News

High prices and debt put Berkshire off 2017 acquisitions

Seemingly high valuations and an M&A environment fuelled by cheap debt were behind Berkshire Hathaway’s muted acquisition activity in 2017 despite Warren Buffett’s firm sitting on some $116bn of dry powder.

QBE Europe to continue LatAm expansion despite sale of business unit

The European arm of QBE will continue to expand its footprint in South America despite selling off its operation on the continent.

CBL puts itself into administration

Embattled New Zealand carrier CBL Group has placed itself into voluntary administration in the wake of a High Court order forcing it to put its insurer into interim liquidation late last week.

Pioneer founder Doherty bows out

London MGA Pioneer’s long-serving CEO and founder Darren Doherty is to depart the company.

Aegis syndicate remains in the black as it looks to up 2018 capacity

Aegis’ Lloyd’s unit has posted a 99 percent combined ratio for 2017 despite “substantial headwinds” from the Mexico earthquakes and California wildfires.

Calamos doubles down in $41.7mn Exin dispute

Greek-American billionaire John Calamos has upped the ante in his dispute with Matt Fairfield’s Exin after he filed another lawsuit against the pan-European carrier in its home jurisdiction of the Netherlands.

UPDATE: Hiscox recovers to close down 2%

Hiscox’s shares have pared earlier losses to close down 2 percent at 1367p after falling as much as 5 percent on the back of a challenging set of full year 2017 results this morning (26 February).

QBE sells LatAm business to Zurich as it confirms $1.25bn 2017 loss

QBE’s new CEO Pat Regan has taken his first steps in simplifying the Sydney-headquartered (re)insurance group by selling its Latin American operations to rival Zurich for $409mn.

Berkshire Hathaway’s $3bn cat bill sends it to $3.2bn P&C loss

Berkshire Hathaway has revealed that a $3bn catastrophe bill from last year’s hurricanes has pushed it to a $3.2bn pre-tax underwriting loss for 2017.

US tax reforms prompt new James River Bermudian vehicle

James River Group has set-up a new subsidiary - Carolina Re - in response to tax reforms in the US passed by the Trump administration last December.

New Zealand regulator puts CBL into liquidation

The Reserve Bank of New Zealand has won a court order to place CBL Insurance into interim liquidation amid concerns about the adequacy of the construction specialist’s reserving practices.

Chinese authorities take over Anbang as chairman awaits prosecution

The China Insurance Regulatory Commission (CIRC) has announced it has taken control of the country’s insurance giant Anbang as the company’s chairman An Xiaobohu faces prosecution for alleged “economic crimes”.

Swiss Re’s $400mn wildfire bill contributes to $1.2bn P&C loss

Swiss Re has revealed that wildfires in California contributed to a full year catastrophe bill of $4.7bn, helping to push the group’s property and casualty operations to a $1.15bn loss for last year.

Enstar seals deal with Zurich for AUD$350mn legacy motor book

Enstar has entered an agreement with an Australian subsidiary of Zurich Insurance Group to reinsure its New South Wales motor vehicle compulsory third party (CTP) insurance business.

Marsh calls for public-private partnerships to drive cyber take-up

President and CEO of Marsh John Doyle has urged the insurance market to work with governments to improve cyber products.

Cyber market ‘frustratingly immature’: Beale

Lloyd’s of London CEO Inga Beale has lambasted slow growth in the cyber insurance market and warned that the market risks not reaching its full potential.

Exin requests extension for EUR720mn Ethniki bid deadline: reports

Matt Fairfield’s Exin has written to the Greek regulator to request a 15 day extension for its deadline to line up backing for its proposed acquisition of state-owned carrier Ethniki as the company fights to secure funding for the deal.

Claims to be next priority for TOM initiative

The London Market Group (LMG) has said that claims transformation will become the next focus for the Target Operating Model (TOM) in 2018.

Axa combined ratio falls to 94.6% as commercial lines improve

French insurance giant Axa saw its combined ratio improve marginally by 40 basis points to 94.6 percent for 2017.

Alleghany smashes estimates as cat bill comes in lower than expected

Alleghany significantly outperformed expectations in the fourth quarter to deliver a $152.3mn profit that marked a 39.6 percent increase on the same period last year.

Region

Topics

Events & Conferences

Content Types