Allstate beats in cat-struck Q4Allstate reported adjusted fourth quarter net income per share that was ahead of Wall Street forecasts despite a 6 points increase in the combined ratio of its property-liability division driven by cat losses.
Sompo launches mortgage protection insurance for US lendersSompo International has unveiled a new mortgagee protection insurance product for US lenders.
Sillat and Calise return with Balance Partners MGAMichael Sillat and Joe Calise have launched a new US specialty lines MGA platform called Balance Partners, The Insurer can reveal.
The Hartford beats and unveils $1bn share buyback planThe Hartford shrugged off higher cat losses in its P&C division as it delivered a solid fourth quarter earnings beat and announced a new $1.0bn share repurchase plan.
Munich Re America looks to flatten UW structureMunich Re America has realigned its executive leadership and appointed heads of property, casualty, specialty and innovation in a move that it says reflects a flatter underwriting structure.
PG&E paid a mere $27mn for totalled $200mn cat bondCalifornian utility PG&E paid a mere $26.8mn for its $200mn wildfire cat bond - Cal Phoenix Re - which is expected to have been totalled only months after its launch, according to a bankruptcy motion filed by the energy provider.
Oberting replaces Waters as Sirius CEOAllan Waters has stepped down from Sirius International Group with Kip Oberting set to take over as CEO of the Bermudian (re)insurer.
EMCC not interested in third-party mergerEmployers Mutual Casalty Company (EMCC) has sought to dismiss speculation over a possible transaction that would see it and EMC Insurance Group (EMCI) bought out by a third party as it looks to succeed in its objective to purchase the shares in its subsidiary it doesn’t already own.
Improved underwriting results help Selective to earnings beatSelective generated a 41 percent increase in operating profits to $72.0mn for the fourth quarter as it comfortably outpaced Wall Street earnings forecasts.
Munich Re in US casualty retrenchmentMunich Re has significantly reduced its appetite for segments of US commercial casualty risk amid concerns over claims activity and loss trends that are continuing to outpace rates, The Insurer can reveal.
StarStone offloads MGA Malakite and airline businessStarStone has entered an agreement with Eelseco - the space, aviation and energy underwriting platform – to sell its MGA Malakite and Zurich-based airlines and products portfolio.
AFG misses as annuity and P&C underwriting profits dipAmerican Financial Group reported operating profits that missed Wall Street forecasts as they fell primarily on a drop in earnings in the company’s annuity segment, but also on the back of lower P&C underwriting income.
The Hanover beats on earnings and sees 6.1% commercial rate raisesUS insurer The Hanover edged to an earnings beat for the fourth quarter and pointed to continued price increases across its portfolio, including a 6.1 percent uplift in core commercial lines rates.
FEMA adds top layer with $1.32bn NFIP reinsurance coverThe US Federal Emergency Management Agency (FEMA) has renewed its cover for the National Flood Insurance Program (NFIP) in a deal that sees it transfer $1.32bn of the NFIP’s financial risk to the private reinsurance market.
RenRe’s O’Donnell offers bullish view on property cat ratesRenaissanceRe CEO Kevin O’Donnell has offered a more positive assessment of 1/1 for his company than widely reported in the market and a bullish outlook for rising reinsurance rates at upcoming Japanese and Florida renewals.
Aon Broking CEO Fitzgerald leavesVeteran Aon executive Tom Fitzgerald is leaving the global broker after 27 years.
CatCo: Investors told rates up to 43 percent higherUnder investigation ILS fund manager CatCo told investors in March 2018 that they should expect up to a 43 percent increase in returns because of price hardening following the 2017 loss events.
Berkley beats and gives bullish rates outlookUS specialty insurer WR Berkley delivered a comfortable earnings beat for the fourth quarter and offered a bullish assessment on pricing.
Program start-up Sutton National gets preliminary A- from BestProgram fronting carrier start-up Sutton National Insurance Company has been given a preliminary credit assessment (PCA) of A- by AM Best.
Insurtech deals help drive Clear Blue top line to $475mnSpecialist program fronting carrier Clear Blue more than doubled written premium volume to near $475mn last year with a strong pipeline of deals expected to take top line above $600mn in 2019, The Insurer can reveal.