News

Aspen’s share price falls as investors get jittery over sale talks

Aspen’s share price today fell below its tangible book value for the first since since March after the Bermudian firm’s CEO hinted yesterday that sale talks may not culminate in a successful takeover.

LMG names JLT’s Lebecq CEO to replace Beazley

The London Market Group (LMG) has appointed Clare Lebecq as CEO.

Lloyd’s scrutinises PPL submissions as penal regime begins

Lloyd’s is currently reviewing its managing agents’ Q2 submissions for electronic placements which, for the first time, must meet mandated target levels with a threat of fines and even a five percent capital loading.

Aon adds to $1bn+ Carr wildfire loss estimates

Insured losses stemming from the Carr wildfires that continue to ravage parts of North California could burn through the $1bn threshold, according to Aon’s Impact unit.

Fairfax (re)insurance units deliver 29% profit boost

Fairfax’s (re)insurance businesses, which include Allied World and Brit, saw second quarter operating income increase by 28.7 percent to $237.3mn.

TransRe profits jump as Alleghany’s insurance segment slips

Profits at Alleghany-owned reinsurer TransRe surged by 12.2 percent to hit $69.8mn in the second quarter, although the carrier insisted it remained “cautious” in the current environment.

Brit exits aviation and international PI as underwriting slips in H1

Fairfax-owned carrier Brit stopped underwriting international professional indemnity and general aviation in the first six months of the year as modest rates increases failed to deliver the anticipated boost to profits.

Swiss Re P&C income soars 38% as underwriting improves in H1

Swiss Re has posted a 38 percent year-on-year bump in property and casualty net income, which leapt to $752mn for the first half of the year on the back of improved underwriting returns.

AGCS fuels Allianz premium growth as combined ratio inches up

Allianz’ specialty arm AGCS was one of the drivers behind a 3.4 percent uptick in premium at the German insurance giant, which blamed weather losses for a marginal deterioration in its combined ratio in the second quarter.

Carr wildfire could lead to $1.5bn+ insured losses

The raging California Carr fire is already the sixth most destructive wildfire in the state’s history and could lead to insured losses of $1.5bn or even higher, according to the rating agency Moody’s.

AIG misses as restructuring costs and US losses hit profits

US behemoth AIG disappointed analysts in the second quarter as its North American insurance operation pushed the group to an underwriting loss and a $200mn restructuring charge weighed on the bottom line.

Aspen to slash headcount by up to 20 percent in a year

The chief executive of up-for-sale Bermudian Chris O’Kane has revealed plans to cut its headcount by up to 20 percent over the course of the next year.

Aspen axes $120mn aviation, marine hull and PI books at Lloyd’s

Aspen is to cease writing three separate lines of business – which are valued at around $120mn - through its Lloyd’s platform, the (re)insurer’s CEO of Chris O’Kane has revealed.

Enstar profits climb 27% despite drag from Atrium and StarStone

Enstar’s operating income ballooned by over a quarter in the three-months before the end of June to hit $83mn despite a drag on bottom line from its up-for-sale businesses Atrium and StarStone.

Organic growth in Willis’ broking units narrows in Q2

Willis Towers Watson reported 2 percent organic growth in its corporate risk and broking segment in the second quarter as dwindling revenues in the UK weighed on the top line.

AFG beats with record profit as renewal pricing hits three-year high

American Financial Group, the owner of Lloyd’s syndicate Neon, has reported record second quarter profits with core net operating earnings that climbed 27.6 percent to hit $185mn.