All News articles – Page 20
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Gulf Insurance Group says “business as usual” after shareholder change
Fairfax completes acquisition of KIPCO’s stake in the Middle East and North African insurer, giving it 90% ownership of the Kuwait City-based insurer.
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Enstar exits Atrium in $182.3m deal to buy remainder of StarStone
Legacy specialist re/insurer Enstar has inked a deal to acquire the remaining 41% of StarStone Specialty.
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Analysis of Aon’s $13.4bn acquisition of NFP
NFP’s purchase by Aon represents the largest deal ever announced in the global insurance broking sector.
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Ryan Specialty strikes deal to buy Castel from Arch
US re/insurance broker and MGA Ryan Specialty has signed an agreement to acquire Castel Underwriting Agencies in a deal expected to close in the first half of 2024.
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“Business as usual” for Ebix Europe despite Ebix Inc’s US Chapter 11 bankruptcy
The London market arm is unaffected by the US firm’s bankruptcy proceedings filed in Texas, with the launch of PlacingHub still set for January 2024.
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NormanMax gets Lloyd’s ‘in principle’ approval for parametric Syndicate 3939 with Apollo
US parametric re/insurer gains the initial nod from the Lloyd’s Council to launch a new syndicate, focused on climate change-affected cat business.
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QBE Re makes two senior portfolio management hires
Guarnori and Ahluwalia join from rival reinsurer Swiss Re and QBE’s actuarial team, respectively.
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Lloyd’s agrees deal with Ping An to stay on One Lime Steet to 2035
The iconic Lloyd’s building will continue to play host to the subscription re/insurance market for at least another decade, after a deal with its Chinese owner.
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Hail risk putting pressure on renewables – GCube CEO
Fraser McLachlan warns that hail is becoming an increasingly serious threat, with re/insurers keen to limit exposure, which represents a challenge for new renewable energy projects.
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AXA XL appoints Gosselin as CUO for UK and Lloyd’s
The re/insurer’s new London market chief underwriter joins from Liberty Mutual, where he was global leader for energy and transition risk, and a former CUO of Liberty Specialty Markets.
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Hannover Re expects €2.1bn profit for 2024 with P&C re to lead revenue growth
The German reinsurer has set out its financial ambition for 2024-2026 strategy cycle, including reinsurance revenue expectations of more than 5% growth next year.
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Howden Tiger appoints Schultz to lead Continental European casualty reinsurance
Wolfram Schultz joins from AXA GIE in Paris, where he was responsible for analysis, strategy, and optimisation of the French insurer’s incoming and outgoing global reinsurance business.
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Africa Specialty Risks launches at Lloyd’s with Apollo
ASR Syndicate 2454 aims to begin underwriting in March 2024, and will focus on underwriting business across Africa, which represents around 2% of Lloyd’s business globally.
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Hiscox, Google Cloud launch AI collaboration on London market lead underwriting “from submission to quote”
Augmented underwriting by the insurer’s Hiscox London Market division could reduce the time for lead open-market quotes from three days to three minutes, Hiscox said.
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Aon Client Treaty expands its share of business for 2024
For 2024, all ACT’s existing carriers have renewed their participation with QBE continuing as the lead. Two new carriers have also come on board, Aon revealed.
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Blueprint Two delayed after LMA request
A statement from Lloyd’s confirms phase two of its digital transformation plan is being pushed back from October 2024 to April 2025 after a request from the LMA’s board.
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Swiss Re: SCS losses reach record $60bn in 2023
The reinsurer said natural catastrophes will once again break several loss records in 2023, with severe convective storms driving the numbers.
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Two North America co-heads appointed to Howden Tiger Capital Markets & Advisory
The reinsurance broker’s M&A and capital raising arm announced new roles for Michael Forman and John Stamatis, both internal appointments.
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End of the US hurricane season for 2023 – MS Amlin comment
With the close of the hurricane season at the end of November, the re/insurer warned that “one relatively subdued North American season doesn’t signal…that it’s time for a market softening”.
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MGA Optio adds political violence, terrorism capacity
Specialty MGA has partnered with a US carrier to deploy fresh political violence capacity, reflecting greater appetite for the standalone insurance business, as buyers seek protection from terrorism and civil unrest risks, and reinsurers eye recent SRCC losses with concern for 1/1.