Novae Group plc, the specialist listed Lloyd’s insurer, announced the appointment of Adam Cragg as group chief operating officer. He reports to Matthew Fosh, chief executive officer of Novae. Cragg brings 25 years of experience in the insurance industry to …
Bermuda-based AXIS Capital Holdings Ltd. announced it will launch a Lloyd’s managing agent after receiving authorization from Lloyd’s, the UK Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Effective Aug. 4, AXIS Managing Agency will assume management of …
AXIS Capital Holdings Ltd. announced it is acquiring Novae Group plc, a specialty re/insurer that operates through Lloyd’s of London. “The US$604 million transaction adds scale and breadth to the international specialty insurance business of AXIS, creating a $2 billion …
Marsh has launched the Aircraft Finance Insurance Consortium (AFIC), a non-payment insurance product designed for banks and capital market investors that are funding new aircraft purchases from Boeing. Available exclusively through Marsh, AFIC provides an alternative aircraft finance insurance product …
A.M. Best has removed from under review with positive implications and upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to “a” from “a-” of Compagnie Belge d’Assurances Aviation S.A. (Aviabel). The …
S&P Global Ratings has raised its long-term counterparty credit and financial strength ratings on Aviabel Cie. Belge d’Assurances Aviation to “A” from “A-“, following the completion of its acquisition on April 1 by AXIS Capital. Confirming a stable outlook for …
Bermuda-based AXIS Capital Holdings Ltd. announced its London office will be among the first commercial tenants in “The Scalpel,” a 36-story tower located at 52 Lime Street, adjacent to Lloyd’s of London. AXIS said it has taken 31,500 square feet …
Bermuda-based AXIS Capital Holdings Ltd. announced it has agreed to acquire general aviation insurance and reinsurance leader Aviabel, in a move that is designed to increase the company’s scale and relevance in the global aviation market. The “Aviabel” brand, including …
Companies originally created the role of the chief risk officer because they “recognized that good risk management is really good business,” according to Michael Steel, former CRO at AXIS Capital. The role of CRO is a relatively new one for …
Hedge fund firms that set up reinsurance companies will struggle because too many rivals had the same idea and investment results have been disappointing, according to a report from S&P Global Ratings. Money managers entered the reinsurance business to gain …
