AIR pegs Storm Eleanor losses up to €1.6bnCatastrophe modelling firm AIR has estimated that insured losses from Storm Eleanor will be between €1.1bn and €1.6bn ($1.3bn-$1.9bn).
Swiss Re CFO to step down, Group Chief Strategy Officer will take over roleDavid Cole is to step down from Swiss Re from his role of Group Chief Financial Officer at the end of March 2018.
Qatar Re seals regulatory approval for UK branchUK regulators have given the green light for Qatar Re to begin operations out of its newly-minted London branch.
XL’s fourth quarter cat losses creep to $315mnXL Group’s net catastrophe loss estimate for the fourth quarter has climbed by $65mn to $315mn in the wake of the wildfires in southern California and other disasters.
ILS fund AlphaCat raises $714mnAssets under management (AuM) at Validus Holdings’ ILS fund manager AlphaCat have climbed to a new record of $3.4bn after raising $714.2mn from investors after the 2017 H2 losses.
PRA launches consultation to reduce insurers’ Solvency II burdenThe Prudential Regulation Authority (PRA) has launched a consultation proposing a number of changes to the way insurers report to ‘reduce the burden for Solvency II firms and mutuals’.
Hyperion earnings climb by almost a quarter to £152mnHyperion, which owns Howden, RKH and Dual, saw profits climb by 24 percent to £152mn ($205.4mn) in the 12 months leading up to the end of September last year.
AmTrust shares jump 27% on privatisation moveAmTrust’s stock has surged over 27 percent to $12.86 in early trading in New York this morning after it was revealed that the insurer’s founding family and minority shareholder was looking to take the company private.
Lucy Clarke named Global CEO of JLT SpecialtyJLT has appointed Lucy Clarke as Global CEO of JLT Specialty. The remit of this new role covers all of JLT’s business activities with the exception of reinsurance broking and employee benefits.
AmTrust CEO looks to take company private in $1.37bn dealAmTrust’s founding family has tabled a $1.37bn a deal to take the US insurer private in conjunction with the firm’s chairman and CEO Barry Zyskind as well as private equity house Stone Point Capital Partners.
Acrisure eyeing international retail play after Beach dealAcrisure is looking to expand its retail broking business beyond its US heartland after acquiring (re)insurance broker Beach & Associates.
Beach sale continues US-London M&A trendUS retailer Acrisure has sealed a deal to acquire (re)insurance broker Beach & Associates from Jeff Greenberg’s private equity house Aquiline.
Jain joins Berkshire Hathaway board as Buffett lines up successorLongtime Warren Buffett lieutenant and mooted successor Ajit Jain has been named to the Berkshire Hathaway board as vice chairman of insurance operations in a move that the legendary investor said prepares the way for his eventual successor.
RenRe posts 3Q combined ratio of 245 percentThe scale of the third quarter cat events was highlighted by Bermudian reinsurer RenaissanceRe which posted an overall underwriting loss of $793.2mn on a combined ratio of 244.8 percent yesterday evening (31 October).
Treating data like oil is stifling innovation: AonInnovation in the sector is being stifled because companies are treating data like another commodity such as oil, Aon’s global CEO of analytics, Paul Mang has said.
Axis Capital gets the go-ahead to merge Lloyd’s managing agenciesAxis Capital has received approval to create a single managing agent structure for its operations at Lloyd’s following the acquisition of Novae last year.
AM Best model change to spur reinsurance demandReinsurers are set to benefit from an uptick in demand for coverage from primary carriers following a change to AM Best’s rating methodology, Aon Benfield has said.
California wildfires push The Hartford to $180M Q4 cat lossThe Hartford is set to take a $180mn catastrophe hit from the fourth quarter largely due to losses stemming from wildfires which swept California last year.
1.1 rates hike trend will be short lived: Aon BenfieldThe 1 January renewals saw reinsurance pricing move up for lines and territories worst hit by last year’s catastrophes but those rate hikes are likely to be short lived, Aon Benfield has predicted today (8 January).
MS Amlin launches $60mn sidecar for Lloyd’s syndicateMS Amlin has launched a $60mn Bermuda-based sidecar that will write a quota share of its Lloyd’s Syndicate 2001.