Ryan to take reins at Navigators Wholesale after Saunders departureJeff Saunders is retiring as head of Navigators’ dedicated wholesale operation at the end of the year with Tim Ryan set to take over in the position at The Hartford-owned carrier, The Insurer can reveal.
Munich Re confirms Wallace as property E&S headMunich Re Specialty Insurance has announced former Navigators executive Jim Wallace as head of property, excess and surplus lines, a move first revealed by The Insurer in November.
Navigators property head Wallace leaves for Munich ReThe Hartford-owned Navigators’ head of E&S property Jim Wallace has resigned from the carrier and is set to join Munich Re’s expansive US specialty insurance platform, The Insurer can reveal.
The Hartford beats as core income climbs 31%The Hartford comfortably beat Wall Street forecasts for Q3 core earnings that included the first full quarter of results from its Navigators acquisition earlier this year.
The Hartford completes Navigators purchaseThe Hartford’s acquisition of specialty insurer The Navigators Group has closed today for $2.2bn in cash, including expenses.
Regulators approve The Hartford’s acquisition of NavigatorsThe Hartford has received all regulatory approvals for closing its acquisition of The Navigators Group, and expects the deal to be effective on 23 May.
The Hartford to buy $300mn Navigators ADC from Berkshire HathawayThe Hartford is buying a $300mn adverse development cover (ADC) from Berkshire Hathaway to protect it against unfavourable loss reserve movement at The Navigators Group after its acquisition of the specialty insurer closes this summer.
Navigators misses with $76.2mn reserves boostSoon-to-be-acquired Navigators missed its fourth quarter earnings consensus after boosting its prior year accident year reserves by $76.2mn citing worse than expected claims development in a number of its units.
Tooker and Tizzio to lead new The Hartford units after Navigators dealThe Hartford is reorganizing its P&C business into two new units headed by Mo Tooker and Vincent Tizzio following the close of its $2.1bn acquisition of US specialty insurer Navigators.
Navigators disappoints analysts as it reports a Q3 underwriting lossSoon-to-be The Hartford-owned Navigators underperformed against the expectations of analysts in the third quarter to deliver operating earnings of $4.2mn.
The Hartford’s bid for Navigators unchallenged during ‘go-shop’ periodUS insurance group The Hartford’s $2.1bn acquisition of specialty insurer Navigators went unchallenged during a 30-day “go-shop” period, paving the way for a shareholder vote on the deal.
After the storms... (comes the M&A surge...)2017 will be remembered for the brutal roll-call of major cat events including Hurricanes Harvey, Irma and Marie as well as the wildfires in California.
Navigators faces break fee of up to $68.3mn if rival bid emergesNavigators will be on the hook to pay The Hartford a break fee of up to $68.2mn should the US specialty carrier receive a rival bid.
The Hartford the latest to tap into Lloyd’s with Navigators acquisitionWith the news this morning that The Hartford has inked a deal to acquire Navigators, another Lloyd’s business could find itself in the hands of an international insurance giant.
Navigators buy would expand The Hartford’s geographic reachThe Hartford’s $2.1bn deal to acquire specialty player Navigators would significantly expand the Connecticut-based personal and commercial lines giant’s geographic footprint beyond its US heartland.
Investors send Navigators stock just above The Hartford’s $70 bidInvestors appear to have faith that Navigators CEO Stan Galanski will make good use of a 30-day “go shop” provision in a $2.1bn deal that could see his firm acquired by The Hartford.
Better reinsurance profits help Navigators comfortably beat estimatesImproved profitability in the global reinsurance unit of Navigators helped the US specialty carrier comfortably surpass the expectations of analysts in the second quarter.
Navigators beats with 94% combined ratioUS specialty player Navigators impressed analysts with a $32.9mn operating profit for the first quarter, a 61.3 percent improvement on this time last year.
Navigators mulling sale of Lloyd’s platformUS specialty carrier Navigators is weighing up a sale of its Lloyd’s business after a disappointing performance in 2017 pushed its Syndicate 1221 to a £15mn ($21.1mn) underwriting loss for the year, re-Insurance.com understands.
Investors take decisive action in response to Q4 results Investors were quick to punish carriers that underperformed in a fourth quarter that was plagued by California wildfire losses as they decisively rewarded firms that exceeded expectations in results released last week.