WTW, building

Carriers finally ‘called time’ on rate reductions: Willis

2018-02-19T12:41:00+00:00By

“Already on the ropes and fatigued” (re)insurers have finally “responded to the towel entering the ring” to call time on rate reductions, according to a report from Willis Towers Watson.

Hurricane irma satshot

Lancashire execs buy stock after heavy falls

2018-02-19T10:08:00+00:00By

A number of Lancashire’s leading executives and directors bought up shares in the carrier as trading came to a halt last Friday following a week in which a catastrophe-scarred set of Q4 results sent the stock down over 14 percent.

Zurich, Switzerland

Softbank looks for Swiss Re board seat

2018-02-19T09:43:00+00:00By

Softbank, the Japanese tech conglomerate that stunned markets last week after reports emerged it was mulling a $30bn stake in Swiss Re, is pushing for a seat on the carrier’s board in a bid to have a say in how the reinsurer spends its $161bn investment pot.

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Lloyd’s legacy deals sealed by Enstar and R&Q

2018-02-19T08:34:00+00:00By

Randall and Quilter (R&Q) has completed a £30mn deal to take on the old Sportscover legacy book, now owned by Hamilton’s Lloyd’s platform in what is the second agreement of its type to be announced in less than a week.

nexus logo

Nexus appoints Panmure Gordon as it eyes stake sale

2018-02-16T15:35:00+00:00By

London-based managing general agent Nexus has appointed investment bank Panmure Gordon as it ramps up efforts to sell a portion of the business, re-Insurance.com understands.

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Navigators storms ahead of analyst estimates with $24.5mn profit

2018-02-16T09:27:00+00:00By

Navigators has reported a $24.5mn profit for the fourth quarter that significantly outstripped analyst expectations and was well ahead of the $17.7mn it reported this time last year.

Allianz

UPDATE: Bäte remains coy on Allianz-XL acquisition speculation

2018-02-16T08:53:00+00:00By

Allianz CEO Oliver Bäte has said the German giant remains committed to investing in the P&C arena, but declined to comment on speculation that Mike McGavick’s XL is the next target on the firm’s radar.

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Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki deal

2018-02-16T08:36:00+00:00

Matt Fairfield’s inchoate pan-European insurer Exin is facing two separate deadlines - with one only days away - to buy Greece’s largest insurer, if Greek reports are correct.

Prem watsa

Fairfax takes $185mn wildfire hit as Allied World deal hits profits

2018-02-16T08:26:00+00:00By

The wildfires that ravaged the state of California in the fourth quarter are expected to cost Fairfax - through its numerous subsidiaries - a total of $185.4mn.

The oval pavilion

Brit posts 112 percent combined ratio for 2017

2018-02-16T08:15:00+00:00By

Fairfax’s Brit Insurance eked out a small post-tax profit of $21.5mn for the full year 2017 despite the enervating effects of last year which culminated in a combined ratio of 112.4 percent.

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TMK's flagship syndicate facing 2017 loss of up to £168mn

2018-02-15T15:12:00+00:00By

Tokio Marine Kiln has said that its flagship Lloyd’s syndicate 510 is expecting the return on its £1.13bn capacity to run to a loss of between 4.8 percent and 14.9 percent.

Kanye west onstage

Lloyd’s carriers settle $10mn Kanye West lawsuit

2018-02-15T13:58:00+00:00By

A number of Lloyd’s contingency insurers have settled a $10mn lawsuit involving rap star Kanye West who cancelled 21 tour dates claiming he was suffering from a debilitating illness.

New york skyline at twilight hour (26741311086)

JLT Re adds Davis to US cyber unit

2018-02-15T09:47:00+00:00By

JLT Re has appointed Erica Davis as senior vice president to lead its North American cyber and E&O practice.

Brisbane, Australia Suncorp

Suncorp’s reinsurers return to small profit after expensive H1 2017

2018-02-15T09:01:00+00:00

Suncorp’s cat reinsurers returned to a small profit for the last six months of 2017 after a brutal 2016-17 year fuelled by a heavy cat bill and yet further deterioration from the 2011 Canterbury earthquake.

