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Ark in TUPE swoop for six-strong political risk AmTrust team

News

People Moves

Ark in TUPE swoop for six-strong political risk AmTrust team

Lloyd’s insurer Ark has lured a six-strong AmTrust-at-Lloyd’s team of political risk and violence underwriters following the latter’s acquisition by rival Lime Street carrier Canopius, The Insurer can reveal.

Fri 4 Oct 2019

Former Barbican hull underwriter Drake re-emerges at Citynet

News

People Moves

Former Barbican hull underwriter Drake re-emerges at Citynet

Citynet Insurance Brokers has appointed former Barbican marine hull underwriter, Christopher Drake, as head of marine global placements.

Fri 4 Oct 2019

News

Aqueous secures £60mn capacity from QIC Europe

MGA and Lloyd’s coverholder Aqueous Underwriting has entered a deal with QIC Europe, which will see the insurer provide £60mn ($74mn) capacity to the MGA over the next three years.

Fri 4 Oct 2019

News

Globe Underwriting to revive Forest Re brand following hires

Globe Underwriting, the managing general agency which is part of BGC Insurance Group, has hired Phil Cottle and Jeremy Pryke as it expands into forestry insurance, The Insurer can reveal.

Fri 4 Oct 2019

News

R&Q shares surge following bullish tip in UK newspaper

Shares in legacy acquirer and program specialist Randall & Quilter (R&Q) have burst through the significant £2 threshold on the London Stock Exchange to a new year high of 205.50 pence per share earlier today.

Fri 4 Oct 2019

HDI SE looks to AmTrust and Swiss Re Corporate Solutions for contingency build out

News

People Moves

HDI SE looks to AmTrust and Swiss Re Corporate Solutions for contingency build out

HDI Global Specialty SE, part of Talanx Group, has appointed Martin Holness as head of contingency and Sheena Williams as senior underwriter in contingency.

Fri 4 Oct 2019

News

Market must partner with insurtech firms to tackle tech challenge: GC’s Carter

Market brokers and (re)insurers must collaborate with leading technology firms and the new wave of insurtech start-ups to tackle their soaring expense ratios and make good on promises to deliver innovative products to clients, Guy Carpenter’s chairman of global capital solutions has said.

Fri 4 Oct 2019

FCA mulls ban for UK insurers guilty of dual pricing practices

News

Legal/ Regulatory

FCA mulls ban for UK insurers guilty of dual pricing practices

The Financial Conduct Authority is to consider whether to ban insurers who are found to be charging a so-called “loyalty premium” in an attempt to prevent an estimated six million UK policyholders from being overcharged about £1.2bn a year.

Fri 4 Oct 2019

News

Cyber

Insurers to cover $15mn of Danish firm’s cyber attack loss

Danish hearing health care company Demant has estimated a financial impact of DKK550mn to DKK650mn ($88mn to $96mn) from a cyber attack last month after the recovery of DKK100mn ($15mn) from its insurance.

Thu 3 Oct 2019

CAC Specialty announces private equity unit

News

Liability

CAC Specialty announces private equity unit

Cobbs Allen’s newly-launched brokerage CAC Specialty has formed a financial sponsors group to bring together seven of its specialties.

Thu 3 Oct 2019

Texas surplus lines premium surges 16% in first nine months

News

Commercial insurance

Texas surplus lines premium surges 16% in first nine months

The Surplus Lines Stamping Office of Texas (SLTX) has recorded $5.35bn in surplus lines premium in the state through the first three quarters of 2019 – a 16.2 percent increase over the same period in 2018.

Thu 3 Oct 2019

News

Reinsurance still a “big problem” for cannabis carriers

Cannabis insurers are finding it hard to convince reinsurers to cover them, but they predict this will change in the longer term if the drug is legalised at a federal level.

Thu 3 Oct 2019

Insurers to pay at least $735mn in MGM shooting settlement

News

Losses

Insurers to pay at least $735mn in MGM shooting settlement

Insurers will cover up to $751mn of a settlement between MGM Resorts International and counsel representing substantially all plaintiffs in litigation involving the October 2017 shooting in which 58 people died.

Thu 3 Oct 2019

News

Cyber

Industry failing on cyber: Catlin

The insurance sector is failing to develop adequate solutions to address the challenge of cyber, industry entrepreneur and Convex co-founder Stephen Catlin told a conference on Thursday (03 October).

Thu 3 Oct 2019

WTW promotes Woode to North America property head

News

Commercial property

WTW promotes Woode to North America property head

Willis Towers Watson has named Nancy Woode as head of property broking in North America, replacing Gary Marchitello who has moved into the position of chairperson for the business.

Thu 3 Oct 2019

CRC launches next phase of REDY platform to aid market selection

News

Wholesale

CRC launches next phase of REDY platform to aid market selection

Wholesaler CRC has launched the next phase of its Risk Evaluation Database (REDY) platform with search functionality that allows its brokers and underwriters to identify carrier markets and programs likeliest to write a specific account.

Thu 3 Oct 2019