Berkshire Hathaway’s $3bn cat bill sends it to $3.2bn P&C lossBerkshire Hathaway has revealed that a $3bn catastrophe bill from last year’s hurricanes has pushed it to a $3.2bn pre-tax underwriting loss for 2017.
US tax reforms prompt new James River Bermudian vehicleJames River Group has set-up a new subsidiary - Carolina Re - in response to tax reforms in the US passed by the Trump administration last December.
Alleghany smashes estimates as cat bill comes in lower than expectedAlleghany significantly outperformed expectations in the fourth quarter to deliver a $152.3mn profit that marked a 39.6 percent increase on the same period last year.
Greenlight Re weighing Lloyd’s syndicate launchCayman-based hedge fund reinsurer Greenlight Re is considering setting up a syndicate at Lloyd’s as the company seeks to establish itself as a serious player in specialty classes.
What next for Ethniki?With an apparent deadline later this week, Re-Insurance.com wonders what the team of impressive US and Greek financiers compiled by Ethniki acquirer Exin will do following the recent revelations of legal action between the firm and some of its backers…
Carriers finally ‘called time’ on rate reductions: Willis“Already on the ropes and fatigued” (re)insurers have finally “responded to the towel entering the ring” to call time on rate reductions, according to a report from Willis Towers Watson.
Navigators storms ahead of analyst estimates with $24.5mn profitNavigators has reported a $24.5mn profit for the fourth quarter that significantly outstripped analyst expectations and was well ahead of the $17.7mn it reported this time last year.
Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki dealMatt Fairfield’s inchoate pan-European insurer Exin is facing two separate deadlines - with one only days away - to buy Greece’s largest insurer, if Greek reports are correct.
Fairfax takes $185mn wildfire hit as Allied World deal hits profitsThe wildfires that ravaged the state of California in the fourth quarter are expected to cost Fairfax - through its numerous subsidiaries - a total of $185.4mn.
Lloyd’s carriers settle $10mn Kanye West lawsuitA number of Lloyd’s contingency insurers have settled a $10mn lawsuit involving rap star Kanye West who cancelled 21 tour dates claiming he was suffering from a debilitating illness.
JLT Re adds Davis to US cyber unitJLT Re has appointed Erica Davis as senior vice president to lead its North American cyber and E&O practice.
Sompo Canopius and Endurance hit by $631mn in hurricane lossesSompo Holdings’ largest international divisions - newly-acquired Endurance and Sompo Canopius - have racked up a 67.8bn yen ($631.2mn) bill from Hurricanes Harvey, Irma and Maria.
Tokio Marine falls to nine month reinsurance and Europe lossJapanese insurance giant Tokio Marine’s reinsurance and European units both fell to a loss in the nine months to 31 December as catastrophe losses and currency fluctuations ate into the company’s profits for the period.
RSG takes on Lodestar Marine from Tawa GroupRyan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.
Argo just beats estimates as reserves buoy Q4 resultsArgo Group has defied analyst predictions to deliver a modest $0.3mn fourth quarter operating profit as reserve releases and revised catastrophe loss estimates bolstered the bottom line.
Peak Re sells 13% stake to Prudential FinancialFosun-owned Hong Kong reinsurer Peak Re has struck a deal to sell 13.1 percent of its equity to US-based carrier Prudential Financial.
Lloyd’s yacht market in deep water after 2017 lossesSky-rocketing claims dealt Lloyd’s yacht underwriters a hefty blow last year as incurred claims soared to an eye-watering 221.4 percent of premium written in the fourth quarter.
XL or XXL?Ten years ago, $1bn was the default minimum size for a global reinsurer/specialty carrier to be taken seriously.
Brit expands US marine operationsBrit has made two appointments to its US marine business and it continues to build out its yacht and cargo books in the wake of catastrophe losses incurred in the second half of last year.
UPDATE: AIG shares climb almost 5% after resultsShares in AIG were up almost 5 percent when the opening bell rang at the New York Stock Exhange this morning after the US insurance giant announced its fourth quarter and full year results.