NewsBeale hits out at Lloyd’s for lack of gender balance on boardFormer Lloyd’s of London CEO Inga Beale has hit out at her former employer, berating the centuries-old insurance market for its lack of gender balance in senior roles and on the board.Fri 18 Oct 2019
NewsPeople MovesWR Berkley promotes LeBlanc to president of Acacia unitDavid LeBlanc has been named president of WR Berkley subsidiary Acadia Insurance, succeeding Douglas Nelson, who has been appointed chairman.Fri 18 Oct 2019
NewsRating actionsAM Best satisfied with insurers’ terrorism risk mitigation plansAM Best has determined that no rating actions are necessary for now after reviewing US insurers’ terrorism risk mitigation plans, with the purchase of additional reinsurance protection one of the most common terrorism exposure mitigation initiatives.Thu 17 Oct 2019
NewsHomeowners insuranceFlorida insurers pressured over slow payment of Michael claimsInsurers in Florida are facing criticism over outstanding claims from Hurricane Michael – with the state’s insurance department promising to review the industry’s response – while some analysts warn of further loss creep from the storm.Thu 17 Oct 2019
NewsCasualtyRLI trades up 5% on casualty-led pricing momentumShares in RLI Corp traded up in New York today after the US specialty carrier revealed strong pricing momentum on its third quarter earnings call.Thu 17 Oct 2019
NewsLegal/ RegulatoryAtlas Financial to transfer to Nasdaq Capital Market following delisting appealA Nasdaq hearings panel has granted Atlas Financial’s appeal of its delisting notice, as well as granting a request to transfer the embattled commercial insurer’s listing to the Nasdaq Capital Market.Thu 17 Oct 2019
NewsCasualtyAsbestos losses “show signs of subsiding”: AM BestAsbestos reserves fell 3.7 percent to $18.4bn in 2018 over the previous year while environmental reserves rose 2.6 percent to $5.3bn, a new AM Best analysis has revealed.Thu 17 Oct 2019
NewsResultsBB&T Insurance generates 8.7% organic growth in Q3BB&T Insurance Holdings reported another quarter of strong organic revenue growth and margin expansion compared to Q3 2018.Thu 17 Oct 2019
NewsLossesHagibis may push Japan’s big 3 beyond cat loss budgets: AM BestThe strong reinsurance programmes of Japan’s biggest three insurers mean they are not likely to report an overall loss for the current fiscal year despite large typhoon losses exceeding catastrophe loss budgets, AM Best believes.Thu 17 Oct 2019
NewsPeople MovesStarStone appoints Talbot’s Gillingham head of war and terrorismStarStone has named Talbot Underwriting’s Henry Gillingham as head of war and terrorism in its crisis management division.Thu 17 Oct 2019
NewsPeople MovesGuy Carp names Marsh’s Samengo-Turner global fac headMMC’s reinsurance broking arm, Guy Carpenter, has appointed head of Marsh JLT Specialty Asia, Dominic Samengo-Turner, to the role of global facultative leader.Thu 17 Oct 2019
NewsM&AIAG sells $432mn SBIG stake to Warburg Pincus and Premji InvestInsurance Australia Group (IAG) has agreed to sell its 26 percent stake in SBI General Insurance Group (SBIG), the joint venture it shares with the State Bank of India, for a total of A$640mn ($432.38m).Thu 17 Oct 2019
NewsLossesMarkel CatCo sets loss reserves for Dorian & FaxaiMarkel CatCo has established specific loss reserves held by its listed reinsurance fund for hurricane Dorian and typhoon Faxai.Thu 17 Oct 2019
NewsParametricCCRIF adds Guatemala as 22nd memberThe Caribbean Catastrophe Risk Insurance Facility (CCRIF) has added Guatemala to the program, marking the arrival of its 22nd member overall and the third member from Central America.Thu 17 Oct 2019
NewsM&ADarag Guernsey acquires Thames Water captiveDarag Guernsey – the Channel Islands-based arm of run-off specialist Darag – has acquired Guernsey-based captive (re)insurer Thames Water Insurance Company Limited (TWICL) from its parent, Kemble Water Finance (Kemble Water).Thu 17 Oct 2019
NewsM&AEPIC confirms Prime Risk Partners dealPrime Risk Partners (PRP) will become part of Oak Hill Partners-backed EPIC holdings in a transaction first mooted by The Insurer earlier this month.Thu 17 Oct 2019