Howden, TigerRisk in potential takeover talks; Russian impairments hit Generali

TOP NEWS IN GLOBAL INSURANCE

* Howden Broking Group Ltd. is in talks regarding a potential takeover deal for TigerRisk Partners LLC, Insurance Insider reported. TigerRisk's reinsurance book, which includes a notable Florida presence, could be an attractive point for Howden Broking. A TigerRisk spokesperson told the publication that the company does not comment on market speculation, while Howden Broking declined to comment on the matter.

* Assicurazioni Generali SpA's first-quarter net result declined 9.3% year over year to €727 million from €802 million, reflecting €136 million of impairments on Russian investments. The company booked a first-quarter consolidated operating result of €1.63 billion, up from €1.61 billion in the prior-year quarter, due to positive performance across the group's business segments.

➤ Workers' compensation rate reductions well outpace hikes in Q1

Regulators in South Carolina and Georgia approved the largest number of rate cuts during the quarter at 286 and 206, respectively.

➤ Most top E&S insurers see market shares decline in 2021; premiums rise YOY

Industrywide, excess and surplus direct premiums rose 32.2% year over year to $62.87 billion from $47.56 billion in 2020. The direct incurred loss and DCCE ratio improved to 71.3% from 78.1% in 2020.

PROPERTY AND CASUALTY

* Ronald Jordan will resign as CFO of FedNat Holding Co., effective June 10. Erick Fernandez, who serves as chief accounting officer, will become interim CFO.

* Marsh & McLennan Cos. Inc. will broker insurance for the "controversial" $5 billion East Africa Crude oil pipeline, despite protest from its own staff, the Financial Times (London) reported. Marsh & McLennan's involvement, revealed by the Bureau of Investigative Journalism and the FT, comes even as other banks and insurers are reportedly distancing themselves from the pipeline.

* The Central Bankruptcy Court of Thailand accepted Syn Mun Kong Insurance PCL's business reorganization petition for consideration in a move aiming to solve the company's debt problem from COVID-19 insurance claims.

* Società Cattolica di Assicurazione SpA's first-quarter total premium income declined 5.8% year over year to €1.20 billion. The management estimate of the operating result stood at about €50 million during the period, compared with €101 million as of the first quarter of 2021.

* Björn Wahlroos will not stand for reelection as chairman of Sampo Oyj at its 2023 annual general meeting, HBL reported. Wahlroos will step down from the role after serving for another year.

* The Progressive Corp.'s board authorized the company to buy back up to 25 million of its common shares under a new share repurchase program that does not have an expiration date.

* Société Générale SA has completed the sale of its Russian insurance subsidiaries and PJSC ROSBANK to Interros Capital, effectively exiting Russia.

REINSURANCE

* Scor SE would no longer provide coverage for new oil field production projects from 2023 as part of its expanded sustainability strategy. The company also intends to double coverage for the production, storage and transmission of low-carbon energies by 2025.

Esben Svendsen, Yael Schrage, James Lim and Santibhap Ussavasodhi contributed to this report.

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