NewsCommercial insuranceIndustry veterans raise $67mn to build program platformChris McClellan, Mike Toole and Tony Urban are launching Austin, Texas-based Incline Insurance Group to build out a US program carrier platform, The Insurer can reveal.Thu 25 Jul 2019
NewsCasualty ReinsuranceTopsail Re pushes past $100mn in written premiumCayman Islands start-up reinsurer Topsail Re is on track to write in excess of $100mn of premium in 2019 through business onboarded in its first six months of operating as it looks to take advantage of improving pricing and terms to build out its portfolio of business, The Insurer can reveal.Thu 25 Jul 2019
NewsLancashire CEO praises market’s rating ‘reality check’London-listed Lancashire’s CEO Alex Maloney believes the property casualty market can maintain the pricing momentum which has been witnessed to date in 2019 across a number of geographies and classes.Thu 25 Jul 2019
NewsLegal disputeInsurers seek control of PG&EA group of insurers that say Pacific Gas & Electric (PG&E) owes them more than $20bn from wildfire claims is seeking to take over the California utility provider and pull it out of bankruptcy.Thu 25 Jul 2019
NewsProSight IPO prices below expected range in downsized offeringUS program insurer ProSight Global has set the pricing of its initial public offering (IPO) at $14.00 per share, $2.00 below the initial $16.00 - $18.00 expected range it released earlier this month.Thu 25 Jul 2019
NewsResultsAnalysts upbeat despite Lancashire missAnalysts have remained upbeat about prospects for London market (re)insurer Lancashire, despite the carrier posting a consensus-missing profit before tax of $41mn.Thu 25 Jul 2019
NewsResultsMapfre Re H1 profit slides 30%Mapfre Re – which comprises the Spanish carrier’s reinsurance business as well as its specialty insurance arm, Global Risks – reported net earnings of Eur84.9mn ($94.5mn) in the first six months of the year, down 29.6 percent on the same period in 2018.Thu 25 Jul 2019
NewsPeople MovesTMHCC adds two underwriters to media, film & TV practiceTokio Marine HCC (TMHCC) has appointed Stuart Wolstenholme as media property and liability underwriting manager and Lucy Smith as media, film & TV underwriter, as the carrier expands its professional risks division.Thu 25 Jul 2019
NewsQ2 insurtech deal value tops $1.4bn, volume fallsThe second quarter was the fourth in a row with new insurtech funding over $1.2bn and also saw a record number of strategic investments by (re)insurers, according to Willis Towers Watson.Thu 25 Jul 2019
NewsAviationBoeing confirms $500mn grounding claims in Q2 resultsTroubled aviation giant Boeing has confirmed a $500mn claims hit to aviation underwriters in its second quarter results.Thu 25 Jul 2019
NewsLossesJebi industry loss now over $15bn: RenRe’s O’DonnellRenaissanceRe CEO Kevin O’Donnell has estimated the industry loss from Typhoon Jebi is now “at least $15bn”, which drove $25mn of gross 2018 adverse development reported in the reinsurer’s second quarter.Thu 25 Jul 2019
NewsScor profits slip to Eur480mn in H1 as top line swellsFrench reinsurance powerhouse Scor reported an operating result of Eur480mn ($534mn) in the first half of the year, down nearly 6 percent from the Eur508mn it posted in the same period in 2018.Thu 25 Jul 2019
NewsResultsLancashire positive on trading prospects despite claims creepLondon-listed carrier Lancashire hit a cautiously optimistic note over improved market discipline and pricing in 2019 despite seeing first half operating profits for the year fall by some 45 percent to $42.9mn compared to the prior year period. Thu 25 Jul 2019
NewsM&APSC to acquire London market broker Paragon for £42mnAustralian broking house PSC Insurance Group has announced the acquisition of its third Lloyd’s and London market broker with the purchase of Paragon International Holdings for a base consideration of £42.0mn, with the final consideration subject to adjustment based on 2019 and 2020 Ebitda.Wed 24 Jul 2019
NewsHomeowners insurtech Hippo raises $100mnHippo has raised $100mn in a Series D funding round led by technology investment firm Bond, pushing the homeowners insurtech’s total funding to $209mn.Wed 24 Jul 2019
NewsInsurtech Qomplx secures $78.6mn investmentVirginia-based analytics platform Qomplx has raised $78.6mn in its latest funding round, led by investment firms Cannae Holdings and Motive Partners.Wed 24 Jul 2019