Sills leaves CapSpecialty with Sennott taking reinsStephen Sills has stepped down as chairman, CEO and president of Alleghany’s US specialty insurer CapSpecialty.
UW profits down 35% at AlleghanyImproved underwriting results in Alleghany’s insurance operation were offset by a dip at reinsurance arm TransRe on the back of several large non-cat losses and lower reserve releases.
Cat pricing to harden as reinsurers de-risk: Weston HicksSignificant price rises in the retro market are forcing reinsurers to choose between lower profitability or writing less risk, according to Alleghany president and CEO Weston Hicks.
$300mn cat losses contribute to Alleghany Q4 earnings missCatastrophe losses have increased the fourth quarter combined ratio in Alleghany’s (re)insurance operations to 119.1 percent in 2018 from 89.1 percent in same period of 2017.
TransRe takes Q3 $196mn cat losses; Alleghany misses analysts’ consensusTransRe took $126.2mn of net cat losses from Typhoons Jebi and Trami in the third quarter as part of an overall net cat loss bill of $195.8mn.
TransRe profits jump as Alleghany’s insurance segment slipsProfits at Alleghany-owned reinsurer TransRe surged by 12.2 percent to hit $69.8mn in the second quarter, although the carrier insisted it remained “cautious” in the current environment.
Reserve releases at TransRe drive surge in Alleghany profitsReserve releases within Alleghany’s reinsurance arm TransRe have driven a surge in the US firm’s profits, which climbed 51.8 percent to $174.6mn in the first quarter.