Lloyd’s/London
This week in Post: Thoughts with Texas
The world watched with horror last weekend as Hurricane Harvey made landfall, its high winds bringing devastation to Texas. It’s been downgraded to a tropical storm but the floods from its torrential rains continue to wreak havoc.
Lloyd's premiums predicted to decline
Premium growth at Lloyd's is likely to slow as competition intensifies and economic growth remains tepid, according to Moody's Investors Service.
Consortium acquires Canopius from Sompo for $952m
Canopius has been acquired by a private equity consortium led by Centerbridge Partners and including the private investment firm Gallatin Point Capital for $952m (£736.5m).
Neon looks to Hiscox for new property underwriter
Former Hiscox underwriter Ben Murphy has joined Neon’s property Insurance team in London.
London Market insurers take fall after Harvey, no sign of ratings rise
Hurricane Harvey’s deluge of wind and rain across Houston and the Texas Gulf Coast hurt the shares of London Market property and casualty insurers on Tuesday as analysts peg insured losses as high as $20bn (£15.5bn).
Market veteran Ian Burford joins Fidelis as specialised risks chairman
Ian Burford is joining Fidelis’ London underwriting team as chairman of specialised risks.
Novae shareholders give Axis deal the green light
Novae shareholders have overwhelmingly accepted a £477.6m takeover by Axis Capital with approximately 99.97% of shareholder votes cast in favour of the proposal.
Axis increases Novae takeover offer to 715p per share
Axis has improved its cash offer to acquire Novae to 715 pence per share valuing the Lloyd’s listed insurer at approximately £477.6m.
Aviva names Nick Major as global corporate and specialty CUO
Aviva has named former Zurich chief underwriting officer Nick Major as CUO for the its global corporate and specialty division.
Nexassure to open specialist MGA in London
Singapore-based MGA Nexassure is set to open a specialist managing general agent in London.
Ascot launches specialty MGA Ethos
Ascot Group has created a standalone managing general agent and appointed Michael Sillat as CEO, effective 1 December 2017.
LMA launches working party to tackle banking regulations
The Lloyd’s Market Association has launched a political risk working group to examine regulatory issues affecting banking sector.
Robert Organ to become CEO of Tasker Insurance
Ex-Bluefin CEO Robert Organ will replace Paul Tasker in September of this year.
Matthew Moore appointed as LSM president as Metcalf steps down
Matthew Moore will take over as president of Liberty Specialty Markets as Nick Metcalf, president and managing director of the company, steps down.
Fidelis appoints Charles Mathias to its board of directors
Fidelis has appointed Charles Mathias to its board of directors, replacing Neil McConachie who resigned as group financial officer and director earlier this year.
ERS sees profits plummet 280% from Ogden hit
ERS has seen a 280% fall in profits as the company suffered a hit from Ogden.
Deloitte partner Rakow fined £75,000 for misconduct
Deloitte partner James Rakow has been fined £75,000 for misconduct in relation to actuarial services provided to Equity Syndicate Management Limited.
Insurance United Against Dementia: How JLT Specialty is building a strategic partnership with Alzheimer's Society
As Insurance United Against Dementia looks to build on the momentum of its association with the British Insurance Awards, Jonathan Swift spoke to JLT Specialty about its tie up with IUAD's charity partner Alzheimer's Society.
Markel hires political risk underwriter in Singapore
Specialist insurer Markel has recruited a political risk underwriter in Asia.
Obituary: Mike Hannan, a ‘venerable institution’ of Lloyd’s
Mike Hannan, a “venerable institution” of the London insurance market, has passed away this week aged 74.
Brit's profits fall in first half
UK-based Brit Insurance's investment returns have hit profits in the first half of the year.
I work in insurance: Dr Edwin Rajadurai, Servca
Dr Edwin Rajadurai is an associate director with Lloyd’s broker Servca. He qualified as a doctor in 2011 from Lugansk State Medical University in the Ukraine.
Novae and Axis boards give acquisition the green light
The boards of Novae and Axis have agreed the terms of sale that will see the Bermuda-based reinsurer take over the Lloyd’s carrier.
Ascot launches standalone MGA platform, appoints former AIG executive
Ascot has named former AIG executive Greg Wolyniec as new head of global strategy, effective 31 July 2017.