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News

HCI share price soars 27% after revealing ambitious growth plans

Investors have sent HCI’s share price soaring after the carrier reported strong growth in second quarter premiums and hyped the potential of its insurtech subsidiary TypTap.

Sat 8 Aug 2020

News

Losses

Beirut explosion hull, cargo and port insured losses “within $250mn”: Guy Carp

Total combined hull, cargo and port facility insurance losses from the explosion in the Port of Beirut on Tuesday “should be within $250mn”, according to early analysis from Guy Carpenter.

Sat 8 Aug 2020

AM Best notes CMIG risk in SiriusPoint while investors send both stocks soaring

News

M&A

AM Best notes CMIG risk in SiriusPoint while investors send both stocks soaring

Ratings agencies and investors have been responding to Third Point Re’s announced $788mn acquisition of Sirius International Insurance Group, with AM Best and S&P both commenting on the role of China Minsheng Investment Group (CMIG) and the share prices of both (re)insurers increasing.

Fri 7 Aug 2020

PartnerRe hit with negative S&P outlook on lacklustre underwriting results

News

Rating actions

PartnerRe hit with negative S&P outlook on lacklustre underwriting results

S&P Global Ratings has revised its outlook to negative from stable on PartnerRe’s A+ financial strength rating - the Bermudian reinsurer’s third outlook revision from the ratings agency in five months.

Fri 7 Aug 2020

White Mountains’ operating income soars in second quarter

News

Results

White Mountains’ operating income soars in second quarter

White Mountains has posted $132.7mn of operating income for the second quarter of 2020, with its specialty insurance distribution division enjoying a 15.1 percent increase in revenues compared with the prior year period.

Fri 7 Aug 2020

Duck Creek targets up to $315mn as prices IPO

News

Capital raising

Duck Creek targets up to $315mn as prices IPO

Property casualty software provider Duck Creek has priced its initial public offering of 15mn shares of common stock at between $19 and $21 a share.

Fri 7 Aug 2020

News

Losses

Hurricane Isaias insured losses to top $1bn: Aon

Economic and insured losses from Hurricane Isaias, which caused damage along the US eastern seaboard, are both expected to exceed $1bn, according to Aon’s Impact Forecasting unit.

Fri 7 Aug 2020

Sankaran looks to refocus and reinvigorate merged SiriusPoint

Analysis

M&A

Sankaran looks to refocus and reinvigorate merged SiriusPoint

Third Point Re and Sirius have revealed further details of their merger in an investor presentation and call, including outlining what the combined entity will look like and detailing the role of hedge fund Third Point LLC, while Sirius investors have sent its share price soaring.

Fri 7 Aug 2020

Comment

Can 2+2 = 5 (TPRe and Sirius)?

Cynics may be tempted to cruelly dismiss the proposed $788mn merger* of Third Point Re and Sirius – announced yesterday evening – as two drunks propping each other up at the bar.

Fri 7 Aug 2020

Evercore leads league table of industry fund raising

Analysis

Capital raising

Evercore leads league table of industry fund raising

New York-headquartered Evercore has emerged as the dominant name among (re)insurers looking for an advisory firm to help them launch or scale up, an analysis by The Insurer reveals.

Fri 7 Aug 2020

News

COVID-19

TransRe’s Sapnar: Covid-19 experience highlights systemic cyber concerns

Underwriters should look closely at the way they are assuming cyber risk in their portfolios in light of the systemic issues presented by Covid-19, according to TransRe CEO Mike Sapnar.

Fri 7 Aug 2020

IAG benefits from A$700m of reinsurance recoveries as cost of cover rises 2%

News

Property reinsurance

IAG benefits from A$700m of reinsurance recoveries as cost of cover rises 2%

Insurance Australia Group (IAG) saw an increase of A$30mn in its non-quota share reinsurance costs as it strengthened its protection during the second half of the financial year.

Fri 7 Aug 2020

Marsh JLT Specialty promotes Cheung to UK placement leader

News

People Moves

Marsh JLT Specialty promotes Cheung to UK placement leader

Marsh has appointed Winsee Cheung as UK placement leader at Marsh JLT Specialty.

Fri 7 Aug 2020

RKH Reinsurance Brokers targets treaty expansion as looks to RFIB for APAC hires

News

People Moves

RKH Reinsurance Brokers targets treaty expansion as looks to RFIB for APAC hires

RKH Reinsurance Brokers – the dedicated reinsurance practice within RKH Specialty – has made three hires in Hong Kong as the intermediary looks to build out its treaty business.

Fri 7 Aug 2020

MS Amlin posts Q1 107.9% CR as books £84mn Covid-19 hit

News

Results

MS Amlin posts Q1 107.9% CR as books £84mn Covid-19 hit

MS&AD-owned MS Amlin fell into the red in the most recent quarter, reporting a net loss after tax of £136mn ($178.1mn) – compared to a profit of £24mn – with the Lloyd’s carrier incurring £84mn of Covid-19 related losses in the three month period.

Fri 7 Aug 2020

Tokio Marine HCC posts near double-digit premium growth in Q1

News

Results

Tokio Marine HCC posts near double-digit premium growth in Q1

Tokio Marine grew net written premiums 1.6 percent year-on-year in its international businesses during the first quarter of its financial year, driven by growth of close to 10 percent at Tokio Marine HCC.

Fri 7 Aug 2020