AFG 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.
Chubb: 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.
Mercury shares slide as profits fall by a thirdShares in LA-headquartered Mercury General dropped by more than 11 percent following the release of its third quarter results on Monday, which saw the carrier’s operating income drop from $61.7mn in Q3 2018 to $43mn in the most recent quarter.
Brown & Brown reports 3.4% organic growth in Q3Brown & Brown reported third quarter organic growth of 3.4 percent that lagged other early reporters, despite a surge in its wholesale brokerage operation where underlying revenues jumped 11 percent.
Cyber excess pricing tipped to tighten in response to privacy regulationsCyber underwriters report the threat of losses from penalties and fines under regulations such as GDPR and CCPA will put pressure on pricing, with excess layers particularly affected.
Rivington hires Welsh and launches London platform with cyber offeringMGA and program administrator Rivington Partners has established a London MGA platform led by cyber underwriting executive Rick Welsh, The Insurer can reveal.
State of emergency declared as Cali wildfires blaze and threaten blackoutsCalifornian governor Gavin Newsom has declared a state of emergency in the state, as Kincade, Tick and Getty wildfires forced a mass evacuation and left circa 1 million people without power, with more blackouts expected to follow.
Insurance distribution M&A to maintain its “furious pace”: MarshBerryNew statistics reveal the first nine months of 2019 had 451 US insurance distribution M&A deals announced, and all the signs point towards no let up in the soaring valuations in this sector.
Beauregard takes helm at expansive Zurich Wholesale & Surplus unitRon Beauregard has replaced Andy Swenson as head of Zurich Wholesale & Surplus (ZWS) as the insurer continues its growth strategy in the hardening E&S market, The Insurer can reveal.
BRP raises $230mn in Nasdaq debutFlorida-based insurance broker BRP Group has raised $230mn in an upsized initial public offering, with its shares closing up 2.4 percent on their first day of trading.
Cyber market reports signs of firming but ransomware impact unclearCyber brokers and underwriters have identified some upward pressure on prices but raised concerns over the soaring number of ransomware attacks.
Cincinnati Financial beats as combined ratio improvesCincinnati Financial reported a 31 percent increase in third quarter operating profits to $179mn, or $1.08 a share, that was ahead of Wall Street consensus forecasts of $0.89 a share.
Applied chair Menzies hits back at CDI’s objections to buyoutApplied Underwriters has defended re-domesticating a subsidiary from California in order to complete its buyout from Berkshire Hathaway, accusing the state’s insurance department of “vacillation”, “extreme politicisation” and “glacial inertia”.
Canadian funds invest $500mn in insurance acquisition platformAnurag Chandra’s new Constellation Insurance Holdings platform has raised $500mn from Caisse de dépôt et placement du Québec (CDPQ) and Ontario Teachers’ Pension Plan as it sets out to invest in North American P&C and life insurers.
Global accounts exec Schoenrock leaves Guy Carpenter for Willis ReLong-time Guy Carpenter executive Dave Schoenrock has resigned to join Willis Re, The Insurer can reveal.
US homeowners direct premiums to top $100bn in 2019Aon’s Reinsurance Solutions business has forecast continued growth in US homeowners’ insurance premiums for 2019, although rate increases are slowing.
Aon United delivered to US regional insurers through launch of dedicated unitRegional Insurer Group brings holistic service to important segment, according to its president, Brad Melvin.
Expansive BMS signs up Irvan from Willis ReWillis Re North America executive Jeff Irvan has resigned from the firm to join ambitious reinsurance broker BMS as chief property officer, The Insurer can reveal.
Re-evaluating retentions and reservesCedants are changing their behavior in response to the low interest rate environment and underwriting losses, according to Aon’s Tim Ronda and Kelly Superczynski
Reinsurers make case for measured push on casualty pricing and termsReinsurers are increasingly optimistic about their prospects of achieving improved economics on proportional and non-proportional casualty business at the upcoming renewals but will need to tread a fine line to avoid leaning too hard on under-pressure insurers.