CSAA commercial auto start-up Mobilitas gets A ratingCSAA Insurance Group is gearing up for the launch of a new commercial auto platform called Mobilitas Insurance Company after securing an A financial strength and “a+” credit rating for the subsidiary carrier.
Demotech affirms ratings of 51 Florida carriersDemotech has affirmed 51 of its financial stability ratings on Florida property carriers, after reviewing their reserves, reinsurance programmes and claims procedures.
ProAssurance mulls reinsuring Lloyd’s exposure this yearProAssurance will consider buying reinsurance this year to reduce exposure to its volatile Lloyd’s syndicate ahead of potentially reducing its capital commitment in 2020, it revealed on its Q4 earnings call today.
Axa combines cat programs after XL deal; saves Eur200mnAxa has combined the cat reinsurance programs for both Axa and XL’s books of businesses creating savings just shy of Eur200mn, the group’s chief risk officer has said.
Germany to offer passporting to UK insurers in no-deal BrexitGerman legislators have adopted preliminary provisions to temporarily extend the passporting rights of UK financial institutions -including insurers - in the event of a no-deal Brexit.
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.