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Sompo International posts Q1 CR of 95.4%; Group takes $47mn Covid hit

News

Results

Sompo International posts Q1 CR of 95.4%; Group takes $47mn Covid hit

The adjusted profit for Sompo International slipped nearly a third in the most recent quarter, standing at $49mn compared to $82mn in the same period last year.

Fri 7 Aug 2020

IAG H2 U/W profit down 60%; adds new cat and stop loss covers

News

Results

IAG H2 U/W profit down 60%; adds new cat and stop loss covers

Insurance Australia Group (IAG) has reported a H2 underwriting profit of A$176mn ($127mn), a near 60 percent fall from the A$420mn it reported in the same period last year.

Fri 7 Aug 2020

R&Q completes NationsBuilders acquisition

News

Captives

R&Q completes NationsBuilders acquisition

London-listed Randall & Quilter Investment Holdings (R&Q) has completed its acquisition of Washington DC domiciled captive NationsBuilders Insurance Company (NBIC) through its wholly owned Vermont subsidiary ICDC.

Fri 7 Aug 2020

Hannover Re announces CFO transition as Vogel retires

News

People Moves

Hannover Re announces CFO transition as Vogel retires

Clemens Jungsthöfel is to become chief financial officer of Hannover Re with effect from 1 September.

Fri 7 Aug 2020

Blenheim’s parent launches new energy and GA MGAs with senior market hires

News

Aviation

Blenheim’s parent launches new energy and GA MGAs with senior market hires

The parent of Lloyd’s insurer Blenheim has brought in Inga Brand from Liberty Specialty Markets (LSM), Gareth Rees from Aspen Insurance and Nicholas Vine from Thomas Miller Specialty as it builds out its newly-launched White Bear Managers MGA platform with US primary energy casualty and general aviation products, The Insurer can reveal.

Fri 7 Aug 2020

Sirius CEO says Third Point Re deal lays foundation ‘for long and successful future’

News

M&A

Sirius CEO says Third Point Re deal lays foundation ‘for long and successful future’

Sirius International’s president and CEO Kip Oberting has called the merger deal struck between his firm and Third Point Re “a positive outcome for our shareholders, clients and employees”.

Fri 7 Aug 2020

Podcast

Mike Sapnar on the ILS market, strategic capital relationships and diversity issue: Part II

In the second instalment of our two-part interview with TransRe President and CEO Mike Sapnar, we discuss property cat and what’s happening in the ILS market, as well as strategic capital relationships.

Fri 7 Aug 2020

Chubb welcomes back Rebollar to global corporate affairs team

News

People Moves

Chubb welcomes back Rebollar to global corporate affairs team

Chubb has appointed Gina Rebollar as its new deputy general counsel, global corporate affairs with the executive returning to the insurer less than a year after she left.

Fri 7 Aug 2020

Third Point Re points to business mix shift for Q2 CR improvement

News

Results

Third Point Re points to business mix shift for Q2 CR improvement

Third Point Re has reported a combined ratio that improved by 2.8 points year on year and an underwriting profit of $2.4mn in the second quarter, with the reinsurer continuing to see the benefits from its drive to shift its business mix.

Fri 7 Aug 2020

DC judge grants Erie summary judgment in another Covid-19 BI win for insurers

News

Business interruption

DC judge grants Erie summary judgment in another Covid-19 BI win for insurers

A District of Columbia superior court judge has handed Erie Insurance Exchange a win against a group of restaurant owners claiming business interruption (BI) losses from Covid-19, in a ruling making clear that direct physical damage is required regardless of the plaintiffs’ other arguments.

Fri 7 Aug 2020

New Bermudian (re)insurer SiriusPoint formed by $788mn merger of TPRe and Sirius

News

M&A

New Bermudian (re)insurer SiriusPoint formed by $788mn merger of TPRe and Sirius

Third Point Re and Sirius International have entered into a definitive agreement to merge in a $788mn cash and stock transaction, with the combined business named SiriusPoint and Sid Sankaran to serve as its chairman and CEO.

Fri 7 Aug 2020

Insurers hit with billion dollar bill for US weather in July

News

Losses

Insurers hit with billion dollar bill for US weather in July

Insurers are facing “a minimal billion-dollar insurance bill” after record heat levels fuelled a wave of thunderstorms in the US, according to the latest Global Catastrophe Recap from Aon.

Fri 7 Aug 2020

FedNat CEO calls for further Florida reform as losses outpace rate hikes

News

Legal/ Regulatory

FedNat CEO calls for further Florida reform as losses outpace rate hikes

FedNat’s management has revealed that reinsurers took $46mn of its $94.2mn gross catastrophe losses in the second quarter, while CEO Michael Braun has called for further Florida reform with losses in the state still outpacing rate increases.

Thu 6 Aug 2020

News

Results

HCI gross premiums grow 29% in Q2

HCI Group has reported its gross written premiums increased to $172mn in the second quarter from $133mn in the prior period, while its percentage of premiums earned that was ceded dropped.

Thu 6 Aug 2020

Higginbotham expands into California with two buys

News

M&A

Higginbotham expands into California with two buys

Expansive Texas-based broker Higginbotham has entered partnerships with two California insurance advisory firms that serve the corporate and affluent individual client marketplace.

Thu 6 Aug 2020

Patriot adds 40-person California agency Bowermaster

News

M&A

Patriot adds 40-person California agency Bowermaster

US insurance agency Patriot Growth Insurance Services has added Bowermaster and Associates to the Patriot platform.

Thu 6 Aug 2020