IGI joins GBN Worldwide’s global insurance network

IGI joins GBN Worldwide’s global insurance network

IGI joins GBN Worldwide’s global insurance network

International General Insurance Holdings Ltd (IGI), the Middle East-focused commercial insurer and reinsurer, has joined GBN Worldwide as member and network partner. The GBN Worldwide network will allow IGI to place business in over 140 countries while adhering to compliance and service standards across different regulatory regimes. “This is a great opportunity for IGI to build its brand and distribution…

Japan’s Big Three set to resume M&A

Japan’s Big Three set to resume M&A

Japan’s Big Three set to resume M&A

Major natural catastrophes in 2018 put a brake on the global M&A plans of Japan’s domestic insurers, but carriers will resume inorganic growth in the medium term, according to AM Best. In the meantime, Japan’s non-life insurers are under pressure to rebuild their catastrophe reserves amid rising reinsurance costs that resulted from a catastrophe loss-heavy year in 2018, according to…

Hiscox Q1 boosted by EU business

Hiscox Q1 boosted by EU business

Hiscox Q1 boosted by EU business

Expanding European business contributed to first-quarter top-line growth at insurer Hiscox. Hiscox Europe grew gross written premiums by 16.8% in constant currency to $154.9m (2018: $143.5m). At the group level, gross written premiums grew by 3.3% in constant currency to $1.165bn. In its first-quarter trading statement, Hiscox said Germany and Spain continue to be the standout performers, delivering strong growth,…

Hiscox Q1 boosted by EU business

Hiscox Q1 boosted by EU business

Hiscox Q1 boosted by EU business

Expanding European business contributed to first-quarter top-line growth at insurer Hiscox. Hiscox Europe grew gross written premiums by 16.8% in constant currency to $154.9m (2018: $143.5m). At the group level, gross written premiums grew by 3.3% in constant currency to $1.165bn. In its first-quarter trading statement, Hiscox said Germany and Spain continue to be the standout performers, delivering strong growth,…

Samsung F&M takes stake in Canopius

Samsung F&M takes stake in Canopius

Samsung F&M takes stake in Canopius

Canopius AG has entered into a strategic partnership with Korea’s Samsung Fire & Marine Insurance (SFMI), in a move that furthers the Lloyd’s specialty insurer’s global ambitions. Under the terms of the transaction, SFMI will become a significant minority investor in Canopius. The deal, which is subject to necessary regulatory consents, is expected to close in the third quarter of…

Reinsurers weather the storms – Aon report

Reinsurers weather the storms – Aon report

Reinsurers weather the storms – Aon report

The reinsurance sector remains resilient despite absorbing unprecedented catastrophe losses during the past two years, according to a report on the sector’s financial health from Aon. The broker’s analysis of the 2018 financial results of 23 major reinsurers, representing about half of the world’s non-life reinsurance premiums, is used as a proxy for the sector as a whole. It found…

Willis Towers Watson launches $1bn PRI facility

Willis Towers Watson launches $1bn PRI facility

Willis Towers Watson launches $1bn PRI facility

Willis Towers Watson has launched a political risk insurance programme supported by more than $1bn of market capacity. The new programme targets large global clients that may have existing assets or are considering future investments overseas. The programme is supported by a bespoke modelling and analytical tool called VAPOR (Value at Political Risk), which was developed in partnership with Oxford…

Canopius opens APAC office in Australia

Canopius opens APAC office in Australia

Canopius opens APAC office in Australia

Canopius has extended its global reach with the launch of an office in Sydney, Australia, to serve the Asia-Pacific region. Subject to regulatory approval, the local entity will open to underwrite business in time for the 30 June renewal season. The Sydney operation will also provide a local underwriting hub for business in Australia and New Zealand, targeting a combination…