News

Aon places mammoth $1.36bn World Bank earthquake cat cover

Aon Securities has put together a $1.36bn catastrophe bond for the World Bank which gives the institution cover for earthquake risks in Chile, Mexico, Colombia and Peru.

Markel escapes worst of US Q4 losses

Markel Corporation appears to have avoided the worst of the loss-hit end to 2017 after it posted an 83 percent combined ratio in its US insurance business for the fourth quarter.

AM Best downgrades CBL to B++ following Gibraltar under-reserving

The New Zealand (re)insurer CBL Corp has seen AM Best downgrade its financial strength rating below the watershed A- rating following revelations earlier this week that it was significantly under-reserved for a controversial class of French construction business written out of Gibraltar.

Hurricanes and wildfires drive US P&C underwriting 2017 loss: AM Best

Hurricanes and wildfires in the third and fourth quarter of 2017 pushed US property and casualty (P&C) business to a loss for the year, according to AM Best.

State Farm: California wildfires losses reach $1.3bn

State Farm has now paid out $1.3bn in claims arising from the Q4 California wildfires, the US mutual heavyweight confirmed yesterday (6 February).

Exin sued by backer Calamos; EUR1.1bn Ethniki sale in major doubt

Exin, the ambitious pan-European insurance vehicle set up by ANV founder Matt Fairfield, is facing a major obstacle in its bid to complete the agreed sale of Greece’s largest insurer Ethniki after its major backer revealed it was suing the company for more than $41mn.

CATCo ties up over 40 percent of NAV to cover 2017 losses

Markel CATCo, the collateralised fund manager that raised more than $2bn from investors late last year before increasing its 2017 loss estimates, said that it has placed over forty percent of its 1 January 2017 assets in its listed fund into a “side pocket” to cover losses and any deterioration.

Mike MacColl takes over as XL Catlin’s global hull boss

XL Catlin has promoted Mike MacColl to the position of global practice leader for hull after just over a year as head of hull for the UK.

Lloyd’s bolsters Franchise Board with three appointments

Lloyd’s of London has named Mike Bracken, Nigel Hinshelwood and Fiona Luck to the Franchise Board as non-executive directors.

JLT hires AIG’s marine and aviation big hitter Joe Trotti

JLT has hired AIG’s former head of global marine and aerospace Joe Trotti, Re-insurance.com can reveal.

UPDATE: US (re)insurance stocks stabilise after another open in the red

US (re)insurance stocks have headed downwards again at the open in New York before stabilising as equity investors continue to pull out of the market in an apparent inflation-worry driven dive.

FCA’s Bailey calls for post-Brexit financial services transition period

The CEO of the Financial Conduct Authority (FCA) Andrew Bailey has urged the European Union to allow companies in the City of London a transition period following Britain’s exit from the union.

Munich Re swings to EUR476mn P&C loss as cats bite

Munich Re has posted a EUR476mn loss in its property and casualty (P&C) division for 2017 as the catastrophes of H2 pushed the reinsurer’s P&C combined ratio to 114.1 percent.

Everest Re smashes estimates as reserve releases buoy Q4 results

Everest Re defied analyst estimates to deliver a $556mn fourth quarter profit that climbed by more than half compared to last year as reserve releases and a reduction in catastrophe loss estimates bolstered the bottom line.

Ed appoints Marcus Taylor head of reinsurance for Asia Pacific

Ed has strengthened its Asia Pacific operations with the appointment of Marcus Taylor.

Enstar takes control of KaylaRe in stake swap

Enstar has swapped a portion of its own equity to take control of total return reinsurer KaylaRe.

Allianz teams up with Apple and Cisco to offer discounted cyber cover

Allianz has entered into a partnership with Apple and Cisco to offer discounted cyber insurance for customers who use the tech giants’ products in a bid to broaden its base in the burgeoning sector.

Barbican launches Bermuda platform with former Novae team

Lloyd’s insurer Barbican has developed a Bermuda platform to source property business for its Syndicate 1955 staffed by former Novae underwriters.

NZ insurer CBL adds $100mn to reserves as Gibraltar run-off impact spreads

Credit and financial risk carrier CBL Corporation is set to report a post-tax loss of between NZ$75mn and NZ$85mn ($55mn and $62mn) for 2017 after it said today (5 February) it would book a NZ$100mn reserve strengthening hit from a controversial class of French construction business written out of Gibraltar.

R&Q Malta receives AM Best A- rating

The slimmed-down and refocused legacy and programme management firm R&Q received a major boost late last week with confirmation that AM Best had awarded an A- (excellent) financial strength rating to its main European platform, R&Q Malta.

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