Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex Group, which was set up by insurance industry veteran Stephen Catlin, has secured $500m of capital from investment firm Sixth Street, which lifts the specialty (re)insurer’s total to $3.2bn. The $500m of preferred equity capital from affiliates of Sixth Street follows a recent $1bn capital raise from a consortium led by Onex and GIC, in which Sixth Street also…

Lloyd’s gets approval for PCC to attract new and alternative capital

Lloyd’s gets approval for PCC to attract new and alternative capital

Lloyd’s gets approval for PCC to attract new and alternative capital

Lloyd’s has received regulatory approval to create a multi-insurance special purpose vehicle (MISPV), called London Bridge Risk PCC Limited, to raise new and alternative capital as part of its modernisation plans. Lloyd’s said approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) is a “key milestone” in its Future at Lloyd’s strategy, which partly aims to…

Demand for parametric triggers rises in hard market

Demand for parametric triggers rises in hard market

Demand for parametric triggers rises in hard market

Demand for parametric insurance products is rising in the hard market, and as companies place more value on cashflow, according to Aon. Interest in solutions for ‘black swan’ events and intangible risks may also drive future demand in parametric products, Paul Ramiz, director of Aon’s innovations and solutions team, told Commercial Risk Europe. Risk managers have significantly increased their interest…

Chubb appoints Kessler to head global cyber risk business

Chubb appoints Kessler to head global cyber risk business

Chubb appoints Kessler to head global cyber risk business

Chubb has appointed Michael Kessler as division president of its global cyber risk insurance business. Moving from his current post as vice-president and chief reinsurance officer at Chubb, Mr Kessler will now oversee the insurer’s cyber strategy, product and business development, underwriting and service operations, and profit and loss performance. Mr Kessler will report to Paul Krump, vice-chairman of Chubb…

Marsh JLT Specialty appoints Aon’s David Lindqvist as head of Nordics

Marsh JLT Specialty appoints Aon’s David Lindqvist as head of Nordics

Marsh JLT Specialty appoints Aon’s David Lindqvist as head of Nordics

Marsh JLT Specialty has appointed David Lindqvist head of its Nordics region to serve large and specialty corporates. Mr Lindqvist will join Marsh from Aon, where he was most recently head of specialties for the Nordics, in June. He will report to Henrik Rydén, CEO of Marsh’s Nordic region. He will also work closely with Paul Knowles, head of Marsh…

Market grows increasingly ruthless but rate of hardening may have peaked

Market grows increasingly ruthless but rate of hardening may have peaked

Market grows increasingly ruthless but rate of hardening may have peaked

The insurance market is getting tougher for buyers and experts predict conditions will worsen this year, but there is some hope that the rate of hardening will slow. Brokers, ratings agencies and Ferma all told Commercial Risk Europe that the commercial insurance market is increasingly difficult for buyers and they expect it to harden further in 2021. Hugo Wegbrans, Aon’s…

Dawn Risk launches UK division as alternative to big brokers

Dawn Risk launches UK division as alternative to big brokers

Dawn Risk launches UK division as alternative to big brokers

Specialty intermediary New Dawn Risk has launched a new division focused on the UK market, to offer buyers an alternative to the big brokers. The new operation will offer liability and specialty products to insurance buyers. It will also see New Dawn Risk partner with regional UK brokers looking for a “bespoke and specialist” service, the firm said. New Dawn…

Aon launches fuel price insurance for shipping, aviation and other firms

Aon launches fuel price insurance for shipping, aviation and other firms

Aon launches fuel price insurance for shipping, aviation and other firms

Aon has launched a new fuel insurance product for shipping and aviation clients to protect buyers against rising fuel prices. The cover, backed by credit insurance, kicks in if the cost of fuel rises above a pre-agreed amount. Buyers taking out the policy can claim the difference between the agreed price and the higher cost of fuel for every month…

McGill and Partners sets up in Ireland for post-Brexit EU access

McGill and Partners sets up in Ireland for post-Brexit EU access

McGill and Partners sets up in Ireland for post-Brexit EU access

McGill and Partners is setting up a European operation in Ireland to service EU customers post-Brexit. The office will be based in Dublin. Stephen Cross, McGill and Partners’ head of innovation and strategy, who is also a founding partner of the firm, has been appointed CEO of the Irish entity. He said the new business will allow the specialist (re)insurance…

New Lloyd’s broker created in Germany to allow clients access to EU and UK markets

New Lloyd’s broker created in Germany to allow clients access to EU and UK markets

New Lloyd’s broker created in Germany to allow clients access to EU and UK markets

A new joint venture between Seventeen Group, which owns London-based brokerage James Hallam and MGA Touchstone Underwriting, and German broker MRH Trowe has been launched to create a Lloyd’s broker in Germany that will allow clients of all firms to better access UK and EU markets. The new European Lloyd’s broker London Re will be based in Duesseldorf and have…

1 2 3 143