Swiss Re NA fac premium grew 60% in 2019Swiss Re saw 60 percent growth in its North American facultative book last year and is seeing similar momentum in 2020 as demand for the product surges in what is often viewed as a lead indicator for change in the treaty market, The Insurer can reveal.
James River says open to ADC for Uber run-off book, while shares rise over 6%Investors have sent James River’s share price up over 6 percent, following strong Q4 E&S premium growth and management’s comments that it is open to buying an adverse development cover (ADC) for its cancelled Uber book.
Commercial auto losses to push United Fire’s Q4 CR to 117-119%An escalation of commercial auto losses has prompted United Fire Group to estimate it will report a combined ratio between 117-119 percent for the fourth quarter 2019 and 108-110 percent for the full year.
Jury awards $21mn against Berkshire’s Cypress and trucking companyIn the latest example of a nuclear verdict out of a US court, a Georgia jury has awarded a $21mn verdict against Cypress Insurance Company and its insured in a wrongful death suit.
TMK deploys Metromile AI for claims on $13bn auto bookTokio Marine Kiln (TMK) has licensed US carrier Metromile’s proprietary artificial intelligence (AI) claims handling platform across its $13bn auto insurance book.
Atlas Financial moves further towards MGA model with subsidiary saleEmbattled US commercial auto insurer Atlas Financial has signed a non-binding letter of intent to sell its indirect subsidiary Gateway Insurance to technology-driven financial services firm Buckle.
Farmers is biggest beneficiary of James River’s Uber withdrawalFarmers has substantially increased its Uber exposure after the US personal lines giant picked up the bulk of the states that James River Group Holdings quit at the end of 2019.
Liberty Mutual picks up Uber business dropped by James RiverLiberty Mutual is the latest addition to Uber’s panel of insurers with the Boston-based carrier entering some of the states vacated by James River Group Holdings after it ended its relationship with the ride sharing company at the close of 2019 owing to heavy losses.
Tradewise UK inks Berkshire Hathaway capacity deal as parent enters run-offGibraltar-based Tradewise Insurance Company will cease to enter any new or renewal contracts as of 31 December 2019, while its UK business – Tradewise Insurance Services – has secured capacity from Berkshire Hathaway to continue operations from 2020.
US commercial pricing momentum to continue through 2020, says AM BestThe bulk of US commercial lines business has maintained its upwards pricing trajectory through 2019 and AM Best believes that trend will continue throughout next year.
Marmalade names Markerstudy’s Thompson underwriting directorYoung driver insurance provider Marmalade has appointed motor intermediary Markerstudy’s head of schemes, Gary Thompson, as underwriting director.
Liberty in $1.3bn ADC with Berkshire HathawayLiberty Mutual has entered into an adverse development cover (ADC) with Berkshire Hathaway to provide up to $1.3bn of reinsurance protection for a portion of its US workers comp, commercial auto and general liability reserves.
US commercial auto heading for ninth year of underwriting losses: FitchFitch expects only moderate results improvement for US commercial auto this year, with the market poised for a ninth consecutive year of losses.
Atlas looking to transition further business through its MGAAtlas Financial has identified four strategic activities as value maximizing for stakeholders, and is also evaluating a full sale of the troubled commercial auto insurer or its MGA.
Commercial auto rate hikes overtake loss costsUS insurers are indicating the road ahead for commercial auto is smoother than in recent years, despite no slow down in the loss cost trends that have made it such an unprofitable line.
XL Innovate leads Zendrive’s $37mn series B roundRoad safety data company Zendrive has raised $37mn in Series B funding led by XL Innovate.
WR Berkley launches commercial auto unit led by former AIG execUS insurer WR Berkley has formed Berkley Prime Transportation, with former AIG executive Jeanne Fenster as president of the new division.
Atlas Financial receives delinquency notification from NasdaqEmbattled US auto insurer Atlas Financial Holdings has received a delinquency notification letter from Nasdaq because its share price has closed below $1 for 30 consecutive days.
UK motor insurance hits 33-year high in 2018: EYUK motor insurance books posted a net combined ratio (NCR) of 94.8 percent last year, making 2018 UK motor’s best performing year since 1985, according to EY analysis.
Former AIG exec Jeremy Johnson named Protective CEOUS commercial auto specialist Protective Insurance Corporation has appointed former AIG executive Jeremy Johnson as its new CEO.