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R&Q to assume occupational disease liabilities from UK P&I Club
13th March 2020
An agreement has been reached between Randall & Quilter Investment Holdings Ltd. (R&Q) and UK P&I Club, under which the former is set to assume the latter's occupational disease liabilities, subject to approval by the High Court in London. UK P&I Club is to transfer its occupational disease liabilities, which total ... Read the full article
Gallagher promotes Moon to senior sales director role
11th March 2020
Global re/insurance broker Gallagher has promoted Kathryn Moon to the role of sales director for northern England, the Midlands, Scotland and Northern Ireland. Moon’s new role will see her take responsibility for defining and implementing Gallagher’s business development agenda for the region. She has been with the company since 2013 and has ... Read the full article
Skuld makes changes to London management team
11th March 2020
Marine insurer Skuld has announced some changes to its London management team, including the relocation of Chief Business Development Officer, Gregory Thomas to Norway from London. Thomas' relocation is effective July 1st and from the Oslo headquarters, he will continue to drive the developments of Skuld's global commercial business. At the same ... Read the full article
Geopolitical tensions to weaken growth in GCC region: Moody’s
10th March 2020
Mounting geopolitical tensions and intense competition are set to weaken growth for re/insurers in the Gulf Cooperation Council (GCC) region, according to analysts at Moody’s. The rating agency said that GCC insurers are set to face moderate-to-high credit risk over the next 18 months due to tensions between the US and ... Read the full article
Who’s exposed to Tennessee tornado damage?
6th March 2020
Financial analysis firm Demotech has compiled a list of re/insurers who are likely to face the most exposure from the recent outbreak of tornadoes that impacted Tennessee on March 3rd. The tornadoes, which caused major damage in the state capital of Nashville, caused at least two dozen deaths and are expected ... Read the full article
Florida House votes to limit rising attorney fees
6th March 2020
The Florida House of Representatives has passed legislation aimed at limiting exorbitant attorney fees on property insurance lawsuits. It’s hoped this will stop the rising trend of contractors soliciting the transfer of rights from insureds and subsequently inflated repair costs, all while using the legal system to their advantage. For several years ... Read the full article
Rating agencies view Covéa takeover as beneficial for PartnerRe
5th March 2020
Rating agencies Fitch and Moody’s have said that they view the recently confirmed acquisition of PartnerRe by Covéa as potentially beneficial for the Bermudian reinsurer. Fitch has placed PartnerRe’s ratings on Rating Watch Positive after the news emerged yesterday, while Moody’s affirmed its ratings and noted that PartnerRe would likely ... Read the full article
Admiral CEO David Stevens to retire, successor named
5th March 2020
Admiral Group's Chief Executive Officer David Stevens has announced his retirement from the company after nearly 30 years of service. Stevens co-founded the insurer in 1991 before stepping into the CEO role in 2016. Upon his retirement in 12 months’ time, Stevens will be replaced by Milena Mondini de Focatiis, the group’s ... Read the full article
KBRA warns of “wide-ranging” coronavirus implications
4th March 2020
Analysts at Kroll Bond Rating Agency (KBRA) have warned that property and casualty (P&C) re/insurers could face “wide-ranging” implications due to the ongoing coronavirus (COVID-19) outbreak. The rating agency said there remained “substantial uncertainty” about the nature and volume of coronavirus-related claims, but said that large commercial and industrial line re/insurers ... Read the full article
Heritage boosted by shift away from Florida, says CEO
4th March 2020
Bruce Lucas, CEO of property and casualty (P&C) insurer Heritage Insurance Holdings, Inc, has said that the company’s performance has been boosted by its shift away from Florida business in recent years. Although it remains domiciled in Florida, since 2016 Heritage has been shutting off business in what it considers ... Read the full article
Covéa to acquire PartnerRe from EXOR for $9bn
4th March 2020
EXOR, the Agnelli family owned holding company, has reached an agreement with French insurance group Covéa over the sale of PartnerRe. The pair have entered into a Memorandum of Understanding (MoU) under which Covéa has agreed to acquire PartnerRe for a total cash consideration of $9 billion, plus a cash dividend ... Read the full article
IGI posts solid 2019 results ahead of go-public Tiberius deal
3rd March 2020
International General Insurance Holdings Limited (IGI) has reported after-tax profit of $23.6 million for the full year 2019, as higher investment income partially offset a slight dip in the company's net underwriting result for the year. IGI's full year profit fell by around $2 million when compared with the prior year, ... Read the full article
Growth momentum in U.S. E&S market to continue in 2020: Conning
3rd March 2020
A recent study by Conning's states that on the back of U.S. excess and surplus (E&S) market growth which commenced in 2018 and gained momentum in 2019, further expansion is expected in the year ahead. According to the new study, the surplus lines market in the U.S. is booming, with E&S ... Read the full article
Markel to combine US Specialty and Assurance divisions
3rd March 2020
Markel Corporation has announced that it plans to combine its existing US insurance divisions, Assurance and Specialty, into a single division called Markel Specialty. Effective April 1, 2020, the combined division will preserve the regional model used by Assurance, while adding two new overarching territories, East and West. "This evolutionary change will ... Read the full article
CIAB observes continued market hardening in Q4
28th February 2020
The Council of Insurance Agents & Brokers (CIAB) has reported that premiums continued to rise for all account sizes and all lines of business within the commercial property and casualty (P&C) market during the fourth quarter of 2019, with the exception of workers’ compensation. A recent market survey found that premium ... Read the full article