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Global Indemnity fielding takeover interest for Penn-America and whole company

News

M&A

Global Indemnity fielding takeover interest for Penn-America and whole company

Saul Fox-led Global Indemnity (GBLI) announced Friday it has had “multiple parties” express preliminary interest in undertaking a variety of transactions that could include acquiring or merging with SME-focused subsidiary Penn-America or a deal for the whole company.

Fri 9 Jun 2023

MS Reinsurance names Amelio its head of US casualty

News

People Moves

MS Reinsurance names Amelio its head of US casualty

MS Reinsurance, the reinsurance arm of MS&AD, has promoted Maria Amelio to head of US casualty.

Fri 9 Jun 2023

Hub refinances $6.925bn in term loans/senior secured notes, upsizes facility by $220mn

News

Capital

Hub refinances $6.925bn in term loans/senior secured notes, upsizes facility by $220mn

Hub International has completed a Goldman Sachs- and Morgan Stanley-led $6.92bn debt refinancing in an oversubscribed deal that includes a $4.75bn term loan and $2.175bn in senior secured notes, with the term loan piece upsized by $500mn following heavy investor demand.

Fri 9 Jun 2023

EPL competition heating up while split retentions increasingly being seen

Analysis

Professional lines

EPL competition heating up while split retentions increasingly being seen

Increased competition has stabilised the US employment practices liability market, while some of the biggest themes include continued split retentions for California risks and high wage earners as well as potential emerging liability from employers using AI in the hiring process.

Fri 9 Jun 2023

Small commercial and healthcare primed for embedded insurance growth

News

Insurtech

Small commercial and healthcare primed for embedded insurance growth

Small commercial, healthcare and certain travel segments are just three of the areas where embedded insurance could make significant headway in the coming years, panellists at the Insurtech Insights conference in New York suggested on Thursday.

Fri 9 Jun 2023

Crypto marketplace Nayms unveils inaugural program

News

Insurtech

Crypto marketplace Nayms unveils inaugural program

Blockchain-based insurance marketplace Nayms has launched its first fully capitalised insurance program on the Ethereum network.

Fri 9 Jun 2023

IFRS 17 “confusing” for non-life policyholders: Berenberg

News

Financials

IFRS 17 “confusing” for non-life policyholders: Berenberg

The new IFRS 17 insurance accounting standards are “so confusing” that policyholders will be unable to assess how much profit insurers are making, Berenberg analysts have said, adding that carriers will likely be able to earn higher margins for longer.

Fri 9 Jun 2023

Axa Hong Kong partners with Capco on climate reporting solution

News

Regulation

Axa Hong Kong partners with Capco on climate reporting solution

Axa Hong Kong and Macau has partnered with technology and management consultancy Capco to offer a climate-related risk management and reporting solution to financial institutions and other organisations.

Fri 9 Jun 2023

News

Insurance law firm Plexus appoints administrators

Plexus Law, a specialist defendant insurance law firm, is exploring the option of a sale after filing notice of intention to appoint administrators having failed to strike a deal with investors for emergency funding.

Fri 9 Jun 2023

Scor mourns passing of Denis Kessler at 71

News

Obituary

Scor mourns passing of Denis Kessler at 71

Denis Kessler, the industry titan and chairman of French reinsurance powerhouse Scor, has passed away at the age of 71. Kessler led Scor for more than 20 years and was credited with taking the company from the brink of insolvency to become a global reinsurance powerhouse.

Fri 9 Jun 2023

Zurich completes $2bn share buyback programme

News

Capital

Zurich completes $2bn share buyback programme

Zurich has completed its previously announced CHF1.8bn ($2bn) share buyback programme in a move which reduces the insurer’s registered share capital by more than 2 percent.

Fri 9 Jun 2023

Insurers win approval to appeal controversial hybrid injury damages judgment

News

Legal/ Regulatory

Insurers win approval to appeal controversial hybrid injury damages judgment

The UK's highest court has granted an appeal to insurers in a test case over how "hybrid" personal injury claims should be compensated following the introduction of government reforms in 2021.

Fri 9 Jun 2023

Guy Carpenter announces Warwick to head GC Access Asia Pacific

News

People Moves

Guy Carpenter announces Warwick to head GC Access Asia Pacific

Guy Carpenter has confirmed the appointment of Steve Warwick as head of GC Access Asia Pacific, following last month’s raid on rival broker Howden Tiger’s Hong Kong team.

Fri 9 Jun 2023

Gallagher Re adds exec director duo to Paris team

News

People Moves

Gallagher Re adds exec director duo to Paris team

Gallagher Re has appointed Mathilde Le Merle and Juan Manuel Fernandez Romo as executive directors in its client-facing broker team in Paris.

Fri 9 Jun 2023

Allianz fast-tracks UK Covid BI disputes as London reinsurance arbitration looms larger

Exclusive

Legal dispute

Allianz fast-tracks UK Covid BI disputes as London reinsurance arbitration looms larger

Allianz is attempting to fast-track the progress of its outstanding UK Covid business interruption legal disputes ahead of a potential London arbitration with reinsurers that have not settled on its own 2019 and 2020 €2bn+ reinsurance programs, The Insurer can reveal.

Fri 9 Jun 2023

Remembering Mark Brockbank, one of Lloyd’s most influential underwriters

Obituary

Remembering Mark Brockbank, one of Lloyd’s most influential underwriters

Former Lloyd’s underwriter and insurance entrepreneur Mark Brockbank has passed away. He was a Lloyd’s underwriter for only 20 years but his achievements and legacy remain to this day…

Fri 9 Jun 2023