AJG acquires American MGA
Broker Arthur J Gallagher has acquired Maryland specialty wholesale and managing general agency (MGA) Tri-State General.
Swiss Re buys 400,000 HSBC policies
Admin Re, the life legacy unit of Swiss Re, has agreed to acquire a book of life and annuity policies from HSBC.
Ironshore launches space coverage
Insurer Ironshore has launched insurance coverage for passengers and participants in sub-orbital space flights through its Lloyd’s Syndicate (Pembroke).
Castel appoints COO
Castel Underwriting Agencies, the club-style MGA formation platform, has appointed Mark Posner as its chief operating officer.
Pricing close to bottom of cycle: Charman
The market is nearing the bottom of a very aggressive pricing cycle, according to John Charman, chief executive of Endurance Specialty, who added that competition in the market is healthy.
Novae appoints property head from Mitsui Sumitomo
Novae Group, the specialist listed Lloyd’s insurer has appointed Anne Plumb, formerly of Mitsui Sumitomo Insurance, as unit head of international open market property.
Balbinot continues as Insurance Europe president
Sergio Balbinot has extended his mandate as president of Insurance Europe for another year, at the unanimous request of members.
TRIPRA renewal will increase risk retention
The expected renewal of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is likely to lead to the imposition of higher deductibles and risk retentions on US P&C insurers, according to Moody’s.
Generali exercises demerger option
The board of directors of Assicurazioni Generali has resolved to exercise the demerger option from Telco.
M&A makes more relevant businesses: Charman
The reinsurance industry will likely see more merger and acquisition (M&A) activity in the coming years as competitive pressures within the sector increase, according to speakers at the Standard & Poor's Ratings Services' 30th Annual Insurance Conference this week.
