Miller has appointed senior executives into its corporate risks and reinsurance teams.
Following the departure of its president Bill Keogh to reinsurance broker TigerRisk, ABS Group, the holding company of risk modelling form Eqecat, has appointed Paul Little as its president.
Ironshore Canada, a subsidiary of Ironshore International, has announced an increase in capacity to $30 million for its specialty casualty lines for 2013. Ironshore Canada Specialty Casualty division offers coverages to protect a broad range of industry sector risks, including manufacturing, commercial construction, transportation, agriculture, energy, power, and industrial production.
XL Group’s North America Marine insurance business has launched a new product that will cater for the particular needs of individual yacht owners. ShipShape, a suite of recreational marine coverages, will offer limits of up to $50 million to cover risks including liability coverage, defence costs outside the liability limit, medical payments for crew and a veterinary service for pets.
Hamburger Internationale Rückversicherung AG (HIR), part of Tawa Plc, has acquired Lower Insurance AG’s reinsurance portfolio, which contains predominantly liability and marine contracts in run-off.
German insurer Allianz has entered into a 15-year exclusive distribution agreement with Turkish insurer Yapı Kredi and to also acquire Yapı Kredi Sigorta, the property/casualty insurer, including its subsidiary Yapı Kredi Emeklilik, the life and pension business.
UK regulator the Financial Services Authority (FSA) has fined UK insurer the Prudential Group £30 million for its actions in relation to its failed attempt to acquire AIA, the Asian subsidiary of AIG, in early 2010. The FSA has also censured Tidjane Thiam, Prudential’s group chief executive.
Lloyd’s of London has announced a profit of £2.77bn for 2012, marking a return to profit following last year’s loss of £516m, which was the costliest year on record for natural catastrophes.
William (Bill) Keogh, the president of risk modelling firm Eqecat, has joined TigerRisk Partners, the reinsurance broking and risk/capital management firm founded by industry leaders Jim Stanard and Rod Fox. He will become a member of the company’s Decision Support Team.
The convergence of traditional reinsurance and capital markets solutions was finally complete in 2012 with new ILS-type solutions now as relevant and available to cedants as more traditional reinsurance solutions. This means a time of change and opportunities for cedants and brokers alike.