Insurance

US listed (re)insurance stocks plunge again led by 10% Argo fall

A highly volatile week for US-listed (re)insurance stocks has continued with coronavirus fears once again sending share prices plunging, and eroding the gains made the previous day.

Aon shares fall almost 16% on WTW deal

Shares in Aon plunged almost 16 percent in mid-day trading on Monday following news the broking giant had agreed a merger with rival Willis Towers Watson (WTW) in a $30bn all-share deal that will combine the world’s second and third-largest insurance brokers.

ProAssurance’s ratings cut after performance drops and Norcal deal

Medical malpractice specialist ProAssurance has seen its ratings downgraded by AM Best on the back of a deterioration in its operating performance as well as its planned $450mn acquisition of Norcal Group.

Argo aiming for profitable US growth alongside exits and cost cutting

Argo’s push to purge itself of unprofitable business and unnecessary costs is well underway with more actions to come in 2020, according to CEO Kevin Rehnberg.

Case accelerates ‘Aon United’ strategy as co-president O’Connor exits

Aon Group CEO Greg Case has signalled a new chapter in his “Aon United” strategy by streamlining his senior management team and elevating Eric Andersen as the firm’s sole president.

Swiss Re CorSo: 65% of announced portfolio pruning to occur in 2020

Despite a significant amount of retrenchment in 2019 as part of efforts to turnaround its struggling primary arm, Swiss Re has indicated that the previously announced 65 percent of portfolio pruning in Swiss Re Corporate Solutions (CorSo) is to take place this year.

NFP hires Lennox and Morgenstein from newly launched CAC Specialty

NFP has continued its recent spate of hires on the US west coast with the arrival of Andrew Lennox and Art Morgenstein from newly-launched rival CAC Specialty, The Insurer can reveal.

Axis slashes PMLs and increases use of third party capital

Axis Capital has significantly cut its probable maximum loss (PML) for peak cat exposures and made increasing use of its growing third party capital platform as part of a wider repositioning of its portfolio to deliver stronger and more stable underwriting results.

Arch operating profits up 63% in Q4

Arch Capital Group has reported a 63 percent increase in fourth quarter operating profits to $308.4mn, aided by significantly lower cats in its P&C operations and a solid contribution from its mortgage insurance business.

ILS executive Scherer to leave Aon Bermuda

Aon’s Bermuda-based insurance linked securities (ILS) expert Chuck Scherer is leaving the company and heading back to the US, The Insurer has learned.

Specialty P&C growth boosts Kemper’s operating income

Kemper has reported consolidated net operating income of $97.9mn, up from $59.9mn in the fourth quarter of 2018.

Nephila’s Velocity seeks 28.1% rate increase on Florida HO-3 book

Nephila’s Velocity Risk Underwriters MGA has filed on behalf of National Specialty with the Florida regulator to seek approval for an average rate increase of 28.1 percent on the HO-3 book of homeowners insurance it writes using the fronting carrier’s paper.

Trisura gets A- rating for admitted platform

Expansive US hybrid fronting carrier Trisura Specialty has secured an A- AM Best rating for its recently acquired admitted platform.

Deepfake videos among cyber risks to watch in 2020

The increasing use of deepfake technology has been identified as an emerging risk for the cyber insurance market this year.

CinFin non-renews cat bond and expands property cat treaty

Cincinnati Financial (CinFin) opted against renewing the most recent iteration of its Skyline Re catastrophe bond at the beginning of the year and instead bulked up limits on its property catastrophe reinsurance treaty by $90mn.

Former Marsh LatAm finpro head establishing new broker

The former head of Marsh FinPro & FI for Latin America is launching a new London-based broker called Amthor Risk Partners which is targeting business from the region.

Markel returns to operating profit in Q4

US insurer Markel has returned to operating profit in the fourth quarter of 2019, but the reinsurance segment again made an underwriting loss.

IGI gets Bermuda green light for Tiberius deal

Dubai-based International Group Insurance Holdings (IGI) has been approved by the Bermuda Monetary Authority for its previously announced merger with special purpose acquisition company Tiberius Acquisition (TIBR).

Maryland ruling raises silent cyber fears for ransomware losses

A Maryland district court judge’s ruling that a printing company’s ransomware losses are covered by a State Auto business owners’ policy (BOP) may have opened up a new avenue for such cyber attacks being covered under traditional policies.

Allianz closes $1.08bn LV= GI acquisition

Allianz has completed its acquisition of the remaining 51 percent stake in the general insurance business of UK insurer LV= for £1.08bn ($1.43bn), almost double the £578mn ($729mn) valuation when the deal was first announced in May 2019.

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