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MGAs: Dancing to the market’s tune

Intelligent Insurer News - 30 May, 2018 - 15:26
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.

Allianz acquires stake in Africa Re

Intelligent Insurer News - 30 May, 2018 - 10:24
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.

Aon creates new group to grow MGA, MGU network; names CEO

Intelligent Insurer News - 30 May, 2018 - 10:16
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).

Former Anbang chairman appeals conviction

Intelligent Insurer News - 30 May, 2018 - 10:15
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.

Tower to raise premium after losses

Intelligent Insurer News - 30 May, 2018 - 10:14
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.

AmTrust go-private plan supported by second advisory firm

Intelligent Insurer News - 30 May, 2018 - 10:13
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.

First named storm of 2018 hurricane season causes $50m insured loss

Intelligent Insurer News - 30 May, 2018 - 10:12
The insured loss in the US from Subtropical Storm Alberto will be close to $50 million, according to Karen Clark & Company (KCC) estimates.

Malaysian Re partners with Argo Managing Agency

Intelligent Insurer News - 30 May, 2018 - 10:10
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 becomes top 3 reinsurer, surpasses SCOR and Hannover Re

Intelligent Insurer News - 29 May, 2018 - 15:49
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.

Newline picks Germany for EU insurance hub in Brexit move

Intelligent Insurer News - 29 May, 2018 - 15:49
London-based specialty insurer Newline Group is launching its post-Brexit European Union insurance hub in Cologne, Germany.

AXA launches ridesharing insurance offering

Intelligent Insurer News - 29 May, 2018 - 15:48
French insurer AXA has designed a new car insurance cover in collaboration with ridesharing platform BlaBlaCar.

Insurtech Flock raises £2.25m for drone cover

Intelligent Insurer News - 29 May, 2018 - 15:48
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.

AIG expands pension risk business

Intelligent Insurer News - 29 May, 2018 - 15:36
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.

Amazon leads $12m investment round in insurtech Acko

Intelligent Insurer News - 29 May, 2018 - 11:51
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.

AmTrust go-private deal gets support from Glass Lewis

Intelligent Insurer News - 29 May, 2018 - 09:33
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.

Generali unveils new Luxembourg branch

Intelligent Insurer News - 29 May, 2018 - 09:27
Italian insurer Generali has set up a new branch in the Grand Duchy of Luxembourg dedicated to the employee benefits business.

GIC Re posts combined ratio of 104% in FY 2017

Intelligent Insurer News - 29 May, 2018 - 09:27
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 opens in Amsterdam for European expansion

Intelligent Insurer News - 29 May, 2018 - 09:26
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.

Ed expands professional, executive risk business into Jersey

Intelligent Insurer News - 29 May, 2018 - 09:26
Reinsurance, wholesale and specialty broker Ed has received a license to carry out general insurance mediation business by the Jersey Financial Services Commission.

Concerns about pricing, reserves, interest rates weigh on P&C sector

Intelligent Insurer News - 29 May, 2018 - 09:26
Concerns over pricing, reserves, and interest rate weigh on investor sentiment in the property/casualty re/insurance sector, according to Morgan Stanley.

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