NewsLegal/ RegulatoryPool Re’s ambitions to extend cover progresses through parliamentEfforts by Pool Re to extend its coverage to include non-physical damage business interruption have moved a step closer to success as a bill that would grant the terror mutual authority to write the cover was read in parliament today (7 June).Thu 7 Jun 2018
NewsM&AIcahn forces AmTrust offer price up by almost 10% and backs the dealActivist investor Carl Icahn has successfully forced AmTrust’s CEO, his in-laws and their backers to increase by 9.3 percent their bid to take the company private.Thu 7 Jun 2018
NewsBrexitArch picks Dublin for post-Brexit hubArch has set out plans to expand its underwriting operations in Ireland so it can continue trading across the continent once Britain leaves the European Union.Thu 7 Jun 2018
NewsProperty catastropheFlorida’s HCI cuts reinsurance limit at 1.6Floridian homeowners specialist HCI, which was hit by around $267mn of gross losses from Hurricane Irma last year, has cut limits on its reinsurance programme for the next 12 months.Wed 6 Jun 2018
NewsLossesInsurance can reduce tax-payer burden: BealeInsurance products have the ability to directly reduce the risk to economic output globally and close the protection gap, Lloyd’s CEO Inga Beale has said.Wed 6 Jun 2018
NewsM&AXL shareholders give Axa deal the green lightXL Group’s shareholders have approved Axa’s $15.3bn all cash offer to buy the Bermuda-domiciled firm, effectively clearing the way for the deal to go ahead.Wed 6 Jun 2018
NewsLeadenhall Capital’s assets under management swell to more than $5bnLondon-based ILS fund manager Leadenhall Capital Partners has grown its assets under management to exceed $5bn in the first half of the year.Wed 6 Jun 2018
NewsLossesThreat of violence puts Tokyo in danger of $24bn loss of outputOf all the cities in the world, Japan’s capital is the one that faces the greatest risk to its economic output, according to a study by Lloyd’s.Wed 6 Jun 2018
NewsResultsLloyd’s threatens to close under-performing syndicatesLloyd’s performance management director Jon Hancock has warned managing agents he will close down consistently loss-making syndicates if they don’t turn-around as part of a major escalation in the Corporation’s oversight, re-Insurance.com can reveal.Wed 6 Jun 2018
NewsEnergyLloyd’s targets seven loss-making classes in new £6.4bn crackdownLloyd’s has instructed its managing agents to provide quarterly reports and an “action plan” on the underwriting performance of seven under-performing classes of business as part of a wider initiative to improve the market’s poor results, re-Insurance.com can reveal.Wed 6 Jun 2018
NewsBrokers must separate advisory services from insurance: Carnegie-BrownLondon market brokers need to carve out “a more clearly defined role” in the value chain and make clear distinctions in the services offered, Lloyd’s chairman Bruce Carnegie-Brown has said.Tue 5 Jun 2018
NewsAviationAviation broker Chad among a duo of hires to land at JLTThe former UK CEO and the deputy chairman of Marsh’s global aviation practice Marcel Chad has touched down at JLT, re-Insurance.com can reveal. Tue 5 Jun 2018
NewsBrexitMS Amlin given greenlight for Belgium hubMS Amlin has received approval from the National Bank of Belgium to re-domicile one of its UK businesses Amlin Insurance SE (AISE), from the UK to Brussels. Tue 5 Jun 2018
NewsM&AMarkerstudy consolidates subsidiaries after Qatar Re takeoverMotor insurance MGA Markerstudy has set out plans to brings its entities under a single brand - Markerstudy Insurance Services Limited (MISL).Tue 5 Jun 2018
NewsM&ASchinnerer Group plans to double premium to $2bn following rebrandMarsh & McLennan Companies-owned managing general underwriter, Schinnerer Group, has rebranded to Victor as it looks to double premiums to $2bn.Tue 5 Jun 2018
NewsBrexitLuxembourg approves RSA post-Brexit subsidiaryRegulators in Luxembourg have approved London-based RSA’s application to set up an insurance subsidiary in the country in the wake of the UK’s decision to leave the EU.Tue 5 Jun 2018