News

Mapfre books $1.3bn gross cat losses in Q3

Spanish (re)insurer Mapfre has posted gross cat losses of $1.3bn (€1.1bn) in the third quarter.

Ingrid Carlou steps down as CEO of Patria Re

The CEO of Mexican reinsurer Patria Re, Ingrid Carlou is to step down with immediate effect.

Lloyd’s insurer Neon files $60mn UK ILS application with PRA

The first application for a UK insurance linked securities (ILS) transaction has been filed with the Prudential Regulation Authority (PRA) on behalf of the Lloyd’s (re)insurance group Neon, Reinsurance can reveal.

Neon appoints Novae’s Overton to new head of pricing role

Expansive Lloyd’s insurer Neon has continued its strategy of transforming its executive team by recruiting Tim Overton to the newly created role of head of pricing.

Former Tokio Millennium CEO in bid to launch $1bn Bermuda reinsurer

Former Tokio Millennium Re chief executive Tatsuhiko (Tats) Hoshina is looking to raise up to $1bn to launch a new Bermudian reinsurance platform, Reinsurance can reveal.

FCA issues RFIs to London brokers following wholesale review

UK regulator, The Financial Conduct Authority (FCA), has yesterday (4 December) issued a request for information (RFI) to brokers across the London market as it progresses with its study into how competition is working in the London wholesale market, Reinsurance can reveal.

R&Q completes exit from live Lloyd’s business with $22.6mn sale

Listed insurance group R&Q has now completed its exit from live underwriting at Lloyd’s following the completion of its $22.6mn managing agency sale to the US medical insurer, Coverys.

London market welcomes UK ILS legislation change

The London (re)insurance market has welcomed the changes to the UK legislation that enable insurance linked securities (ILS) transactions to be constructed onshore in a tax-efficient manner.

D-day finally looms for London market ILS legislation

After two long years of consultation with the regulators and the UK government, the London market will discover later today whether a parliamentary committee will agree to the legislation that will allow for a new tax-friendly regime for constructing insurance linked securities (ILS) business in the UK.

UK Parliament approves ILS legislation

The UK Parliament has unanimously agreed legislation change to enable a tax-friendly onshore regime for insurance-linked securities (ILS) business, after a prolonged 2+ years of consultation and negotiation with the London insurance market and UK regulators.

Sirius to take $720mn majority stake in Israeli insurer Phoenix

Sirius International has agreed terms with the Israeli business magnate Yitzhak Tshuva to acquire his controlling stake in The Phoenix Holdings in a move that may also be a litmus test for Chinese investment in the country’s insurance markets.

Brit launches MGA Scion Underwriting Managers

Lloyd’s insurer Brit Insurance has launched a new MGA, Scion Underwriting Managers, that will be led by industry veteran Scott Brock.

Lloyd’s (re)insurer Ascot launches $1bn Bermuda reinsurer

Ascot Group Ltd, the Lloyd’s (re)insurer owned by the Canada Pension Plan Investment Board (CPPIB), has launched a Bermudian reinsurer to be led by reinsurance veteran John Berger.

Perils: Hurricane Ophelia results in only a modest loss

European reinsurers received a flicker of good news today (27 November) with confirmation from the independent loss data company PERILS that the October storm Ophelia caused much smaller insured losses than initially forecast.

Swiss Re: Broad market hardening now expected in 2018

Swiss Re’s chief economist Kurt Karl has today (21 November) predicted a broad market hardening of P&C rates in 2018 beyond loss-affected lines following the $130bn of capital that has been stripped from the industry this year.

Neon appoints MS Amlin’s Richard Heppell as CFO

Expansive Lloyd’s insurer Neon has hired MS Amlin’s Richard Heppell as its new chief finance officer (CFO).

Brilliant Re adds to new 2018 retro capacity

The trickle of new retro capacity is continuing to come on stream ahead of the 1.1 renewals with news that Brilliant Reinsurance (Guernsey) Ltd has become Guernsey’s first Chinese insurance company and will focus on providing collateralised paper for the Lloyd’s market.

Barbican commissions “next ten years” London market study

Lloyd’s insurer Barbican has celebrated its ten-year anniversary today (23 November) by commissioning a year-long study into how the London market may evolve over the next decade.

Towergate and Price Forbes owner sinks to £100mn 9-month loss

The acquisitive owner of London market wholesaler Price Forbes and UK retail intermediary Towergate has seen its pre-tax losses rise to £98.5mn for the first nine months of 2017 and net debt more than double to £747mn after another busy year of M&A.