Allied World

Bowhead looks to diversify $200mn casualty portfolio following Broaddus hire

Bowhead Specialty is on course to write $450mn to $500mn of premium this year as it continues to see significant growth opportunities despite the wave of entrants into the E&S space – including by diversifying its $200mn casualty book following the addition of Derek Broaddus, E&S Insurer can reveal.

Bowhead Specialty hires longtime AWAC excess casualty underwriter Broaddus

Bowhead Specialty has hired longtime Allied World casualty executive Derek Broaddus, with the executive expected to start in his new post next week, The Insurer can reveal.

Fairfax Q1 UW gain down 3% on cats despite improved CR at Allied World, Brit and C&F

Underwriting profits at Fairfax Financial fell 3 percent in the first quarter to $314mn as catastrophe losses within the firm’s P&C operations rose 47 percent to $192mn - from $130mn the year before - and the firm’s consolidated combined ratio rose 0.9pts to 94 percent.

AM Best cites Allied World’s improved operating performance in credit rating upgrade

AM Best has upgraded the long-term issuer credit rating (ICR) of Allied World Assurance Company Holdings’ operating affiliates from “a” to “a+” and affirmed its A financial strength rating with a stable outlook as it said that the carrier has been on a “steadily positive trajectory” for the last five years.

Fairfax P&C CoR weakens by 2.8 points to 90.9% in Q4 despite 20% drop in cats

Underwriting profits at Canadian holding company Fairfax Financial grew by 5 percent in the fourth quarter to $496mn, but underwriting margins deteriorated, with the combined ratio up 2.8 points to 90.9 percent, as a 74 percent drop off in reserve releases was only partly offset by an 18 percent reduction in catastrophe losses.

Fairfax increases Allied World stake to 83% for $734mn consideration

Fairfax Financial Holdings has increased its stake in Allied World to 82.9 percent from 70.9 percent for a total consideration of $733.5mn as it buys down minority shareholders that include OMERS and AIMCo, the Toronto-based business has revealed.

Allied World strikes back against haulage firm’s pandemic BI suit

Insurer Allied World has told the High Court it is not liable for losses incurred by Gregory Distribution in a defence filing following an £8mn ($9.8mn) claim by the UK haulage company.

Allied World unit hit by UK haulage firm’s pandemic BI suit

Allied World’s European arm is pushing back on a claim that it should pay out £8mn ($9.8mn) to a UK-based haulage company to cover losses suffered as a result of the Covid-19 pandemic.

Fairfax P&C operating income soars on improved Q2 underwriting

Fairfax Financial’s P&C operating income surged 62 percent to $645.3mn in Q2 2022 following what chairman and CEO Prem Watsa called an “excellent underwriting performance”, but the business swung to a net loss of $881.4mn in Q2 2022 after it digested $1.55bn of net losses on investments.

Allied World slashes cession on $1.8bn PL QS deal to keep more net

Allied World has cut the amount of business it cedes on its professional liability quota share by 13 points – from 75 percent to 62 percent – after pushing the ceding commission on the $1.8bn premium deal up by 2 points to 34.5 percent, The Insurer can reveal.

Fairfax’s Clarke: Brit’s Q1 “one of its best quarterly results since our acquisition”

Fairfax’s Peter Clarke has praised Brit’s 30.5 percent growth in gross premiums written in Q1, adding the Lloyd’s insurer’s 92 percent combined ratio was “one of its best quarterly results since our acquisition” in 2015, while the Canadian holding company also revealed it put up IBNR up of $30mn for Russia-Ukraine losses.

Allied World PL/cyber QS firm orders with 2pt bump to 34.5% cede

Allied World’s $1.8bn premium financial and professional lines quota share treaty has firm ordered at a 34.5 percent ceding commission, a 2 point increase from the prior year, although it is currently unclear if the planned cession will be filled out, The Insurer can reveal.

Insurance industry called upon to communicate the wider cost of social inflation

The topic of social inflation and the growing role of third-party litigation financing will inevitably be one of the biggest talking points as insurers meet with risk managers at RIMS in San Francisco over the coming days.

Allied World hires Ortgiesen from AIG

Allied World has appointed Bill Ortgiesen as its regional executive for the Southwest US after hiring him from AIG.

Moody’s upgrades Allied World’s IFS on improved profitability and capitalisation

Moody’s Investors Service has upgraded Allied World’s insurance operating subsidiaries’ insurance financial strength rating to A2 from A3 citing improved profitability and capitalisation.

Allied World launches A&H division led by Walloga

Allied World has entered the accident and health (A&H) market in North America and hired former Chubb executive James Walloga to run a new division dedicated to the segment, The Insurer can reveal.

Rock solid: Allied World in Bermuda

Allied World launched 20 years ago and has been a core (re)insurance market in Bermuda since. The Insurer talks to Colm Singleton, Henry Felix and Mike McCrimmon about opportunity out of adversity, being a nimble innovator, evolving with the island and long-standing client relationships.

European reinsurance “uncertainty” drove Fairfax’s $69mn Q2 Covid loss

Fairfax Financial has revealed that the $68.7mn of Covid losses it reported in the second quarter mostly came from European reinsurance business at Odyssey Group and Allied World, with the Canadian holding company’s management noting uncertainty around what is covered and how many events the losses represent.

Fairfax Q2 (re)insurance GPW soars as Brit leads CR drops across the board

Fairfax Financial’s (re)insurance gross premiums written (GPW) increased over 27 percent in Q2 and operating income soared on lower Covid-19 losses, while Brit recorded the biggest improvement in underwriting performance across the group.

Prioritising risk and resilience in a volatile world

In a wide-ranging interview with Jota Shohtoku, executive vice president, head of Asia Pacific insurance, and Paul Houston, head of risk management, global markets at Allied World, we discuss risk management priorities for 2021 and how to navigate the unintended consequences of Covid-19.

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