News

News

McGavick robust in defence of insurance industry

XL Group CEO and chairman of the Geneva Association, Mike McGavick has been robust in his defence of the industry in an open letter to the Financial Times in which he argues that insurers neither create, nor represent a systemic risk.   9 January 2014

News

IAG increases reinsurance buy by 10 percent

Citing favourable market conditions as a key driver, Australian insurance giant IAG has said that it has increased its reinsurance buy for 2014 to $5.6 billion, up from $5 billion for 2013.   7 January 2014

News

Tower announces planned merger with ACP Re

Tower Group has announced a merger with privately-held and Bermuda-based ACP RE, with the new entity set to operate under the Tower name but as a subsidiary of ACP Re.   6 January 2014

ILS

January renewals reflect influx of new capital

According to Nick Farland, CEO of EMEA at Guy Carpenter, the falling rates are a trend that began at mid-year renewals and continued through to the New Year.   6 January 2014

News

Willis International chairman moves onto Willis board

Sarah Turvill has retired as chairman of Willis International, effective from the end of 2013. She will not act as non-executive director on the Willis board.   18 December 2013

News

Canopius acquired by Japanese insurer NKSJ Holdings

Cash-rich, top-three Japanese insurer, NKSJ Holdings has acquired Canopius for £594 million as it moves to broaden its international footprint through its purchase of the London market player.   18 December 2013

News

Lloyd’s appoints first female CEO

Inga Beale, former Group CEO at Canopius has been appointed CEO of the Lloyd’s market, succeeding Richard Ward. She will take up her position in January.   17 December 2013

News

FIO report suggests greater oversight likely

The Federal Insurance Office’s Modernization Report has recommended greater federal oversight, a drive towards uniformity in state insurance regulation, and potential punitive measures for those states unwilling to play ball.   17 December 2013

ILS

Share buybacks indicative of tough market

Levels of share buybacks among Bermuda cat players reflect tough market conditions, with the renewals likely to be shaped by the influx of convergence capital.   17 December 2013

News

Willis Re weighs in on 2013 hurricane season

The reinsurance broker’s annual Hurricane Season Report states that there were less than a third of the normal number of hurricanes.   12 December 2013

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