NewsFronting carriersStart-up Obsidian buys admitted platform from The Doctors CompanyBill Jewett’s hybrid program fronting start-up has secured an admitted platform with the acquisition of a shell company from The Doctors Company ahead of an expected launch next month, The Insurer can reveal.Mon 10 Feb 2020
NewsPeople MovesMMA names Krause southeast regional CEOMarsh & McLennan Agency (MMA) has appointed Peter Krause as southeast regional CEO, overseeing offices in Georgia, Alabama, Tennessee, Kentucky and Florida.Mon 10 Feb 2020
NewsPeople MovesOdyssey’s Hudson division hires former ProAg CEO ConnealyOdyssey Group division Hudson Insurance has announced former ProAg chairman, president and CEO Michael Connealy will join Hudson Crop’s team in April.Mon 10 Feb 2020
NewsCommercial insuranceCNA shares bounce on beat, pricing acceleration and special dividendShares in CNA closed up by more than 8.39 percent at $50.78 in New York this morning after the insurer beat Q4 Wall Street forecasts, reported sequentially higher rate increases and unveiled a $2.00 a share special dividend.Mon 10 Feb 2020
NewsPeople MovesMiller bolsters fac team with Aon’s LazarusBroking house Miller has hired Michael Lazarus as it looks to build out its facultative reinsurance business.Mon 10 Feb 2020
NewsM&ASpotlight on Scor share price as suitor Covéa turns attention to PartnerReShares in French reinsurer Scor were trading down on Monday in the wake of news that Covéa has entered advanced talks to acquire Bermudian carrier PartnerRe.Mon 10 Feb 2020
AnalysisAJG disclosures suggest $300mn+ Capsicum Re sale value but reality more complicatedAJG hasn’t revealed how much it paid for Grahame Chilton’s reinsurance intermediary Capsicum Re last month but The Insurer sieves through the SEC filings to estimate its enterprise value…Mon 10 Feb 2020
CommentThe multiplier effectThe news flow out of Florida so far this year has highlighted mounting pressures on homeowners carriers. But momentum behind legislation to tackle soaring attorneys fees could bring some welcome respite…Mon 10 Feb 2020
CommentCovéa’s $9bn PartnerRe pitch prices out obvious rivalsIn 2019, the global M&A carousel temporarily slowed when it came to big cross-border (re)insurance transactions. Mon 10 Feb 2020
NewsResultsCNA expected to trade up as Q4 results beatShares in CNA are expected to trade up on Monday after the US carrier reported a consensus beating fourth quarter net income of $273mn, an improved combined ratio and better than expected investment returns, marking a return to the black for the insurer.Mon 10 Feb 2020
NewsBrexitLMA highlights Future at Lloyd’s and Brexit as key focus for 2020The Lloyd’s Market Association (LMA) has identified the Future at Lloyd’s reforms and post-Brexit planning as its key objectives for the year ahead.Mon 10 Feb 2020
NewsPeople MovesCoverys looks to Beazley for active underwriterCoverys Syndicate 1975 has appointed Valentina Minetti as active underwriter as the carrier looks to become a market leader in medical professional liability in the Lloyd’s market.Mon 10 Feb 2020
NewsPeople MovesLondon MGA Rokstone hires former Markel duo Pitts and UnglessAmbitious London-based MGA Rokstone has hired the former Markel International MD of property, Dean Pitts, as it continues to bolster its senior underwriting ranks, The Insurer can reveal.Mon 10 Feb 2020
NewsFloodPerils ups Townsville flood losses to A$1.24bnLoss aggregation firm Perils has increased its estimate of insured losses stemming from Australia’s Townsville floods in January and February last year to A$1.24bn ($832.2mn), the highest insured flood loss since the Brisbane Floods in 2011.Mon 10 Feb 2020
NewsNumis raises Beazley target price after strong 2019Analysts at Numis Securities have raised its target share price on Lloyd’s carrier Beazley after the firm’s consensus-beating 2019 FY earnings last week.Mon 10 Feb 2020
NewsCoface pulls cover to Poundstretcher suppliers on delayed financialsCredit insurer Coface has pulled cover for suppliers to UK high street discount store Poundstretcher.Mon 10 Feb 2020