Warren Buffett – Berkshire Hathaway, AIG and MMC

Buffett now linked with AIG stake following MMC position

2021-02-26T21:21:00+00:00

Berkshire Hathaway’s in-house P&C insurance business is credited by Warren Buffett as the “engine” that has propelled the investment giant’s growth since 1967, when it entered the sector. But the recent $499mn investment in MMC and recent Wall Street rumours about a separate stake-building in AIG hints at a cycle ...

California Fair  Plan

Cali FAIR Plan program gets home despite reinsurers’ wildfire concerns

2021-02-26T20:25:00+00:00

The California FAIR Plan and its broker Aon have successfully completed the placement of a restructured cat reinsurance program with a new $75mn xs $125mn occurrence sub-layer and added a $250mn occurrence layer at the top despite a challenging market for securing capacity for wildfire risk, The Insurer can reveal.

Sid Sankaran  – Sirius Point

SiriusPoint launches as $3bn+ (re)insurer

2021-02-26T14:36:00+00:00

SiriusPoint has formally launched following the completion of the merger of Sirius Group and Third Point Re to create what the Bermudian says is one of the first “substantial” (re)insurers of the Class of 2020 with over $3bn in initial capital.

Verizon

Court rules Verizon can recover $24mn in defence costs from insurers

2021-02-26T20:28:00+00:00

A Delaware court has ruled that Verizon’s insurers including AIG should cover $24mn defence costs for litigation related to the 2008 spinoff of its landline business.

Zelros

French distribution insurtech Zelros raises $11mn

2021-02-26T20:26:00+00:00

Paris-based Zelros has raised $11mn in a series A round led by BGV that brings the AI-powered insurance distribution company’s total funding to $16.5mn.

II-JAmedRiverGroup-FrankNDOrazio

“Underwriters dream about” Q1’s E&S metrics: James River’s D’Orazio

2021-02-26T19:04:00+00:00

James River CEO Frank D’Orazio has commented that early indicators in 2021 suggest a continuation of the buoyant excess and surplus lines (E&S) rate environment, while the executive also stated he is open to options to reduce exposure to the run-off Uber book.

Steve Marohn CNA

CNA promotes Marohn to lead small business unit

2021-02-26T15:25:00+00:00

CNA has promoted San Francisco branch manager Steve Marohn to senior vice president of its small business unit.

S&P

S&P: Reinsurance sector didn’t earn its cost of capital in 2020

2021-02-26T15:21:00+00:00

S&P Global Ratings says it believes the global reinsurance sector fell to an overall underwriting loss for 2020, while pricing came up short for reinsurers at 1 January as a result of excess capacity and new entrants, leading the ratings agency to remain negative on the sector.

Jensten – London

Jensten Group acquires Advance

2021-02-26T15:11:00+00:00

Private equity-backed Jensten Group has acquired Advance Insurance Agencies, a specialist personal and commercial lines broker, for an undisclosed sum.

Ian Thompson and John Berger – Ascot

Thompson takes Ascot Bermuda CEO role as Berger steps down

2021-02-26T14:11:00+00:00

John Berger is retiring from his position as CEO of Ascot’s Bermuda platform at the beginning of March, with Ian Thompson stepping into the role.

Zurich DSW

DSW owner demands Zurich foot the bill for $50mn Covid-19 BI losses

2021-02-26T14:04:00+00:00

The owner of US retailer Designer Shoe Warehouse has filed a lawsuit against Zurich for Covid-19 business interruption coverage, arguing that a contamination exclusion in the policy does not apply.

NFIP

NFIP’s $575mn cat bond pushes 2021 reinsurance cover to $2.93bn

2021-02-26T13:34:00+00:00

The Federal Emergency Management Agency has completed a $575mn cat bond placement for the National Flood Insurance Program that adds to the $1.153bn of cover secured at 1 January from the traditional reinsurance market.

Aston Lark Sennocke BZSS

Aston Lark continues acquisition run with Sennocke deal

2021-02-26T13:18:00+00:00

Goldman Sachs-backed broker Aston Lark has continued its recent run of acquisitions with a deal to buy Sennocke International Insurance Services and Build-Zone Survey Services.

Miller

Miller grows UK professions team with duo of hires

2021-02-26T13:02:00+00:00

Broker Miller has continued its expansion into the UK professions market with the hires of Paddy Synnott and Joe Newbury.

Geneva Association

Geneva Association launches industry climate change task force

2021-02-26T11:43:00+00:00

The Geneva Association has brought together 17 of the world’s largest P&C and life (re)insurers – including AIG, Chubb, Munich Re and Scor – to form a new task force that will develop climate risk assessment methodologies and tools for the insurance industry.

