Search | The Insurer

PPL used to close Aon Client Treaty facility

News

Market Modernisation

PPL used to close Aon Client Treaty facility

PPL has been used to close the Aon Client Treaty facility for 2018, which it claims is one of the largest and most complex transactions in the Lloyd’s market.

Mon 29 Jan 2018

News

Legacy

Enstar snags $1.1bn Novae legacy book

Enstar has won a bidding war to take on Novae’s £840mnn ($1.1bn) legacy book, the company announced today (29 January).

Mon 29 Jan 2018

Analysis

Results

Results Round-up: Brokers fly as carriers nosedive

The Q4 results season kicked-off in earnest last week with a boost for the brokers after solid performances by Brown & Brown and Arthur J Gallagher (AJG) while the first signs of a hard-loss quarter for carriers emerged.

Mon 29 Jan 2018

News

Energy

Alesco adds two partners to energy unit

Lloyd’s broker Alesco has hired Alison Schwab and Mark Smith as partners for its energy division, the company announced today (29 January).

Mon 29 Jan 2018

JLT Re calls out modeling firms over mismatched storm estimates

News

Losses

JLT Re calls out modeling firms over mismatched storm estimates

JLT Re has called into question the credibility of the major risk modelling firms after they failed to reach a consensus on the cost to the industry of hurricanes hitting one of the best-mapped corners of the planet.

Mon 29 Jan 2018

Exin says “no funding shortfall” in Ethniki bid

News

M&A

Exin says “no funding shortfall” in Ethniki bid

Exin founder Matt Fairfield has robustly denied that his firm’s $1.1bn bid to acquire Greek insurer Ethniki is in jeopardy and says he has all the necessary funding in place.

Mon 29 Jan 2018

Comment

Lloyd’s has an expensive problem

Lloyd’s has a problem. Its expense ratio is now - at 40.6 percent - much higher than its competitors. This could be ignored when underwriting profits are made but on the 21 March we will find out the size of the 2017 market loss.

Mon 29 Jan 2018

Analysis

Lloyd’s expense ratios balloon as company market resists rises

Lloyd’s combined acquisition and administrative expense ratio hit 40.6 percent in 2016 as the Corporation continued to underperform its company market competitors despite a concerted efficiency drive and attempts to modernize the market.

Mon 29 Jan 2018

Almost $1bn of cat bond capacity hit by 2017 cats: Willis

News

Losses

Almost $1bn of cat bond capacity hit by 2017 cats: Willis

Willis Towers Watson’s securities arm has estimated that $985mn of cat bond capacity was impaired by the wildfires that scorched California and the trio of Atlantic hurricanes which battered parts of the US and the Caribbean last year.

Mon 29 Jan 2018

News

Losses

Aspen expects $245mn Q4 UW loss as California losses bite

Bermudian carrier Aspen is set to post a $245mn underwriting loss for the fourth quarter including some $135mn of pre-tax losses net of reinsurance due to wildfires in California, the company announced last night.

Fri 26 Jan 2018

Gallagher’s sees 6.8% organic growth in broking revenues

News

Results

Gallagher’s sees 6.8% organic growth in broking revenues

Acquisitive international broking house Arthur J Gallagher reported fourth quarter organic broking revenues that had climbed 6.8 percent compared to the final three months of 2016.

Fri 26 Jan 2018

Aspen insurance CEO steps down after poor Q4 cat performance

News

People Moves

Aspen insurance CEO steps down after poor Q4 cat performance

Aspen’s CEO of insurance Stephen Postlewhite has left the company with immediate effect, just hours after the Bermudian said it was expecting to post a $245mn underwriting loss for the fourth quarter.

Fri 26 Jan 2018

Exin taps Pimco and Berkshire Hathaway for Ethniki funding: reports

News

M&A

Exin taps Pimco and Berkshire Hathaway for Ethniki funding: reports

With just days left before it is due to table a final financing plan for Greek state-owned insurer Ethniki, Matt Fairfield’s Exin has spoken to Allianz-owned Pimco and Berkshire Hathaway about committing funds to the ongoing acquisition.

Thu 25 Jan 2018

RLI surpasses expectations as tax gain bolsters earnings

News

Results

RLI surpasses expectations as tax gain bolsters earnings

RLI reported fourth quarter earnings that outperformed the expectation of analysts and included a $32.8mn boost from changes to the tax code in the US.

Thu 25 Jan 2018

News

Lloyd’s has ‘long way to go’ in harnessing ILS: Parry

Lloyd’s has a “long way to go” in taking advantage of the new insurance-linked securities (ILS) legislation that came into force last year, the Corporation’s chief financial officer (CFO) John Parry has said.

Thu 25 Jan 2018

Carillion collapse to deal trade credit insurers £31mn hit

News

Losses

Carillion collapse to deal trade credit insurers £31mn hit

Credit insurers are set to pay out around £31.0mn ($44.3mn) of claims related to the dramatic collapse of British outsourcing firm Carillion, according to the Association of British Insurers (ABI).

Thu 25 Jan 2018