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LMA Marine Committee elects new members

9th March 2018

A recent ballot of Lloyd’s managing agents has elected three new members to Lloyd’s Market Association’s (LMA) Marine Committee, in addition to re-electing seven others. The committee will now welcome James McDonald, who serves as Global Head of Marine and Energy at Talbot, Richard Tomlin, who is currently Atrium’s Class Underwriter ... Read the full article

Premium prices rise after 3-year decline: CIAB

5th March 2018

The Council of Insurance Agents & Brokers (CIAB) has reported that average premium rates have risen for the first time in 13 quarters, according to its fourth-quarter Commercial Property/Casualty Market Index Survey. 2017’s third-quarter saw a series of massive catastrophes and cyber events occur, which led to a decrease of 1.3% ... Read the full article

Asta completes sale of Pelican MGA to Manchester Underwriting Management

5th March 2018

Lloyd's third party managing agent, Asta Capital, has announced the completion of the sale of its Pelican Underwriting One Limited managing general agent (MGA) to Manchester Underwriting Management Limited. Pelican was established in 2015 in partnership with reinsurance giant Munich Re, which acted as the MGA's capacity provider. The MGA specialises ... Read the full article

Validus launches new Fintech package policy

2nd March 2018

Validus Specialty Underwriting Services, Inc. has announced the launch of a new comprehensive package policy aimed at private U.S Fintech companies. The policy is designed to address Fintech’s complex risk management needs, which Validus claims have thus far been inadequately served by unsuitable policy forms. Cathy Cossu, Validus Specialty’s Senior Vice President ... Read the full article

Average global insurance pricing increased by 0.8% in Q4: Marsh

1st March 2018

Record-setting catastrophe losses in 2017 sparked hopes of a bottoming out of the soft market cycle and although re/insurance renewal rates trailed expectations, Q4 2017 saw a reversal of the trend of declining rates as global insurance industry prices increased for the first time in four years, according to Marsh ... Read the full article

Inga Beale warns London is losing market share and relevance

1st March 2018

Lloyd's Chief Executive Officer (CEO) Inga Beale warned at the Association of British Insurers (ABI) conference that the London re/insurance centre is losing market share and relevance, as emerging markets gain traction in the global re/insurance hub space, A.M. Best reported. Beale said that while London remains the largest global insurance ... Read the full article

Reinsurance one of the most promising professions: Denis Kessler, SCOR

28th February 2018

Denis Kessler, Chairman of the Board of Directors and Chief Executive Officer (CEO) of reinsurer SCOR, recently highlighted a promising future for the global reinsurance industry, driven by the expanding risk landscape, technological advances, and rising demand for protection across the world. Speaking during the France domiciled reinsurer's Q4 2017 earnings ... Read the full article

Hiscox expects continued rate momentum, eyes growth in 2018

26th February 2018

In what was a challenging year for the global reinsurance industry, re/insurer Hiscox saw its Hiscox Re & ILS segment remain profitable in 2017, with management anticipating further rate increases in 2018, as well as growth across all parts of the business. Hiscox saw its overall, pre-tax profit fall to £30.8 ... Read the full article

Repeatability of innovative solutions needed to expand risk transfer: PCS

21st February 2018

The traditional and alternative reinsurance industry has a solid track record of innovation, but as seen with risks like cyber and terror, sustainability and adoption has proved more challenging, suggesting a need for risk transfer solutions that support repeatability, according to Property Claim Services (PCS), a Verisk Analytics business. PCS has ... Read the full article

Everest Re expands financial lines with a Private Company unit

21st February 2018

Reinsurer Everest Re has expanded the Everest Insurance Financial Lines division of Everest Specialty Underwriters (ESU), with a Private Company/Not-For-Profit unit, set to be led by Salvatore Collura. The Private Company aims to design creative insurance solutions to protect companies and management from shareholder disputes and employment-related issues to cyber threats. Everest ... Read the full article

India’s IRDAI to delay reinsurance order of preference regulations

20th February 2018

The Insurance Regulatory and Development Authority of India (IRDAI) has reportedly delayed the setting of new regulations, part of which would have confirmed that its nascent domestic market has preference in reinsurance placements. According to Christopher Croft, Chief Executive of the London & International Insurance Brokers’ Association (LIIBA), lobbying to prevent ... Read the full article

Endeavour Insurance Services announces series of additions to North America team

16th February 2018

Delegated authority specialist and Lloyd’s broker Endeavour Insurance Services has announced the expansion of its USA and Canada appointments with a series of new appointments. Endeavour has named Victoria Cooch as Business Development and Support Handler, and Ben Ward as Trainee Broker set to join the U.S. team. In the Canadian team ... Read the full article

Coverys Syndicate 1975 appoints Stephanie Crowther to underwriter

7th February 2018

Coverys Syndicate 1975 has named Stephanie Crowther as underwriter for its specialist medical professional liability account with effect from February 2018. Robin McCoy, Chief Executive Officer, Coverys Managing Agency, commented on the appointment; “we are delighted that Stephanie is joining us to work alongside Keith Bryceland to help build out the ... Read the full article

Hannover Re says renewals give it a “solid platform” for 2018

7th February 2018

After the impacts of major catastrophe loss events in 2017 the January 2018 reinsurance renewals and the associated increase in rates available have allowed German reinsurer Hannover Re to put in place, what the CEO terms, a "solid platform" for achieving its targets in 2018. Hannover Re has reported that it ... Read the full article

Public-private sector partnerships critical to the UK’s resilience to terror attacks: Pool Re

6th February 2018

Pool Re has launched a new Terrorism Frequency Report, produced by the scheme’s Terrorism Risk and Analysis Centre (TRAC), designed to provide Pool Re Members and stakeholders with a record and analysis of recent terrorist attacks, while underlining the importance of public-private sector partnerships when addressing the risks. Julian Enoizi, Chief Executive ... Read the full article