Former Sunshine State (SSIC) CEO Steve Korducki is working on Canopy Insurance Holdings, a new Florida homeowners' start-up aiming to go live after a targeted $50mn capital raise, The Insurance Insider can reveal.
Nephila Capital co-founders Frank Majors and Greg Hagood, along with long-time colleague Barney Schauble, were named the Outstanding Contributors of the Year at the 2014 Trading Risk Awards in London last week (19 June).
Every reinsurance broker knows that while the best things in life may indeed be free, they cost an awful lot in effort and time to procure.
Geoff Bromley, president of Aon Benfield's International business since 2008, passed away last week after a battle with illness.
M&A advisory and capital markets specialist Scott Maries has left his position as a managing director at JP Morgan to join Enstar, The Insurance Insider revealed earlier today (23 June).
The necessary conditions for industry consolidation are in place but larger reinsurers are unlikely to be among the principal deal-makers, according to Denis Kessler, the CEO of global reinsurer Scor.
Sarah Mendola, a portfolio manager at the binding authorities division of QBE Europe, is leaving for a new position at Lloyd's carrier Advent Underwriting, The Insurance Insider can reveal.
UK risk manager trade body Airmic has launched an efficacy guide for risk managers aimed at ensuring buyers have understood and agreed wordings and contractual terms properly before policies come into force.
AA IPO; Ergo acquires; Hamilton hires; Allstate cat loss; Quindell overhaul; R&Q update; XL recruits; RSA interest; ING IPO; Peak Re profit; RSG launches; Heritage approved; Hiscox Dublin; DWF election; Argo appoints; White Oak grows; Travelers wants Tria; XL cyber; Aspen expands
Lloyd's is planning to employ a dual approach that balances the pursuit of new business opportunities with the preservation of underwriting discipline, the market's CEO Inga Beale told delegates during the Association of Lloyd's Members' national conference last week.
Lloyd's (re)insurer Hiscox plans to keep its Special Purpose Syndicate (SPS) 6104 open in 2015 despite deteriorating underwriting conditions, according to CUO Paul Lawrence.
Willis intends to establish its own Lloyd's managing agency on the back of its stake in start-up insurer Acappella, Willis Re CEO John Cavanagh told attendees at the Association of Lloyd's Members' national conference on 19 June.
Lloyd's CEO Inga Beale last week pledged to ensure Lloyd's makes headway on modernising market operations and implementing electronic processing.
The Lloyd's Market Association (LMA) wishes to develop more competition in the provision of catastrophe modelling to rationalise some of its members' approximate $100mn annual collective spend with existing vendors.
The global insurance industry could undergo consolidation driven by the Asian markets over the next few decades, according to speakers at the Airmic conference held in Birmingham, UK, last week.
By 2024 the reinsurance industry will have undergone unimaginable change and 15-20 reinsurers could be enough to service the market as consolidation becomes inevitable, said Willis Capital Markets & Advisory (WCMA) CEO Tony Ursano.
Potential investors in Ironshore's upcoming IPO are waiting for a price range to be set on its 400 million share offer after the insurer filed its S-1 document with the Securities and Exchange Commission last week (17 June).
Ironshore's proposed IPO is set to give its founding investors and others that have since put money into the company a long-awaited opportunity to achieve liquidity on their holdings.
Singapore's prominence as an international (re)insurance hub continued to grow in 2013, as the city state attracted more reinsurers keen to tap into the fast-growing Asia Pacific market.
Overseas or "offshore" reinsurance participation in the US insurance market continued on an upward trajectory in 2013, according to data compiled by the Reinsurance Association of America (RAA).
Shares in the London-listed Lloyd's (re)insurers fell nearly 2 percent last week, underperforming compared to their US, Bermudian and European rivals, and lagging behind both the S&P 500 and the FTSE 100 share indexes, which rose 1.3 percent and 0.6 percent respectively.
The choice on whether to deploy third-party capital or capital from a reinsurer's own balance sheet relies principally on the concentration of risk, said Aditya Dutt, head of RenaissanceRe Ventures, at last week's inaugural Trading Risk London executive briefing.
A spike in interest rates would likely make the ILS sector more appealing to investors in the short term, Goldman Sachs' global head of structured finance Michael Millette said at the inaugural Insurance Insider and Trading Risk London Executive Briefing last week.
Credit rating agency Moody's has lowered its outlook on the reinsurance sector from stable to negative, citing falling prices amid intense competition, steady encroachment from alternative capital providers, and persistently low interest rates.
Consumer complaints received by UK regulator the Financial Conduct Authority (FCA) relating to insurance contracts fell by 75 percent in 2013-14 from the previous period, according to a report from law firm Pinsent Masons.
Industry bodies including the Risk Management Society (Rims) and the American Insurance Association (AIA), as well as broker Aon, have supported the introduction of legislation to renew the Terrorism Risk Insurance Act (Tria) to the House of Representatives.
A look-up table for The Insurance Insider's universe of P&C (re)insurers
Lloyd's last week opened consultation on proposed minimum standards of conduct for managing agents, which are a central plank of the UK financial regulator's drive to make sure the insurance market treats its customers fairly.
The latest attempt by an active shareholder to ring the changes at US insurer Donegal Group (DGI) and its affiliated mutual insurer is unlikely to prove successful, according to analysts following the Nasdaq-listed company.