2018 marked the second-highest year of ILS issuance volume on record, but investors will now seek rate hardening after another costly cat year, according to Swiss Re.
Suncop will buy an additional A$200mn ($143mn) in natural perils reinsurance cover at its 1 July 2019 renewal as it looks for further protection around its main cat and aggregate structures after blowing its budget for losses.
Tokio Marine Kiln has said that its flagship Lloyd’s syndicate 510 is expecting the return on its £1.13bn capacity to run to a loss of between 9.6 percent and 14.6 percent for 2017 year of account.
California’s insurance commissioner Ricardo Lara is behind a proposal that could see the wildfire-ravaged state buy insurance to pay for disaster response costs related to catastrophic events.
AIG shares were trading down close to 9 percent in New York this morning as investors reacted negatively to a big Q4 2018 earnings miss.
Japanese giant Tokio Marine’s reinsurance and European businesses both returned to a profit in the first nine months of 2018.
US insurer Assurant has lowered the per-event retention on its 2019 catastrophe reinsurance programme from $120mn to $80mn after consecutive years of cat losses.
AIG shares were down more than 3 percent in after hours trading in response to the insurer reporting an adjusted after-tax loss of $559mn, or $0.63 per share, for the fourth quarter of 2018.
A class action lawsuit has been launched against Maiden Holdings alleging the reinsurer and some of its former officers misled investors over underwriting and risk management controls relating to its reinsurance of AmTrust.
Everest Re has fallen to a fourth quarter operating loss largely driven by heavy cat losses in the period.
US insurer CNA Financial has revealed a fourth-quarter net loss of $84mn. Its core loss per share of $0.08 - a core loss of $23mn - was a big miss from the mean estimate of six analysts surveyed by MarketWatch of $0.82 earnings per share.
Mapfre saw its earnings fall nearly 25 percent in 2018 as catastrophe losses, currency depreciation and a massive prior year goodwill writedown negatively impacted results but the Spanish (re)insurer received praise from analysts for its underlying performance.
German (re)insurer Talanx has reported a net income of Eur703mn ($798mn) in 2018, marginally ahead of its Eur700mn target it revised downwards in October.
Reinsurance giant Munich Re has reported a profit of Eur238mn ($270.9mn) in the fourth quarter of 2018, down 56 percent from the same period in 2017.
Numis Securities expects Lancashire to post a “small” profit of $16mn at full year, despite forecasting the London-market carrier to report an above-consensus loss of $33mn for the fourth quarter.
Californian utility PG&E paid a mere $26.8mn for its $200mn wildfire cat bond - Cal Phoenix Re - which is expected to have been totalled only months after its launch, according to a bankruptcy motion filed by the energy provider.
Berkshire Hathaway wrote by far the biggest share of PG&E’s excess liability cover, The Insurer can reveal.