NewsArdonagh weighs liquidity options to spur growth ambitionArdonagh Group CEO David Ross has said his firm is “constantly re-evaluating” its liquidity options to fuel the next stage of growth, which will see the acquisitive broking consolidator look to double in size “within three years”.Thu 22 Aug 2019
NewsM&ARyan Specialty Group to acquire The SuitelifeExpansive managing general agency Ryan Specialty Group (RSG) has agreed to acquire the assets and operations of US programme manager The Suitelife (Suitelife).Thu 22 Aug 2019
NewsFairfax-backed Digit targets Indian SME market with bank tie-upDigit Insurance, the India-based general insurance start-up backed by Prem Watsa’s Fairfax Financial, has entered into a bancassurance deal with Karur Vysya Bank (KVB).Thu 22 Aug 2019
NewsSpaceSpace market faces $250mn Chinasat lossThe beleaguered space market is facing a possible $250mn loss as a result of post-launch problems with a China Satcom (Chinasat) satellite, The Insurer can reveal.Thu 22 Aug 2019
NewsCaptivesR&Q provides legacy reinsurance for a Bermuda domiciled captiveLondon-listed legacy and programme specialist R&Q has issued loss portfolio transfer reinsurance for a US-based airline via its wholly owned A- admitted carrier, Accredited Surety and Casualty Company.Thu 22 Aug 2019
NewsManagement liabilityCRC adds Swain as ExecPro director in LAWholesale broker CRC has hired Sebastian Swain from Beazley as director in its ExecPro management and professional liability group.Wed 21 Aug 2019
NewsProperty catastropheTransRe fronts for Fermat on flat FHCF renewalThere was confirmation of TransRe’s fronting arrangement for Fermat Capital Management as the ILS fund significantly upsized its participation on the excess of loss reinsurance cover for the Florida Hurricane Catastrophe Fund (FHCF).Wed 21 Aug 2019
NewsM&AGreenlight Re garners interest for live transactionGreenlight Re is drawing approaches from potential buyers thought to include Topsail Re and Sirius that are interested in pursuing a live transaction that would keep the hedge fund reinsurer from going into run-off, The Insurer can reveal.Wed 21 Aug 2019
AnalysisCommercial autoCommercial auto rate hikes overtake loss costsUS insurers are indicating the road ahead for commercial auto is smoother than in recent years, despite no slow down in the loss cost trends that have made it such an unprofitable line.Wed 21 Aug 2019
NewsCapitalFlorida Peninsula in $30mn capital raiseTop ten Florida homeowners insurer Florida Peninsula Holdings has raised $30mn of capital in the form of a senior debt facility in a transaction put together by Stonybrook Capital.Wed 21 Aug 2019
NewsProperty catastropheCalifornia homeowner non-renewals in wildfire-hit areas up 10%New data has revealed a spike in insurer-initiated homeowner policy non-renewals in Cal-Fire state responsibility areas (SRAs), as well as big increases in SRA cover by surplus lines carriers and FAIR Plan policies.Wed 21 Aug 2019
NewsResultsArdonagh losses climb to £44.5mn in H1Private equity-owned UK broker consolidator The Ardonagh Group saw its pre-tax loss climb to £44.5mn, ($54mn) in the first half of the year but its preferred “adjusted Ebitda” measurement saw a notable improvement in its underlying performance.Wed 21 Aug 2019
NewsD&OStable T&Cs holding public D&O back from hard market: GallagherA new Gallagher report said US public D&O rates are rising in response to increased frequency, severity and rate of litigation but terms and conditions have remained stable.Wed 21 Aug 2019
NewsProgramEichhorn launches MGA and wholesaler Denali SpecialtyFormer Keating and Breckenridge executive Michael Eichhorn has launched a new MGA and wholesale brokerage platform called Denali Specialty Group, The Insurer can reveal.Wed 21 Aug 2019
NewsPeople MovesLiberty Mutual appoints excess casualty, public entities CUOsLiberty Mutual has appointed two national insurance chief underwriting officers: Jon Tellekamp for excess casualty and Doug Manwaring for public entities and programs.Wed 21 Aug 2019
NewsEnergyMarsh makes appointments to energy and power leadership team in North AmericaMarsh has appointed fresh leadership to its US and Canada energy and power business with Amy Barnes promoted to lead the US and Canada region and Brad Vescarelli to lead Canada.Wed 21 Aug 2019