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.
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.
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
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.
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.
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 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.
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.
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.
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.
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.
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-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 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.
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.
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.
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.
Clemens Jungsthöfel is to become chief financial officer of Hannover Re with effect from 1 September.
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 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 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 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.
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 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.
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.
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 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.
Expansive Texas-based broker Higginbotham has entered partnerships with two California insurance advisory firms that serve the corporate and affluent individual client marketplace.