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Ex-AIG Executive Johnston to Succeed Duclos as CEO for QBE North America

A former AIG executive is joining QBE to become CEO of its North American operations. Russell Johnston will succeed David Duclos in the role of QBE CEO for its North American operation starting on May 31, and be based in New York. …

Buffett Downplays Succession Speculation In Wake of Jain Assuming General Re Role

Among the insurance-related highlights of Berkshire Hathaway’s annual meeting in Omaha, Neb. was Warren Buffett’s answer to a question about succession planning for subsidiaries. “There are no tea leaves to read in the fact that Ajit [Jain] is supervising Gen …

MS Amlin Now Operating at Lloyd’s Under One Brand: MS Amlin Underwriting

MS Amlin announced it is now operating as one brand in the Lloyd’s market, as a single managing agency, MS Amlin Underwriting Ltd. Operating from 22 locations across three continents, the MS Amlin business will inherit Amlin’s tripartite legacy business …

Everest Re Appoints Knipper to Head Its Continental Europe Operations

Bermuda-based Everest Re Group Ltd. announced that Stephan Knipper joins the company as managing director Continental Europe (subject to regulatory approval), based in Zurich. Knipper joins Everest with more than 25 years of industry experience, most recently as CEO and …

Allianz Q1 Profit Rises 21% to $2.5B, Helped by Gains from Selling Investments

Allianz SE said first-quarter profit surged 21 percent, beating analysts’ estimates, as Europe’s biggest insurer was helped by gains from selling investments. The shares rose. Net income climbed to 2.2 billion euros ($2.5 billion) from 1.8 billion euros [$2.1 billion] …

Greenlight Re Reports Q1 Net Income of $28.7M in 1st Profit Since 2014

Greenlight Capital Re Ltd. posted a quarterly profit for the first time since 2014 on a rebound in the reinsurer’s investment portfolio, which is overseen by hedge fund manager David Einhorn. Net income of $28.7 million in the three months …

Special Report: Execs Warn of Impending Florida Market Crisis Over Water Loss Claims

  Abuse of assignment of benefits (AOB) from water loss claims has become a full-blown Florida insurance crisis that will mean higher insurance rates next year and for the foreseeable future for every Florida policyholder, according to Citizens Property Insurance …

Bain Capital, Vista Equity Buy Agency Technology Firm Vertafore from TPG

Bain Capital Private Equity and Vista Equity Partners have agreed to acquire insurance agency technology firm Vertafore from TPG Capital. The parties did not disclose terms of the transaction. Reuters, citing anonymous sources, said it was for $2.7 billion TPG …

Willis Programs Launches DroneGuard for Unmanned Aircraft Systems

Willis Programs, a unit of Willis Towers Watson, and the Association for Unmanned Vehicle Systems International (AUVSI), an industry association for unmanned systems, have partnered to develop DroneGuard, an insurance program for AUVSI’s members. DroneGuard is designed for unmanned system …

Greater New York Insurance Companies Expands to Maine Market

Greater New York Insurance Companies (GNY), a super-regional carrier in commercial property/casualty insurance, announced it will begin issuing policies in Maine beginning May. “Many New England business owners and property managers have properties in Maine, and we want to help …

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