NewsPeople MovesQBE promotes Singh to group CFO as Ford exits in management shake upAustralian carrier QBE has named Inder Singh as its new group chief financial officer (CFO), replacing Michael Ford who is leaving the company.Wed 11 Apr 2018
NewsLossesSwiss Re chalks up 2017 as biggest cat-loss year on recordInsured losses incurred in 2017 are estimated to stand at $144bn, making it the biggest cat loss year on record, according to Swiss Re’s latest Sigma report.Tue 10 Apr 2018
NewsLossesMaersk Honam cargo losses to cost insurers up to $100mnCargo losses stemming from the fatal fire that gutted a Maersk ship in March are expected to fall in the $75mn to $100mn range, re-Insurance.com understands.Tue 10 Apr 2018
NewsLegal/ RegulatoryFCA looks into ‘informal’ information sharing in wholesale broking reviewThe UK regulator has asked whether brokers “informally” share information about tenders in its wide-ranging probe into the wholesale market, re-Insurance.com revealed on Friday (6 April).Tue 10 Apr 2018
NewsLegacyBarbican and Howden pursued by Danish guarantee fund after Gable failureLloyd’s insurer Barbican and broker Howden have become the latest to find themselves ensnared in the growing construction liability crisis, re-Insurance.com understands.Tue 10 Apr 2018
NewsLegacyDarag taps R&Q’s Booth as chief execGerman legacy acquirer Darag has approached Tom Booth, who was on the cusp of becoming the CEO of R&Q, to take the helm after a EUR100mn capital raise, re-Insurance.com understands.Tue 10 Apr 2018
NewsLegal/ RegulatoryRussia targets big three brokers in 'investigation' over sanctions dodgingThe Russian authorities appear to have taken aim at the big three reinsurance brokers’ dealings in the country after a report in a state-run newspaper said the companies’ dealings with the Russian National Reinsurance Company (RNRC) were under “investigation” by the Interior Ministry.Tue 10 Apr 2018
CommentPeople MovesAngerstein: Lloyd’s headcount leaps despite costly virtue signallingThe Corporation of Lloyd’s senior management have been signalling their commitment to cost-reductions for some time - so one can imagine there was a collective groan when it published its market-wide results last month.Tue 10 Apr 2018
NewsPeople MovesMarsh CEO Doyle to reveal restructure plans as staff cuts loomMarsh employees will today (10 April) face the first of many days of reckoning in a global conference call with the broking giant’s boss to discuss details of a restructuring that was first revealed by re-Insurance.com in March.Tue 10 Apr 2018
AnalysisM&ALloyd’s sale rush raises existential questionsThe recent influx of Lloyd’s platforms onto the M&A market has raised a plethora of issues for what the sales rush means for the future of the market - as well as what the sudden spike in supply could do to already frothy takeout multiples.Tue 10 Apr 2018
NewsResultsAmTrust filing says poor performance led to $2.7bn take-private dealAmTrust’s abysmal performance last year was cited as one of the key reasons that the company’s board voted to approve a $2.7bn offer to take the carrier private that was tabled by its CEO, his in-laws and their capital backers StonePoint, it has emerged.Mon 9 Apr 2018
NewsResultsCatalina paid $272mn for Hartford UK run-off booksLegacy acquisition heavyweight Catalina paid The Hartford $272mn last year to acquire its UK run-off businesses, a sum which suggests a discount to their book value.Mon 9 Apr 2018
NewsPeople MovesBeazley’s Andrew Horton named LMG chairThe London Market Group (LMG) has appointed Andrew Horton, CEO of Beazley, as the chair of the organisation.Mon 9 Apr 2018
NewsAon Benfield structures $1bn aviation reinsurance programme for US Exim BankThe US Export-Import Bank (Exim) has purchased a $1bn limit reinsurance programme backed by the private market for the first time after working on the placement with broker Aon Benfield.Mon 9 Apr 2018
NewsLegal/ RegulatoryFCA cuts back on investigations to focus on BrexitThe Financial Conduct Authority (FCA) has set out plans to scale back activities that aren’t directly impacted by Britain’s departure from the European Union.Mon 9 Apr 2018
NewsResultsChubb’s Greenberg takes aim at share buybacks and litigationIn a wide-ranging annual letter to shareholders, Chubb boss Evan Greenberg has criticised the industry’s tendency toward share buybacks to boost stock value and what he considers an “unnecessary tax on corporate America” from soaring legal costs hurting the D&O market.Mon 9 Apr 2018