CommentLegal/ RegulatoryWas it all worth it?The London insurance market is vital to both the City of London and UK plc; its direct contribution to the UK economy is estimated at 1 percent and it accounts for over 26 percent of the total contribution from the Square Mile.Wed 20 Feb 2019
NewsProperty catastrophePCS to provide county-level cat loss estimatesPCS will now provide county-level estimates for US catastrophe events with insured losses of at least $1bn. Wed 20 Feb 2019
NewsAllianz increases digital investment unit’s fund size to Eur1bnAllianz X has received additional investment from its German insurer parent, increasing its fund size to Eur1bn ($1.13bn) from Eur430mn.Wed 20 Feb 2019
NewsM&AQatar Re paid $140mn for MarkerstudyQIC-owned Qatar Re paid almost $140mn (QR513.2mn) to acquire UK motor insurer Markerstudy last year.Wed 20 Feb 2019
NewsPeople MovesWillis Re swoops on Canopius for Asia-Pacific agriculture headWillis Re has named Canopius’ David Gregori as head of agriculture for Asia Pacific to lead the set-up of its agriculture team in the region.Wed 20 Feb 2019
NewsLegal/ Regulatory$6bn+ now written in London through broker facilities£4.8bn ($6.2bn) of gross written premium in the London market is now placed through facilities operated by brokers, according to a wide-ranging study by UK regulator the Financial Conduct Authority (FCA) published today.Wed 20 Feb 2019
NewsResultsScor P&C swings to Eur83mn Q4 lossFrench reinsurer Scor fell into the red in its property and casualty business in the fourth quarter of 2018, reporting an operating loss of Eur83mn ($94.2mn).Wed 20 Feb 2019
NewsCasualty ReinsuranceScor’s Global P&C CEO Peignet retires as Conoscente takes the helmScor’s chief executive officer of Global P&C Victor Peignet is to retire from the French reinsurance giant with Jean-Paul Conoscente taking up the role following his departure.Wed 20 Feb 2019
NewsLegal/ RegulatoryFCA probe findings evidence of broker value: Liiba’s CroftThe findings of the newly-released final report into the FCA’s wholesale insurance broker review has provided insurance intermediaries with a “clean bill of health”, the CEO of the London and International Insurance Brokers’ Association has said.Wed 20 Feb 2019
NewsLegal/ RegulatoryWholesale brokers in the clear following FCA probeThe Financial Conduct Authority has found no evidence of “competition concerns” following its wide-ranging study into broker activities in the London wholesale market in a massive win for market brokers.Wed 20 Feb 2019
NewsResultsWeather losses push Donegal to 110.5% Q4 combined ratioPennsylvania-based Donegal Group has reported a $15.0mn fourth-quarter loss, with catastrophes pushing its combined ratio to 110.5 percent.Tue 19 Feb 2019
NewsResultsCats hit UPC combined ratio but underlying performance improvesUnited Insurance Holdings (UPC Insurance) reported a combined ratio that deteriorated by 16.3 points to 108.9 percent in the fourth quarter as it felt the impact of Hurricane Michael and a higher aggregate retention compared to the prior-year period.Tue 19 Feb 2019
NewsM&AFormer Aspen CEO O’Kane to get $10mn transaction bonusFormer Aspen CEO Chris O’Kane has been granted a $10mn bonus and former CFO Scott Kirk has been granted a $1mn bonus for assisting in the Bermudian (re)insurer’s $2.6bn takeover by Apollo Global Management.Tue 19 Feb 2019
NewsPeople MovesZuk joins Orchid to build out platform and ILS capabilityCat-focused MGA Orchid Underwriters has hired Joe Zuk as it looks to diversify by geography and product line and build a platform that can act as a conduit for ILS capacity, The Insurer can reveal.Tue 19 Feb 2019
NewsLossesILS investors seek rate hardening after costly H2 2018: Swiss Re2018 marked the second-highest year of ILS issuance volume on record, but investors will now seek rate hardening after another costly cat year, according to Swiss Re.Tue 19 Feb 2019
NewsRatesIG cover incepts; achieves fifth year of rate reductionsThe International Group has eked out a rate reduction of around 1.7 percent for its cover that incepts tomorrow (20 February) for 2019/2020, marking the fifth year in a row it obtained improved terms.Tue 19 Feb 2019