News

Gallagher’s sees 6.8% organic growth in broking revenues

Acquisitive international broking house Arthur J Gallagher reported fourth quarter organic broking revenues that had climbed 6.8 percent compared to the final three months of 2016.

Aspen insurance CEO steps down after poor Q4 cat performance

Aspen’s CEO of insurance Stephen Postlewhite has left the company with immediate effect, just hours after the Bermudian said it was expecting to post a $245mn underwriting loss for the fourth quarter.

Exin taps Pimco and Berkshire Hathaway for Ethniki funding: reports

With just days left before it is due to table a final financing plan for Greek state-owned insurer Ethniki, Matt Fairfield’s Exin has spoken to Allianz-owned Pimco and Berkshire Hathaway about committing funds to the ongoing acquisition.

RLI surpasses expectations as tax gain bolsters earnings

RLI reported fourth quarter earnings that outperformed the expectation of analysts and included a $32.8mn boost from changes to the tax code in the US.

Lloyd’s has ‘long way to go’ in harnessing ILS: Parry

Lloyd’s has a “long way to go” in taking advantage of the new insurance-linked securities (ILS) legislation that came into force last year, the Corporation’s chief financial officer (CFO) John Parry has said.

Carillion collapse to deal trade credit insurers £31mn hit

Credit insurers are set to pay out around £31.0mn ($44.3mn) of claims related to the dramatic collapse of British outsourcing firm Carillion, according to the Association of British Insurers (ABI).

Lockton broker hot foots home on supposed first day at Willis

Just hours after supposedly starting a new job as a casualty broker with Willis Towers Watson, Debbie Goldstine was revealed as US casualty leader at rival intermediary Lockton.

Volante swoops on QBE for chief actuarial officer

Volante, the recently-launched multi-class MGA platform founded by Talbir Bains, has appointed Chris Drew as chief actuarial officer.

London market broker SSL in exclusive sale talks

The independent London market marine broker SSL has entered into a new set of exclusive takeover talks with a private equity firm that - if successful - will lock in co-founder Andrew Sturdy and his colleagues for a minimum of three years, Reinsurance can reveal.

Rupert Atkin appointed AHJ non executive

Industry veteran Rupert Atkin has joined independent broker AHJ as a non-executive director.

RSA taps Buckle and Gibbs as UK and international chiefs

UK carrier RSA has named Tony Buckle and Rob Gibbs as the respective new managing directors of its global and commercial risk solutions businesses.

Qatar Re owner’s profit dives after Hurricanes and Ogden

Qatar Insurance Group (QIC), the parent entity of Qatar Re and Lloyd’s syndicate Antares, reported underwriting profits that slumped $200mn to just $32mn last year.

Aon Benfield ups 2017 cat loss estimate to $134bn

Aon Benfield has increased its 2017 catastrophe loss pick once again to take the total estimated insured losses for last year to $134bn.

Argo’s Q4 losses higher than expected

Argo surprised analysts by announcing that its fourth quarter catastrophe losses were likely to be between $34mn and $38mn.

Brown & Brown tops estimates as organic growth climbs 9.3%

US broker Brown & Brown got the ball rolling on the fourth quarter reporting season with an estimate-topping set of results led by 9.3 percent rise in organic revenue.

Talanx picks up Liberty’s $56mn Turkish carrier

Hannover Re-owner Talanx has struck a deal to acquire Liberty Mutual’s non-life insurance operations in Turkey.

QBE warns on $1.2bn full year loss for 2017

Australian carrier QBE Group is set to post an after-tax loss of $1.2bn for the full year 2017 as poor emerging market results and catastrophe losses compound a total of $930mn in US tax-related write downs.

Government pledge to reform Ogden rate slows premium increase

The surge in premium for motor insurance tailed off in the final quarter of 2017 after a government pledge to reform the Ogden rate, according to research by Willis Towers Watson.

California regulator threatens profits cap only months after $12bn+ wildfire losses

Despite US and global (re)insurers facing a loss bill of over $12bn from the fourth quarter California wildfires, the populist state insurance commissioner Dave Jones (pic) has today (23 January) threatened to cap profits for state regulated insurers.

XL eyes reinsurance restructure with new $1bn aggregate stop-loss

XL Group is in the midst of overhauling the way it buys reinsurance with the addition of a group-wide aggregate stop loss cover that could provide up to $1bn of additional protection while enabling investors to take a greater share of underwriting profits, Reinsurance can reveal.

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