Ironshore oil rig dispute with Halliburton heads to arbitration
A dispute between Ironshore and Halliburton over a $12mn oil rig explosion payout is heading for arbitration after the Fifth Circuit reversed a district court ruling that Ironshore waived all of its subrogation rights and did not have a binding arbitration agreement.
Lloyd’s syndicates denied recovery of $500mn Chevron “Big Foot” loss
The Fifth Circuit appeals court has denied efforts by Lloyd’s syndicates - including ones owned by Munich Re, QBE, Chaucer and Aegis - to recoup more than $500mn in losses from a steel tendon failure on a Chevron oil-drilling platform in 2015.
Heritage latest Floridian to reveal hail losses, expects $15mn Q1 cat loss
Floridian insurer Heritage Insurance Holdings expects $10.2mn of net losses from the Brevard County hail storm at the end of March
UPC the latest to reveal Florida hail losses in Q1
Florida-based insurer UPC Insurance has estimated first quarter catastrophe losses of $18mn before income taxes but net of expected reinsurance recoveries, with the biggest driver of losses the hail storm at the end of March.
Allstate hit with $381mn March cat bill
US insurance giant Allstate sustained $381mn of catastrophe losses last month.
Perils estimates Eur740mn loss from Dragi-Eberhard
Loss aggregation firm Perils has pegged initial property damage losses from extratropical cyclone Dragi-Eberhard at Eur740mn ($833mn).
ICA pegs Sydney hailstorm losses at A$1.3bn
The total insurance bill from damage caused by December’s hailstorm in New South Wales has reached A$1.271bn ($911mn), according to new figures from the Insurance Council of Australia (ICA).
Credit and investment insurers paid “tolerable” $6.5bn claims in 2018
The Berne Union has revealed its members paid more than $6bn in claims for a fourth consecutive year in 2018, including political risk claims more than doubling over 2017.
Global insured nat cat bill tops $76bn in 2018: Swiss Re
Insured losses from natural catastrophes in 2018 were $76bn, the fourth highest one-year total, according to the latest Sigma report from Swiss Re.
Hail losses add attritional cat pressure for Floridians
Analysts have been lowering earnings forecasts for Florida’s publicly traded carriers to reflect the impact of hailstorm losses in Brevard County late last month.
March storms and Midwest floods drive $1.2bn+ insured losses
The spring storm system from 12-14 March that traveled from the Rockies to the Upper Midwest of the US leading to historic river flooding will see public and private insurers pay up to $1bn in claims, according to Aon.
Swiss Re’s Jebi loss could increase by $500mn in Q1: KBW
Swiss Re’s long list of large losses is likely to be above budget in its first quarter results, believe KBW analysts following a pre-close call with management.
Arch sues Koch to deny $85mn feed mill explosion claim
Arch Specialty Insurance has filed a lawsuit against Koch Foods, claiming it should not pay its share of an $85.5mn claim resulting from a 2016 poultry feed mill explosion because of material misrepresentations made to the insurer.
Ethiopian Airlines insurers put up $275mn reserve
Lead Ethiopian Airlines insurer Chubb and broker Willis has recommended a $275mn reserve for liability and legal costs from the fatal crash of Ethiopian Airlines flight 302.
Chubb has biggest share of $800mn NiSource cover
Chubb wrote the biggest single line on the core $800mn NiSource excess casualty tower that is facing the prospect of a full limits loss as a result of last September’s gas pipeline explosions and fires in Massachusetts, The Insurer can reveal.
California edges closer towards state wildfire cat fund
The idea of a state catastrophe fund of up to $30bn to reimburse utilities for liability costs is gaining popularity in California. Meanwhile, a bill that would allow the state to explore buying insurance and placing cat bonds to protect against catastrophe losses recently made progress.
Casualty insurers face full limits loss on $800mn NiSource tower
Casualty insurers are now facing the prospect of a full limits loss on the $800mn coverage bought by utility company NiSource from last September’s Greater Lawrence gas pipeline explosion, The Insurer can reveal.
CSU forecasts slightly below normal 2019 hurricane season
Colorado State University’s Department of Atmospheric Science is a predicting slightly below average hurricane activity this year, with the current weak El Niño event likely to persist and perhaps even strengthen this summer and fall.