Tokio Marine falls to nine month reinsurance and Europe lossJapanese insurance giant Tokio Marine’s reinsurance and European units both fell to a loss in the nine months to 31 December as catastrophe losses and currency fluctuations ate into the company’s profits for the period.
MS Amlin swings to £589mn nine month lossMS Amlin has fallen to a £589mn ($815.7mn) loss for the nine month period to the end of December as the Japanese-owned carrier took a £171mn hit from the Californian wildfires.
Brit’s third-party capital expands to $400mnLloyd’s (re)insurer Brit now manages over $400mn of capital for third-party investors seeking access to its underwriting with the expansion of its sidecar Versutus to $187mn for 2018.
Argo just beats estimates as reserves buoy Q4 resultsArgo Group has defied analyst predictions to deliver a modest $0.3mn fourth quarter operating profit as reserve releases and revised catastrophe loss estimates bolstered the bottom line.
Arch beats estimates as profits surgeArch Capital delivered an expectation-topping $187.4mn operating profit in the fourth quarter as it dodged significant losses from the catastrophes that plagued the industry in the final months of 2017.
Swiss Re shares finish the week flat despite Softbank investment rumoursShares in Swiss Re closed flat last week despite reports suggesting Japanese investment giant Softbank was eyeing a $10bn in the big-four reinsurance giant.
XL or XXL?Ten years ago, $1bn was the default minimum size for a global reinsurer/specialty carrier to be taken seriously.
UPDATE: CNA climbs 5% after reserve releases help Q4 beatCNA shares have surged over 5 percent in early trading in New York after the firm delivered a $286mn fourth quarter profit as the group’s $38mn of catastrophe losses was more than offset by reserve releases.
JP Morgan makes U-turn on $14bn Allianz–XL deal outlookAfter initial scepticism, JP Morgan now says Allianz’s rumoured bid for Bermudian XL Group could make sense for the German heavyweight’s shareholders even at a hefty take out price of $14bn - or around $54 a share.
UPDATE: AIG shares climb almost 5% after resultsShares in AIG were up almost 5 percent when the opening bell rang at the New York Stock Exhange this morning after the US insurance giant announced its fourth quarter and full year results.
Aspen’s O’Kane ‘ruling nothing out’ regarding M&AThe CEO of Bermudian (re)insurer Aspen Chris O’Kane has said the (re)insurer is “open minded” to a strategic review that could ultimately lead to a sale process.
XL, Aspen and the M&A barometerAs XL Group’s share price spiked over 12 percent last night in the midst of Softbank’s bold wade into the (re)insurance arena with a mooted minority stake in Swiss Re, the industry’s M&A speculation barometer shot through the roof.
Willis reinsurance revenues post 4% Q4 organic growthWillis Towers Watson’s investment, risk and reinsurance unit reported solid 4 percent organic growth in the fourth quarter to take headline income to $300mn for the period.
CBL shares now halted amid Gibraltar ‘dommages ouvrage’ concernsNew Zealand-listed carrier CBL has had its shares suspended by the country’s stock exchange days after it announced a NZ$100mn reserve strengthening to deal with deteriorations in controversial Gibraltar-written French construction business.
Axis just beats Street estimates with $20mn profitAxis just beat the expectations of Wall Street to deliver a $20mn operating profit for the final quarter of last year.
Zurich shares up on 2017 earnings beatZurich’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 1/1Scor 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 resultsShares 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 SoftbankSwiss 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 levelsAspen 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.