Losses

The Hanover pegs Q4 losses at $50mn

The Hanover has said it expects to pick up a pre-tax cat bill of $50mn in the fourth quarter of 2018.

Swiss Re pegs fourth quarter cat losses at $1.3bn

Reinsurance giant Swiss Re has estimated it suffered $1bn of natural catastrophes losses in the fourth quarter of 2018, with an additional $300mn of losses stemming from man-made catastrophes.

PG&E prepares for bankruptcy as wildfire costs mount

Californian utility firm PG&E is to file for bankruptcy protection by the end of the month as it faces huge costs and mounting lawsuits from the devastating state wildfires in November.

CATCo chairman continues to buy stock

The chairman of Markel CATCo’s listed fund manager, James Keyes, has continued to buy shares in the group’s two listed funds despite the current regulatory investigations which have weighed on the company’s stock.

Zurich faces $100mn lawsuit over unpaid NotPetya claim

US food giant Mondelez is suing Zurich for $100mn after its claim for damage caused by the massive NotPetya ransomware attack was rejected.

FHCF Michael payouts to hit $650mn

Florida’s state-backed catastrophe fund has so far paid out $220mn to 12 carriers for Hurricane Michael claims, with the reimbursement expected to rise to $650mn, according to its COO.

Arch ups Q4 cat loss range to include wildfires

Arch Capital now expects to take pre-tax losses from fourth quarter 2018 cat events of $110mn to $130mn, primarily from Hurricane Michael and the devastating California wildfires.

Trump threatens to shut down FEMA payments for Cali wildfire victims

The US President has revived his threats to cut off federal funds for victims of the wildfires which ravaged regions across the state of California in November in his latest tweet.

Nat cat insured losses hit $80bn in 2018: Munich Re

Carriers are on the hook for $80bn for losses stemming from natural catastrophes in 2018, according to Munich Re.

PG&E’s share price plunges on bankruptcy fears as US insurers sue

Californian utility firm PG&E’s share price has plunged over 20 percent in early trading today following growing speculation that the company may file for bankruptcy over mounting lawsuits from the devastating state wildfires in November.

Insurers on hook for A$670mn+ for Sydney hailstorms

Losses stemming from the hailstorms across New South Wales in December are set to cost the industry upwards of A$670mn ($478mn), according to the Insurance Council of Australia.

Suncorp on the hook for up to A$610mn H2 nat cat losses

Australian carrier Suncorp expects the December hailstorms in Sydney to push its natural hazard loss bill to between A$600mn and A$610mn ($419mn and $426mn) in the second half of 2018.

Losses from Cyclone Eleanor creep to EUR756mn: Perils

Loss aggregation firm Perils has pegged insured losses stemming from extratropical Cyclone Eleanor – also known as Burglind - at EUR756mn ($859.7mn).

IAG expands 2019 catastrophe reinsurance cover to A$9bn

Australian carrier IAG has upped its 2019 cat reinsurance program to A$9bn ($6.27bn), an increase of A$1bn from the cover it had in place last year.

IAG aggregate cover eroded in wake of $120mn Sydney hailstorm losses

Australian carrier IAG said claims stemming from the hailstorms across Sydney yesterday have already exceeded its maximum first event retention of A$169mn ($120.1mn) post-quota share.

Crum & Forster to hand $20mn PG&E loss to reinsurers: sources

US specialty insurer Crum & Forster is expected to hand $20mn of losses to reinsurers from its line on PG&E’s liability cover, The Insurer can reveal.

Axis on the hook for up to $150mn for Cali wildfires

Bermudian carrier Axis has said it expects to suffer pre-tax losses in the region of $125mn to $150mn for the wildfires in California.

AIR pegs Marriott breach losses at up to $600mn

Risk modelling firm AIR Worldwide has estimated cyber losses for the Marriott breach will be between $200mn and $600mn.

California Insurance Commissioner pegs wildfire losses at $9bn

The wildfires that ravaged swathes of California last month will cost insurers in excess of $9bn, according to the Insurance Commissioner of California, Dave Jones.

Allstate hit with $685mn November cat bill

US insurance giant Allstate incurred pre-tax catastrophe losses of $685mn last month.

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