NewsProperty catastropheNOAA predicts up to six major hurricanes for Atlantic seasonThe National Oceanic and Atmospheric Administration has forecast an above-normal 2020 Atlantic season, including three to six major hurricanes.Thu 21 May 2020
NewsHSCM and Scor support States Title’s $123mn Series C roundHudson Structured Capital Management (HSCM) and Scor Global P&C Ventures have both given their support to States Title’s $123mn Series C financing round.Thu 21 May 2020
NewsTMK Syndicate 510 loss forecast extended on Covid-19 exposures for 2019 YoATokio Marine Kiln has extended the loss forecasts for Syndicate 510 to a worst-case scenario loss of £129mn for the 2019 year of account, reflecting the uncertainty surrounding the potential impact of Covid-19.Thu 21 May 2020
NewsCAC Specialty inks partnership with consultant Liberty Advisor GroupCAC Specialty has bolstered its consulting capabilities after entering into a strategic partnership with Liberty Advisor Group, The Insurer can reveal.Thu 21 May 2020
NewsPeople MovesWoodruff Sawyer CEO Barrengos takes over chairman role from LoarWoodruff Sawyer CEO Andy Barrengos, has taken over the additional role of chairman from Stan Loar, who is to be honoured with the title of chairman emeritus.Thu 21 May 2020
NewsCaptivesWillis to launch group captive for middle market clients with The HartfordWillis Towers Watson has established a group captive for its upper middle market clients with paper from The Hartford to provide coverage for primary casualty risk, The Insurer can reveal.Thu 21 May 2020
NewsLossesAnalysts cut Allstate EPS forecasts on high $632mn April cat hitUS personal lines giant Allstate revealed estimated pre-tax catastrophe losses for April of $632mn that included a significant contribution from two severe wind and hail events that tore across half the states in the country.Thu 21 May 2020
NewsFlorida pricing shift draws in Berkshire and DE ShawAccelerating rate increases seen as averaging out in the 20-40 percent range in a late-running Florida renewal are now reaching a level that is attracting capacity from Berkshire Hathaway and DE Shaw as they come in from the sidelines to participate on select deals.Thu 21 May 2020
CommentStart-upCapital raises, downgrades and de-risking …so, what about the start-ups?We’ve experienced the downgrades (Axis, Generali), and we’ve had the equity raises (QBE, R&Q, Hiscox and earlier this week, Beazley).Thu 21 May 2020
NewsPeople MovesFormer Lloyd’s exec Ribeiro joins Starr as London-based NEDStarr Companies has added industry veteran Jose Ribeiro as a non-executive director to the boards of its London-based operations.Thu 21 May 2020
NewsGenerali pegs 2020 P&C Covid-19 claims at Eur100mnItalian insurance giant Generali has said it expects its P&C division to suffer Eur100mn ($110mn) of Covid-19 related claims in 2020.Thu 21 May 2020
NewsM&AAM Best removes Covéa from under review after PartnerRe deal collapsesCovéa has had its ratings removed from under review with developing implications by AM Best following the collapse of the French mutual’s planned acquisition of the Exor-owned PartnerRe.Thu 21 May 2020
NewsSelectQuote prices IPO above target rangeInsurance price comparison company SelectQuote has priced its initial public offering of 28.5 million shares at $20.00 a share and will begin trading on the New York Stock Exchange Thursday (21 May).Thu 21 May 2020
NewsResultsArdonagh trims Q1 loss to £13.7mn as debt grows to £1.2bnPrivate equity-owned UK broker consolidator Ardonagh Group narrowed its first quarter loss to £13.7mn ($16.8mn) ahead of an imminent major refinancing.Thu 21 May 2020
NewsBusiness interruptionPaying invalid Covid-19 claims a threat to insurer solvency, warns ABIThe Association of British Insurers (ABI) has reiterated its warning that the insurance industry has not collected enough premiums to pay for all claims arising from Covid-19 and that to do so would threaten insurer solvency.Thu 21 May 2020
NewsBMS continues build out of energy team with trio of hiresWholesale broker BMS has made three senior hires from Marsh JLT Specialty and Price Forbes as it continues to build out its energy division in Bermuda and London.Thu 21 May 2020