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NewsBerkshire Hathaway underwriting loss narrows in Q4 to $299mn
Berkshire Hathaway has reported a smaller underwriting loss for the fourth quarter than in the same period last year, while for the full year its reinsurance group and primary group both recorded deteriorations in their combined ratios while Geico’s combined ratio improved.
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Uri potentially a “significant” earnings event for less diversified carriers: S&P
Winter storm Uri could be a “significant earnings event” for less diversified carriers but it will not trigger a ratings event, although losses could cause a “modest deterioration” in some insurers’ capital cushions, according to S P Global Ratings.
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SLTX begins 2021 with new record-breaking surplus lines premium volume
The Surplus Lines Stamping Office of Texas (SLTX) tracked $613.58mn of premium in January, as the organisation reported another record-breaking month in yet another indication of the burgeoning E S marketplace.
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Special Division hires IRB’s Pilotto as CEO
Latin America-focussed (re)insurance broker Special Division has appointed Enrique Pilotto CEO, with the executive returning to the business after just over three years.
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Centerbridge invests $100mn in HCI’s TypTap at $850mn valuation
A fund affiliated with private investment firm Centerbridge Partners has invested $100mn in TypTap Insurance Group, the insurtech subsidiary of Florida-based carrier HCI Group.
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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 ...
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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.
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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.
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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 ...
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“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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
