US P&C industry posts $23.5bn loss in 2017: AM BestProperty and casualty (P&C) carriers in the US have reported a net underwriting loss of $23.5bn in 2017, according to AM Best data.
Talanx combined ratio slips into the red after hurricane lossesHannover Re-owner Talanx saw its 2017 combined ratio slip into the red as last year’s earthquakes, storms and wildfires took their toll on its bottom line.
Wildfires push Greenlight Re to $19.7mn Q4 underwriting lossCayman Islands-based reinsurer Greenlight Re has fallen to a $19.7mn underwriting loss for the fourth quarter as losses from the California wildfires dealt the carrier a $4.7mn blow.
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.
State Farm: California wildfires losses reach $1.3bnState Farm has now paid out $1.3bn in claims arising from the Q4 California wildfires, the US mutual heavyweight confirmed yesterday (6 February).
Munich Re swings to EUR476mn P&C loss as cats biteMunich 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 resultsEverest 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.
McGavick confirms XL’s $1bn aggregate stop-loss policy searchXL 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.
No hard market despite signs of change: GlaserThe 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.
Qatar Re owner’s profit dives after Hurricanes and OgdenQatar Insurance Group (QIC), the parent entity of Qatar Re and Lloyd’s syndicate Antares, reported underwriting profits that slumped $200mn to just $32mn last year.
Aon Benfield ups 2017 cat loss estimate to $134bnAon Benfield has increased its 2017 catastrophe loss pick once again to take the total estimated insured losses for last year to $134bn.
CATCo’s 2017 losses creep over $700mnCATCo - the leading provider of pillared retro capacity for cat (re)insurers - has increased its estimate of 2017 losses to 27.6 percent of net asset value (NAV) of the funds it manages.
Natural disasters and extreme weather top WEF risks for 2018The World Economic Forum (WEF) has named natural disasters and extreme weather events as the top global risks on the horizon for the second year running.
Axis: 4Q California fires to cost $92mnAxis Capital has said today (17 January) that catastrophe losses from the fourth quarter are likely to cost the firm $130mn.
AIR pegs Storm Eleanor losses up to €1.6bnCatastrophe modelling firm AIR has estimated that insured losses from Storm Eleanor will be between €1.1bn and €1.6bn ($1.3bn-$1.9bn).
ILS fund AlphaCat raises $714mnAssets under management (AuM) at Validus Holdings’ ILS fund manager AlphaCat have climbed to a new record of $3.4bn after raising $714.2mn from investors after the 2017 H2 losses.
RenRe posts 3Q combined ratio of 245 percentThe scale of the third quarter cat events was highlighted by Bermudian reinsurer RenaissanceRe which posted an overall underwriting loss of $793.2mn on a combined ratio of 244.8 percent yesterday evening (31 October).
AM Best model change to spur reinsurance demandReinsurers are set to benefit from an uptick in demand for coverage from primary carriers following a change to AM Best’s rating methodology, Aon Benfield has said.
1.1 rates hike trend will be short lived: Aon BenfieldThe 1 January renewals saw reinsurance pricing move up for lines and territories worst hit by last year’s catastrophes but those rate hikes are likely to be short lived, Aon Benfield has predicted today (8 January).
MS Amlin launches $60mn sidecar for Lloyd’s syndicateMS Amlin has launched a $60mn Bermuda-based sidecar that will write a quota share of its Lloyd’s Syndicate 2001.