Intelligent Insurer News

AmTrust Financial Services has informed shareholders that "a representative of the company will count the votes and act as an inspector of election" at the company's special meeting next week, which means that the company will act as judge and jury of the shareholder vote on June 4, according to activist investor Carl Icahn.

Insurtech startup Wrisk, which is backed by firms like Munich Re, Hiscox and QIC, has raised over £500,000 in two days in its second crowdfunding campaign.

Managing general agents (MGAs) remain a vital part of the rich tapestry of the London Market. In this report, we gathered the results of the 60 biggest MGAs in the London Market, examining their growing affinity with insurance and grilling a few on their outlook and plans for the coming years.

Germany-based Allianz Group has signed an agreement to acquire 8 percent in African Reinsurance Corporation (Africa Re) for a total amount of $81 million.

Broker Aon has created a new Carrier Solutions group, under the leadership of Karl Hennessy, to support and grow its proprietary network of managing general agents (MGAs) and managing general underwriters (MGUs).

Wu Xiaohui, the former chairman of Anbang Insurance Group, has appealed his conviction for fraud and embezzlement, the Financial Times reported on May 30 citing his lawyer.

New Zealand-based Tower has been impacted by severe and unprecedented weather and a settlement of a Peak Re dispute resulting in a half year loss of NZ$11.6 million ($8.04 million) for the half year ended March 31, 2018 compared to a loss of NZ$8.2 million in the same period a year ago.

Advisory firm Egan-Jones has joined Glass Lewis in recommending that AmTrust Financial Services stockholders vote "FOR" the company's merger agreement at the special meeting of stockholders on June 4, 2018.

The insured loss in the US from Subtropical Storm Alberto will be close to $50 million, according to Karen Clark & Company (KCC) estimates.

Malaysia’s national reinsurer Malaysian Re has signed a memorandum of understanding (MoU) with Argo Managing Agency, which manages ArgoGlobal Syndicate 1200 and Ariel Re Syndicate 1910 at Lloyd’s, for the provision of underwriting and technical support.

Berkshire Hathaway became the world's third-largest reinsurer in 2017 driven by the $10.2 billion American International Group (AIG) deal, pushing Hannover Re and SCOR to fourth and fifth place, respectively, according to S&P Global Market Intelligence.

London-based specialty insurer Newline Group is launching its post-Brexit European Union insurance hub in Cologne, Germany.

French insurer AXA has designed a new car insurance cover in collaboration with ridesharing platform BlaBlaCar.

Flock, a London-based startup that wants to use of real-time data in insurance, has raised a£2.25 million seed funding round from a range of global investors.

American International Group (AIG) has expanded its presence in the pension risk transfer market after reaching agreements on the two largest plan termination transactions of 2017.

E-commerce giant Amazon has led a $12 million funding round in Acko Technologies, which owns online general insurance provider Acko General Insurance, according to media reports.

Independent proxy advisory firm Glass Lewis has recommended that AmTrust Financial Services stockholders vote “FOR" the company's merger agreement at the special meeting of stockholders on June 4, 2018, according to a May 25 AmTrust statement.

Italian insurer Generali has set up a new branch in the Grand Duchy of Luxembourg dedicated to the employee benefits business.

General Insurance Corporation of India (CIC Re) has reported a combined ratio of 104.0 percent for the financial year ended 31.3.2018 after 99.7 percent in the period ended 31.3.2017.

Castel Underwriting Agencies, a managing general agent (MGA) formation platform, has opened its first branch office in Amsterdam, Netherlands to support plans to expand its operations in Europe as the UK leaves the EU.