AnalysisLegal/ RegulatoryWhy two fired CatCo executives believe Markel owes them $70mnTony Belisle and Alissa Fredricks last week sued Markel for incentive payments, saying they were wrongfully dismissed and the US insurer used unlawful means to uncover their personal relationship. The Insurer takes a closer look at their complaints.Fri 1 Mar 2019
NewsResultsState Farm returns to underwriting profit on lower catsState Farm made an underwriting profit in its property casualty business in 2018 as cat losses came in below the level seen in the prior-year.Fri 1 Mar 2019
NewsRating actionsAspen’s AM Best ratings back to stable after Apollo takeoverAM Best has removed from under review with developing implications and affirmed Aspen’s A financial strength ratings.Fri 1 Mar 2019
NewsPeople MovesLondon broker titans McGill and Lloyd mull return together- Recently acquired JLT likely recruiting zone - Linked with PE firms- Buy or Build dilemma?Fri 1 Mar 2019
NewsRating actionsMaiden’s credit rating withdrawn by AM BestAM Best has withdrawn the financial strength rating of Maiden Reinsurance North America following its sale to Enstar.Fri 1 Mar 2019
NewsRetroPool Re confirms £2.3bn terrorism retro placementBritain’s state-backed terrorism reinsurer Pool Re has confirmed it has completed placement of its Munich Re- led £2.3bn retro programme, as first revealed by The Insurer.Fri 1 Mar 2019
NewsUnipolSai launches Eur45mn Atmos Re cat bondItalian insurance giant UnipolSai Assicurazioni has placed a Eur45mn catastrophe bond, Atmos Re DAC, covering against severe weather-related perils in Italy.Fri 1 Mar 2019
NewsLossesPG&E equipment likely led to $1.4bn Camp Fire lossesBankrupt Californian utility firm PG&E has edged closer to admitting responsibility for the deadly Camp Fire in November, acknowledging it was “probable” its equipment initially ignited the blaze.Fri 1 Mar 2019
NewsProperty catastropheFedNat maintains FHCF participation at 75 percentFedNat’s two Florida operating subsidiaries have both elected to maintain their current 75 percent participation in the state’s cat fund for the 2019 hurricane season.Fri 1 Mar 2019
NewsCyber is logical use of ILS: DuperreaultThe ILS market is a logical source of capacity to address the transfer of cyber risk, according to AIG CEO Brian Duperreault.Thu 28 Feb 2019
NewsResultsReserve charge adds 47.6 points to Universal’s Q4 combined ratioFlorida-based Universal Insurance Holdings took a $97.3mn reserve charge in the fourth quarter, which pushed it to a $0.18 loss per share from $1.03 earnings in the fourth quarter of 2017.Thu 28 Feb 2019
NewsCatCo edges closer to run-offUnder-investigation retro fund manager Markel CatCo has taken a further step towards closure after announcing it will proceed with an orderly run-off process for its listed fund, CatCo Reinsurance Opportunities Fund.Thu 28 Feb 2019
NewsLossesRSA shares volatile after FY18 earnings missShares in London-listed insurer RSA yo-yoed on Thursday initially falling by around five percent on the back of disappointing results out of its London market arm before recovering this afternoon on the back of positive analyst commentary.Thu 28 Feb 2019
NewsPeople MovesTigerRisk builds Florida business with JLT Re’s UnsworthReinsurance intermediary TigerRisk has hired Florida market reinsurance veteran David Unsworth.Thu 28 Feb 2019
AnalysisCasualtyUS P&C underwriting loss narrows in 2018: AM BestAM Best is maintaining a stable outlook for US property casualty insurance, but notes the industry will report its third underwriting loss in a row for 2018 and commercial lines pricing remains particularly challenging.Thu 28 Feb 2019
NewsMarsh and Ambridge offer $60mn IP coverageMarsh has launched IP Protect, a new policy offering written by managing general underwriter Ambridge Partners that is tailored to address intellectual property risks.Thu 28 Feb 2019