News

RenRe beats estimates despite $154mn wildfire loss

RenaissanceRe surpassed estimates to report a $41.4mn Q4 operating profit despite a $154.4mn bill from the California wildfires which pushed the Bermudian’s combined ratio to 102.5 percent.

Volante launches second MGA targeting Nordic market

Volante Global, the MGA platform led by Talbir Bains, has launched its second MGA of 2018 - Bridge Underwriting.

WRB dodges heavy losses to deliver Q4 profit

US carrier WR Berkley has reported net earnings per share of $1.21 for the fourth quarter as the company managed to miss the worst of the period’s catastrophe losses.

Chubb just misses as California losses creep

Chubb marginally underperformed against the expectations of equity analysts for the fourth quarter as its estimate of California wildfire losses crept to $447mn.

Brokers handed deadline reprieve in FCA wholesale probe

The UK regulator, which is currently undertaking a detailed review into the London market wholesale broking space with a particular focus on broking facilities, has handed a six week reprieve to companies ensnared in the probe.

PPL used to close Aon Client Treaty facility

PPL has been used to close the Aon Client Treaty facility for 2018, which it claims is one of the largest and most complex transactions in the Lloyd’s market.

Enstar snags $1.1bn Novae legacy book

Enstar has won a bidding war to take on Novae’s £840mnn ($1.1bn) legacy book, the company announced today (29 January).

Alesco adds two partners to energy unit

Lloyd’s broker Alesco has hired Alison Schwab and Mark Smith as partners for its energy division, the company announced today (29 January).

JLT Re calls out modeling firms over mismatched storm estimates

JLT Re has called into question the credibility of the major risk modelling firms after they failed to reach a consensus on the cost to the industry of hurricanes hitting one of the best-mapped corners of the planet.

Exin says “no funding shortfall” in Ethniki bid

Exin founder Matt Fairfield has robustly denied that his firm’s $1.1bn bid to acquire Greek insurer Ethniki is in jeopardy and says he has all the necessary funding in place.

Almost $1bn of cat bond capacity hit by 2017 cats: Willis

Willis Towers Watson’s securities arm has estimated that $985mn of cat bond capacity was impaired by the wildfires that scorched California and the trio of Atlantic hurricanes which battered parts of the US and the Caribbean last year.

Aspen expects $245mn Q4 UW loss as California losses bite

Bermudian carrier Aspen is set to post a $245mn underwriting loss for the fourth quarter including some $135mn of pre-tax losses net of reinsurance due to wildfires in California, the company announced last night.

Gallagher’s sees 6.8% organic growth in broking revenues

Acquisitive international broking house Arthur J Gallagher reported fourth quarter organic broking revenues that had climbed 6.8 percent compared to the final three months of 2016.

Aspen insurance CEO steps down after poor Q4 cat performance

Aspen’s CEO of insurance Stephen Postlewhite has left the company with immediate effect, just hours after the Bermudian said it was expecting to post a $245mn underwriting loss for the fourth quarter.

Exin taps Pimco and Berkshire Hathaway for Ethniki funding: reports

With just days left before it is due to table a final financing plan for Greek state-owned insurer Ethniki, Matt Fairfield’s Exin has spoken to Allianz-owned Pimco and Berkshire Hathaway about committing funds to the ongoing acquisition.

RLI surpasses expectations as tax gain bolsters earnings

RLI reported fourth quarter earnings that outperformed the expectation of analysts and included a $32.8mn boost from changes to the tax code in the US.

Lloyd’s has ‘long way to go’ in harnessing ILS: Parry

Lloyd’s has a “long way to go” in taking advantage of the new insurance-linked securities (ILS) legislation that came into force last year, the Corporation’s chief financial officer (CFO) John Parry has said.

Carillion collapse to deal trade credit insurers £31mn hit

Credit insurers are set to pay out around £31.0mn ($44.3mn) of claims related to the dramatic collapse of British outsourcing firm Carillion, according to the Association of British Insurers (ABI).

Lockton broker hot foots home on supposed first day at Willis

Just hours after supposedly starting a new job as a casualty broker with Willis Towers Watson, Debbie Goldstine was revealed as US casualty leader at rival intermediary Lockton.