Intelligent Insurer News

Markel Corporation has confirmed that it is fully cooperating with inquiries by US and Bermuda authorities into loss reserves recorded in late 2017 and early 2018 at Markel CATCo Investment Management and its subsidiaries.

AM Best has removed from “under review with developing implications” and upgraded the credit ratings of XL Group.

Bermuda-based Enstar has completed an investment of $200 million in Evergreen Parent, the entity that has been used to take AmTrust Financial Services private and holds its equity.

As the US wildfire costs exceed $10 billion in 2018 for the second year running, wildfires may no longer be a secondary peril, Steve Bowen, Impact Forecasting director and meteorologist at Aon, has suggested.

AM Best has revised its market segment outlook for the global reinsurance industry to stable from negative for 2019.

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group is integrating its Ironshore Bermuda businesses and rebrands it as Liberty Specialty Markets Bermuda.

Industry insured losses from the Camp Fire in Northern California will be between $6 billion and $9 billion, according to estimates by catastrophe risk modelling firm AIR Worldwide.

Richard Milner, formerly president and chief underwriting officer of AXIS Re London & Asia-Pacific has joined VIBE Reinsurance (VIBE Re) as its first CEO.

Swiss Re Corporate Solutions has appointed new leaders for its global casualty and excess & surplus (E&S) North American business lines.

London-based insurtech company Concirrus has appointed Nick Roscoe as its chief operating officer (COO) as it looks to drive change through the adoption of technology in the marine insurance market.

Jacqueline Legrand has resigned from her position as CEO of global broking network Brokerslink with immediate effect.

Specialty insurer Beazley expects the cost of claims arising from the 2018 California wildfires to be around $40 million, net of reinsurance.

Reinsurance, wholesale and specialty broker Ed has hired Willis Re executive Jo Kendall as head of catastrophe and exposure management.

The Insurance Regulatory Authority of India (IRDA) has rejected the proposal of Prem Watsa-owned Fairfax India Holdings to acquire India-based reinsurance firm ITI Reinsurance, according to a December 4 report by the Indian Express.

American International Group (AIG) is expecting natural catastrophes to cost the insurer between $750 and $800 million pre-tax, CEO Brian Duperreault said during a Dec. 5 Goldman Sachs US Financial Services Conference.

Brexit uncertainty, mounting costs and increased competition are exposing British businesses to greater levels of trading risk which by turn is increasing demand for trade credit cover, according to QBE.

The UK government has recognised that the London Market does need to see significant changes to the EU equivalence regime but there are no equivalence frameworks for insurers under Solvency II or for brokers under the Insurance Distribution Directive, said Clare Lebecq, CEO of the London Market Group (LMG).

US-based property/casualty insurer The Hartford expects an impact of $350 million to $365 million pre-tax, primarily from the Camp Fire in northern California, in the fourth quarter of 2018.

Insurer MetLife has appointed new leaders for Japan and the EMEA region following the departure of Sachin Shah, chairman, president and CEO of MetLife Japan.

Zurich Insurance Group wants to improve the performance of its commercial insurance business in North America in order to lower the combined ratio of its overall operations in the region.