TigerRisk builds Florida business with JLT Re’s UnsworthReinsurance intermediary TigerRisk has hired Florida market reinsurance veteran David Unsworth.
Navigators misses with $76.2mn reserves boostSoon-to-be-acquired Navigators missed its fourth quarter earnings consensus after boosting its prior year accident year reserves by $76.2mn citing worse than expected claims development in a number of its units.
Third Point Re shares fall 8% after earnings missShares in NYSE-listed reinsurer Third Point Re were trading down by almost 8.5 percent on Thursday after a fourth quarter earnings miss caused by investment and catastrophe losses from the California wildfires.
FedNat ups Irma estimate by 10%; reports cat-hit Q4 lossFlorida-based insurer FedNat Holdings has increased its Hurricane Irma estimate to $695mn, with reinsurers taking on all of the additional losses.
The Hanover confirms E&S president; reveals surety headThe Hanover has confirmed the appointment of Steven Mills as president of its excess and surplus (E&S) business – a hire first revealed by The Insurer in January – while announcing an expansion of its specialty leadership team.
FedNat to buy 1347’s Maison platform for $51mnFedNat Holding Company has agreed a deal to buy Maison Insurance Company (MIC) and other homeowners’ related entities from 1347 Property Insurance Holdings for $51mn.
Beazley and Marsh launch US manufacturing cyber productBlue chip Lloyd’s (re)insurer Beazley has teamed up with broking house Marsh to bring a new cyber product to the market for US manufacturers.
Geico drives Berkshire Hathaway to underwriting profit in 2018Berkshire Hathaway’s (re)insurance operations delivered a net underwriting gain of $1.6bn in 2018 as a dramatic turnaround in Geico’s results helped to more than reverse the $2.2bn loss reported in the prior year.
CSAA commercial auto start-up Mobilitas gets A ratingCSAA Insurance Group is gearing up for the launch of a new commercial auto platform called Mobilitas Insurance Company after securing an A financial strength and “a+” credit rating for the subsidiary carrier.
Cyber insurtech Arceo.ai launches platform with heavyweight supportInsurtech cyber start-up Arceo.ai has officially launched its platform with the backing of a heavyweight advisory board that includes former Aspen executive Mario Vitale and ex-RMS CEO Hemant Shah.
Aquiline acquires US broker Relation Insurance ServicesAquiline Capital Partners has agreed a deal to buy Relation Insurance Services, a top 40 US agency, from private equity firms Parthenon Capital and Century Equity Partners
Apax to sell AssuredPartners back to GTCR-led groupPrivate equity firm Apax Partners is selling its stake in US broking house AssuredPartners to a group led by its former owners GTCR.
Donegal chief rules out buyout by mutual parentDonegal Group president and CEO Kevin Burke has ruled out the insurer’s mutual parent buying up the shares in its publicly traded subsidiary it doesn’t already own.
United Fire’s progress undone by higher jury awards in “challenging quarter”United Fire Group has reported a net loss of $29.3mn for the fourth quarter, compared to net income of $46.0mn in the same period of 2017.
$300mn cat losses contribute to Alleghany Q4 earnings missCatastrophe losses have increased the fourth quarter combined ratio in Alleghany’s (re)insurance operations to 119.1 percent in 2018 from 89.1 percent in same period of 2017.
Wildfire-struck CIG agrees sale to Auto-Owners InsuranceCapital Insurance Group’s pending sale to Auto-Owners Insurance comes after a sharp decline in surplus at California-based CIG in the last two years driven by wildfire losses.
Zuk joins Orchid to build out platform and ILS capabilityCat-focused MGA Orchid Underwriters has hired Joe Zuk as it looks to diversify by geography and product line and build a platform that can act as a conduit for ILS capacity, The Insurer can reveal.
ILS investors seek rate hardening after costly H2 2018: Swiss Re2018 marked the second-highest year of ILS issuance volume on record, but investors will now seek rate hardening after another costly cat year, according to Swiss Re.
Ascot taps Markel for US inland marine headAscot Insurance US has appointed Jeff Vetter as executive vice president and head of inland marine.
Ascent backer Preservation Capital builds MGA platform with Cove investmentPrivate equity firm Preservation Capital Partners, the backers of MGA Ascent Underwriting, has invested in US construction-focused managing general agent Cove Programs.