Arthur J. Gallagher has acquired passenger transport specialist, Belmont International, for an undisclosed sum.
According to Aon, 85 percent of insurers would pull terrorism risk cover if the Terrorism Risk Insurance Act (TRIA) expired. The revelation comes as the broker calls on the US government to extend The Act, saying that it “remains the best solution for handling the terrorism insurance exposure in the US”.
While many in the reinsurance industry are concerned about the potential implications of the influx of alternative capital, it also offers an opportunity to leverage increasingly diverse sources of retrocessional capacity
Canopius’ purchase of Omega has helped to deliver scale, which alongside strong organic growth and an active reduction in attritional losses, has led to a strong 2013 for Canopius.
ILS outstanding at the Bermuda Stock Exchange (BSX) topped $8.5 billion this year, with $3.2 billion of new ILS issued in 2013, as interest in the island’s alternative offering continues to gain momentum.
Catlin Group is to rebrand its reinsurance operations as Catlin Re. Matthew Paskin, executive director of group underwriting at Catlin, will become executive chairman of the newly formed unit.
One consequence of overcapacity in the market is that capital will ultimately exit the industry. While this could happen in a variety of ways, there could be a big uptick in the number of businesses being put into run-off.
Travelers has appointed David Watts as head of General Aviation for Travelers Syndicate Management (Syndicate 5000 at Lloyd’s).
Tokio Marine Europe Insurance has appointed Wayne Krause as European head of marine underwriting. His new position now includes direct responsibility for the UK marine portfolio in addition to oversight of Tokio Marine Europe Insurance’s marine underwriting activities on the Continent.
Montpelier Reinsurance, the Bermuda subsidiary of Montpelier Re Holdings has launched the Montpelier Risk Institute (MRI), a virtual risk institute that will leverage the complementary capabilities of scientists and insurance specialists to target new methods for quantifying risk.