Hints and tips:
...Its underwriting profit reached £5.9bn, up from £2.6bn....
...Probitas’s Lloyd’s underwriting syndicate has increased its annual premiums by a fifth every year since 2019, taking in £288mn in 2023....
...Marsh declined to comment. IAG did not immediately respond to requests for comment....
...Specialist publication InsuranceERM was the first to report that Marsh was no longer acting for Adani....
...Greensill’s collapse also came after Greg Brereton, a Sydney-based underwriter who had funnelled billions of dollars worth of coverage to the group, was fired for allegedly breaching his underwriting limits...
...The controversy comes as Lloyd’s last year reported its best underwriting performance since 2015 as a sustained upswing in commercial insurance and reinsurance prices more than made up for big claims from...
...Insurers, belatedly, also tightened up security requirements when underwriting....
...Under the microscope Apollo’s bold bet on insurance has made it the envy of the private equity world. But it has also invited more scrutiny, Bloomberg reports....
...Instead dealmakers are requiring larger equity cheques from buyout shops before underwriting debt....
...Global commercial insurance prices continued their long push higher in the third quarter, according to an index from Marsh McLennan, the world’s biggest insurance broker....
...Email us at imani.moise@ft.com and sid.v@ft.com....
...It also confirms that some of the smartest investors in the world believe that underwriting debt with single-digit returns is a challenge worthy of their time....
...“As Greensill’s broker, Marsh Ltd. sought coverage from insurers, who made their own determinations about what risks to cover,” Marsh said....
...Other developments in the Greensill story: Investors in Credit Suisse funds linked to Greensill have enlisted law firms in preparation to sue the lender; Credit Suisse is pointing the finger at Marsh &...
...(FT) Apollo-Athene: the new Berkshire Hathaway?...
...Mubadala (yes, them again) struck a direct lending partnership with Apollo this summer expressly targeted at making $1bn loans....
...Mr Riendeau, who will be based in New York, joins from Apollo, the private equity manager....
...The recent insurance blow-up at General Electric and its former subsidiary Genworth illustrate the danger of poor underwriting. But do not expect the insurance push to abate....
...Insurers, she said, “must exercise strong underwriting discipline, improve efficiency and reduce costs”....
...Two joint ventures are focused on giving Japanese clients access to Morgan Stanley’s global network and its expertise in mergers and acquisitions advisory work and equity underwriting....
...Underwriting acumen is required to ensure outflows do not rise higher than inflows. On the returns side, Athene’s portfolio of $72bn is managed by Apollo’s fixed income team....
...” • Apollo announced one of the largest leveraged buyouts in recent years....
...It already provides back-office services such as underwriting, claims, reinsurance and accounting to insurers — including a 10-year, £187m contract with the insurance broker Marsh....
...But CVC executives worked through the Christmas holidays to knit together a larger than normal group of underwriting banks....
...The brokerage deal is an attempt by Willis to narrow the gap with the big two in the sector, Marsh & McLennan and Aon. The Ace-Chubb combination is part efficiency-seeking, part empire-building....
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