News

Lloyd’s mulls mandating PPL after slow take-up

Lloyd’s of London has announced plans to mandate its electronic placing platform PPL as it says take up is not happening “fast enough”.

McGavick confirms XL’s $1bn aggregate stop-loss policy search

XL Group CEO Mike McGavick has confirmed his firm is exploring the purchase of a $1bn stop-loss policy, as revealed by this publication last month.

Validus scrapes a profit despite 110% combined ratio

Soon-to-be AIG-owned Validus eked out a fourth quarter profit that was well below the expectations of analysts as California wildfire losses took their toll on the bottom line.

Hamilton Underwriting active underwriter Carvey to leave

Hamilton Underwriting Ltd, the Lloyd’s arm of the Bermudian (re)insurer Hamilton Insurance Group, has confirmed the departure later this year of its active underwriter of its Syndicate 3334, Trevor Carvey.

Aon posts strong 4Q organic revenue but profits hit hard by tax

Aon has reported just $10mn of profit for the fourth quarter as its effective tax rate hit 95.8 percent impacted by President Trump’s tax reforms and restructuring costs.

XL Group beats analyst expectations despite drop in profits

XL Group saw operating profits fall by nearly 10 percent to 116.1mn in the fourth quarter.

MMC beats Q4 analyst expectations with strong Guy Carpenter growth

Marsh & McLennan Companies’ (MMC) reinsurance broking subsidiary Guy Carpenter has posted underlying revenue growth of 7 percent for the fourth quarter, taking its revenue for the period to $239mn.

No hard market despite signs of change: Glaser

The long-awaited hard market has not yet arrived despite signs that some segments of the property and casualty (P&C) market are beginning to demonstrate increases, Marsh & McLennan (MMC) president and CEO Dan Glaser has said.

InsurTech start-ups swap disruption for partnerships: Willis

InsurTech investment has begun to shun start-ups seeking to disrupt the industry’s core offering in favour of backing companies which aim to improve the current value chain, according to new research from Willis Towers Watson.

AFG beats estimates with $197mn profit

American Financial Group (AFG) delivered an expectation-topping $197mn operating profit in the fourth quarter as it dodged a significant loss from the catastrophes that plagued the industry in the final months of 2017

The Hanover swings to profit as cats hurt Chaucer

Massachusetts-based carrier The Hanover swung back into the black for the fourth quarter, posting operating income of $86mn or $2.00 per share compared to an operating loss of $19.7mn in the prior year period.

RenRe beats estimates despite $154mn wildfire loss

RenaissanceRe surpassed estimates to report a $41.4mn Q4 operating profit despite a $154.4mn bill from the California wildfires which pushed the Bermudian’s combined ratio to 102.5 percent.

Volante launches second MGA targeting Nordic market

Volante Global, the MGA platform led by Talbir Bains, has launched its second MGA of 2018 - Bridge Underwriting.

WRB dodges heavy losses to deliver Q4 profit

US carrier WR Berkley has reported net earnings per share of $1.21 for the fourth quarter as the company managed to miss the worst of the period’s catastrophe losses.

Chubb just misses as California losses creep

Chubb marginally underperformed against the expectations of equity analysts for the fourth quarter as its estimate of California wildfire losses crept to $447mn.

Brokers handed deadline reprieve in FCA wholesale probe

The UK regulator, which is currently undertaking a detailed review into the London market wholesale broking space with a particular focus on broking facilities, has handed a six week reprieve to companies ensnared in the probe.

PPL used to close Aon Client Treaty facility

PPL has been used to close the Aon Client Treaty facility for 2018, which it claims is one of the largest and most complex transactions in the Lloyd’s market.

Enstar snags $1.1bn Novae legacy book

Enstar has won a bidding war to take on Novae’s £840mnn ($1.1bn) legacy book, the company announced today (29 January).

Alesco adds two partners to energy unit

Lloyd’s broker Alesco has hired Alison Schwab and Mark Smith as partners for its energy division, the company announced today (29 January).

JLT Re calls out modeling firms over mismatched storm estimates

JLT Re has called into question the credibility of the major risk modelling firms after they failed to reach a consensus on the cost to the industry of hurricanes hitting one of the best-mapped corners of the planet.

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