US / Americas

Paying the price...

As delegates arrive at Baden-Baden for the annual reinsurance congress it seems appropriate to begin with a German proverb: “Das Billige ist immer das Teuerste”.

RMS pegs Michael insured losses at upto $10bn

Global risk modeling and analytics firm, RMS has estimated that the insured loss from Hurricane Michael will be between $6.8bn and $10bn

AIG shares dip after heavy Q3 cat loss estimate

AIG’s share price has fallen in early trading today but less than suggested from last night’s after market price following the publication of the company’s unexpectedly high Q3 loss bill.

AIG expects as much as $1.7bn in Q3 catastrophe losses

US insurance behemoth American International Group said it expects to report third quarter pre-tax catastrophe losses of as much as $1.5bn to $1.7bn from natural disasters including Hurricane Florence and typhoons Jebi and Trami.

Travelers profit more than doubles in Q3 as cat losses shrink

US commercial and personal lines giant Travelers reported saw net income more than double in the third quarter as catastrophe losses fell from the prior year.

Kingstone’s Thatcher takes on CEO role from veteran Goldstein

NASDAQ-listed US insurer Kingstone Companies has named Dale Thatcher as CEO.

AIR pegs Hurricane Michael losses at up to $10bn

AIR Worldwide has estimated that industry losses resulting from Hurricane Michael’s winds and storm surge at up to $10bn.

Cincinnati to enter Lloyd’s with acquisition of Munich Re’s Beaufort

Cincinnati Financial Corporation is to gain a foothold in the Lloyd’s market with the acquisition of Munich Re’s MSP Underwriting - which operates through Beaufort Underwriting Agency and Syndicate 318.

Hurricane Michael insured losses pegged at $8bn

Insured losses from Hurricane Michael will be “close to $8bn”, according to modelling firm Karen Clark & Company (KCC).

Hurricane Michael hit shares recover despite global sell-off

Despite the global sell-off in equities that continued today, there was a modest rally in US-listed (re)insurance stocks that fell yesterday on fears of a significant Hurricane Michael insured loss hit.

Cat 4 Hurricane Michael losses won't move the market

Insured losses from Hurricane Michael will have short-term impact but are not expected to be market moving, analysts have said.

State Farm controlled Georgia in the firing line of Hurricane Michael

US giant State Farm dominates almost a third of the $3.1bn homeowners market in Georgia, which stands in the path of Category 4 Hurricane Michael.

Bermuda stocks dip but market unperturbed by fierce Hurricane Michael

The share prices of Bermuda’s cat specialist reinsurers have dipped today in response to Hurricane Michael being upgraded to a cat 4 storm shortly before it makes Florida landfall in a few hours.

Chubb anticipates $450mn hit from Q3 nat cats

Insurance giant Chubb is forecasting a $450mn hit from third quarter natural catastrophes, including Hurricane Florence which smashed into the Carolinas in September.

Ascot launches US insurance arm

Ascot Group, the Lloyd’s (re)insurer owned by the Canada Pension Plan Investment Board (CPPIB), has launched Ascot Insurance US, following the completion of its previously announced acquisition of two US insurance companies.

Michael upgraded to 'extremely dangerous' Cat 4

Hurricane Michael has been upgraded to an “extremely dangerous” category 4 as the storm continues barreling towards the US Gulf coast.

Barbados to receive $5.8mn Storm Kirk payout from CCRIF

The Caribbean risk pooling facility CCRIF will pay at least $5.8mn to Barbados following the triggering of its excess rainfall policy due to heavy rainfall that occurred during the passage of Tropical Storm Kirk.

Universal and State Farm control storm-warned homeowner market

US giant Universal Insurance dominates a tenth of the $8bn homeowner’s market in Florida with State Farm taking on almost a third of the smaller Alabama market as both states lie in the path of Hurricane Michael.

$13.4bn property values exposed to Hurricane Michael storm surge

Up to 57,000 homes with a reconstruction value of $13.4bn are exposed to storm surge from Hurricane Michael which is due to make landfall tomorrow in the Florida Gulf Coast with Cat 3 windspeeds, according to the property mapping firm CoreLogic.

PCS confirms Irma loss creep with increased estimate

Further evidence of Irma’s loss creep occurred last week when the leading independent loss adjudicator, ISO PCS, increased its loss estimate from the September 2017 hurricane.

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