Berkshire Hathaway Q2 underwriting earnings more than double despite reinsurance loss
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 explosion hull, cargo and port insured losses “within $250mn”: Guy Carp
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.
Potential for London Market political risk contraction as Covid bites and carriers exit
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
HCI share price soars 27% after revealing ambitious growth plans
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.
AM Best notes CMIG risk in SiriusPoint while investors send both stocks soaring
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.
PartnerRe hit with negative S&P outlook on lacklustre underwriting results
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’ operating income soars in second quarter
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 targets up to $315mn as prices IPO
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.
Hurricane Isaias insured losses to top $1bn: Aon
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.
TransRe’s Sapnar: Covid-19 experience highlights systemic cyber concerns
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.
IAG benefits from A$700m of reinsurance recoveries as cost of cover rises 2%
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.
Marsh JLT Specialty promotes Cheung to UK placement leader
Marsh has appointed Winsee Cheung as UK placement leader at Marsh JLT Specialty.
RKH Reinsurance Brokers targets treaty expansion as looks to RFIB for APAC hires
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 Amlin posts Q1 107.9% CR as books £84mn Covid-19 hit
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 HCC posts near double-digit premium growth in Q1
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 International posts Q1 CR of 95.4%; Group takes $47mn Covid hit
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 U/W profit down 60%; adds new cat and stop loss covers
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&Q completes NationsBuilders acquisition
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 announces CFO transition as Vogel retires
Clemens Jungsthöfel is to become chief financial officer of Hannover Re with effect from 1 September.
Blenheim’s parent launches new energy and GA MGAs with senior market hires
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 CEO says Third Point Re deal lays foundation ‘for long and successful future’
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 welcomes back Rebollar to global corporate affairs team
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 points to business mix shift for Q2 CR improvement
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.
DC judge grants Erie summary judgment in another Covid-19 BI win for insurers
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.
New Bermudian (re)insurer SiriusPoint formed by $788mn merger of TPRe and Sirius
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 hit with billion dollar bill for US weather in July
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 CEO calls for further Florida reform as losses outpace rate hikes
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 gross premiums grow 29% in Q2
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 expands into California with two buys
Expansive Texas-based broker Higginbotham has entered partnerships with two California insurance advisory firms that serve the corporate and affluent individual client marketplace.
Patriot adds 40-person California agency Bowermaster
US insurance agency Patriot Growth Insurance Services has added Bowermaster and Associates to the Patriot platform.
Liberty Mutual buys down on core prop cat coverage, estimates Beirut exposure
Bold Penguin projects doubling in size in 2020, hires CFO
NOAA the latest forecaster to increase hurricane season estimate
UPC ceded $47mn of losses to reinsurers in Q2
Analysts question Everest’s lack of capital raising
Navigators leads $60mn Beirut container terminal property cover
Convex engages JP Morgan and Evercore for post Covid-19 fundraise
TMK Syndicate 510 loss forecasts rise due to Covid-19 deterioration
Insurtech eMaxx engages Stonybrook Capital to realise carrier ambition; makes senior insurance hire
CRC hires Maucere from Arlington/Roe to lead new Indianapolis operation
HCI’s TypTap targets $5bn revenues by 2030 with nationwide expansion
Munich Re “will be affected in some way” by Beirut port explosion: Jurecka
Axis Re promotes Osterrieder to lead North America casualty
New products needed as Covid-19 heightens intangible assets’ role: Lloyd’s
Branch’s BIX closer to launch after regulatory registration and Demotech rating
Darag acquires motor and travel insurance company
Axa XL underlying trends ‘very positive’ despite CR miss
Beirut explosion to trigger BI, hospitality, transportation and supply chain losses
Beirut governor: economic losses up to $15bn
Aviva: new CEO Amanda Blanc promises to make “difficult choices” including exiting overseas markets
Munich Re P&C profits halve as division H1 loss bill hits Eur1.4bn
Axa share price dips after CR rises 16.9 points in Axa XL division
CSU and TSR increase hurricane forecasts once again
WR Berkley names Griffith president of E&S unit Aspire
FedNat Q2 CR soars as severe weather takes its toll
Liberty Mutual takes $529mn Covid-19 charge and slides to Q2 operating loss
Covid-19 losses push Greenlight Re Q2 combined ratio over 100%
Beirut: Low to mid multi-billion loss likely but information scarce amidst chaos
UPC Q2 CR drops 8.8 points as company focuses on U/W profit
Everest Re highlights “excellent” fac opportunities as Q2 earnings beat
Palomar begins underwriting on new E&S platform
Gallagher buys Canadian retail broker Insight
CICA gets event cancellation payout from Tokio Marine HCC
Umbrella rate increases slow in July: Ivans
Over 50 New York restaurants take aim at BI policy language in lawsuit
Trans Re’s Sapnar: This is not a “blood in the streets” hard market
Allianz says talks ongoing over Covid-19 reinsurance recoveries
Korean Re partners with Carlyle Group to develop co-insurance solutions
Beirut explosion “pretty certain” to be a major loss for Hannover Re
Sompo International hands Pillion new role and hires Axa XL’s Shah
Nexus continues to hire from Aspen’s shuttered A&H division
Moody’s gives Sampo greenlight on Eur1.3bn Hastings’ buy-out plan
SkyKnight builds out insurance portfolio with Patra strategic investment
Largest Isaias insured losses expected in northeast US
Oneglobal launches Asia operation with more former JLT hires
Sampo agrees £1.66bn buy-out of UK motor insurer Hastings
Guy Carpenter appoints Canada president and CEO
Hannover Re falls to Eur161mn U/W P&C loss as H1 Covid losses climb to Eur600mn
IRB Brasil Re appoints Luz to lead audit committee
Allianz beats consensus while Covid-19 costs P&C Eur800mn in H1