Results

California wildfires push The Hartford to $180M Q4 cat loss

The Hartford is set to take a $180mn catastrophe hit from the fourth quarter largely due to losses stemming from wildfires which swept California last year.

Brokers split on rate hikes at 1.1

Divides have begun to emerge on rate movements across the market as brokers took it in turns last week to publish their take on 1 January renewals.

Will the reinsurance tail still wag the insurance dog?

After months of bluster about the potential for double-digit rate hikes, reinsurers conceded ground at the eleventh hour to walk away from the 1 January renewals disappointed. At least, this was the sub-theme from some of the international brokers last week but does this tell the whole story?

Reinsurance stocks rally after initial 1.1 falls

Reinsurance stocks have begun to rally in recent days after declining in late December and at the beginning of January amidst reports of reinsurers conceding to lower rate improvements at 1.1.

AM Best ups outlook for US commercial lines segment

AM Best has improved its outlook for the US commercial lines sector as it predicted that the segment would post a net profit for 2017 despite the string of catastrophes.

Reinsurance capital shrinks for the first time in almost a decade

For the first time in almost a decade, the level of reinsurance capital shrank last year following the circa $140bn of record insured cat losses in 2017, according to analysis from JLT Re.

1.1 renewal clearly a disappointment to reinsurers: Willis Re

The key 1 January renewal was ‘clearly’ a disappointment for many reinsurers, which were ‘unsuccessful’ in achieving meaningful risk-adjusted rate increases, according to the global CEO of Willis Re James Kent.

‘Disappointing’ renewal a consequence of over concentration on property cat: Willis Re

London market welcomes BoE Brexit move; onus on EU to reciprocate

The UK insurance sector has welcomed the City regulators’ proposals that international (re)insurers will not be required to endure a prolonged regulatory process to set up subsidiaries to operate in the London market post-Brexit.

Putting a price on Price Forbes

Recent minority share sale - perhaps by departing founder Michael Donegan - implies valuation as high as £183mn

Southern California fires to take State’s 2017 loss beyond $10bn

As the industry reeled from AIR Worldwide’s initial $85bn high-end loss estimate for Hurricane Maria in late September, few would have conceived that the then sporadic California wildfires that began a few days later might ultimately lead to insured losses that approach or even exceed Maria’s event loss total.

Mapfre books $1.3bn gross cat losses in Q3

Spanish (re)insurer Mapfre has posted gross cat losses of $1.3bn (€1.1bn) in the third quarter.

Barbican commissions “next ten years” London market study

Lloyd’s insurer Barbican has celebrated its ten-year anniversary today (23 November) by commissioning a year-long study into how the London market may evolve over the next decade.

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.

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.

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.

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.

Lancashire: 2018 outlook is ‘‘positive’’

The CEO of short-tail specialist Lancashire has predicted a “meaningful adjustment” to the pricing environment following the industry’s heavy third quarter losses.

Everest Re posts 3Q combined ratio of 164 percent

The scale of the third quarter loss events was demonstrated with Bermudian carrier Everest Re’s third quarter results yesterday evening (30 October) which included a 163.6 percent combined ratio and the previously announced cat losses of $1.2bn for Harvey, Irma, Maria and the Mexican quake.

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