Sussex Capital, that will write both third-party collateralised reinsurance and provide collateralised capacity to Brit’s Lloyd’s Syndicate 2987.

Fidelis adds surety capacity with MGA Firestone

Fidelis, the Bermudian (re)insurer has taken an equity stake in a new MGA and will be providing underwriting capacity.

Tokio Millennium Re loses UK claims head

Ed Gooda, the head of claims at Tokio Millennium Re’s UK branch office, has resigned from the company, Reinsurance can reveal.

London brokers lobby FCA to relax &quote;impossible&quote; wholesale review deadline

London brokers lobby FCA to relax "impossible" wholesale review deadline

The largest London Market wholesale brokers are lobbying the U.K regulator to ease the deadline to respond to a detailed scrutiny of practices relating to market facilities, commission arrangements and relationships with (re)insurers.

London needs to be more ‘inventive’ to lure business away from local markets

The London insurance market must innovate in order to win marine business over local markets, senior industry executives have said.

UK reinsurance buyers avoid concentration risk

Despite the consolidation that has taken place in the reinsurance industry in the past two years, UK insurers dependency on any one specific carrier has “fallen marginally” since 2015.

Nichols to join Brit's new Bermuda platform

Former Axis Capital and RenaissanceRe executive Jay Nichols has joined the Board of Brit Ltd’s new $100mn collateralised Bermuda reinsurer, Sussex Capital.

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