NewsResultsUnderwriting profits surge at Markel on reserve releases and lower catsThird quarter underwriting profits jumped from $6.5mn to $72.7mn at Markel as the carrier reported significantly improved combined ratios in its insurance and reinsurance segments, including more favourable development in casualty reserves than in the prior-year period.Wed 30 Oct 2019
NewsM&AEnstar inks $800mn asbestos liabilities dealBermudian legacy specialist Enstar is to acquire manufacturer BorgWarner Morse TEC and take on its approximately $800mn of liabilities associated with personal injury asbestos and environmental claims arising from the firm’s legacy operations.Wed 30 Oct 2019
NewsSpaceSpace writers face $200mn Eutelsat hit; 2019 worst loss ratio for a generationThe niche space underwriting market is facing the prospect of a loss approaching $200mn as a result of the failure of a recently launched Eutelsat satellite, which would bring the loss ratio for the year to a brutal 200 percent, The Insurer understands.Wed 30 Oct 2019
NewsPeople MovesBeazley names Diamond group head of claims as Hobkinson retiresBlue chip Lloyd’s carrier Beazley’s has named Beth Diamond to succeed Anthony Hobkinson as group head of claims following the latter’s decision to retire from his current role in February 2020.Wed 30 Oct 2019
NewsM&ARiverstone acquires two Cayman-based captivesFairfax-owned run-off manager Riverstone has purchased the Cayman-based captives, GMPCI Insurance Company Ltd. (GMPCI) and Seaside Indemnity Alliance Company Ltd. (Seaside).Wed 30 Oct 2019
NewsApollo names Mistry chief risk officerLloyd’s managing agency Apollo Syndicate Management (Apollo) has named Vinay Mistry as chief risk officer, effective 1 November.Wed 30 Oct 2019
NewsLossesCyber attack on APAC ports could leave $110bn losses uninsured: Lloyd’sIn an extreme scenario where a single cyber-attack affects major ports across the Asia Pacific region, total economic losses could soar to as much as $110bn, but 92 percent of which would be left uninsured, research from Lloyd’s has found.Wed 30 Oct 2019
NewsLegal/ RegulatoryAIG retirement plan unit in SEC probe over sales practices: reportThe Variable Annuity Life Insurance Company (Valic) a business unit of US insurance giant AIG, has come under investigation from the Securities Exchange Commission (SEC) over the sales of its retirement plans to staff at schools and universities.Wed 30 Oct 2019
NewsResultsAllstate UW improvement helps drive Q3 beatUS giant Allstate reported third quarter adjusted net income of $946mn, or $2.84 a share, which was up on the $759mn, or $2.16 share reported in the prior-year period and ahead of the $2.59 a share analyst consensus forecast.Tue 29 Oct 2019
NewsResultsWatford Re CEO highlights positives beyond breakeven resultsWatford Re CEO John Rathgeber said that the reinsurer’s Q3 breakeven earnings are stronger than a “cursory reading” of its financials might at first reveal.Tue 29 Oct 2019
NewsCommercial insuranceAFG Q3 earnings up despite A&E chargeAmerican Financial Group (AFG) has reported core net operating earnings of $205mn for the third quarter, or $2.25 per share, up from $198mn, or $2.19 per share, in the same period of 2018.Tue 29 Oct 2019
NewsResultsRenRe misses on earnings after Q3 cat lossesPreannounced Q3 cat losses of $155mn sent RenaissanceRe operating profits down to $0.29 a share, well below the $1.01 a share consensus forecast of analysts compiled by MarketWatch.Tue 29 Oct 2019
NewsLossesArgo warns of $42mn Q3 reserve chargeBermudian carrier Argo has preannounced it expects to suffer prior accident year losses of approximately $42mn – or 9.3 points – on its consolidated loss ratio in its upcoming third quarter results.Tue 29 Oct 2019
NewsResultsCatastrophes push Axis to “disappointing” Q3 operating lossBermudian (re)insurer Axis Capital has reported a third quarter operating loss of $33mn – or a $0.39 loss per diluted common share – as catastrophe losses took their toll.Tue 29 Oct 2019
NewsCommercial insuranceChubb: prices firming at double or more Q1 rate “in many cases”Chubb beat analysts’ expectations in the third quarter, reporting core income per share of $2.70, up from $2.41 in the third quarter of 2018.Tue 29 Oct 2019
NewsResultsArch Q3 income up despite (re)insurance underwriting lossArch Capital’s third quarter results met investor expectations despite catastrophe losses producing underwriting losses in its insurance and reinsurance segments.Tue 29 Oct 2019