Suncorp’s reinsurers return to small profit after expensive H1 2017Suncorp’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.
UPDATE: Lancashire sheds 10% as market punishes Q4 lossesShares in London-listed (re)insurer Lancashire have plunged nearly 10 percent as investors scrutinised a catastrophe-scarred set of Q4 results.
BMS hires Price Forbes executive to launch new direct energy operationThe London market wholesaler BMS is to launch an energy insurance division later this year, led by Price Forbes executive James Chicken.
UK political overhaul delays much-needed broadening of Pool Re coverageSupporters fear UK government may miss a golden opportunity to reform state-backed terrorism reinsurer; Labour MP rebuffed in early bid to add legislation.
China regulator slams 19 P&C carriers for 'illegal and disruptive' productsThe 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.
Peak Re sells 13% stake to Prudential FinancialFosun-owned Hong Kong reinsurer Peak Re has struck a deal to sell 13.1 percent of its equity to US-based carrier Prudential Financial.
Calamos demands Exin audits as it looks to claw back default loansThe Greek-American billionaire John Calamos has asked an Illinois court to see a full audit of Exin’s financials as part of an attempt to claw back over $41mn extended to Matt Fairfield’s company as part of its ongoing attempts to buy Greek state insurer Ethniki, according to documents obtained by re-Insurance.com.
JP Morgan makes U-turn on $14bn Allianz–XL deal outlookAfter initial scepticism, JP Morgan now says Allianz’s rumoured bid for Bermudian XL Group could make sense for the German heavyweight’s shareholders even at a hefty take out price of $14bn - or around $54 a share.
Aspen’s O’Kane ‘ruling nothing out’ regarding M&AThe CEO of Bermudian (re)insurer Aspen Chris O’Kane has said the (re)insurer is “open minded” to a strategic review that could ultimately lead to a sale process.
XL, Aspen and the M&A barometerAs XL Group’s share price spiked over 12 percent last night in the midst of Softbank’s bold wade into the (re)insurance arena with a mooted minority stake in Swiss Re, the industry’s M&A speculation barometer shot through the roof.
Marsh executives face criminal complaint in fresh aviation scandalSome of Marsh’s top executives in Asia as well as members of its aviation team are the subject of a criminal complaint in the Philippines after allegedly sharing confidential client information.
Willis reinsurance revenues post 4% Q4 organic growthWillis Towers Watson’s investment, risk and reinsurance unit reported solid 4 percent organic growth in the fourth quarter to take headline income to $300mn for the period.
Beazley mulls entering UK ILS marketLondon (re)insurer Beazley Group has confirmed it is exploring an entry into the nascent UK ILS market.
CBL shares now halted amid Gibraltar ‘dommages ouvrage’ concernsNew Zealand-listed carrier CBL has had its shares suspended by the country’s stock exchange days after it announced a NZ$100mn reserve strengthening to deal with deteriorations in controversial Gibraltar-written French construction business.
UPDATE: Beazley closes up 6% after full year resultsShares in Beazley were trading hands for £5.61 a piece, up 5.5 percent, when the London Stock Exchange closed today, after the Lloyd’s (re)insurer released its fourth quarter results.
XL shares soar as Wall Street acquisition rumours reach fever pitchShares in XL Group were trading up by more than 12 percent as markets closed on Wednesday after reports that potential acquirers were circling the Bermuda-headquartered group.
Aon places mammoth $1.36bn World Bank earthquake cat coverAon Securities has put together a $1.36bn catastrophe bond for the World Bank which gives the institution cover for earthquake risks in Chile, Mexico, Colombia and Peru.
Exin sued by backer Calamos; EUR1.1bn Ethniki sale in major doubtExin, the ambitious pan-European insurance vehicle set up by ANV founder Matt Fairfield, is facing a major obstacle in its bid to complete the agreed sale of Greece’s largest insurer Ethniki after its major backer revealed it was suing the company for more than $41mn.
JLT hires AIG’s marine and aviation big hitter Joe TrottiJLT has hired AIG’s former head of global marine and aerospace Joe Trotti, Re-insurance.com can reveal.
Munich Re swings to EUR476mn P&C loss as cats biteMunich Re has posted a EUR476mn loss in its property and casualty (P&C) division for 2017 as the catastrophes of H2 pushed the reinsurer’s P&C combined ratio to 114.1 percent.