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Swiss Re looking to build its share in harder Florida market

News

Property catastrophe

Swiss Re looking to build its share in harder Florida market

Swiss Re is being more vocal with reinsurance brokers and buyers about building its share of the Florida’s homeowners market in expectation of rate hardening at the upcoming renewal, The Insurer can reveal.

Mon 11 Mar 2019

News

German insurtech Friday secures Eur114mn of funding

Digital motor insurance company Friday has completed a round of funding, with founder The Baloise Group investing Eur75mn ($84mn) and Seven Ventures and German Media Pool investing a combined Eur39mn.

Mon 11 Mar 2019

US P&C downgrades more than doubled in 2018: AM Best

News

Rating actions

US P&C downgrades more than doubled in 2018: AM Best

The number of AM Best US property casualty industry downgrades rose notably in 2018, but upgrades still outnumbered downgrades for a fourth consecutive year.

Mon 11 Mar 2019

News

Energy

China Re launches Lloyd’s renewable energy consortium

State-back reinsurer China Re has launched a renewable energy reinsurance consortium at Lloyd’s which will focus on cover for the construction and operation of offshore wind farms in mainland China.

Mon 11 Mar 2019

News

Specialty market in transition as carriers retrench: Tokio Marine HCC’s Rivera

The specialty insurance market is in transition as carriers shift to more conservative underwriting by reducing limits and tightening terms, according to Tokio Marine HCC CEO Susan Rivera.

Mon 11 Mar 2019

News

People Moves

Patria Re names Martinez deputy CEO

Mexican reinsurer Reaseguradora Patria has named Francisco Martinez as deputy CEO, effective from the beginning of March 2019.

Mon 11 Mar 2019

Chubb leads Willis-placed Ethiopian Airlines account

News

Aviation

Chubb leads Willis-placed Ethiopian Airlines account

Chubb leads the Ethiopian Airlines account which is facing a hull loss of at least $60mn and potentially significant liability losses on top following the crash of flight ET302 yesterday morning.

Mon 11 Mar 2019

News

CRC launches $15mn cat product with Amrisc under Insurisk banner

Wholesale broker CRC has teamed up with sister company Amrisc to launch a new cat product and switched over its existing alternative capital-backed quota share offering to its BB&T stablemate from Liberty.

Fri 8 Mar 2019

Demotech flexible on use of reinsurance limit for second event coverage

News

Property catastrophe

Demotech flexible on use of reinsurance limit for second event coverage

Demotech has said it is applying a flexible approach to the way Florida carriers use limit above its new 130-year return period first event reinsurance requirement for second and subsequent events.

Fri 8 Mar 2019

News

AM Best upgrades OneBeacon to Intact's A+

AM Best has upgraded the financial strength rating to A+ from A and the long-term issuer credit ratings to “aa-” from “a+” of Atlantic Specialty Insurance and its subsidiaries, which were formerly known as OneBeacon Insurance Group.

Fri 8 Mar 2019

800 insurance claims from Alabama tornado

News

Losses

800 insurance claims from Alabama tornado

Alabama’s Department of Insurance has confirmed to The Insurer that approximately 800 claims have so far been filed from the tornado that killed 23 people in Alabama this week.

Fri 8 Mar 2019

Argo responds to Voce’s board nominations and “misleading attacks”

News

M&A

Argo responds to Voce’s board nominations and “misleading attacks”

Argo Group has commented on the director nominees announced earlier today by activist shareholder Voce Capital Management, saying its board’s nominating committee would like to interview them.

Fri 8 Mar 2019

FM Global the insurer for Marcal on huge paper mill fire

News

Losses

FM Global the insurer for Marcal on huge paper mill fire

FM Global wrote the Aon-placed property coverage for the iconic Marcal Paper Mills site that was largely destroyed by a huge blaze at the end of January, The Insurer can reveal.

Fri 8 Mar 2019

News

Flood

US flood market a $40bn insurance opportunity: MMC’s Glaser

Providing flood insurance in the US has the potential to generate up to $40bn of additional revenue for the industry, the chief executive of MMC Dan Glaser has said.

Fri 8 Mar 2019