Buffett now linked with AIG stake following MMC position
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 ...
Cali FAIR Plan program gets home despite reinsurers’ wildfire concerns
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.
SiriusPoint launches as $3bn+ (re)insurer
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.
Court rules Verizon can recover $24mn in defence costs from insurers
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.
French distribution insurtech Zelros raises $11mn
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.
“Underwriters dream about” Q1’s E&S metrics: James River’s D’Orazio
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.
CNA promotes Marohn to lead small business unit
CNA has promoted San Francisco branch manager Steve Marohn to senior vice president of its small business unit.
S&P: Reinsurance sector didn’t earn its cost of capital in 2020
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 Group acquires Advance
Private equity-backed Jensten Group has acquired Advance Insurance Agencies, a specialist personal and commercial lines broker, for an undisclosed sum.
Thompson takes Ascot Bermuda CEO role as Berger steps down
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.
DSW owner demands Zurich foot the bill for $50mn Covid-19 BI losses
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’s $575mn cat bond pushes 2021 reinsurance cover to $2.93bn
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 continues acquisition run with Sennocke deal
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 grows UK professions team with duo of hires
Broker Miller has continued its expansion into the UK professions market with the hires of Paddy Synnott and Joe Newbury.
Geneva Association launches industry climate change task force
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.
The Insurer TV: Embrace ESG or your reputation may be at risk…
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.
Beazley launches digital business unit under Fantozzi
Beazley has launched a business unit to lead the underwriting and development of digital insurance solutions.
Lloyd’s underwriting room to stay closed until 17 May
Lloyd’s is set to reopen the underwriting room on 17 May, with the Corporation offices scheduled to partially reopen on 12 April.
FBD raises provision for BI test case claims to €65mn
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 estimates “Halloween Hailstorms” loss at A$805mn
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 posts strong underwriting profit growth ahead of sale and break-up
RSA generated a group combined ratio of 91.9 percent for 2020 percent driven by strong performances in its Scandinavian and Canadian operations.
Perils pegs final February 2020 UK flood loss at £368mn
Loss data aggregator Perils has updated its loss estimate for the UK floods in February 2020 to £368mn ($513mn).
ERS posts FY 2020 CR of 91.9% as pivot to specialty lines continues
Aquiline-backed ERS has reported a combined ratio of 91.9 percent for 2020, an improvement of 7.8 points year on year.
Root delays treaty placement in hope of superior terms
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.
Industry bodies urge lawmakers to scrap crop insurance cuts
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 ...
PartnerRe Q4 non-life CR narrows 15.2 points as cat losses drop
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 reports 131% Q4 combined ratio in earnings miss
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 falls to Q4 and full-year operating loss
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 Carp: Willis Re “talking out of both sides of its mouth” in LatAm hires dispute
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 lowers retentions and increases limits for North American perils for 2021
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.
PG&E records $649mn insurance receivable for Kincade and Zogg fires
AIR says February winter storm insured losses could be well in excess of $10bn
Munich Re shifts casualty focus away from XoL at 1.1
Hartford sees “high likelihood” of winter storm reinsurance recoveries
Canadian MGA Shore Underwriting continues build-out as secures Arete Capital investment
Turner named RSG president among series of leadership appointments
Brown & Brown combines $3bn wholesale businesses on Bridge Specialty platform
Axis adds former AGCS CEO Theis and ex-Verizon president Millegan to board
BMS hires Cameron for US property treaty role
UPC to slash cat retentions and says Texas loss capped at $10.4mn
Axa shares climbs 4% on cash and capital beat
IG ups Golden Ray loss estimate to $788mn
Texas winter storm a “significant” insurance event: Munich Re
Pool Re confirms record £2.475bn limit at XoL treaty renewal
2021: The year ESG goes mainstream
ICA estimates Perth Hills bushfire losses at A$60mn
Munich Re P&C returns to profit in Q4 as FY Covid bill reaches €3.4bn
Former Aviva CEO Wilson to launch Sun Capital-backed insurtech venture: reports
LatAm-focused Eureka Re secures B++ rating ahead of growth push
Axa XL reiterates €1.2bn earnings target as it posts 112% CR
Enstar provides ADC for $1.395bn Axa XL long-tail portfolio
SPG promotes PPIB’s Preston to new development role
Alliant adds to marine and energy team with Marsh’s Guerrero
Patriot raises additional capital as Morgan Stanley joins backers
Palomar spared from material Uri loss by reinsurance cover
Liberty facing mid-hundreds of millions of dollars loss from US winter storm
UPC reports 142% Q4 combined ratio and forms new E&S carrier
Third Point Re reduces cat exposure and targets $100mn GWP for Arcadian
GL and umbrella rates continue to accelerate in January: Ivans
Aon promotes O’Neill to US marine practice leader
Aon confirms Radford hire as Aspen’s Foley joins to lead BDA Capital Management Unit
BGC “open-minded” over Corant’s future as Q4 insurance revenues grow 13%
Illinois judge allows “bellwether” Covid-19 cases against Society to proceed
WTW pays $120mn to settle Stanford Financial Group litigation
New Bermuda and London capital could have “dampening” price impact: AM Best
Nationwide-Paragon will look to broaden partnership after property E&S agreement
Carbon expands underwriting team with trio of hires
FCA urges focus on fair treatment of vulnerable customers
Insurers to save £2bn as UK scraps controversial Vnuk law following EU exit
GRP acquires construction specialist Five Insurance
Mosaic hires former Axa XL cyber specialist Tuplin to head international book
Axa, Zurich and Munich Re stop insuring Russia’s Nord Stream 2 on US sanctions threat
Sampo targets organic P&C growth amid plans for “material reduction” in Nordea stake
Indian government mulls divestment of GIC Re
Lancashire Syndicate 2010 outperforms forecast to return profit for 2018 YoA
ICA launches second BI test case
Lloyd’s accelerates Covid-19 response initiative ReStart as workstreams go live
Lloyd’s syndicates Argenta 2121 and Coverys 1991 to keep 2018 YoA open
Insurers “well equipped” to handle climate change risks: Fitch
Aviva continues overseas sell-off with Turkey unit