Reinsurance
British Insurance Awards: Young blood - Young Achiever Winners then and now
To celebrate the 25 years of the British Insurance Awards. Post caught up with a host of winners of the Young Achiever of the Year Award
Pool Re to hand back terrorism contingency cover to commercial market
State-backed terrorism insurer Pool Re will no longer offer contingency cover, as the commercial market believes it has the capacity to take back control.
Nicholas Gartside to join Munich Re board of management as chief investment officer
JP Morgan Asset Management managing director, Nicholas Gartside is set to start as Munich Re’s chief investment officer on 18 March 2019.
Gable disputes £8.8m worth of claims in bankruptcy hearing
Failed unrated insurer Gable has disputed 100 claims totaling CHF 10.9m (£8.8m) in its first bankruptcy court hearing.
Besso faces near $10m lawsuit over ‘secret profits’ extracted by rogue former director
Exclusive: Besso is facing an almost $10m lawsuit from a group of hotel companies in the Caribbean, after an ex-director was alleged to have concealed brokerage.
CBL shareholder in bid to save troubled firm from liquidation
CBL Corporation shareholder Oceanic Securities PTE has filed an opposition to the application to put the company in liquidation, leading to delays for the liquidation hearing.
Green light for UK-US insurance trade deal
Insurers have welcomed a deal that will preserve cross border insurance and reinsurance contracts between the UK and US.
Ed unveils CEO Hearn’s replacement and plots Bermuda office
Andrew Draycott will take on the role of Ed Broking CEO once its acquisition by Besso owner BGC Partners is complete, while the specialty, wholesale and reinsurance broker has also revealed plans to open a Bermuda office.
CBL Corporation expected to be placed in liquidation, sees further delays to watershed meeting
The New Zealand High Court has granted a further application by CBL Corporation administrator Kordamentha to push back a watershed administration meeting to February 2019, though it is expected the corporation will be placed into liquidation.
Trust Re ratings withdrawn due to financial statement delays
AM Best and S&P have withdrawn their financial strength ratings for Bahrain-based Trust Re, due to delays in the reinsurer publishing its financial statements for 2017.
Jersey insurer investigated for suspicious accounts
The Jersey Mutual Insurance Society is being investigated after ‘historic accounting activities’ were uncovered.
This Week: We'll be watching you
At long last, the Civil Liability Bill cleared its final parliamentary hurdle this week, opening the way for a much-awaited review of the personal injury discount rate.
MIB working with Aon to secure £400m of terrorism reinsurance cover
The Motor Insurers' Bureau hopes to secure £400m worth of reinsurance cover with an excess layer of £100m, ahead of the demutualisation of terrorism risks for third party motor on the 1 January 2019.
Relaunched insurer Folgate to write £35m in first year
Exclusive: Folgate will write £35m in premium in its first year of operations following its relaunch as an insurer, the company said.
This week: No alarms and no surprises
After more than two years of contingency planning, this week’s news that a proposed Brexit deal was likely to lead to a loss of passporting was met with no more than a shrug of the shoulders.
Passporting ‘unlikely’ under terms of Brexit deal
Insurers are calling for greater clarity over a Brexit deal on financial services that could see a loss of passporting.
Wider sector may face similar scrutiny to 'too big to fail' insurers
In 2020 the International Association of Insurance Supervisors hopes to make key changes to how systemic risk in the insurance sector is measured and dealt with, in a move that could see more insurers face similar scrutiny to 'too big to fail' insurers…
California wildfire losses expected to hit record levels
The losses from the continuing 8 November California wildfires are expected to reach record levels, according to ratings agencies.
Review into CBL expected to ‘identify lessons’ for both the firm and the regulatory regime
The Reserve Bank of New Zealand has welcomed the liquidation of CBL Insurance and will be publishing a review into it next year.
CBL Insurance placed into liquidation
CBL Insurance’s administrators had been working on a restructuring proposal, but the firm has been placed into liquidation.
Hiscox reveals $15m spend on Brexit preparations
Hiscox has spent $15m preparing for business after Brexit, the specialist insurer disclosed in its third quarter trading statement.
This month: Cavities and complaints
As whiplash legislation speeds through parliament, claims management companies have increasingly been looking into other avenues to keep the coffers full and cavity wall insulation claims have spiked. CMCs may be the industry’s own bugbear, but this…
Revealed: The future of Ed and Besso under BGC
A holding company will be established for Ed and Besso, with Steve Hearn as group CEO. However the two BGC-owned brokers will remain separate companies.
Miller acquires fellow Lloyd's broker Alston Gayler
Miller Insurance Services has reached an agreement to acquire marine and specialty broker, Alston Gayler and Co, for an undisclosed amount.