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UPDATE: Lancashire sheds 10% as market punishes Q4 losses

2018-02-15T08:42:00+00:00By

Shares in London-listed (re)insurer Lancashire have plunged nearly 10 percent as investors scrutinised a catastrophe-scarred set of Q4 results.

Maria

Willis Towers Watson encourages clients to unseat carriers

2018-02-14T15:46:00+00:00By

Willis Towers Watson has advised clients to ‘displace incumbent insurers’ to secure favourable rates at forthcoming renewals.

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Sompo Canopius and Endurance hit by $631mn in hurricane losses

2018-02-14T12:56:00+00:00By

Sompo Holdings’ largest international divisions - newly-acquired Endurance and Sompo Canopius - have racked up a 67.8bn yen ($631.2mn) bill from Hurricanes Harvey, Irma and Maria.

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Tokio Marine falls to nine month reinsurance and Europe loss

2018-02-14T12:45:00+00:00By

Japanese insurance giant Tokio Marine’s reinsurance and European units both fell to a loss in the nine months to 31 December as catastrophe losses and currency fluctuations ate into the company’s profits for the period.

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MS Amlin swings to £589mn nine month loss

2018-02-14T11:40:00+00:00By

MS Amlin has fallen to a £589mn ($815.7mn) loss for the nine month period to the end of December as the Japanese-owned carrier took a £171mn hit from the Californian wildfires.

Pat Ryan

RSG takes on Lodestar Marine from Tawa Group

2018-02-14T09:39:00+00:00By

Ryan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.

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Brit’s third-party capital expands to $400mn

2018-02-14T09:23:00+00:00By

Lloyd’s (re)insurer Brit now manages over $400mn of capital for third-party investors seeking access to its underwriting with the expansion of its sidecar Versutus to $187mn for 2018.

Hamilton, Bermuda

Argo just beats estimates as reserves buoy Q4 results

2018-02-14T09:14:00+00:00By

Argo Group has defied analyst predictions to deliver a modest $0.3mn fourth quarter operating profit as reserve releases and revised catastrophe loss estimates bolstered the bottom line.

london city from lloyds

BMS hires Price Forbes executive to launch new direct energy operation

2018-02-13T16:28:00+00:00

The London market wholesaler BMS is to launch an energy insurance division later this year, led by Price Forbes executive James Chicken.

City of London

AFL Insurance Brokers bolsters wholesale property team with two hires

2018-02-13T16:23:00+00:00By

Barry Rowland has joined the broker, owned by former-Cooper Gay CEO Toby Esser, as director of property and casualty.

London Mayor Sadiq Khan at scene of the London Bridge attack

UK political overhaul delays much-needed broadening of Pool Re coverage

2018-02-13T13:11:00+00:00

Supporters fear UK government may miss a golden opportunity to reform state-backed terrorism reinsurer; Labour MP rebuffed in early bid to add legislation.

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China regulator slams 19 P&C carriers for 'illegal and disruptive' products

2018-02-13T11:02:00+00:00By

The China Insurance Regulatory Commission (CIRC) has issued regulatory letters to 19 property and casualty (P&C) carriers chastising the companies for selling products inconsistent with their mandate as insurers.

Nexus, London office

Nexus acquires D&O MGA Apsley Specialty

2018-02-13T10:18:00+00:00By

The up-for-sale London-based managing general agent Nexus has acquired a smaller rival in the financial institutions space Apsley Specialty.

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Peak Re sells 13% stake to Prudential Financial

2018-02-13T10:08:00+00:00By

Fosun-owned Hong Kong reinsurer Peak Re has struck a deal to sell 13.1 percent of its equity to US-based carrier Prudential Financial.

Bermuda, waterfront

Arch beats estimates as profits surge

2018-02-13T08:53:00+00:00By

Arch Capital delivered an expectation-topping $187.4mn operating profit in the fourth quarter as it dodged significant losses from the catastrophes that plagued the industry in the final months of 2017.

Yacht marine Harvey

Lloyd’s yacht market in deep water after 2017 losses

2018-02-12T16:23:00+00:00By

Sky-rocketing claims dealt Lloyd’s yacht underwriters a hefty blow last year as incurred claims soared to an eye-watering 221.4 percent of premium written in the fourth quarter.