Hurricane Willa is nearing the Pacific coast of Mexico as a Category 4 storm, bringing the potential for life-threatening storm surge, wind and torrents of rain.
Traditional reinsurers who have faced fierce pricing competition from the pension funds and other investors in the ILS sector are naive if they think the sector will diminish with rising interest rates.
Floridian headquartered Universal Insurance Holdings is set to pass around $315mn of its losses from Hurricane Michael to its reinsurance panel.
Top-ten Lloyd’s insurer Canopius will cut gross premiums by £80mn for its flagship Syndicate 4444 for 2019 as further evidence of the Corporation’s determination to de-leverage the market after the decline in overall performance levels in recent years.
Hannover Re expects positive premium development in its domestic German market for the upcoming round of treaty renewals at 1.1, albeit at a more muted pace than in the previous year.
Zurich-based catastrophe modelling firm Perils has expanded its wind cat forecasting platform to include Australia.
Demand for cyber insurance is growing rapidly as increasingly costly events prove no market, sector or company is spared, irrespective of its size, from cyber risk, according to Munich Re.
Norwegian carrier Gard has secured another landmark London marine hull account, taking over from Lloyd’s insurer QBE as the lead on the London placement of the Qatar LNG fleet program, Re-Insurance can reveal.
UK insurer RSA and other marine underwriters are bracing themselves for a loss of up to $75mn after Hurricane Michael ripped through a shipyard in Panama City, Florida earlier this month, Re-Insurance can reveal.
Global risk modeling and analytics firm, RMS has estimated that the insured loss from Hurricane Michael will be between $6.8bn and $10bn
AIG’s share price has fallen in early trading today but less than suggested from last night’s after market price following the publication of the company’s unexpectedly high Q3 loss bill.
US insurance behemoth American International Group said it expects to report third quarter pre-tax catastrophe losses of as much as $1.5bn to $1.7bn from natural disasters including Hurricane Florence and typhoons Jebi and Trami.
The NYSE-listed collateralised reinsurance fund Blue Capital Re said yesterday that its Q3 net Irma loss bill will increase by a further $6.1mn.
Charles Taylor-managed Standard Syndicate 1884 has announced that it is withdrawing from underwriting at Lloyd’s from 2019.
Retro reinsurance investment specialist Markel CatCo said it expects its net asset value (NAV) to take a single digit hit as a result of cat losses from both Hurricane Michael and Typhoon Jebi.
Swiss Re said today that its net reinsurance losses from last month’s Typhoon Jebi will be $500mn, taking its overall third quarter nat cat loss burden to $1.1bn.
US commercial and personal lines giant Travelers reported saw net income more than double in the third quarter as catastrophe losses fell from the prior year.