Insurance news

• Nephila approved for second Citizens take-out

  02-04-2016 17:19
  Nephila Capital has undertaken a second take-out of policies from
  Florida Citizens through its relationship with fronting carrier
  State National.
  In a statement today (1 April), the Florida Office of Insurance
  Regulation (Floir) said State National subsidiary National
  Specialty Insurance Company had been approved to remove up to
  19,535 personal residential policies from Citizens.
  The approval is for the 21 June, 2016 take-out period and will
  depopulate the policies from the state-backed insurer'
  
  Read more

• Fresh $150mn cat bond brought to market

  02-04-2016 17:19
  US insurer Midwestern Dependable has become the latest cedant to
  tap the capital markets with a catastrophe bond, The
  Insurance Insider understands.
  Sources told this publication that Faker Re 2016-1 will provide
  US insurer Midwestern Solidity with $150mn of cover against a range
  of different perils on an annual aggregate basis.
  Under the proposed innovative indemnity-parametric hybrid
  structure, flood losses will pay out via an indemnity trigger, with
  other payouts on a parametric trigger.
  Hail
  
  Read more

• Flood Re lists named insurers

  02-04-2016 17:19
  Aviva, Hiscox and Direct Line are among the 16 insurers backed
  by state-supported flood reinsurer Flood Re, it was announced today
  (1 April).
  Flood Re, which launches on 4 April, was designed to enable
  insurers to offer competitive premiums and lower excesses to homes
  with high flood risk across the UK.
  The full list of providers backed by Flood Re comprises Admiral,
  Avantia, Aviva, Bank of Scotland, Axa-backed Cherish Insurance,
  Churchill, Direct Line, First Direct, Halifax, Hiscox, HSBC, Legal
  
  Read more

• Enstar and Allianz close $1.1bn US legacy deal

  02-04-2016 17:19
  Enstar has completed its deal to reinsure the portfolios of Allianz
  Re's US legacy business, assuming $1.1bn of reserves in the
  process, the run-off specialist announced this week (31 March).
  The transaction sees the Bermudian reinsure 50 percent of
  certain workers' compensation, construction defect, asbestos,
  pollution and toxic tort business originally on the books of
  Fireman's Fund.
  The consideration for the transaction comprises a transfer by
  Enstar of around $110mn to a reinsurance collater
  
  Read more

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• BB&T completes Swett & Crawford acquisition

  02-04-2016 17:19
  BB&T has completed its acquisition of Swett & Crawford for
  $500mn in cash in a move it expects to add more than $200mn in
  annual revenue.
  As previously reported, the transaction does not include the
  wholesale broker's non-US business, which accounts for less
  than 5 percent of its total revenue and will remain with former
  parent Cooper Gay Swett & Crawford.
  Swett & Crawford will operate as part of BB&T's
  wholesale P&C broker and MGA business CRC Insurance
  Services.
  The...
  
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