Losses

Liberty Mutual Specialty profits absorb heavy cat losses

Boston-based Liberty Mutual’s specialty division reported pre-tax operating income of $92mn for the fourth quarter despite its share of the period’s catastrophes nearly doubling to $120mn year-on-year.

Mind the gap...

Why is there still such a large gap between the overall 2017 cat loss estimates and what companies are reporting?

QBE Europe to continue LatAm expansion despite sale of business unit

The European arm of QBE will continue to expand its footprint in South America despite selling off its operation on the continent.

Berkshire Hathaway’s $3bn cat bill sends it to $3.2bn P&C loss

Berkshire Hathaway has revealed that a $3bn catastrophe bill from last year’s hurricanes has pushed it to a $3.2bn pre-tax underwriting loss for 2017.

Swiss Re’s $400mn wildfire bill contributes to $1.2bn P&C loss

Swiss Re has revealed that wildfires in California contributed to a full year catastrophe bill of $4.7bn, helping to push the group’s property and casualty operations to a $1.15bn loss for last year.

Axa combined ratio falls to 94.6% as commercial lines improve

French insurance giant Axa saw its combined ratio improve marginally by 40 basis points to 94.6 percent for 2017.

Alleghany smashes estimates as cat bill comes in lower than expected

Alleghany significantly outperformed expectations in the fourth quarter to deliver a $152.3mn profit that marked a 39.6 percent increase on the same period last year.

PartnerRe posts 99.3 percent 2017 combined ratio

Despite $120mn in net losses from the Q4 California wildfires and over $100bn in industry-wide cat losses for the year, Bermudian reinsurer PartnerRe kept its combined ratio below 100 percent in 2017.

RSA’s UK unit clocks 102% combined ratio as it vows to bounce back

RSA’s UK business reported a full-year combined ratio of 102 percent for 2017 as storms and domestic floods took their toll on the unit’s bottom line.

Scor escapes worst of Q4 pain

French reinsurer Scor appears to have avoided the worst of the fourth quarter losses after it posted an improved combined ratio of 91.6 percent in its P&C unit for the period.

Wildfires push Greenlight Re to $19.7mn Q4 underwriting loss

Cayman Islands-based reinsurer Greenlight Re has fallen to a $19.7mn underwriting loss for the fourth quarter as losses from the California wildfires dealt the carrier a $4.7mn blow.

The Swedish Club loses appeal over $15mn Renos loss

A cohort of hull and machinery underwriters led by the Swedish Club have lost an appeal looking to dodge a $15mn loss after a freighter ship the MV Renos was destroyed by fire six years ago.

Mariners brace for $100mn+ Sanchi pollution loss

The marine P&I market is facing hundreds of millions of dollars in environmental pollution losses from the sinking of the Iranian-flagged Sanchi ship which went down with around 1 million barrels of crude oil onboard in the East China Sea last month, re-Insurance.com understands.

Carriers finally ‘called time’ on rate reductions: Willis

“Already on the ropes and fatigued” (re)insurers have finally “responded to the towel entering the ring” to call time on rate reductions, according to a report from Willis Towers Watson.

Lancashire execs buy stock after heavy falls

A number of Lancashire’s leading executives and directors bought up shares in the carrier as trading came to a halt last Friday following a week in which a catastrophe-scarred set of Q4 results sent the stock down over 14 percent.

Fairfax takes $185mn wildfire hit as Allied World deal hits profits

The wildfires that ravaged the state of California in the fourth quarter are expected to cost Fairfax - through its numerous subsidiaries - a total of $185.4mn.

TMK's flagship syndicate facing 2017 loss of up to £168mn

Tokio Marine Kiln has said that its flagship Lloyd’s syndicate 510 is expecting the return on its £1.13bn capacity to run to a loss of between 4.8 percent and 14.9 percent.

Argo just beats estimates as reserves buoy Q4 results

Argo Group has defied analyst predictions to deliver a modest $0.3mn fourth quarter operating profit as reserve releases and revised catastrophe loss estimates bolstered the bottom line.

Pool Re caught in political tides

All 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 coverage

Supporters fear UK government may miss a golden opportunity to reform state-backed terrorism reinsurer; Labour MP rebuffed in early bid to add legislation.

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