Intelligent Insurer News

Lloyd’s profitability review is being described as the biggest shakeup of the market since reconstruction in the 1990s. As syndicates are forced to pare back capacity, it could have far-reaching consequences well beyond the market itself, as Intelligent Insurer reports.

John Neal has been appointed as the CEO of Lloyd’s of London following a meeting of the Council of Lloyd’s.

John Neal, the former boss of Australia-based insurer QBE Insurance Group who lost his job last year following a shock profit warning, is likely to be appointed as the new chief executive of Lloyd’s of London, according to a Sept. 7 Financial Times report citing “people familiar with the matter”.

Italian insurer Generali has entered into an exclusive negotiations with the shareholders of Sycomore Asset Management to acquire a majority stake in the company and enter into a strategic partnership.

Broker Aon’s reinsurance solutions business has made a new senior hire and a series of role changes within its UK leadership team based in London.

Japan's property/casualty insurer Tokio Marine Holding has entered into a definitive agreement to acquire a 22.5 percent stake in South African insurer Hollard Holdings and Hollard International for 5 billion rand ($328 million) in cash and is looking for additional M&A targets.

Property/casualty insurer Chubb has appointed Mike Berry to serve as head of surety for Europe, and Jamal Griffith as head of surety for the UK and Ireland.

Re/insurer XL Catlin has launched a new space insurance coverage for satellite owners, manufacturers and launch providers that it claims will be a game changer for the aerospace industry.

P&C reinsurance buyers said they expected reinsurance prices to remain flat or fall slightly during 2019, reflecting intense competitive pressure amid increased take-up of alternative capital and abundant total capacity, according to a Moody’s survey.

Bermuda-based Randall & Quilter (R&Q) Investment Holdings has revealed a corporate restructuring to create a new division comprising of its US and European programme management businesses.

The catastrophe bond limit on-risk has reached $30 billion during the 12 months to June 30, 2018 – an increase of $4.2 billion from the prior year period, and a new record for the sector, Aon noted in the report titled 'Alternative Capital Fortifies Its Position'.

California’s Carr and Mendocino complex fires’ claimes top $845 million and are now counted among the most destructive wildfires in the state's history, according to California’s Insurance Commissioner Dave Jones.

The industrial internet of things (IIoT) market is already estimated to be worth $146 billion, and that’s expected to grow to $232 billion in the next five years, according to researchers.

Recent natural catastrophes are likely to have only limited impact on reinsurers as the bulk of the losses will be borne by primary insurers, according to S&P Global Ratings.

Aggregate net income of the reinsurance sector increased nearly 75 percent year on year to $14.5 billion in the first half of 2018, according to Willis Towers Watson.

Bermuda-based re/insurer Sompo International Holdings is launching a global financial and professional lines platform encompassing insurance and reinsurance capabilities.

Everest Insurance, the specialty insurance division of Bermuda-based Everest Re Group, has hired former Guy Carpenter head of innovation and product development Don Mango.

Broker Aon’s reinsurance solutions business has launched its public private enterprise (PPE) specialty practice to address the global insurance protection gap.

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Ronan Gerety as general manager of insurance in Germany. He will be based in Cologne.

Arch Insurance, part of Bermuda-based re/insurer Arch Capital Group, has hired AIG's Valerie Turpin as executive vice president (EVP) and head of US property.