News

Axis just beats Street estimates with $20mn profit

Axis just beat the expectations of Wall Street to deliver a $20mn operating profit for the final quarter of last year.

Hiscox shifts US chief to new London global retail unit

Hiscox has moved its US CEO Ben Walter to London to head up a newly-formed global retail division from the beginning of July.

Zurich shares up on 2017 earnings beat

Zurich’s share price was up 3 percent in early trading today (8 February) as investors welcomed a better than expected 2017 result and the first increase in its dividend for seven years.

Scor seals 4% renewal premium growth at 1/1

Scor managed to grow its premium income by 3.7 percent on a constant currency basis at the January renewals, taking its total top line to EUR3.1bn ($3.8bn).

UPDATE: Beazley closes up 6% after full year results

Shares in Beazley were trading hands for £5.61 a piece, up 5.5 percent, when the London Stock Exchange closed today, after the Lloyd’s (re)insurer released its fourth quarter results.

Swiss Re confirms possible $10bn investment from Softbank

Swiss Re has confirmed reports that Japanese investment giant Softbank is mulling a significant minority investment that could see it acquire around 30 percent of the European reinsurance powerhouse.

Aspen loss better than expected but ‘well below’ acceptable levels

Aspen has delivered a $178.1mn fourth quarter operating loss that was not as bad as analysts had expected but still “well below acceptable levels” according to the Bermudian’s chief exec Chris O’Kane.

XL shares soar as Wall Street acquisition rumours reach fever pitch

Shares in XL Group were trading up by more than 12 percent as markets closed on Wednesday after reports that potential acquirers were circling the Bermuda-headquartered group.

Valuations further deter Everest Re from large-scale M&A

Everest Re shares up almost ten percent since 4Q earnings. Re-Insurance’s summary of the Everest Re 6 February investor call.

Aon places mammoth $1.36bn World Bank earthquake cat cover

Aon Securities has put together a $1.36bn catastrophe bond for the World Bank which gives the institution cover for earthquake risks in Chile, Mexico, Colombia and Peru.

Markel escapes worst of US Q4 losses

Markel Corporation appears to have avoided the worst of the loss-hit end to 2017 after it posted an 83 percent combined ratio in its US insurance business for the fourth quarter.

AM Best downgrades CBL to B++ following Gibraltar under-reserving

The New Zealand (re)insurer CBL Corp has seen AM Best downgrade its financial strength rating below the watershed A- rating following revelations earlier this week that it was significantly under-reserved for a controversial class of French construction business written out of Gibraltar.

Hurricanes and wildfires drive US P&C underwriting 2017 loss: AM Best

Hurricanes and wildfires in the third and fourth quarter of 2017 pushed US property and casualty (P&C) business to a loss for the year, according to AM Best.

State Farm: California wildfires losses reach $1.3bn

State Farm has now paid out $1.3bn in claims arising from the Q4 California wildfires, the US mutual heavyweight confirmed yesterday (6 February).

Exin sued by backer Calamos; EUR1.1bn Ethniki sale in major doubt

Exin, the ambitious pan-European insurance vehicle set up by ANV founder Matt Fairfield, is facing a major obstacle in its bid to complete the agreed sale of Greece’s largest insurer Ethniki after its major backer revealed it was suing the company for more than $41mn.

CATCo ties up over 40 percent of NAV to cover 2017 losses

Markel CATCo, the collateralised fund manager that raised more than $2bn from investors late last year before increasing its 2017 loss estimates, said that it has placed over forty percent of its 1 January 2017 assets in its listed fund into a “side pocket” to cover losses and any deterioration.

Mike MacColl takes over as XL Catlin’s global hull boss

XL Catlin has promoted Mike MacColl to the position of global practice leader for hull after just over a year as head of hull for the UK.

Lloyd’s bolsters Franchise Board with three appointments

Lloyd’s of London has named Mike Bracken, Nigel Hinshelwood and Fiona Luck to the Franchise Board as non-executive directors.

JLT hires AIG’s marine and aviation big hitter Joe Trotti

JLT has hired AIG’s former head of global marine and aerospace Joe Trotti, Re-insurance.com can reveal.

UPDATE: US (re)insurance stocks stabilise after another open in the red

US (re)insurance stocks have headed downwards again at the open in New York before stabilising as equity investors continue to pull out of the market in an apparent inflation-worry driven dive.

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