News

Towergate and Price Forbes owner sinks to £100mn 9-month loss

The acquisitive owner of London market wholesaler Price Forbes and UK retail intermediary Towergate has seen its pre-tax losses rise to £98.5mn for the first nine months of 2017 and net debt more than double to £747mn after another busy year of M&A.

New Bermuda reinsurer targets retro at 1.1

Lutece Re has launched in Bermuda with an immediate focus on the capacity-stretched retro markets.

UK P&I insurer facing $1bn total limit loss from Prestige spill

The London Steam-Ship Owners’ Mutual Insurance Association, also known as the London Club, is facing a $1bn damages claim following a Spanish court order yesterday (15 November) in relation to the tanker Prestige sinking and oil spill in 2002.

InsureTech start-up ChainThat receives major Xceedance investment

The (re)insurance consulting and outsourcing firm Xceedance has made a multi-million dollar investment in ChainThat, a block chain technology firm based in London that was only launched in 2015.

R&Q exits support for Syndicate 1991

As Lloyd’s approaches its crucial “coming into line” date, R&Q has disclosed it has reduced its capital support to a “nominal amount” for its former Syndicate 1991 in 2018.

Neon to launch Nordic platform Orca following JLT hires

Lloyd’s insurer Neon will launch a Nordic platform, Orca Insurance Services, in 2018 following the hiring of an eight-strong marine team from the Swedish-headquartered underwriting agency Lavaretus Underwriting AB.

Legacy acquirer Armour close to another run-off QBE deal

Amour Group Holdings, the Bermudian-headquartered firm that specialises in acquiring books of run-off business, is in advanced talks with QBE to assume an estimated $450mn-$500mn of legacy US commercial auto business, Reinsurance can reveal.

Lloyd’s approves Agora Syndicate 3268 for 1.1 start

Lloyd’s has formally approved Mike Pritchard’s Agora to operate as a full syndicate from 1 January 2018.

Beazley shares up on positive analyst report

Beazley shares were up around 2.5 percent today (10 November) following a positive analysts report from JP Morgan Cazenove.

Munich Re’s shares rise despite Eur1.4bn 3Q loss

The world’s largest reinsurer Munich Re predicted rate rises in 2018 as it dropped to an Eur1.4bn loss in the third quarter fuelled by the estimated $100bn of insured losses from the recent catastrophic events.

InsurTech fuelling new entrants in China markets

Asia has become the home of InsurTech innovators as the region inspires greater creativity and product development than other markets, according to Willis Towers Watson (WTW).

Beazley: Up to $300mn in H2 cat losses

Lloyd’s (re)insurer Beazley says it now expects between $200mn-$300mn in net natural disaster claims in the second half of the year in a 9 November trading statement.

Markel CATCo to raise further $250mn

Markel CATCo, the leading provider of collateralised pillared retro to cat reinsurers, has announced today (8 November) that it plans to raise a further $250mn in its publicly listed fund CATCo Reinsurance Opportunities Fund which will take its total 3Q post-event capital raise to over $2bn.

Hannover Re ekes out slender Q3 profit on strong investment return

The industry’s third largest P&C reinsurer eked out a slender net income of Eur13.9mn in the third quarter despite the roll-call of heavy cat events burning through the firm’s entire year cat budget.

UK regulator puts broker facilities and tying under spotlight

The Financial Conduct Authority (FCA) has begun a wide-ranging study into broker activities in the London wholesale market following concerns that “larger brokers may be using their market power” to oblige (re)insurers to sign up to facilities or pay for additional services in exchange for seeing business.

Hiscox cuts 3Q cat loss estimate; US property rates up 10-50 percent

Lloyd’s insurance group Hiscox plc saw its shares open up at a new record high this morning as the firm scaled back its loss estimates for the third quarter cat loss events while telling investors it was seeing rate increases of up to 50 percent and “sometimes more” on loss-affected US property lines.

Hamilton short-lists Lloyd’s legacy RITC buyers

Bermudian-domiciled Hamilton Insurance Group has shortlisted potential buyers of its Lloyd’s legacy book inherited when it acquired the old Sportscover managing agency, Reinsurance can reveal.

Berkshire Hathaway posts $3bn losses from 3Q cat events

Berkshire Hathaway is behind only Lloyd’s, Munich Re and Swiss Re in the size of net losses from the brutal roll-call of catastrophe events in the third quarter.

BMA highlights island’s cat reinsurance resilience

The Bermuda Monetary Association (BMA) has said the island’s reinsurance sector remains resilient despite the rising exposure to major loss events.

AIG shares slump on $836mn reserve charge and earnings miss

AIG saw its share price fall 4 percent in early trading on the NYSE (3 November) after missing its third quarter earnings estimate following another large prior year reserve charge in addition to its pre-announced $3bn hit from the recent nat cat events.

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