Suncorp’s reinsurers return to small profit after expensive H1 2017Suncorp’s cat reinsurers returned to a small profit for the last six months of 2017 after a brutal 2016-17 year fuelled by a heavy cat bill and yet further deterioration from the 2011 Canterbury earthquake.
UPDATE: Lancashire sheds 10% as market punishes Q4 lossesShares in London-listed (re)insurer Lancashire have plunged nearly 10 percent as investors scrutinised a catastrophe-scarred set of Q4 results.
Willis Towers Watson encourages clients to unseat carriersWillis Towers Watson has advised clients to ‘displace incumbent insurers’ to secure favourable rates at forthcoming renewals.
Sompo Canopius and Endurance hit by $631mn in hurricane lossesSompo Holdings’ largest international divisions - newly-acquired Endurance and Sompo Canopius - have racked up a 67.8bn yen ($631.2mn) bill from Hurricanes Harvey, Irma and Maria.
Tokio Marine falls to nine month reinsurance and Europe lossJapanese insurance giant Tokio Marine’s reinsurance and European units both fell to a loss in the nine months to 31 December as catastrophe losses and currency fluctuations ate into the company’s profits for the period.
MS Amlin swings to £589mn nine month lossMS Amlin has fallen to a £589mn ($815.7mn) loss for the nine month period to the end of December as the Japanese-owned carrier took a £171mn hit from the Californian wildfires.
RSG takes on Lodestar Marine from Tawa GroupRyan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.
Brit’s third-party capital expands to $400mnLloyd’s (re)insurer Brit now manages over $400mn of capital for third-party investors seeking access to its underwriting with the expansion of its sidecar Versutus to $187mn for 2018.
Argo just beats estimates as reserves buoy Q4 resultsArgo Group has defied analyst predictions to deliver a modest $0.3mn fourth quarter operating profit as reserve releases and revised catastrophe loss estimates bolstered the bottom line.
BMS hires Price Forbes executive to launch new direct energy operationThe London market wholesaler BMS is to launch an energy insurance division later this year, led by Price Forbes executive James Chicken.
AFL Insurance Brokers bolsters wholesale property team with two hiresBarry Rowland has joined the broker, owned by former-Cooper Gay CEO Toby Esser, as director of property and casualty.
UK political overhaul delays much-needed broadening of Pool Re coverageSupporters fear UK government may miss a golden opportunity to reform state-backed terrorism reinsurer; Labour MP rebuffed in early bid to add legislation.
China regulator slams 19 P&C carriers for 'illegal and disruptive' productsThe China Insurance Regulatory Commission (CIRC) has issued regulatory letters to 19 property and casualty (P&C) carriers chastising the companies for selling products inconsistent with their mandate as insurers.
Nexus acquires D&O MGA Apsley SpecialtyThe up-for-sale London-based managing general agent Nexus has acquired a smaller rival in the financial institutions space Apsley Specialty.
Peak Re sells 13% stake to Prudential FinancialFosun-owned Hong Kong reinsurer Peak Re has struck a deal to sell 13.1 percent of its equity to US-based carrier Prudential Financial.
Arch beats estimates as profits surgeArch Capital delivered an expectation-topping $187.4mn operating profit in the fourth quarter as it dodged significant losses from the catastrophes that plagued the industry in the final months of 2017.
Lloyd’s yacht market in deep water after 2017 lossesSky-rocketing claims dealt Lloyd’s yacht underwriters a hefty blow last year as incurred claims soared to an eye-watering 221.4 percent of premium written in the fourth quarter.
Marsh criminal complaint puts aviation brokers in the spotlight againNews that four Marsh brokers are the subject of a criminal complaint over use of client information in the Philippines has once again again raised questions around broking practices in the aviation space.
Swiss Re shares finish the week flat despite Softbank investment rumoursShares in Swiss Re closed flat last week despite reports suggesting Japanese investment giant Softbank was eyeing a $10bn in the big-four reinsurance giant.
UPDATE: CNA climbs 5% after reserve releases help Q4 beatCNA shares have surged over 5 percent in early trading in New York after the firm delivered a $286mn fourth quarter profit as the group’s $38mn of catastrophe losses was more than offset by reserve releases.