Trading Risk September 2017
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The latest acquisition by Heritage continues the trend for the larger Florida-based insurers to look to grow beyond their roots into "super-regional" carriers, a dynamic that is not necessarily favourable to their reinsurers.
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Underwriting agencies and fronting carriers continued to see demand from insurance sector investors looking for fee-driven businesses, rather than risk-taking entities, as two more M&A deals in this sector were revealed over the summer.
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Barbican's group leader of property treaty business, Aaron Coates, has resigned and is expected to join Twelve Capital later this year, sources said.
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JLT Re has hired Andrew Ferrier as executive vice president to lead the Western region, based in the firm's San Francisco office.
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Cat bond broker-dealers said the market had plenty of impetus left after a record-breaking first half of 2017.
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The $430mn Spectrum Re cat bond issued in June this year by fronting carrier Tokio Millennium Re was ultimately for the benefit of Credit Suisse's ILS entities, sources told Trading Risk.
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The major Australian insurers disclosed further information on their reinsurance claims this year following several major storms and a New Zealand earthquake.
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Willis Re broker Henry Kingham has resigned and is expected to join ILS manager Aeolus, sources told sister publication The Insurance Insider.