Nexus appoints Panmure Gordon as it eyes stake saleLondon-based managing general agent Nexus has appointed investment bank Panmure Gordon as it ramps up efforts to sell a portion of the business, re-Insurance.com understands.
Navigators storms ahead of analyst estimates with $24.5mn profitNavigators has reported a $24.5mn profit for the fourth quarter that significantly outstripped analyst expectations and was well ahead of the $17.7mn it reported this time last year.
UPDATE: Bäte remains coy on Allianz-XL acquisition speculationAllianz CEO Oliver Bäte has said the German giant remains committed to investing in the P&C arena, but declined to comment on speculation that Mike McGavick’s XL is the next target on the firm’s radar.
Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki dealMatt Fairfield’s inchoate pan-European insurer Exin is facing two separate deadlines - with one only days away - to buy Greece’s largest insurer, if Greek reports are correct.
Fairfax takes $185mn wildfire hit as Allied World deal hits profitsThe wildfires that ravaged the state of California in the fourth quarter are expected to cost Fairfax - through its numerous subsidiaries - a total of $185.4mn.
Brit posts 112 percent combined ratio for 2017Fairfax’s Brit Insurance eked out a small post-tax profit of $21.5mn for the full year 2017 despite the enervating effects of last year which culminated in a combined ratio of 112.4 percent.
TMK's flagship syndicate facing 2017 loss of up to £168mnTokio Marine Kiln has said that its flagship Lloyd’s syndicate 510 is expecting the return on its £1.13bn capacity to run to a loss of between 4.8 percent and 14.9 percent.
Lloyd’s carriers settle $10mn Kanye West lawsuitA number of Lloyd’s contingency insurers have settled a $10mn lawsuit involving rap star Kanye West who cancelled 21 tour dates claiming he was suffering from a debilitating illness.
JLT Re adds Davis to US cyber unitJLT Re has appointed Erica Davis as senior vice president to lead its North American cyber and E&O practice.
Suncorp’s reinsurers return to small profit after expensive H1 2017Suncorp’s cat reinsurers returned to a small profit for the last six months of 2017 after a brutal 2016-17 year fuelled by a heavy cat bill and yet further deterioration from the 2011 Canterbury earthquake.
UPDATE: Lancashire sheds 10% as market punishes Q4 lossesShares in London-listed (re)insurer Lancashire have plunged nearly 10 percent as investors scrutinised a catastrophe-scarred set of Q4 results.
Willis Towers Watson encourages clients to unseat carriersWillis Towers Watson has advised clients to ‘displace incumbent insurers’ to secure favourable rates at forthcoming renewals.
Sompo Canopius and Endurance hit by $631mn in hurricane lossesSompo Holdings’ largest international divisions - newly-acquired Endurance and Sompo Canopius - have racked up a 67.8bn yen ($631.2mn) bill from Hurricanes Harvey, Irma and Maria.
Tokio Marine falls to nine month reinsurance and Europe lossJapanese insurance giant Tokio Marine’s reinsurance and European units both fell to a loss in the nine months to 31 December as catastrophe losses and currency fluctuations ate into the company’s profits for the period.
MS Amlin swings to £589mn nine month lossMS Amlin has fallen to a £589mn ($815.7mn) loss for the nine month period to the end of December as the Japanese-owned carrier took a £171mn hit from the Californian wildfires.
RSG takes on Lodestar Marine from Tawa GroupRyan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.
Brit’s third-party capital expands to $400mnLloyd’s (re)insurer Brit now manages over $400mn of capital for third-party investors seeking access to its underwriting with the expansion of its sidecar Versutus to $187mn for 2018.
Argo just beats estimates as reserves buoy Q4 resultsArgo Group has defied analyst predictions to deliver a modest $0.3mn fourth quarter operating profit as reserve releases and revised catastrophe loss estimates bolstered the bottom line.
BMS hires Price Forbes executive to launch new direct energy operationThe London market wholesaler BMS is to launch an energy insurance division later this year, led by Price Forbes executive James Chicken.
AFL Insurance Brokers bolsters wholesale property team with two hiresBarry Rowland has joined the broker, owned by former-Cooper Gay CEO Toby Esser, as director of property and casualty.