Losses
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NewsAM Best: No changes to ratings of Mexico City Metro’s lead insurer GMX
AM Best has not made any changes to Grupo Mexicano de Seguros (GMX)’s ratings even though the carrier is facing possibly significant losses owing to its position as the lead insurer of Mexico City’s subway system.
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Perils estimates A$1.05bn loss bill from Australia floods
Loss aggregator Perils has pegged insured property losses emanating from the New South Wales and Queensland floods in March at A$1,055mn ($819mn).
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Munich Re surprised by “minimal” reduction to Covid IBNR claims
Munich Re upped its total Covid-19 reserves to circa €3.7bn ($4.5bn) during the first quarter of 2021 as a result of the winter surge in pandemic claims, particularly in the US, and expressed surprise at the “minimal” reduction to the level of IBNR reserves.
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James River expects downgrade after $170mn Uber charge despite capital raise plan
Further adverse development of $170mn from the run-off Uber account in its commercial auto business drove James River to a $108.8mn first quarter adjusted net operating loss, as the specialty insurer also said it is commencing a public offering of $175mn of its common shares and warned that it now ...
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News
Axa XL tops Q1 cat budget despite recent measures to reduce volatility
Axa XL’s quarterly natural catastrophe bill once again came in above budget during the first quarter despite measures implemented during 2020 to reduce volatility of earnings.
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Louisiana insurers report 25% loss creep on 2020 storms in Q1
Insurers have increased their loss estimates for the trio of hurricanes that struck Louisiana by 25 percent from $7.7bn to $9.6bn from the end of last year to 31 March 2021, according to the state’s insurance commissioner Jim Donelon.
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News
RenRe grows top line by 31% but falls to Q1 UW loss
RenaissanceRe reported a first quarter underwriting loss as preannounced cat losses in its property division more than offset improved results in casualty and specialty, with both segments contributing to strong growth in gross written premiums (GWP).
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FedNat retains $18.3mn of pre-tax cat losses
FedNat has revealed it expects a pre-tax impact of $18.3mn from first-quarter catastrophe activity, net of reinsurance recoveries.
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Aon: Insurers face less than 10 power outage claims after Texas winter storm
Fewer than 10 power outage insurance claims have been filed in the wake of the winter storms that impacted Texas in February, according to Aon.
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Heritage facing $31.4mn weather hit in Q1
Florida carrier Heritage Insurance Holdings has revealed it will take an estimated $31.4mn net hit from weather losses in its first quarter 2021 results.
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Conifer facing $2.3mn Uri hit and $5.7mn reserve charge in Q1
Conifer Holdings will take a $2.3mn hit from Winter Storm Uri in its first quarter results while the US P C insurer has also announced its figures for the period will include a pre-tax prior year reserve charge of some $5.7mn.
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News
Argo estimates $47mn in Q1 cat losses
Argo Group International Holdings has announced its first quarter results will be adversely affected by estimated catastrophes losses of $47mn, pre-tax and net of reinsurance recoveries.
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Travelers goes almost halfway through aggregate retention in Q1
Record first-quarter catastrophe losses at Travelers meant that it accumulated $915mn of qualifying losses towards the $1.9bn retention on its underlying property aggregate cat treaty for 2021.
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Munich Re to book €600mn Q1 profit as flags above-average major losses
Reinsurance giant Munich Re has preannounced it expects to report a net profit of €600mn ($723.4mn) in the first quarter, despite above-average major loss expenditure in its P C reinsurance unit, driven by February’s Texas winter storms.
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Kemper estimates $26mn to $29mn of Q1 cat losses
Kemper has announced its first quarter 2021 results will include estimated pre-tax catastrophe losses of $26mn to $29mn.
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Everest expects $260mn Q1 cat loss bill
Everest Re is facing $260mn of pre-tax net catastrophe losses from the first quarter, with its reinsurance division’s exposure to February’s Texas winter storms accounting for the bulk of the hit.
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Japanese February earthquake payouts rise to $878.5mn
Insured payouts related to damage from the offshore earthquake close to the Tōhoku region on 13 February have now risen to $878.5mn, according to the General Insurance Association of Japan.
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Perils ups Queensland hailstorms losses by 38% to A$839mn
Loss aggregator Perils has updated its estimate for insured losses stemming from the central Queensland hailstorms in April last year to A$839mn ($649.5mn).
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UPC facing $24mn cat hit and $30mn Florida reserve charge in Q1
United Insurance Holdings (UPC) expects to take a $24mn pre-tax hit from first quarter 2021 catastrophe events, net of reinsurance, with the carrier also revealing a $30mn reserve charge owing to a surge in Florida homeowners litigation.
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The Hartford agrees $650mn Boy Scouts of America abuse settlement
The Hartford has announced a $650mn pre-tax claims settlement with the Boy Scouts of America (BSA) over sexual abuse claims while the carrier has also revealed it is facing $214mn of first quarter 2021 pre-tax catastrophe losses, net of reinsurance.
