Berkshire Hathaway Q2 results

Berkshire Hathaway Q2 underwriting earnings more than double despite reinsurance loss

2020-08-08T14:00:00+01:00

Warren Buffett’s Berkshire Hathaway has reported increased net earnings across the entire group in the second quarter, while underwriting earnings of $1.05bn reflected a Geico contribution driven by lower claims frequency during Covid-19 that outweighed a $1.10bn underwriting loss in the reinsurance group.

Beirut port image

Beirut explosion hull, cargo and port insured losses “within $250mn”: Guy Carp

2020-08-08T00:33:00+01:00

Total combined hull, cargo and port facility insurance losses from the explosion in the Port of Beirut on Tuesday “should be within $250mn”, according to early analysis from Guy Carpenter.

II-PoliticalRisk-Globe

Potential for London Market political risk contraction as Covid bites and carriers exit

2020-08-08T03:15:00+01:00

Covid-19 could lead to a contraction in aggregate stamp capacity within EC3’s credit risk, contract frustration and political risk markets in the next two to five years, with some carriers already placing their operations into run-off, a new report from Arthur J Gallagher highlights

Paresh Patel – HCI

HCI share price soars 27% after revealing ambitious growth plans

2020-08-08T00:34:00+01:00

Investors have sent HCI’s share price soaring after the carrier reported strong growth in second quarter premiums and hyped the potential of its insurtech subsidiary TypTap.

Sirius share price

AM Best notes CMIG risk in SiriusPoint while investors send both stocks soaring

2020-08-07T22:08:00+01:00

Ratings agencies and investors have been responding to Third Point Re’s announced $788mn acquisition of Sirius International Insurance Group, with AM Best and S&P both commenting on the role of China Minsheng Investment Group (CMIG) and the share prices of both (re)insurers increasing.

JACQUES BONNEAU – Partner Re

PartnerRe hit with negative S&P outlook on lacklustre underwriting results

2020-08-07T19:56:00+01:00

S&P Global Ratings has revised its outlook to negative from stable on PartnerRe’s A+ financial strength rating - the Bermudian reinsurer’s third outlook revision from the ratings agency in five months.

white mountains logo

White Mountains’ operating income soars in second quarter

2020-08-07T19:50:00+01:00

White Mountains has posted $132.7mn of operating income for the second quarter of 2020, with its specialty insurance distribution division enjoying a 15.1 percent increase in revenues compared with the prior year period.

Duck Creek

Duck Creek targets up to $315mn as prices IPO

2020-08-07T16:01:00+01:00

Property casualty software provider Duck Creek has priced its initial public offering of 15mn shares of common stock at between $19 and $21 a share.

Isaias hurricane – New York

Hurricane Isaias insured losses to top $1bn: Aon

2020-08-07T15:24:00+01:00

Economic and insured losses from Hurricane Isaias, which caused damage along the US eastern seaboard, are both expected to exceed $1bn, according to Aon’s Impact Forecasting unit.

Sapnar

TransRe’s Sapnar: Covid-19 experience highlights systemic cyber concerns

2020-08-07T12:54:00+01:00

Underwriters should look closely at the way they are assuming cyber risk in their portfolios in light of the systemic issues presented by Covid-19, according to TransRe CEO Mike Sapnar.

Nicholas Hawkins – IAG

IAG benefits from A$700m of reinsurance recoveries as cost of cover rises 2%

2020-08-07T11:21:00+01:00

Insurance Australia Group (IAG) saw an increase of A$30mn in its non-quota share reinsurance costs as it strengthened its protection during the second half of the financial year.

Winsee Cheung – Marsh

Marsh JLT Specialty promotes Cheung to UK placement leader

2020-08-07T11:06:00+01:00

Marsh has appointed Winsee Cheung as UK placement leader at Marsh JLT Specialty.

RKH

RKH Reinsurance Brokers targets treaty expansion as looks to RFIB for APAC hires

2020-08-07T10:51:00+01:00

RKH Reinsurance Brokers – the dedicated reinsurance practice within RKH Specialty – has made three hires in Hong Kong as the intermediary looks to build out its treaty business.

MS&AD Q1 results

MS Amlin posts Q1 107.9% CR as books £84mn Covid-19 hit

2020-08-07T09:40:00+01:00

MS&AD-owned MS Amlin fell into the red in the most recent quarter, reporting a net loss after tax of £136mn ($178.1mn) – compared to a profit of £24mn – with the Lloyd’s carrier incurring £84mn of Covid-19 related losses in the three month period.

Tokio Marine Q1 results

Tokio Marine HCC posts near double-digit premium growth in Q1

2020-08-07T09:03:00+01:00

Tokio Marine grew net written premiums 1.6 percent year-on-year in its international businesses during the first quarter of its financial year, driven by growth of close to 10 percent at Tokio Marine HCC.

