Losses

Californian regulator eases PG&E bankruptcy fears

Shares of Californian utility firm PG&E spiked 40 percent in early trading today after a state regulator eased concerns worries about the firm going bankrupt from liabilities attached to the Camp wildfire.

Wildfires will add to 1.1 resolve

Another devastating wildfire season in California has prompted debate over what is behind a rise in frequency and severity in the Golden State in the last few years.

Insurers and ILS investors exposed to $1.4bn PG&E Cali wildfire cover

As wildfires continue to ravage large swathes of California, insurers face potential exposure through the upsized $1.4bn insurance cover bought by Pacific Gas and Electric Company (PG&E) on 1 August 2018 after the utility firm admitted it could be on the hook for billions of dollars in liability.

$200mn Cal Phoenix Re cat bond facing wildfire trigger

Cal Phoenix Re Ltd, the first ever cat bond to cover pure wildfire risks, is expected to be triggered only three months after it was issued.

Morgan Stanley: California Camp wildfire could cost up to $4bn

Insured losses emanating from the Camp wildfire raging across Northern California, already the most destructive in US history, could total as much as $4bn but insurers may be able to mitigate their net loss by recovering from state utility company PG&E, according to analysis by Morgan Stanley today.

Talanx earnings climb despite industrial insurance losses

Hannover Re owner Talanx saw earnings before interest and taxes (EBIT) jump 33 percent in the first nine months of the year despite a spike in industrial property insurance losses weighing on earnings in the third quarter.

Axis pegs Hurricane Michael losses at up to $120mn

Bermudian carrier Axis has said it expects to suffer losses in the range of $100mn to $120mn from Hurricane Michael.

Britannia faces P&I loss for oil tanker collision

P&I club Britannia could be on the hook for a substantial loss after an oil tanker and a Norwegian Navy frigate collided in the North Sea in the early hours of this morning, Re-Insurance can reveal.

Navigators disappoints analysts as it reports a Q3 underwriting loss

Soon-to-be The Hartford-owned Navigators underperformed against the expectations of analysts in the third quarter to deliver operating earnings of $4.2mn.

Zurich takes $175mn Michael hit as premiums remain flat

Zurich Insurance said it expects $175mn in third quarter losses from Hurricane Michael, which hit the US last month, and is set to target profitability in North American markets following the planned sell-off of its business in Venezuela.

Merck’s NotPetya insured loss could still be $2bn

Pharmaceutical giant Merck may still be responsible for $2bn of insured losses from the NotPetya virus in June 2017 making it by far the largest insured cyber loss in the sector’s short history, according to the loss adjudication firm PCS today.

Heritage turns profit in Q3 despite $16.6mn cat bill

US insurer Heritage reported an operating income of $14.2mn in the third quarter of the year, up from $1.4mn in the same period of last year.

CNA beats expectations in third quarter

The carrier comfortably exceeded the $1.07 forecast by six analysts surveyed by MarketWatch to deliver a net income of $1.23 per share in the three-month period.

$Berkshire Hathaway’s modest Q3 cat bill of $372mn a fraction of rivals$

Berkshire Hathaway’s modest Q3 cat bill of $372mn a fraction of rivals

After a 2017 cat loss bill of $3bn, Berkshire Hathaway’s 3Q 2018 modest cat losses of $372mn are a fraction of rivals, such as AIG’s hefty $1.62bn and Swiss Re’s $1.1bn.

TransRe takes Q3 $196mn cat losses; Alleghany misses analysts’ consensus

TransRe took $126.2mn of net cat losses from Typhoons Jebi and Trami in the third quarter as part of an overall net cat loss bill of $195.8mn.

Fairfax posts 97.6 percent combined ratio despite dramatic profit drop

Fairfax Financial Holdings’ (re)insurance businesses, which include Allied World and Brit, saw third quarter operating income increase to $249.9mn from a loss of $680.4mn in 2017, as lower catastrophe losses and higher interest income boost results.

AIG to buy single Japan cat cover after $929mn in 3Q losses

AIG is restructuring its 1.1 Japan cat reinsurance programs after a third quarter which cost the insurance giant $929mn in net losses from the roll-call of cat events that hit the region.

Swiss Re reports nine-month profit despite $1.6bn cat bill

Reinsurance giant Swiss Re has reported a net income of $1.1bn in the first nine months of the year.

Lancashire remains in red in third quarter as losses bite

London-market carrier Lancashire has reported a pre-tax loss of £25.3mn ($32.6mn) in the third quarter, an improvement on the £136.4mn loss posted in the same period last year.

RenRe underwriting remains in the red but beats estimates

Bermudian (re)insurer RenaissanceRe managed to exceeded the expectations of analysts to deliver an operating profit of $20.6mn in the third quarter of 2018 despite making an underwriting loss.

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