Financials

Root stock ends week up 87% after “best ever” Q4 results

Root ended the week with its share price having soared almost 87 percent as investors responded positively to the auto specialist’s Q4 2023 results which the firm’s CEO Alex Timm described as its “best ever”.

Kin falls to Q4 operating loss despite loss ratio improving 20 points

Kin ended Q4 2023 by posting an operating loss of $5.8mn even as the homeowners’ insurtech’s adjusted loss ratio for the period improved by 20.2 points to 28.9 percent.

Skyward in narrow Q4 earnings beat as CR improves 170bps to 90.7%

Skyward Specialty Insurance Group eked out a narrow Q4 2023 earnings beat as its combined ratio improved 1.7 points to 90.7 percent on the back of lower catastrophe and non-catastrophe loss ratios.

QBE reports 95.2% CR as international performs strongly but US drags

QBE ended 2023 with its combined ratio improving 70bps to 95.2 percent supported by group-wide average premium rate increases that accelerated to 9.7 percent, with the company’s CEO Andrew Horton declaring there has been “meaningful progress” in the business’ bid to deliver greater resilience and consistency in its results.

KBW’s Satkauskas: 2023 was “phenomenal” year for Europe’s reinsurers

KBW’s Darius Satkauskas has highlighted the potential for Europe’s reinsurers to follow Hannover Re’s lead and bolster P&C reserves during the Q4 earnings season as he provided a bullish outlook for the sector.

Aon seeds £127mn to Axa IM carbon transition fund

Axa Investment Managers has launched a UK-domiciled global short-duration bond fund focusing on the transition to net-zero, with Aon providing £127mn in seed capital.

Tokio Marine leads P&C gains as Nikkei Stock Average closes at 34-year high

Japan’s three largest P&C insurers saw significant share price increases on Tuesday following a request from the Japanese regulator to accelerate the sale of cross-shareholding networks.

Kentro co-founder Colin Thompson acquires 3% holding in BP Marsh

London market entrepreneur and founding CEO of Kentro Capital Colin Thompson has acquired a 3 percent shareholding in specialist UK insurance investor BP Marsh.

BP Marsh offloads CBC stake to HGGC-backed SRG for £41.8mn

Specialist UK insurance investor BP Marsh is to sell its 43.8 percent shareholding in Paladin, the parent company of London-based Lloyd’s intermediary CBC, to fast growing private equity backed Specialist Risk Group for £41.8mn.

Howden Ventures unveils construction start-up as second investment

Howden Ventures, the recently launched venture capital arm of Howden, has made its second investment, working with construction start-up Rosetta Risk Management to provide equity and underwriting capacity.

Asset management: a new frontier in underwriting RoE?

With risk-free rates at decade-long highs, investment contribution is now a critical component of return on equity, according to ICMR’s Markus Gesmann and Quentin Moore.

Vanbridge and GreensLedge form JV and unveil alternative LOC offering

Epic-owned intermediary and program manager Vanbridge has teamed up with investment banking and advisory firm GreensLedge to form a new platform called Convergence Point Solutions, which is offering an alternative letter of credit facility for casualty coverages.

US insurance composite enters negative territory in last week of November despite wider rally

The North American insurance composite compiled by Stonybrook Capital and Weild & Co slid 0.2 percent last week, underperforming all major equity indices, which ended the week higher for the fifth straight week.

S&P releases final insurance rating criteria

S&P Global Ratings has released its final criteria for analysing (re)insurers’ risk-based capital adequacy, after an almost two-year development process.

PRA mulls plans to curtail use of funded re deals

The Bank of England is mulling passing tougher new rules to govern risk transfer over fears that a spike in corporate bulk annuity deals risks creating a “systemic vulnerability” for the sector and depriving the UK of much-needed investment.

Pre-arranged financing reaches “unique moment of possibility”

Pre-arranged financing for disaster response has entered a unique moment of possibility, but substantial changes to the types of instruments and financing on offer will be needed to overcome growing affordability challenges in poorer countries.

Berkshire Hathaway reduces Markel and Aon holdings in Q3

Berkshire Hathaway continued to scale back its holdings in publicly traded (re)insurance industry players in Q3 2023, with the Warren Buffett-led conglomerate cutting its stake in Markel by two-thirds and marginally reducing its holding in Aon according to a new regulatory filing.

Stone Ridge raising $1.5bn for cat reinsurance-focused fund

Asset management firm Stone Ridge is in the process of raising a total of $1.5bn for the cat reinsurance-focused fund it launched last year, as it addresses 2024 opportunities to deploy on a quota share basis after generating strong returns for investors in 2023, The Insurer can reveal.

IGI CR improves 80bps to 73.2% in Q3

International General Insurance Holdings (IGI) ended Q3 2023 with its combined ratio improving 80 basis points to 73.2 percent as the Bermuda-based (re)insurer’s core operating income increased 29.2 percent to $36.3mn.

ProAssurance stock dips another 6.3% during Friday trading

ProAssurance’s stock fell another 6.3 percent during trading on Friday, adding to the 21.9 percent slide the carrier’s share price suffered on Thursday.

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