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.
Altamont in exclusive talks to buy TopaTopa Insurance Group has entered into exclusive talks with potential buyer Altamont Capital as the Californian carrier moves closer to a sale, The Insurer can reveal.
AM Best goes negative on Universal North AmericaAM Best has lowered its outlook on Universal North America Insurance Company (UNA) from stable to negative on recent hurricane experience and underlying results deterioration driven by wildfires.
Apollo’s $2.6bn take-over of Aspen completesAlternative investment heavyweight Apollo Global Management has cleared the final hurdle in its $2.6bn takeover of Bermudian carrier Aspen.
RSG swoops on Texan broker Myron StevesRyan Specialty Group has snapped up Myron F. Steves & Company (Myron Steves), an independently owned wholesale insurance brokerage headquartered in Houston, Texas.
California considers disaster response insuranceCalifornia’s insurance commissioner Ricardo Lara is behind a proposal that could see the wildfire-ravaged state buy insurance to pay for disaster response costs related to catastrophic events.
State Auto posts improved combined ratio for Q4State Auto’s fourth-quarter operating income per diluted share was $0.67, compared with a net loss from operations per diluted share of $0.49 for the prior year period.
Holborn hires Sciolla as chief production officerUS reinsurance broker Holborn has hired former Gen Re executive Berto Sciolla as chief production officer.
Assurant cuts cat XoL retention by a third after lossesUS insurer Assurant has lowered the per-event retention on its 2019 catastrophe reinsurance programme from $120mn to $80mn after consecutive years of cat losses.
Asia poised for substantial insurtech growth: KPMGInsurtech “matured significantly as a sector” last year, with 13 deals worth more than $100mn each, according to a new KPMG report.
Hannover Re’s US insurance platform gets A+ ratingHannover Re’s new US admitted insurance platform Glencar Insurance Company (GIC) has been assigned an A+ rating by AM Best.
Brown & Brown acquires Pennsylvania’s Smith Insurance AssociatesExpansive US broker Brown & Brown has continued on its acquisition streak with the takeover of family-owned Smith Insurance Associates through its subsidiary Brown & Brown Metro.
Assurant beats despite higher reinsurance costsAssurant delivered a solid earnings beat in a fourth quarter that included a higher burden of catastrophe losses.