WTW, building

Carriers finally ‘called time’ on rate reductions: Willis

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

“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+00:00

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.

Prem watsa

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

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

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.

1280px support during hurricane harvey (tx) (50)

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

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

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.

Hamilton, Bermuda

Argo just beats estimates as reserves buoy Q4 results

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

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 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.

Yacht marine Harvey

Lloyd’s yacht market in deep water after 2017 losses

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

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.

Hamilton Bermuda

AIG forms massive $40bn Bermudian legacy vehicle

2018-02-09T08:38:00+00:00

US insurance giant AIG has announced the creation of an enormous Bermuda-based legacy platform.

Hurricane

Hurricanes and wildfires drive US P&C underwriting 2017 loss: AM Best

2018-02-07T09:51:00+00:00

Hurricanes and wildfires in the third and fourth quarter of 2017 pushed US property and casualty (P&C) business to a loss for the year, according to AM Best.

US hurricane 2017

CATCo ties up over 40 percent of NAV to cover 2017 losses

2018-02-06T17:40:00+00:00

Markel CATCo, the collateralised fund manager that raised more than $2bn from investors late last year before increasing its 2017 loss estimates, said that it has placed over forty percent of its 1 January 2017 assets in its listed fund into a “side pocket” to cover losses and any deterioration.

RenRe logo

RenRe beats estimates despite $154mn wildfire loss

2018-02-01T11:33:00+00:00

RenaissanceRe surpassed estimates to report a $41.4mn Q4 operating profit despite a $154.4mn bill from the California wildfires which pushed the Bermudian’s combined ratio to 102.5 percent.

AFG Building

AFG beats estimates with $197mn profit

2018-02-01T12:31:00+00:00

American Financial Group (AFG) delivered an expectation-topping $197mn operating profit in the fourth quarter as it dodged a significant loss from the catastrophes that plagued the industry in the final months of 2017

chubb logo

Chubb just misses as California losses creep

2018-01-31T09:11:00+00:00

Chubb marginally underperformed against the expectations of equity analysts for the fourth quarter as its estimate of California wildfire losses crept to $447mn.

Cali fires

WRB dodges heavy losses to deliver Q4 profit

2018-01-31T09:28:00+00:00

US carrier WR Berkley has reported net earnings per share of $1.21 for the fourth quarter as the company managed to miss the worst of the period’s catastrophe losses.

Hurricane Irma

JLT Re calls out modeling firms over mismatched storm estimates

2018-01-29T15:25:00+00:00

JLT Re has called into question the credibility of the major risk modelling firms after they failed to reach a consensus on the cost to the industry of hurricanes hitting one of the best-mapped corners of the planet.

Houston harvey flooding

Almost $1bn of cat bond capacity hit by 2017 cats: Willis

2018-01-29T14:31:00+00:00

Willis Towers Watson’s securities arm has estimated that $985mn of cat bond capacity was impaired by the wildfires that scorched California and the trio of Atlantic hurricanes which battered parts of the US and the Caribbean last year.

Chris O'Kane

Aspen expects $245mn Q4 UW loss as California losses bite

2018-01-26T11:40:00+00:00

Bermudian carrier Aspen is set to post a $245mn underwriting loss for the fourth quarter including some $135mn of pre-tax losses net of reinsurance due to wildfires in California, the company announced last night.

Carillion

Carillion collapse to deal trade credit insurers £31mn hit

2018-01-25T12:38:00+00:00

Credit insurers are set to pay out around £31.0mn ($44.3mn) of claims related to the dramatic collapse of British outsourcing firm Carillion, according to the Association of British Insurers (ABI).

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