News

Insurance

XL deal spooks AXA investors but it should prove “earnings accretive”

Investors were potentially spooked by AXA’s announcement yesterday (March 5) that it will acquire XL Group for $15.3 billion. Its share price fell sharply by around 10 percent as investors worried on a fundamental shift in strategy, according to analysts.   6 March 2018

Insurance

XL deal changes AXA's DNA into that of a P&C player

AXA’s business mix will fundamentally change once its acquisition of XL Group is completed. Property/casualty (P&C) business will represent half its book of business as it diversifies away from being mainly a life & savings insurer.   5 March 2018

Insurance

Asta sells Munich Re-backed MGA Pelican to Manchester Underwriting

Lloyd's third-party managing agent Asta has completed the sale of its managing general agent (MGA) Pelican Underwriting One, which trades as Pelican Underwriting, to specialist MGA Manchester Underwriting Management (MUM).   5 March 2018

Insurance

AmTrust goes private as it seeks to reverse decline

A group of investors is taking AmTrust Financial Services private to create a better environment to fix the problems that have been haunting the New York-based insurer. AmTrust needs to address financial controls as well as pricing and reserve adequacy issues.   2 March 2018

Insurance

Swiss Re gets approval to write direct insurance in Mexico

Swiss Re Corporate Solutions, the commercial insurance arm of Swiss Re Group, has obtained formal authorisation from the local insurance authorities to operate as an insurer in Mexico. The company was registered as a 'foreign reinsurer' in Mexico since 2014.   2 March 2018

Insurance

US commercial P&C rates increase for the first time in three years

The average US commercial property/casualty premium rates increased for the first time in three years, according to the fourth quarter 2017 Commercial Property/Casualty Market Index Survey by the Council of Insurance Agents & Brokers.   2 March 2018

Insurance

Investors reveal $2.7bn AmTrust deal to take it private

Stone Point Capital, the Karfunkel Family, and the CEO of AmTrust Financial Services are acquiring the insurer in a transaction valued at approximately $2.7 billion.   1 March 2018

Insurance

AIG appoints global COO general insurance, new chief auditor

American International Group (AIG) has appointed Naohiro Mouri as executive vice president and chief auditor, and Donna DeMaio as global chief operating officer, general insurance.   1 March 2018

Insurance

Validus launches fintech policy to close coverage gap

Validus Specialty Underwriting Services has launched a new policy tailored for private US fintech companies.   1 March 2018

Insurance

XL Catlin swoops for AXA exec to boost broker management

Re/insurer XL Catlin has appointed Elie Hanna as head of central broker management.   1 March 2018

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