NewsCasualty ReinsuranceBrit to grow US casualty XOL book after getting A rating for BDA platformBrit has secured an A financial strength rating from AM Best for the Bermudian platform it will use to expand its reinsurance portfolio in 2020 with a focus on US casualty excess-of-loss (XOL) business.Wed 18 Sep 2019
NewsProperty catastropheBrit looks to significantly increase AUM at Sussex CapitalSpecialty (re)insurer Brit is meeting with ILS investors as it looks to raise funds to upsize its third-party capital platform, including collateralized reinsurance fund Sussex Capital and sidecar Versutus, The Insurer can reveal.Wed 18 Sep 2019
NewsAgeas and Uris enter £200mn four-year partnershipAgeas Insurance has signed a new four-year contract worth £200mn with Ardonagh Group subsidiary Uris Group.Wed 18 Sep 2019
NewsBermuda braces for blow from Cat 3 HumbertoBermuda schools and businesses – including the offices of (re)insurers, brokers and ILS funds – were closed today as the island bunkers down for a glancing blow from Category 3 Hurricane Humberto.Wed 18 Sep 2019
NewsPeople MovesAmlin’s Western joins Ascent-Cove as CUOPaul Western has been appointed group chief underwriting officer of managing general agents Ascent Underwriting and Cove Programs, both owned by private equity firm Preservation Capital.Wed 18 Sep 2019
NewsConstructionAJG buys specialty construction broker and program managerArthur J Gallagher (AJG) has bought specialist broker Allied Insurance Brokers (AIB) and its program manager subsidiary Ascinsure Specialty Risk in a move that adds to its construction capabilities.Wed 18 Sep 2019
NewsCollateralisedMarkel hires Hamilton’s Slade as Lodgepine presidentBrent Slade has been named president of Markel’s new retro ILS fund Lodgepine Capital Management Limited, joining from Hamilton Capital Partners.Wed 18 Sep 2019
NewsLloyd’s confirms Sansom in CRO role; “People officer” Andrews exitsLloyd’s, which today reported a pre-tax profit of £2.3bn in H1 2018, has appointed David Sansom as its new Chief Risk Officer (CRO), subject to regulatory approval.Wed 18 Sep 2019
NewsResultsProperty and energy only lines to turn H1 underwriting profit at Lloyd'sOnly two of the eight businesses at Lloyd’s were profitable in the first half of 2019, pushing the corporation to an underwriting loss of £86mn, compared to a profit of £308mn in H1 2018.Wed 18 Sep 2019
NewsDelegated business boom unsustainable: LMAThe high level of delegated authority business in the current Lloyd’s market is unsustainable, according to the findings of a new report from the Lloyd’s Market Association (LMA) and PwC.Wed 18 Sep 2019
NewsResultsLloyd’s H1 profits climb to £2.3bn on investments; combined ratio slips to 98.8%Lloyd’s of London has reported a pre-tax profit of £2.3bn for the first six months of the year – a marked improvement on the £0.6bn it posted in the same period last year – as the market continues its turnaround programme. Wed 18 Sep 2019
NewsPeople MovesAxa XL hires senior underwriter from Farm Credit AdministrationAxa XL has added Edward Moeller as senior underwriter in its political risk, credit and bond team.Tue 17 Sep 2019
NewsCommercial insuranceCopperPoint buys Alaska NationalUS regional commercial insurer CopperPoint Insurance Companies has agreed a deal to acquire Alaska National, following this publication in May revealing the Anchorage-based insurer was evaluating a sale.Tue 17 Sep 2019
AnalysisProperty catastropheTight retro market to impact 1.1 reinsurance renewalThe significantly tighter retro market is likely to have a greater impact on reinsurer behavior at 1.1 than a hardening primary insurance market will, as buyers are forced to switch from aggregate and other alternatives to more expensive traditional occurrence and ultimate net loss (UNL) coverages.Tue 17 Sep 2019
NewsMunich Re-reinsured insurtech Vouch launches with $24.5mnVouch Insurance, an insurtech providing commercial coverage to early stage start-ups, has raised $24.5mn in Series A funding.Tue 17 Sep 2019
NewsCapitalInsurtech platform Broker Buddha raises $4.5mnBroker Buddha, an insurtech that simplifies the commercial insurance application and renewal process, has closed a $4.5mn funding round led by Vertex Ventures.Tue 17 Sep 2019