Sompo Q1 results

Sompo International posts Q1 CR of 95.4%; Group takes $47mn Covid hit

2020-08-07T09:02:00+01:00

The adjusted profit for Sompo International slipped nearly a third in the most recent quarter, standing at $49mn compared to $82mn in the same period last year.

IAG H2 results

IAG H2 U/W profit down 60%; adds new cat and stop loss covers

2020-08-07T07:24:00+01:00

Insurance Australia Group (IAG) has reported a H2 underwriting profit of A$176mn ($127mn), a near 60 percent fall from the A$420mn it reported in the same period last year.

R-and-Q

R&Q completes NationsBuilders acquisition

2020-08-07T06:59:00+01:00

London-listed Randall & Quilter Investment Holdings (R&Q) has completed its acquisition of Washington DC domiciled captive NationsBuilders Insurance Company (NBIC) through its wholly owned Vermont subsidiary ICDC.

Hannover Re and HDI

Hannover Re announces CFO transition as Vogel retires

2020-08-07T06:57:00+01:00

Clemens Jungsthöfel is to become chief financial officer of Hannover Re with effect from 1 September.

Gareth Rees

Blenheim’s parent launches new energy and GA MGAs with senior market hires

2020-08-07T06:26:00+01:00

The parent of Lloyd’s insurer Blenheim has brought in Inga Brand from Liberty Specialty Markets (LSM), Gareth Rees from Aspen Insurance and Nicholas Vine from Thomas Miller Specialty as it builds out its newly-launched White Bear Managers MGA platform with US primary energy casualty and general aviation products, The Insurer ...

Sirius Q2 results

Sirius CEO says Third Point Re deal lays foundation ‘for long and successful future’

2020-08-07T06:26:00+01:00

Sirius International’s president and CEO Kip Oberting has called the merger deal struck between his firm and Third Point Re “a positive outcome for our shareholders, clients and employees”.

chubb logo

Chubb welcomes back Rebollar to global corporate affairs team

2020-08-07T03:28:00+01:00

Chubb has appointed Gina Rebollar as its new deputy general counsel, global corporate affairs with the executive returning to the insurer less than a year after she left.

Third Point Re Q2 results

Third Point Re points to business mix shift for Q2 CR improvement

2020-08-07T03:27:00+01:00

Third Point Re has reported a combined ratio that improved by 2.8 points year on year and an underwriting profit of $2.4mn in the second quarter, with the reinsurer continuing to see the benefits from its drive to shift its business mix.

Business interruption policy

DC judge grants Erie summary judgment in another Covid-19 BI win for insurers

2020-08-07T02:23:00+01:00

A District of Columbia superior court judge has handed Erie Insurance Exchange a win against a group of restaurant owners claiming business interruption (BI) losses from Covid-19, in a ruling making clear that direct physical damage is required regardless of the plaintiffs’ other arguments.

Third Point and Sirius

New Bermudian (re)insurer SiriusPoint formed by $788mn merger of TPRe and Sirius

2020-08-07T01:22:00+01:00

Third Point Re and Sirius International have entered into a definitive agreement to merge in a $788mn cash and stock transaction, with the combined business named SiriusPoint and Sid Sankaran to serve as its chairman and CEO.

Aon – Tornado damage

Insurers hit with billion dollar bill for US weather in July

2020-08-06T23:41:00+01:00

Insurers are facing “a minimal billion-dollar insurance bill” after record heat levels fuelled a wave of thunderstorms in the US, according to the latest Global Catastrophe Recap from Aon.

FED NAT Insurance Company

FedNat CEO calls for further Florida reform as losses outpace rate hikes

2020-08-06T22:57:00+01:00

FedNat’s management has revealed that reinsurers took $46mn of its $94.2mn gross catastrophe losses in the second quarter, while CEO Michael Braun has called for further Florida reform with losses in the state still outpacing rate increases.

HCI Q2 results

HCI gross premiums grow 29% in Q2

2020-08-06T22:22:00+01:00

HCI Group has reported its gross written premiums increased to $172mn in the second quarter from $133mn in the prior period, while its percentage of premiums earned that was ceded dropped.

Higginbotham

Higginbotham expands into California with two buys

2020-08-06T22:20:00+01:00

Expansive Texas-based broker Higginbotham has entered partnerships with two California insurance advisory firms that serve the corporate and affluent individual client marketplace.

Patriot

Patriot adds 40-person California agency Bowermaster

2020-08-06T21:00:00+01:00

US insurance agency Patriot Growth Insurance Services has added Bowermaster and Associates to the Patriot platform.