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Moody’s gives stable outlook for UK P&C sector
26th February 2020
Robust capital levels and good operating performance has helped the UK property and casualty insurance sector secure a stable outlook from Moody’s Investors Service. In a report published today, Moody’s notes that the sector has achieved an average operating margin of between 8% and 9% in recent years, while pre-tax profit ... Read the full article
Milliman & Enova target life insurers with advanced analytic solutions
25th February 2020
Global consulting and actuarial firm Milliman has partnered with Enova Decisions, a FinTech and analytics company, to provide the life insurance industry with advanced analytic solutions. The new strategic alliance combines Milliman's deep domain expertise and data resources with Enova's real-time analytics capabilities, providing life insurers with a platform for retaining ... Read the full article
Guy Carpenter opts for modelling suite from KCC
24th February 2020
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, Inc., has agreed to license the catalogue of natural catastrophe models, execution software and analytics from risk modeller Karen Clark and Company (KCC). This multi-year agreement will provide Guy Carpenter’s clients with access to KCC’s suite of natural peril models, ... Read the full article
Allianz board member Axel Theis to retire, successor named
24th February 2020
Axel Theis, Allianz SE’s member of the board responsible for insurance in German speaking countries and Central and Eastern Europe is set to retire on March 1 after 33 years with the company. Klaus-Peter Röhler, currently chairman of the board of management of Allianz Deutschland AG and Allianz Versicherungs-AG, has been ... Read the full article
Assured Guaranty in €342mn Spanish solar bond deal
24th February 2020
Assured Guaranty (Europe) SA (AGE SA), an indirect subsidiary of financial guaranty insurer Assured Guaranty, has entered into a financial guarantee transaction related to €342 million of solar bonds issued by Madrid-based asset manager Qualitas Equity. The deal guarantees principal and interest payments on the bonds, which were issued on February ... Read the full article
Is Willis Towers Watson just preparing the ground for a bigger M&A deal?
21st February 2020
After insurance and reinsurance brokerage and consultancy Willis Towers Watson (WTW) confirmed yesterday that it is exploring “strategic alternatives” for its wholesale arm, Miller, it's interesting to consider how a sale of its majority stake could clear the decks for a much larger M&A deal. Willis Towers Watson (WTW) and ... Read the full article
ProAssurance set for $450mn acquisition of NORCAL Group
21st February 2020
Specialty insurer ProAssurance is set to acquire NORCAL Group in a $450 million deal following the demutualisation of NORCAL Mutual Insurance Company, NORCAL's parent. The demutualisation and the acquisition agreement are mutually contingent, and are subject to required regulatory and policyholder approvals. Based on available estimates of premium, the combination of these ... Read the full article
ACORD launches London advisory board
21st February 2020
ACORD, the international standards-setting body for the insurance sector, has launched a London advisory board. The new board will meet on a quarterly basis and has been established to align London market initiatives with global ACORD data standards, to increase adoption and leverage of ACORD assets, and to strengthen the impact ... Read the full article
Alleghany president sees bright future for TransRe despite 2019 loss
21st February 2020
Despite a modest underwriting loss in 2019, Alleghany president Weston Hicks has praised TransRe’s “deep reservoir of underwriting expertise” and believes the end of a competitive downturn in the global property and casualty reinsurance industry will result in improved market conditions in 2020 and beyond. TransRe recorded an underwriting loss ... Read the full article
Gallagher adds six to global aerospace team
20th February 2020
Global re/insurance broker Gallagher has announced six senior appointments within its global aerospace team. All new arrivals will be split between the firm’s London and New York offices. In New York, Matt Donohue and Thomas Klaus, who will be starting on 24 February, join as senior vice presidents. Donohue brings over 15 years’ ... Read the full article
FedNat bolsters reserves as adverse developments mount
20th February 2020
Florida-based primary insurer FedNat Holding Company has reported that it bolstered its reserves in the fourth quarter of 2019 to reflect adverse prior year developments, as well continued claims costs stemming from assignment of benefits (AOB). For Q4, FedNat expects to report $12.0 million (pre-tax) of adverse prior year reserve development, ... Read the full article
Palomar’s net income rises but combined ratio weakens in Q4
19th February 2020
U.S. insurer Palomar Holdings, Inc. recorded an increase in net income for the fourth-quarter of 2019 when compared with the same period in 2018, while premiums grew by a huge 68.4% in the quarter. Net income of $10.9 million in the fourth-quarter represents growth of almost 164% when compared with the ... Read the full article
Marc Sullivan joins IGI as Class Underwriter for Downstream Energy
19th February 2020
International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has appointed Marc Sullivan as Class Underwriter, Downstream Energy, based in its London office. Sullivan joins the company from Barbican Insurance Group, where he also served as Class Underwriter for Downstream Energy. Prior to Barbican, he spent eight years ... Read the full article
Consensus around “significant” price movement at Japan renewals: JMP
19th February 2020
Following meetings with insurers, reinsurers and brokers JMP Securities analysts are anticipating significant positive pricing change in Japan’s upcoming April 1 renewals, roughly twice the magnitude seen in 2019. JMP notes that, while pricing changes will vary substantially by both layer of a program and by individual cedant, a surprising amount ... Read the full article
Argo names new CEO, chairman
19th February 2020
Specialty reinsurer Argo has named Kevin Rehnberg as its new Chief Executive Officer following the messy departure of former-boss Mark Watson. The appointment marks the culmination of an ongoing dispute that stretches back to February 2019 when activist investor Voce accused Watson of perpetuating “shockingly high and shockingly inappropriate” corporate ... Read the full article