Outperformer Zurich buoyed by “undervalued” Farmers: JefferiesSwiss insurance giant Zurich stands out as one of the “best positioned” insurers, according to equity analysts Jefferies, thanks largely to its “undervalued” US Farmers subsidiary.
S&P revises The Hanover’s outlook after US commercial improvementS&P has revised the outlook on The Hanover’s ratings to stable from negative, noting the insurer’s aggressive underwriting actions to improve the performance of its commercial business.
Root raising $350mn in series E funding round – reportRoot Insurance, which last week appointed a CFO and a capital markets leader from GE, is reportedly raising $350mn in a series E funding round, giving the auto insurtech a $3.65bn valuation.
PG&E wins right to retain control of bankruptcyBankrupt California utility company Pacific Gas & Electric (PG&E) will retain control of its multibillion-dollar bankruptcy process after a judge denied requests by two groups of creditors to file their own Chapter 11 exit plans.
QBE’s Regan points to North America pushThe chief executive officer of QBE Pat Regan has said the Australian carrier is poised to take advantage of growth in North America on the back of an improved pricing environment across the continent.
QBE replaces Johnston with Willis’ Jones as North America CEOQBE North America CEO Russ Johnston is set to leave the carrier to pursue other opportunities with Todd Jones joining from Willis Towers Watson to take over the role.
Arch confirms Ventus deal as Reeth retirement announcedIn a move first revealed by The Insurer, Arch Insurance North America has confirmed a deal to buy specialty property MGU Ventus Risk Management that will allow it to add third party capital alongside its own product offerings.
NFP hires another JLT Specialty exec on West CoastIn NFP’s latest appointment from JLT Specialty USA, Steve Smith has joined the expansive broker as a senior vice president in its property casualty, West region.
Mnuchin asks Sears judge to allow access to XL-led D&O policyUS Treasury Secretary Steven Mnuchin and six other former directors of Sears Holdings have asked the judge overseeing the retail company’s Chapter 11 proceeding to allow them to access a $150mn D&O policy.
Palomar top line climbs 56% in Q2Quake insurance specialist Palomar Holdings reported strong top line growth in the second quarter as it continued to pursue what it sees as a “substantial market opportunity”.
California’s new wildfire fund positive for P&C insurersRatings agency Moody’s has warned that subrogation recoveries from California wildfires are uncertain given PG&E’s bankruptcy but the ratings agency believes new legislation establishing a new $21bn wildfire fund will benefit insurers.
EMCI sets 18 September buyout vote and reveals Q2 operating lossEMC Insurance Group (EMCI) has revealed the date for shareholders to vote on the revised buyout offer from majority owner Employers Mutual Casualty Company (EMCC) at the same time as announcing a second quarter operating loss.
Liberty Mutual reveals $82mn Jebi developmentLiberty Mutual has revealed loss creep from Typhoon Jebi, while reporting a 101.2 percent combined ratio for the second quarter.
Rockefeller University sues insurers over sexual abuse claimsInsurers including Travelers and Chubb have been sued by The Rockefeller University for refusing to provide cover for hundreds of claims of sexual abuse going back decades, in the latest suit related to the New York Child Victims Act (CVA).
AFG’s P&C earnings fall in Q2 despite improved casualtyAmerican Financial Group (AFG) has reported reduced earnings in its specialty P&C segment, with higher casualty profitability offset by falls in property/transportation and specialty financial.
FedNat’s Maison acquisition expected to close in DecemberFlorida insurer FedNat Holdings has provided an update on its Maison acquisition while reporting second quarter adjusted operating income of $5.7mn, down from $9.1mn for the same period of 2018.
Hardening market drives US surplus lines premium up 12.7% in H1The Surplus Lines Stamping Office of Texas (SLTX) has revealed that US surplus lines premium increased 12.7 percent in the first half of this year over the same period last year, based on growth reported by the 15 E&S stamping/service offices.
Former JLT exec Payne joins Cobbs AllenCobbs Allen has expanded its new specialty insurance brokerage business with the hire of David Payne, former chief revenue officer at JLT Specialty USA.
Axis Re names Swiss Re’s Busti as North America presidentAxis Re has announced its new North America president is Jason Busti, who is the latest executive to join from Swiss Re.
The Hanover beats in Q2 as commercial rates rise 6.4%US carrier The Hanover surpassed the expectations of analysts to deliver an operating income of $77.7mn in the second quarter.