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Tiptree confirms closing of $200m Fortegra investment
22nd June 2022
Holding company Tiptree has confirmed the closing of a previously announced $200 million strategic investment in its insurance subsidiary, The Fortegra Group, Inc., from Warburg Pincus, a global growth investor. First announced in October last year, the investment gives Warburg Pincus an approximately 24% ownership in Fortegra on an as-converted ... Read the full article
QBE hires Bannocks as Group Chief Data Officer
31st May 2022
QBE Insurance Group has appointed Christopher Bannocks to the new position of Group Chief Data Officer (GCDO). As GCDO, Bannocks will lead QBE’s enterprise data capabilities, with responsibility for defining and implementing the company’s data strategy and agenda. This new role will also allow him to work closely with central and regional ... Read the full article
Lloyd’s appoints special adviser to Burkhard Keese
1st March 2022
Lloyd’s has made Des Potter its special adviser to CFO and COO Burkhard Keese. Potter, in his new role, will be working on enhancing Lloyd’s capital framework and the instruments available to investors to support underwriting. Keese said: “I am delighted that Des joins us to strengthen our position as a credible ... Read the full article
Enstar raises $500m in subordinated debt issuance
13th January 2022
A subsidiary of legacy specialist, Enstar Group Limited, has raised $500 million through the offering of Fixed-Rate Reset Junior Subordinated Notes. Enstar Finance LLC priced $500 million aggregate principal amount of 5.500% Fixed-Rate Reset Junior Subordinated Notes due 2042, fully and unconditionally guaranteed, on a junior subordinated basis, by its parent. The ... Read the full article
Brit’s Ki enters into $130m Sustainability Linked Funds at Lloyd’s LOC
29th November 2021
Ki, the fully digital and algorithmically-driven Lloyd’s syndicate launched by Brit in collaboration with Google Cloud, has entered into a $130 million Sustainability Linked Funds at Lloyd's Letter of Credit Agreement. Ki entered into the facility with its banking partners Barclays Bank plc, Sumitomo Mitsui Banking Corporation, and NatWest Bank plc. Led ... Read the full article
Hiscox names Aspen’s Helen Rose as CFO of Hiscox London Market & HSL
5th August 2021
Specialist insurer and reinsurer Hiscox has announced that from February of next year, Helen Rose will serve as the new Chief Financial Officer (CFO) of Hiscox London Market and Hiscox Syndicates Limited (HSL). Based in London, Rose will sit on the Hiscox London Market leadership team, acting as a strategic and ... Read the full article
Underwriters purchase additional IPO from RSG
28th July 2021
Ryan Specialty Group Holdings has announced that underwriters have purchased an additional 8,537,742 shares of its Class A common stock at the initial public offering (IPO) price of $23.50 per share. The group previously announced an IPO of 56,918,278 shares of its Class A common stock. Ryan Specialty has issued a ... Read the full article
RSG launches initial public offering
26th July 2021
Ryan Specialty Group has launched its initial public offering of 56,918,278 shares at a price of $23.5 per share. Ryan Specialty will receive net proceeds of approximately $1,259.1 million after deducting underwriting discounts and commissions and estimated expenses. It intends to grant underwriters the right to purchase up to an additional 8,537,742 ... Read the full article
Amir Hussain joins Africa Specialty Risks political violence team
19th July 2021
Pan-African focused reinsurance group Africa Specialty Risks (ASR) has announced the appointment of Amir Hussain as an Underwriter within its Political Risk and Trade Credit team. Hussain joins from Hamilton Insurance Group, where he also served as a Political and Credit Risk Underwriter. Prior to this, he held similar roles with AmTrust ... Read the full article
Ryan Specialty announces launch of initial public offering
14th July 2021
Ryan Specialty Group has launched its initial public offering of 56,918,278 shares at an expected price of between $22 and $25 per share. Ryan Specialty intends to grant underwriters the right to purchase up to an additional 8,537,742 shares of its Class A common stock. Ryan Specialty has applied to list its ... Read the full article
Lockton hires Aon’s Raj Shourie to lead Political & Credit Risks Division
1st July 2021
Insurance broker Lockton has appointed Raj Shourie within the Political & Credit Risks Division. Shourie will be responsible for leading the engagement with financial institutions internationally out of London, for both credit mitigation and country risk protection. He joins Lockton from Aon, where he was the Financial Institutions Advisory Lead for Credit ... Read the full article
Generali sponsors first green catastrophe bond
28th June 2021
Generali has entered into a collateralised multi-year reinsurance agreement with Lion III Re DAC, an Irish designated activity company, that provides cover for losses from windstorms in Europe and earthquakes in Italy over a four year period. As a result, Lion III Re DAC has issued a single tranche of notes ... Read the full article
Intact Financial sells Danish business to Alm. Brand for $1.26bn
14th June 2021
Canadian property and casualty (P&C) insurer Intact Financial Corporation has announced plans to sell Codan Forsikring A/S's Danish business (Codan DK) to Alm. Brand A/S Group. Codan DK is owned by Scandi JV Co 2 A/S, which is in turn co-owned Intact and Tryg A/S following their recent acquisition of ... Read the full article
Analysts predict “underwhelming” quarter for Swiss Re
15th April 2021
Analysts at Deutsche Bank are predicting that Swiss Re will deliver “another set of underwhelming numbers” for the first quarter of 2021, following an active period for catastrophe losses, with Barclays estimating a loss of $368 million. Assuming an industry loss of $15 billion for the winter weather that affected Texas, ... Read the full article
Winter storms drive $80m loss for State Auto Financial
9th April 2021
Ohio-based property and casualty (P&C) insurer State Auto Financial Corporation has estimated that it incurred catastrophe losses of between $80 million and $82 million during the first quarter of 2021. The estimate includes $66 million of net catastrophe losses from winter storms Uri and Viola, a significant portion of which related ... Read the full article