News

FCA’s Bailey calls for post-Brexit financial services transition period

The CEO of the Financial Conduct Authority (FCA) Andrew Bailey has urged the European Union to allow companies in the City of London a transition period following Britain’s exit from the union.

Munich Re swings to EUR476mn P&C loss as cats bite

Munich Re has posted a EUR476mn loss in its property and casualty (P&C) division for 2017 as the catastrophes of H2 pushed the reinsurer’s P&C combined ratio to 114.1 percent.

Everest Re smashes estimates as reserve releases buoy Q4 results

Everest Re defied analyst estimates to deliver a $556mn fourth quarter profit that climbed by more than half compared to last year as reserve releases and a reduction in catastrophe loss estimates bolstered the bottom line.

Ed appoints Marcus Taylor head of reinsurance for Asia Pacific

Ed has strengthened its Asia Pacific operations with the appointment of Marcus Taylor.

Enstar takes control of KaylaRe in stake swap

Enstar has swapped a portion of its own equity to take control of total return reinsurer KaylaRe.

Allianz teams up with Apple and Cisco to offer discounted cyber cover

Allianz has entered into a partnership with Apple and Cisco to offer discounted cyber insurance for customers who use the tech giants’ products in a bid to broaden its base in the burgeoning sector.

Barbican launches Bermuda platform with former Novae team

Lloyd’s insurer Barbican has developed a Bermuda platform to source property business for its Syndicate 1955 staffed by former Novae underwriters.

NZ insurer CBL adds $100mn to reserves as Gibraltar run-off impact spreads

Credit and financial risk carrier CBL Corporation is set to report a post-tax loss of between NZ$75mn and NZ$85mn ($55mn and $62mn) for 2017 after it said today (5 February) it would book a NZ$100mn reserve strengthening hit from a controversial class of French construction business written out of Gibraltar.

R&Q Malta receives AM Best A- rating

The slimmed-down and refocused legacy and programme management firm R&Q received a major boost late last week with confirmation that AM Best had awarded an A- (excellent) financial strength rating to its main European platform, R&Q Malta.

Lloyd’s mulls mandating PPL after slow take-up

Lloyd’s of London has announced plans to mandate its electronic placing platform PPL as it says take up is not happening “fast enough”.

McGavick confirms XL’s $1bn aggregate stop-loss policy search

XL Group CEO Mike McGavick has confirmed his firm is exploring the purchase of a $1bn stop-loss policy, as revealed by this publication last month.

Validus scrapes a profit despite 110% combined ratio

Soon-to-be AIG-owned Validus eked out a fourth quarter profit that was well below the expectations of analysts as California wildfire losses took their toll on the bottom line.

Hamilton Underwriting active underwriter Carvey to leave

Hamilton Underwriting Ltd, the Lloyd’s arm of the Bermudian (re)insurer Hamilton Insurance Group, has confirmed the departure later this year of its active underwriter of its Syndicate 3334, Trevor Carvey.

Aon posts strong 4Q organic revenue but profits hit hard by tax

Aon has reported just $10mn of profit for the fourth quarter as its effective tax rate hit 95.8 percent impacted by President Trump’s tax reforms and restructuring costs.

XL Group beats analyst expectations despite drop in profits

XL Group saw operating profits fall by nearly 10 percent to 116.1mn in the fourth quarter.

MMC beats Q4 analyst expectations with strong Guy Carpenter growth

Marsh & McLennan Companies’ (MMC) reinsurance broking subsidiary Guy Carpenter has posted underlying revenue growth of 7 percent for the fourth quarter, taking its revenue for the period to $239mn.

No hard market despite signs of change: Glaser

The long-awaited hard market has not yet arrived despite signs that some segments of the property and casualty (P&C) market are beginning to demonstrate increases, Marsh & McLennan (MMC) president and CEO Dan Glaser has said.

InsurTech start-ups swap disruption for partnerships: Willis

InsurTech investment has begun to shun start-ups seeking to disrupt the industry’s core offering in favour of backing companies which aim to improve the current value chain, according to new research from Willis Towers Watson.

AFG beats estimates with $197mn profit

American Financial Group (AFG) delivered an expectation-topping $197mn operating profit in the fourth quarter as it dodged a significant loss from the catastrophes that plagued the industry in the final months of 2017

The Hanover swings to profit as cats hurt Chaucer

Massachusetts-based carrier The Hanover swung back into the black for the fourth quarter, posting operating income of $86mn or $2.00 per share compared to an operating loss of $19.7mn in the prior year period.

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