Mitsui Sumitomo
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Regulators are mulling reforms that could open the door to international independent brokers.
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The carrier has rebranded its UK entity from MSI EU to MSIG UK.
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Japan’s Financial Services Agency has ordered an investigation into the carriers’ practices.
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Industry veteran Michael Wade will join Helios as a director and chairman, and take on a senior advisory post at Mitsui.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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The insurer is moving forward with talks to acquire the US hybrid fronting carrier, according to a Japanese newspaper.
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Mitsui, Tokio and Sompo are to split the loss, which will be absorbed by retentions and property XoL treaties.
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Mathias Neumann was chief underwriter of casualty and specialty at the Japanese company.
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Specialty CUOs Andrew Wright and Mark Clements, and reinsurance CUO Phil Wooldridge step down as the newcomer is charged with “repositioning”.
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The London market business booked the majority of its Japanese parent’s fiscal Q1 Covid-19 losses.
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Swiss Re, ReAssure’s previous majority holder, now holds a 13.3% stake in the listed buyer.
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Large man-made losses limit the combined ratio improvement.
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The Japanese carrier plans a Part VII transfer for reinsurance business administered through its UK branch.
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Mitsui Sumitomo estimated its Hagibis hit at $2bn while Sompo said it had recovered almost $1bn from reinsurers this year.
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The Japanese parent says Lloyd's and European primary insurance profitability lags the forecasts it made in its original business plan.
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The syndicates defy a trade capital retrenchment by carriers including PartnerRe and Aioi Nissay Dowa.
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Shares in the Japanese big three carriers all rise as trading resumes after a public holiday.
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High-single-digit to low-double-digit advance driven by big increases on wind and flat quake renewals.
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Japanese carriers join forces as the 1 April renewal deadline draws closer.
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The ratings agency predicts strong non-life underwriting results for the current fiscal year, despite hefty catastrophe losses.
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Why should Leadenhall be hived off into the Mitsui’s asset management division?
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MS Amlin’s ownership of the London-based firm will now transfer to the Japanese corporation directly.
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Jebi is said to have hit third layers of some occurrence covers while Trami has eaten through back-up protections.
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The MS Amlin parent cites diversification into new risks as one of the criterion when picking targets.
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