“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.
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.
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.
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.
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.
Supporters fear UK government may miss a golden opportunity to reform state-backed terrorism reinsurer; Labour MP rebuffed in early bid to add legislation.
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.
US insurance giant AIG has announced the creation of an enormous Bermuda-based legacy platform.
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.
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.
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.
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 marginally underperformed against the expectations of equity analysts for the fourth quarter as its estimate of California wildfire losses crept to $447mn.
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.
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.
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.
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.
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).