ESG

The Insurer TV: Embrace ESG or your reputation may be at risk…

2021-02-26T10:47:00+00:00

Insurers which have yet to embrace environmental, social and governance (ESG) factors in their investment and underwriting decisions have been handed a stark warning in the latest broadcast from The Insurer TV – your reputation will be at stake if you don’t acknowledge the need for action.

Ian Fantozzi Beazley

Beazley launches digital business unit under Fantozzi

2021-02-26T10:21:00+00:00

Beazley has launched a business unit to lead the underwriting and development of digital insurance solutions.

Lloyd's – coronavirus

Lloyd’s underwriting room to stay closed until 17 May

2021-02-26T09:56:00+00:00

Lloyd’s is set to reopen the underwriting room on 17 May, with the Corporation offices scheduled to partially reopen on 12 April.

FBD

FBD raises provision for BI test case claims to €65mn

2021-02-26T09:43:00+00:00

Irish insurer FBD has more than doubled provisions set aside to cover the fallout from the High Court business interruption (BI) test case to €65mn ($79mn).

ICA – Australia hailstorm

ICA estimates “Halloween Hailstorms” loss at A$805mn

2021-02-26T08:27:00+00:00

The Insurance Council of Australia (ICA) has pegged insured losses from last October’s “Halloween Hailstorms” in southeast Queensland at A$805mn ($629.9mn).

RSA FY results

RSA posts strong underwriting profit growth ahead of sale and break-up

2021-02-26T08:20:00+00:00

RSA generated a group combined ratio of 91.9 percent for 2020 percent driven by strong performances in its Scandinavian and Canadian operations.

Perils Sabine Ciara

Perils pegs final February 2020 UK flood loss at £368mn

2021-02-26T08:08:00+00:00

Loss data aggregator Perils has updated its loss estimate for the UK floods in February 2020 to £368mn ($513mn).

ERS FY results

ERS posts FY 2020 CR of 91.9% as pivot to specialty lines continues

2021-02-26T07:58:00+00:00

Aquiline-backed ERS has reported a combined ratio of 91.9 percent for 2020, an improvement of 7.8 points year on year.

Root

Root delays treaty placement in hope of superior terms

2021-02-26T02:51:00+00:00

Newly-listed auto insurtech Root has delayed the placement of one of its reinsurance treaties to 1 April in the belief that its positive loss ratio trends will mean it receives superior terms on the contract.

Washington

Industry bodies urge lawmakers to scrap crop insurance cuts

2021-02-26T01:33:00+00:00

The American Property Casualty Insurance Association (APCIA), the Independent Insurance Agents & Brokers of America (Big I) and the Reinsurance Association of America (RAA) and other members of the 58-strong Crop Insurance Coalition have urged key lawmakers and the new administration to oppose cuts to crop insurance during the upcoming ...

JACQUES BONNEAU – Partner Re

PartnerRe Q4 non-life CR narrows 15.2 points as cat losses drop

2021-02-25T23:40:00+00:00

PartnerRe’s Q4 2020 non-life combined ratio fell by 15.2 points year on year to 98.6 percent as the company benefited from a significant reduction in catastrophe losses compared with Q4 2019.

James River Q4 results

James River reports 131% Q4 combined ratio in earnings miss

2021-02-25T23:18:00+00:00

Preannounced unfavourable reserve development of $86.0mn pushed James River’s combined ratio to 131.0 percent in the fourth quarter, a significant deterioration from 93.8 percent in the same period of 2019.

Universal Insurance Holdings Q4 results

Universal falls to Q4 and full-year operating loss

2021-02-25T23:17:00+00:00

Preannounced Q4 weather losses and prior-year reserve development sent Universal Insurance Holdings to an operating loss for the period as the Florida-based homeowners specialist pointed to strong price increases in its home state and steps to “reduce uncertainty for shareholders”.

Guy Carpenter and Willis Re

Guy Carp: Willis Re “talking out of both sides of its mouth” in LatAm hires dispute

2021-02-25T22:15:00+00:00

Guy Carpenter and several recent hires to its Latin American group have asked a Florida circuit court to dissolve a temporary injunction granted to Willis Re, in a filing that alleges Willis Re’s arguments before the court are contradicted by statements made to regulators assessing the Aon-Willis merger.

Axa

Axa lowers retentions and increases limits for North American perils for 2021

2021-02-25T21:20:00+00:00

Axa has lowered its retentions for key North American perils in its 2021 natural catastrophe reinsurance program as it takes steps to reduce earnings volatility.