Intelligent Insurer News

Stone Point Capital, the Karfunkel Family, and the CEO of AmTrust Financial Services are acquiring the insurer in a transaction valued at approximately $2.7 billion.

American International Group (AIG) has appointed Naohiro Mouri as executive vice president and chief auditor, and Donna DeMaio as global chief operating officer, general insurance.

Validus Specialty Underwriting Services has launched a new policy tailored for private US fintech companies.

Re/insurer XL Catlin has appointed Elie Hanna as head of central broker management.

Australia’s terrorism insurance scheme administrator, Australian Reinsurance Pool Corporation, has increased the private participation in retrocession reinsurance cover at renewals for 2018.

Azur, the joint venture between AIG Europe and Ascot, has launched a new insurance product designed for car collectors.

Broker Aon has appointed Dominic Christian as global chairman of its reinsurance intermediary Aon Benfield while Julie Page has been promoted to chief executive officer of Aon UK.

Liberty Mutual revealed the new operating structure for its recently formed Global Risk Solutions business.

Re/insurance sector rating agency AM Best is establishing a new office in Amsterdam, the Netherlands, during 2018 as part of its Brexit contingency plan.

Bermuda-based Third Point Re has swung to profit in the fourth quarter of 2017 and saw its full year 2017 results jump due to investment profits while underwriting produces losses.

New York-based AmTrust Financial Services closed the transfer of a 51 percent equity interest in certain of its US-based fee businesses to private equity firm Madison Dearborn Partners.

New Zealand-based general insurer Tower has entered into a $22 million settlement agreement with Hong Kong's Peak Re regarding an adverse development cover policy entered in 2015.

Broker Jardine Lloyd Thompson Group (JLT) has acquired US-based trade credit and political risk broker International Risk Consultants (IRC) to further strengthen its US specialty business.

Bermuda registered a total of 58 new insurers in 2017, ranging from captives and long-term re/insurers to special purpose insurers (SPIs).

UK mutual reinsurer Pool Re has extended its retrocession programme cover to include material damage and direct business interruption (BI) caused by acts of terrorism using remote digital interference at renewal.