Bruce Lucas – Heritage

Florida M&A prospects not appealing to Heritage’s CEO

2020-02-28T23:04:00+00:00

The CEO of Florida-based Heritage Insurance Holdings has described the Sunshine State’s insurance market as the hardest that he has seen it, while suggesting the carriers that are up for sale in the state are not appealing.

Stae Farm stadium

State Farm P&C UW profit down 54% driven by auto losses

2020-02-28T20:20:00+00:00

An underwriting loss of $764mn at State Farm’s auto insurance business was the driving force in a 54 percent decline in the US insurance giant’s P&C underwriting profit in 2019.

Enstar

Enstar 6M legacy deals total $1.7bn; announces $225mn Axa XL LPT

2020-02-28T16:11:00+00:00

Enstar has inked four run-off deals in the last six months to assume total liabilities worth $1.67bn, including the latest deal earlier this week to assume reserves of some $225mn for a general liability construction book belonging to Axa XL.

ERS

ERS sees FY 2019 combined ratio spike as Ogden changes impact

2020-02-28T13:42:00+00:00

Lloyd’s motor insurer ERS, owned by private equity house Aquiline, saw its FY 2019 combined ratio increase by 3.6 percent to 99.7 percent as the impact of the government’s changes to the Ogden discount rate took effect.

Munich Re share price

Munich Re shares tumble on coronavirus and investor disappointment

2020-02-28T14:21:00+00:00

Munich Re saw its shares fall over 6 percent in early trading on Friday after the German reinsurance giant’s full year earnings missed consensus and the continuing coronavirus sell-off continues to weigh heavily on European stocks.

Enstar

​Enstar: investment returns drive 2019 profit leap

2020-02-28T06:52:00+00:00

On the same day its share price fell 6.93 percent amidst the Wall Street rout, Enstar Group posted its full-year earnings which showed a return to profit in 2019 fuelled by a strong return on investments.

Bruce Lucas – Heritage

Florida M&A prospects not appealing to Heritage’s CEO

2020-02-28T23:04:00+00:00

The CEO of Florida-based Heritage Insurance Holdings has described the Sunshine State’s insurance market as the hardest that he has seen it, while suggesting the carriers that are up for sale in the state are not appealing.

Stae Farm stadium

State Farm P&C UW profit down 54% driven by auto losses

2020-02-28T20:20:00+00:00

An underwriting loss of $764mn at State Farm’s auto insurance business was the driving force in a 54 percent decline in the US insurance giant’s P&C underwriting profit in 2019.

Enstar

​Enstar: investment returns drive 2019 profit leap

2020-02-28T06:52:00+00:00

On the same day its share price fell 6.93 percent amidst the Wall Street rout, Enstar Group posted its full-year earnings which showed a return to profit in 2019 fuelled by a strong return on investments.

Dan Malloy – Third Point Re

Third Point Re narrows underwriting loss and gains on investments

2020-02-27T22:31:00+00:00

Third Point Re reported narrowing underwriting losses for the fourth quarter and a big swing in investment income that helped turn a prior-period net loss of $298.0mn to a net profit of $29.7mn.

Liberty Mutual Q4 results

Liberty Mutual swings to $417mn loss in Q4

2020-02-27T17:19:00+00:00

Liberty Mutual has reported a fourth quarter pre-tax operating loss of $417mn, excluding income from partnerships and limited liability companies it has equity in, versus a profit of $277mn for the same period in 2018.