Enstar and ART ink $125mn quota share agreement with AmerisureLegacy carrier Enstar and Allianz Risk Transfer (ART) have entered into a deal with Amerisure Mutual Insurance Company, which will see both Bermudians assume a 50 percent quota share for construction defect losses incurred by the Michigan-based carrier.
Shepard to consider bid after EMCI board rebuffGregory Shepard has told EMC Insurance Group (EMCI) he is prepared to bid for the company after contacting investors he says are able to make a superior offer to the $30 a share currently on the table from the US carrier’s mutual parent.
Maiden hit by $200mn Q4 reserve charge; delays 10-K filingMaiden Holdings has increased the loss reserves in its AmTrust segment by more than $200mn in the fourth quarter 2018 and expects to report a “significant operating loss” for the quarter and full year.
Why two fired CatCo executives believe Markel owes them $70mnTony Belisle and Alissa Fredricks last week sued Markel for incentive payments, saying they were wrongfully dismissed and the US insurer used unlawful means to uncover their personal relationship. The Insurer takes a closer look at their complaints.
Aspen’s AM Best ratings back to stable after Apollo takeoverAM Best has removed from under review with developing implications and affirmed Aspen’s A financial strength ratings.
Maiden’s credit rating withdrawn by AM BestAM Best has withdrawn the financial strength rating of Maiden Reinsurance North America following its sale to Enstar.
PG&E equipment likely led to $1.4bn Camp Fire lossesBankrupt Californian utility firm PG&E has edged closer to admitting responsibility for the deadly Camp Fire in November, acknowledging it was “probable” its equipment initially ignited the blaze.
FedNat maintains FHCF participation at 75 percentFedNat’s two Florida operating subsidiaries have both elected to maintain their current 75 percent participation in the state’s cat fund for the 2019 hurricane season.
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.