Intelligent Insurer News

AmTrust Financial Services has completed the merger transaction in which Evergreen Parent acquired the approximately 45 percent of the company’s issued and outstanding common shares that the Karfunkel-Zyskind Family and certain of its affiliates and related parties did not already own or control.

AXIS Insurance, the insurance business segment of Bermuda-based AXIS Capital Holdings, is consolidating its global cyber and technology unit under the leadership of Dan Trueman.

AM Best has raised the net environmental losses for the US property/casualty (P&C) industry by $4 billion to an estimated $46 billion, taking industry losses for asbestos and environmental (A&E) to $146 billion.

The chemical Glyphosate could easily lead to tomorrow’s public health crisis, AM Best has warned in a Nov. 28 report.

Lloyd’s broker AFL Insurance Brokers has established a new South American operation, as part of a joint venture with Special Division Reinsurance Brokers.

The Lloyd’s Market Association (LMA) has launched Gemini, a claims expert management solution and platform for Lloyd’s carriers.

UK-based insurance broker Ardonagh Group which includes has reduced its loss in the nine months ending September 2018 compared to the previous year.

Downside credit risks from the California wildfires are currently most pronounced for investor-owned utilities (IOU), which could face large liabilities if IOU equipment is found to have ignited the fires, according to Fitch Ratings.

Issuance volumes of cat bonds fell in the 12 months to June 30, 2018, but this is not a true reflection of the market’s inherent robustness as it continues to mature and evolve, according to Aon’s latest ILS report.

Fitch Ratings has downgraded the Insurer Financial Strength (IFS) ratings of health insurer Aetna to 'A' from 'AA-'.

AXA XL, the property/casualty (P&C) and specialty risk division of the AXA group, is looking to grow the use of ILS to de-risk its portfolio in a strategy that should ultimately be expanded to include the whole group, Greg Hendrick, CEO of AXA XL, suggested during a Nov. 28 press conference.

Specialist commercial insurer CNA Hardy has appointed Carl Day as active underwriter, in addition to his role as head of property, marine and energy.

US-based insurance technology firm Bindable has attracted an investment from EPIC Holdings which operates EPIC Insurance Brokers & Consultants and has agreed on a commercial deal.

AXA XL, the property/casualty (P&C) and specialty risk division of the AXA group, is targeting higher synergies than previously announced from the combination of the XL Group and AXA businesses while also planning to further reduce the natural catastrophe (nat cat) exposure.

Japans three major insurance groups Tokio Marine Holdings (TMHD), Sompo Holdings and MS&AD Insurance Group Holdings are expected to remain profitable in fiscal 2018 (April-March) despite record high domestic wind and flood catastrophe losses, according to Moody’s.

US-based multiple-line insurer Mercury General Corporation will pass on most of the expected $253 million losses from the Camp and Woolsey wildfires in California to reinsurers.

AmTrust Financial Services has obtained all regulatory approvals to complete the $2.7 billion merger transaction with Evergreen Parent on Nov. 29 which will see the firm go private.

Hamilton Re, the Bermuda-based insurance and reinsurance platform for Hamilton Insurance Group, has appointed Liam Chan to the position of senior vice president, casualty & specialty.

Investment management company New Nordic Advisors has placed its wholly-owned insurance subsidiary Qudos Insurance (Qudos) into liquidation, effective immediately, following a comprehensive review of the insurance company’s position.

Zurich Insurance Group has partnered with Chicago-based Snapsheet, a provider of virtual claims technology for the personal and commercial insurance marketplace.