Arch backs new UK HNW MGA ArchipelagoFormer Aon executive and UK broking entrepreneur Angus Simpson is poised to launch a new UK MGA Archipelago Risk Services which will provide bundled personal lines products to high net worth (HNW) individuals, The Insurer can reveal.
Sirius pegs Jebi insured market loss at over $10bnBermudian (re)insurer Sirius reported a significantly higher combined ratio in the fourth quarter as it took Hurricane Michael and California wildfire losses and added $43mn to its Typhoon Jebi reserves.
ProAssurance Lloyd’s loss ratio hits 113.8%ProAssurance’s fourth quarter results included a net loss ratio in its Lloyd’s segment that surged from 29.6 percent to 113.8 percent, as the insurer provided further details about the ongoing review of its syndicate participation.
Cat losses add 40.6 points to PartnerRe’s Q4 P&C combined ratioBermudian reinsurer PartnerRe has reported a net loss of $32mn for the fourth quarter, driven by a $282m hit related to Hurricane Michael and California wildfires.
James River sees strong E&S rate increases and submission growthJames River’s operating profits for the fourth quarter fell short of Wall Street expectations despite improved underwriting results that contributed to an ROE for the year that was the highest since 2006.
UPC’s 20% Irma creep expected to push up reinsurance costUnited Insurance Holdings (UPC Holdings) has increased its Hurricane Irma gross loss estimate to $900mn – a 20.5 percent increase on guidance provided to analysts in November – in a development that could impact its Florida peers’ share prices.
Cyber insurtech Arceo.ai launches platform with heavyweight supportInsurtech cyber start-up Arceo.ai has officially launched its platform with the backing of a heavyweight advisory board that includes former Aspen executive Mario Vitale and ex-RMS CEO Hemant Shah.
Aquiline acquires US broker Relation Insurance ServicesAquiline Capital Partners has agreed a deal to buy Relation Insurance Services, a top 40 US agency, from private equity firms Parthenon Capital and Century Equity Partners
Hyperion targets $1mn in ‘no limits’ ambitious charity driveHyperion Insurance Group is striving to raise $1mn for charity in a new initiative: A Million for a Million which includes an attempt to break the world record for rowing the Atlantic.
Apax to sell AssuredPartners back to GTCR-led groupPrivate equity firm Apax Partners is selling its stake in US broking house AssuredPartners to a group led by its former owners GTCR.
THB reshuffles leadershipAmWins-owned THB has made a series of changes to its senior management team and board, with Kay Smith joining the broking house to take on the role of CFO.
Swiss Re P&C returns to profit despite $2.3bn loss billDespite a poor fourth quarter, Swiss Re reported net income of $370mn in its P&C division in 2018, a marked improvement on the $413mn loss the business segment made the previous year.
Cat pricing to harden as reinsurers de-risk: Weston HicksSignificant price rises in the retro market are forcing reinsurers to choose between lower profitability or writing less risk, according to Alleghany president and CEO Weston Hicks.
Donegal chief rules out buyout by mutual parentDonegal Group president and CEO Kevin Burke has ruled out the insurer’s mutual parent buying up the shares in its publicly traded subsidiary it doesn’t already own.
Argo adds to boardArgo Group has appointed advisory firm principal Samuel Liss and former Pool Re chairman Tony Latham as independent directors.
PartnerRe appoints Bonneau as independent directorFormer Chubb executive Jacques Bonneau has been added to PartnerRe’s board.
United Fire’s progress undone by higher jury awards in “challenging quarter”United Fire Group has reported a net loss of $29.3mn for the fourth quarter, compared to net income of $46.0mn in the same period of 2017.
$300mn cat losses contribute to Alleghany Q4 earnings missCatastrophe losses have increased the fourth quarter combined ratio in Alleghany’s (re)insurance operations to 119.1 percent in 2018 from 89.1 percent in same period of 2017.
Lefebvre and Weston working on Bermuda MGA start-upClaude Lefebvre and Neville Weston are working together on a start-up Bermudian insurance MGA called Helix Underwriting Partners, The Insurer can reveal.