NewsLloyd’s Neal warns market to behave at Christmas partiesLloyd’s and London market workers have been warned to behave during the Christmas period, with CEO John Neal calling it a “challenging time of the year” as the executive continues the wider crackdown on market misconduct.Fri 6 Dec 2019
NewsAviationMcGill lands Willis airline practice leader Lloyd-MillerMcGill and Partners has continued to build out its aviation practice with the hire of Willis’ global airline practice leader Carl Lloyd-Miller, The Insurer can reveal.Fri 6 Dec 2019
NewsM&AKBW upbeat on Swiss Re’s ReAssure dealSwiss Re’s deal to sell its majority stake in UK closed life business ReAssure to consolidator Phoenix Group Holdings - which values the unit at £3.25bn ($4.27bn) – has been broadly welcomed by analysts at Keefe, Bruyette & Woods (KBW).Fri 6 Dec 2019
NewsKBW lowers estimates for The Hanover on new $150mn ASREquity analyst Keefe, Bruyette & Woods has lowered its full year estimated earnings per share for The Hanover Insurance Group after the US carrier announced a fresh share buy back agreement and a special dividend generated from its sale of Lloyd’s insurer Chaucer last year.Fri 6 Dec 2019
NewsM&ASwiss Re to sell ReAssure to Phoenix Group in £3.25bn dealSwiss Re has agreed a deal to sell its majority stake in UK closed life business ReAssure to consolidator Phoenix Group Holdings in a deal which values the unit at £3.25bn ($4.27bn).Fri 6 Dec 2019
NewsCapitalThe Hanover uses Chaucer funds for $250mn accelerated buyback and special dividendUS carrier The Hanover Insurance Group is buying back $150mn of its stock in an accelerated share repurchase agreement (ASR) and has also declared a $100mn special dividend as it competes the deployment of the $850mn funds generated from its sale of Lloyd’s insurer Chaucer last year.Fri 6 Dec 2019
NewsPeople MovesGallagher names Partington CEO of Canadian retail P&C brokingGallagher has appointed Dave Partington chief executive of its expansive Canadian retail property and casualty broking operations, replacing Stephen Bryant who has left the company.Thu 5 Dec 2019
NewsPeople MovesRivera named CEO of MMC’s Latin American Fac unitMarsh and Guy Carpenter’s Latin American facultative reinsurance arm has named Carlos Rivera as CEO.Thu 5 Dec 2019
NewsLegal disputeGuy Carpenter says close to resolving dispute with Lockton Re defectorsGuy Carpenter is close to resolving its dispute with three executives that left to launch the Lockton Global Re platform, according to a letter filed with the court yesterday (4 December).Thu 5 Dec 2019
NewsPeople MovesRFIB hires former JLT Re retro veteran DunnLondon market wholesaler RFIB has added former JLT Re retro partner Richard ‘Dickie’ Dunn to its London-based team, The Insurer can reveal.Thu 5 Dec 2019
NewsEnergyDownstream market facing $500mn Port Neches refinery lossThe beleaguered downstream energy market is facing the prospect of a $500mn loss in relation to a large fire at TPC Group’s petrochemical plant in Port Neches, Texas, The Insurer can reveal.Thu 5 Dec 2019
NewsCasualtyMoody’s issues claims cost warningIncreasing claims costs and low investment yields are the two dark clouds on the property casualty horizon, according to Moody’s Investor Services, with the potential to constrain profit margins.Thu 5 Dec 2019
NewsPeople MovesFormer Axis FL underwriters land at AWAC and BeazleyTwo underwriters from Axis’ London-based financial lines business – Benjamin Reed and Joanne Hayward – have taken on new roles at Allied World and Beazley respectively, The Insurer understands.Thu 5 Dec 2019