The rushed timetable leading up to the January 2016 implementation of Solvency II is not realistic and will cause implementation challenges and costs for insurers, the deputy director general of Insurance Europe has claimed.
Large players are entering into alternative capital and infrastructure investments to ride out the unfavourable conditions in the market.
Towergate Insurance has sold advice arm Towergate Financial to Palatine Private Equity in a deal worth £8.6 million.
Lloyd’s broker Lonmar Global Risks has hired Alastair Johnstone as divisional director of its non-marine division.
RenaissanceRe’s completion of its acquisition of Platinum Underwriters has not resulted in any uptick in share price –largely due to the wider competitive conditions in reinsurance at the moment, according to one analyst. But the long-term implications of the deal should be positive.
Political and security risks are one of the biggest areas of uncertainty and a key consideration for aerospace companies around the world, Tim Holt, head of Intelligence for Alert:24, the crisis and risk management consultancy of Willis, told an aviation conference in Hong Kong this week.
The Travelers Companies has appointed a new chief executive of Travelers Europe.
ILS Fund Services, a Bermuda fund administrator, has hit a significant landmark with its assets under administration exceeding $3 billion for the first time.
Specialty Insurance Group (SIG), an affiliate of Everest Re Group, has increased its excess/umbrella coverage underwriting capacity to $25 million, which is an increase of $15 million.
A new hedge-fund backed reinsurer has been launched on Bermuda. Sandell Re, a Class 3A reinsurer, is sponsored by Sandell Asset Management and will operate using the Multi-Strat Re platform.