Tokio Marine falls to nine month reinsurance and Europe lossJapanese insurance giant Tokio Marine’s reinsurance and European units both fell to a loss in the nine months to 31 December as catastrophe losses and currency fluctuations ate into the company’s profits for the period.
RSG takes on Lodestar Marine from Tawa GroupRyan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.
AFL Insurance Brokers bolsters wholesale property team with two hiresBarry Rowland has joined the broker, owned by former-Cooper Gay CEO Toby Esser, as director of property and casualty.
Pool Re caught in political tidesAll too often the insurance industry is the whipping boy for headline-grabbing politicians after a catastrophe, and this was evident in the aftermath of the London Bridge attacks last year.
UK political overhaul delays much-needed broadening of Pool Re coverageSupporters fear UK government may miss a golden opportunity to reform state-backed terrorism reinsurer; Labour MP rebuffed in early bid to add legislation.
Lloyd’s yacht market in deep water after 2017 lossesSky-rocketing claims dealt Lloyd’s yacht underwriters a hefty blow last year as incurred claims soared to an eye-watering 221.4 percent of premium written in the fourth quarter.
Swiss Re shares finish the week flat despite Softbank investment rumoursShares in Swiss Re closed flat last week despite reports suggesting Japanese investment giant Softbank was eyeing a $10bn in the big-four reinsurance giant.
XL or XXL?Ten years ago, $1bn was the default minimum size for a global reinsurer/specialty carrier to be taken seriously.
Calamos demands Exin audits as it looks to claw back default loansThe Greek-American billionaire John Calamos has asked an Illinois court to see a full audit of Exin’s financials as part of an attempt to claw back over $41mn extended to Matt Fairfield’s company as part of its ongoing attempts to buy Greek state insurer Ethniki, according to documents obtained by re-Insurance.com.
XL, Aspen and the M&A barometerAs XL Group’s share price spiked over 12 percent last night in the midst of Softbank’s bold wade into the (re)insurance arena with a mooted minority stake in Swiss Re, the industry’s M&A speculation barometer shot through the roof.
CBL shares now halted amid Gibraltar ‘dommages ouvrage’ concernsNew Zealand-listed carrier CBL has had its shares suspended by the country’s stock exchange days after it announced a NZ$100mn reserve strengthening to deal with deteriorations in controversial Gibraltar-written French construction business.
Zurich shares up on 2017 earnings beatZurich’s share price was up 3 percent in early trading today (8 February) as investors welcomed a better than expected 2017 result and the first increase in its dividend for seven years.
Scor seals 4% renewal premium growth at 1/1Scor managed to grow its premium income by 3.7 percent on a constant currency basis at the January renewals, taking its total top line to EUR3.1bn ($3.8bn).
Swiss Re confirms possible $10bn investment from SoftbankSwiss Re has confirmed reports that Japanese investment giant Softbank is mulling a significant minority investment that could see it acquire around 30 percent of the European reinsurance powerhouse.
Exin sued by backer Calamos; EUR1.1bn Ethniki sale in major doubtExin, the ambitious pan-European insurance vehicle set up by ANV founder Matt Fairfield, is facing a major obstacle in its bid to complete the agreed sale of Greece’s largest insurer Ethniki after its major backer revealed it was suing the company for more than $41mn.
Munich Re swings to EUR476mn P&C loss as cats biteMunich Re has posted a EUR476mn loss in its property and casualty (P&C) division for 2017 as the catastrophes of H2 pushed the reinsurer’s P&C combined ratio to 114.1 percent.
Volante launches second MGA targeting Nordic marketVolante Global, the MGA platform led by Talbir Bains, has launched its second MGA of 2018 - Bridge Underwriting.
Exin says “no funding shortfall” in Ethniki bidExin founder Matt Fairfield has robustly denied that his firm’s $1.1bn bid to acquire Greek insurer Ethniki is in jeopardy and says he has all the necessary funding in place.
Exin taps Pimco and Berkshire Hathaway for Ethniki funding: reportsWith just days left before it is due to table a final financing plan for Greek state-owned insurer Ethniki, Matt Fairfield’s Exin has spoken to Allianz-owned Pimco and Berkshire Hathaway about committing funds to the ongoing acquisition.
Global run-off market valued at $730bn: PwCThe size of the global run-off market has hit $730bn with North America responsible for almost half of that total, a new survey has revealed.