US / Americas

Chubb hits the mark in Q1 despite $380mn P&C cat bill

Global carrier Chubb met Wall Street’s expectations for the first quarter with earnings per share of $2.34 despite suffering a series of catastrophes which dealt a 5.6 percent hit to the group’s P&C combined ratio.

Premiums up at WR Berkley despite shrinking reinsurance book

US carrier WR Berkley has reported a slight uptick in gross written premium (GWP) for the quarter, despite the reinsurance segment narrowing by 15 percent in the three months of the year.

Arch seals $400mn legacy deal with Catalina

Arch Re has entered into a $400mn legacy deal with run-off giant Catalina to reinsure its book of US specialty casualty exposures and program business, the Bermudian announced today.

AmTrust reveals privatisation-linked FTC fee and Zyskind salary cut

Last year was certainly an eventful one for soon-to-be-private-again US carrier AmTrust.

UPDATE: Travelers shares shed 4% after cat-scarred Q1 results

Travelers shares have dropped nearly 4 percent at the open in New York after the firm posted a worse-than-expected set of Q1 results this morning.

Allstate expects Q1 losses to total $361mn

US insurance giant Allstate is expecting first quarter catastrophe losses to hit $361mn, with $222mn of that total from events in March alone.

Axis Re takes AIG’s Thomas for new CUO role

Axis Re has appointed Megan Thomas to a newly-created chief underwriting officer role, the Bermudian announced today.

McGavick stands to gain over $150mn from Axa’s XL deal

XL Group CEO Mike McGavick could earn up to $154.3mn from the $15.4bn deal with French insurer Axa which would take his total holdings in the Bermudian to $180mn, or 1.18 percent of total equity.

It’s bad out there… but is it that bad?

Many ILS investors take a very binary approach and M&A is encouraging a de-leveraging effect. Florida 1.6 renewals may be disappointing but there are still grounds for optimism…

US mid-year rate increases will be suppressed by ILS 'culprit'

Investors should rein in any expectations of significant rate increases for US property cat treaties at the mid-year renewals despite last year’s $100bn+ of losses, warned JMP Securities analyst Matthew Carletti today (13 April).

Alliant acquires Crystal & Company

US specialty broking powerhouse Alliant has reached a deal to buy its smaller New York-based rival Crystal & Company.

CNA swoops on AIG for global reinsurance exec

CNA has named Mark James as senior vice president for global reinsurance.

Swiss Re chalks up 2017 as biggest cat-loss year on record

Insured losses incurred in 2017 are estimated to stand at $144bn, making it the biggest cat loss year on record, according to Swiss Re’s latest Sigma report.

AmTrust filing says poor performance led to $2.7bn take-private deal

AmTrust’s abysmal performance last year was cited as one of the key reasons that the company’s board voted to approve a $2.7bn offer to take the carrier private that was tabled by its CEO, his in-laws and their capital backers StonePoint, it has emerged.

Aon Benfield structures $1bn aviation reinsurance programme for US Exim Bank

The US Export-Import Bank (Exim) has purchased a $1bn limit reinsurance programme backed by the private market for the first time after working on the placement with broker Aon Benfield.

Chubb’s Greenberg takes aim at share buybacks and litigation

In a wide-ranging annual letter to shareholders, Chubb boss Evan Greenberg has criticised the industry’s tendency toward share buybacks to boost stock value and what he considers an “unnecessary tax on corporate America” from soaring legal costs hurting the D&O market.

AM Best affirms Accredited’s A- rating

Accredited Surety & Casualty Company Inc (Accredited), the US insurance arm of London-listed R&Q, has had its AM Best A- (excellent) rating affirmed yesterday (6 April).

US D&O loss ratio spike drags insurers into the red: AM Best

US D&O loss ratios spiked the highest in at least seven years in 2017 fuelled by a record number of federal securities class action suits while insurers struggled to achieve rate increases.

Above average Atlantic hurricane season expected in 2018

Colorado State University (CSU) researchers have predicted the Atlantic hurricane season to be ‘slightly above average’ in 2018, anticipating 14 named storms.

US ‘Nor’easter’ March storm losses expected to top $1.7bn: Aon Benfield

Insured losses from three powerful ‘Nor’easter’ storms which swept the East coast of the US in March are estimated to reach over $1.7bn, according to data from Aon Benfield.

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