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FedNat Q2 CR soars as severe weather takes its toll

News

Results

FedNat Q2 CR soars as severe weather takes its toll

FedNat Holding’s combined ratio soared to 147.9 percent in 2020’s second quarter and the carrier ended the period with an adjusted operating loss of $28.1mn after being hit by severe weather events in Florida and the Southeast US.

Thu 6 Aug 2020

News

COVID-19

Liberty Mutual takes $529mn Covid-19 charge and slides to Q2 operating loss

Liberty Mutual fell to a $327mn operating loss for the second quarter that included incurred Covid-19 losses of $529mn, half of which related to event cancellation.

Wed 5 Aug 2020

News

COVID-19

Covid-19 losses push Greenlight Re Q2 combined ratio over 100%

Losses related to Covid-19 contributed 5.5 percentage points to Greenlight Re’s 101.2 percent combined ratio in the second quarter, while the reinsurer’s gross written premiums fell 24 percent.

Wed 5 Aug 2020

Beirut: Low to mid multi-billion loss likely but information scarce amidst chaos

News

Cargo

Beirut: Low to mid multi-billion loss likely but information scarce amidst chaos

Despite the chaos and information void regarding the scale of damage and causation factors from the devastating 4 August Beirut Port explosion, early indications are that industry losses could be in the region of $4bn-6bn with distribution affecting global reinsurers and specialty lines including marine and cargo.

Wed 5 Aug 2020

UPC Q2 CR drops 8.8 points as company focuses on U/W profit

News

Results

UPC Q2 CR drops 8.8 points as company focuses on U/W profit

United Insurance Holdings’ (UPC) second quarter 2020 underlying combined ratio shed 8.8 points year on year despite it being an active period for non-named catastrophes as the company continues to focus on what it called its “top strategic priority” of earning an underwriting profit.

Wed 5 Aug 2020

Everest Re highlights “excellent” fac opportunities as Q2 earnings beat

News

Results

Everest Re highlights “excellent” fac opportunities as Q2 earnings beat

Everest Re has identified strong momentum in facultative and property reinsurance as well as E&S insurance, while reporting after-tax operating income for the second quarter of $82.9mn, down from $320.0mn in the prior period.

Wed 5 Aug 2020

Palomar begins underwriting on new E&S platform

News

Property catastrophe

Palomar begins underwriting on new E&S platform

Palomar Specialty has already begun underwriting policies on its new E&S platform as it initially focuses on taking its existing property products into new geographies and targeting larger shared and layered risks, according to CEO Mac Armstrong.

Wed 5 Aug 2020

Gallagher buys Canadian retail broker Insight

News

M&A

Gallagher buys Canadian retail broker Insight

Arthur J Gallagher has announced the acquisition of Edmonton, Alberta-based Insight Insurance & Risk Management, which has expertise in the construction, real estate, hospitality, sports and entertainment industries.

Wed 5 Aug 2020

CICA gets event cancellation payout from Tokio Marine HCC

News

COVID-19

CICA gets event cancellation payout from Tokio Marine HCC

The Captive Insurance Companies Association (CICA) has settled its Covid-19 event cancellation insurance claim with Tokio Marine HCC for its international conference, with the association revealing it only started buying such cover last year.

Wed 5 Aug 2020

Umbrella rate increases slow in July: Ivans

News

Commercial insurance

Umbrella rate increases slow in July: Ivans

US commercial rate increases were mixed in July, with commercial auto, general liability and commercial property accelerating but BOP and umbrella decelerating, according to Ivans.

Wed 5 Aug 2020

Over 50 New York restaurants take aim at BI policy language in lawsuit

News

Business interruption

Over 50 New York restaurants take aim at BI policy language in lawsuit

Around 50 New York restaurants, ranging from iconic names to local family-run eateries, have sued 26 insurers for business interruption (BI) losses resulting from Covid-19, in a lawsuit that makes some creative arguments for why insurers should pay out.

Wed 5 Aug 2020

Trans Re’s Sapnar: This is not a “blood in the streets” hard market

News

COVID-19

Trans Re’s Sapnar: This is not a “blood in the streets” hard market

For Mike Sapnar, president and chief executive of Trans Re, the rapidly hardening market the industry is experiencing is “not even close” to the hard markets in the past, reserving his optimism on the extent the reinsurance market will harden.

Wed 5 Aug 2020

News

COVID-19

Allianz says talks ongoing over Covid-19 reinsurance recoveries

Allianz CFO Giulio Terzariol has conceded discussions with reinsurers over Covid-19 recoveries will be a “long process” amid uncertainty about how contracts will respond to claims related to the pandemic.

Wed 5 Aug 2020

Korean Re partners with Carlyle Group to develop co-insurance solutions

News

Capital

Korean Re partners with Carlyle Group to develop co-insurance solutions

South Korea’s leading reinsurer Korean Reinsurance Co has formed a strategic alliance with US-based global investment firm The Carlyle Group to jointly develop co-insurance products tailored for Korean insurers.

Wed 5 Aug 2020

News

Beirut explosion “pretty certain” to be a major loss for Hannover Re

High levels of insurance penetration in the Lebanese capital city’s port will likely mean yesterday’s explosion in Beirut will result in a major loss for Hannover Re, according to the carrier’s P&C head, Sven Althoff.

Wed 5 Aug 2020

Sompo International hands Pillion new role and hires Axa XL’s Shah

News

People Moves

Sompo International hands Pillion new role and hires Axa XL’s Shah

Sompo International has appointed Josh Pillion head of global distribution management and brought in Hiral Shah from Axa XL to serve as the environmental leader for its Sompo Global Risk Solutions (GRS) unit.

Wed 5 Aug 2020