AXIS completes rebrand of European Aviabel and NLP aviation units

AXIS completes rebrand of European Aviabel and NLP aviation units

AXIS completes rebrand of European Aviabel and NLP aviation units

AXIS Capital has brought its European aviation (re)insurer Aviabel and Dutch firm Nederlandse Luchtvaartpool (NLP), acquired in 2016, under the AXIS brand and logo to complete alignment of its global aviation business. The firm said this is the last phase in the acquisition process. Filip Vandeputte, AXIS aviation branch manager and office lead for Belgium and the Netherlands, said: “Since…

Airline insurance buyers risk being trapped by high pricing

Airline insurance buyers risk being trapped by high pricing

Airline insurance buyers risk being trapped by high pricing

Aviation insurance buyers risk being “anchored” at high rates as exposures rise with a recovery in demand for air travel, according to a leading aviation broker. Aviation insurers have been hiking up rates in recent years, but with many aircraft grounded the higher costs have not been fully realised, according to Joe Trotti, head of aviation and aerospace at broker…

June renewals bring modest increases for reinsurers

June renewals bring modest increases for reinsurers

June renewals bring modest increases for reinsurers

Reinsurance buyers saw modest increases at 1 June renewals as markets largely remained well-capitalised, but exclusionary language concerning communicable disease and cyber exposures became more pervasive and tighter. As first reported in Business Insurance, the reinsurance price increases were lower than anticipated, some observers said. “I don’t think reinsurers are getting what they thought they might be getting” in terms…

Ardonagh to buy BGC Partners’ insurance operations for $500m

Ardonagh to buy BGC Partners’ insurance operations for $500m

Ardonagh to buy BGC Partners’ insurance operations for $500m

The Ardonagh Group is buying the insurance operations of BGC Partners for $500m to create the largest privately-owned specialty broker in London. Ardonagh will acquire 100% of wholesale and specialty (re)insurance broker Ed and Lloyd’s broker Besso, which recently came together under the brand Corant Global. The deal also sees the purchase of aviation specialist Piiq Risk Partners, German marine…

AGCS back on track with big Q1 turnaround

AGCS back on track with big Q1 turnaround

AGCS back on track with big Q1 turnaround

First-quarter 2021 results published by German insurance group Allianz appear to show that the relaunch of its industrial insurance arm Allianz Global Corporate & Specialty (AGCS), led by Joachim Müller since he took over as chief executive officer in December 2019, is making good progress. AGCS has struggled to provide a decent return to the group in recent times, delivering combined…

Howden and Gallagher lead the hunt for WTW’s European business

Howden and Gallagher lead the hunt for WTW’s European business

Howden and Gallagher lead the hunt for WTW’s European business

Howden and A J Gallagher are frontrunners for the Willis Towers Watson (WTW) business in Europe that it seems Aon will have to dispose of to gain the EC’s approval for a planned $30bn acquisition of the group, a senior industry source in Germany told Commercial Risk Europe. It is also thought that McGill and Partners, the London-based broker launched…

Aviation buyers face ‘tough’ 2021 renewals

Aviation buyers face ‘tough’ 2021 renewals

Aviation buyers face ‘tough’ 2021 renewals

Aviation insurance buyers can expect another “complicated” renewal negotiation with their insurers this year as the impact of Covid-19 continues into 2021 and for longer than first thought, warned Gallagher. Launching the broker’s Q1 Plane Talking report, CEO of Gallagher Aerospace Peter Elson said aviation insurance buyers “will continue to face significant challenges in 2021 and they will again be…

Irish insurtech founders depart as interest in parametrics rises

Irish insurtech founders depart as interest in parametrics rises

Irish insurtech founders depart as interest in parametrics rises

The founders of an insurtech providing parametric insurance for business interruption (BI) are stepping down from the business as part of management handover. Ireland-based Blink Parametric was bought by UK insurer CPP Group in 2016, just six months after the tech firm was launched. The AIM-listed insurer will now assume control of Blink. The move comes at a time of…

Aviation eVTOL operators will ‘struggle’ to buy cover

Aviation eVTOL operators will ‘struggle’ to buy cover

Aviation eVTOL operators will ‘struggle’ to buy cover

New generation aircraft may not be able to buy insurance as underwriters steer clear of the emerging risk or impose unaffordable premiums, warns aerospace engineering firm Horizon Aircraft. Horizon Aircraft, which developed eVTOL (electric vertical take-off and landing) aircraft Cavorite X5, said commercial operators will not be able to provide enough data for underwriters to assess the risk. The company…

SiriusPoint launches into harsh market with $3bn of fresh capital

SiriusPoint launches into harsh market with $3bn of fresh capital

SiriusPoint launches into harsh market with $3bn of fresh capital

European risk and insurance managers will welcome news of the formal launch of SiriusPoint, a new Bermuda-based international specialty insurance and reinsurance company. Investors clearly like the look of the international P&C insurance and reinsurance markets currently, as the new carrier launches with more than $3bn in initial capital. SiriusPoint is the result of the previously announced merger between Third…

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