Search | The Insurer TV

Argo swings to UW loss on Covid-19 cat hit

News

Results

Argo swings to UW loss on Covid-19 cat hit

A modest increase in investment income helped Argo offset an underwriting deficit of $13.9mn to post operating profit of $12.6mn in the first quarter of 2020, as chief executive Kevin Rehnberg said the company was not satisfied with the Bermudian’s performance.

Thu 7 May 2020

Kemper Q1 operating income leaps on CSC award balance

News

Commercial insurance

Kemper Q1 operating income leaps on CSC award balance

Kemper has reported consolidated net operating income of $162.9mn for the first quarter, compared to $98.9mn in the prior period, which was boosted by receiving the remaining balance due on a judgment against Computer Sciences Corporation (CSC).

Thu 7 May 2020

PartnerRe falls to non-life UW loss as adverse development hits specialty

News

COVID-19

PartnerRe falls to non-life UW loss as adverse development hits specialty

PartnerRe reported a modest $18mn Covid-19 charge in its specialty segment that added to adverse prior-year development of $95mn and pushed the unit’s combined ratio for the first quarter from 116.0 percent to 121.1 percent.

Thu 7 May 2020

News

COVID-19

Third Point Re improves CR to 97% despite $9.5mn Covid-19 hit

Investment losses pushed Third Point Re to a $183.6mn net loss in the first quarter but the Bermudian reinsurer improved its underwriting results despite Covid-19 losses adding 6.5 points to its combined ratio.

Thu 7 May 2020

Cyber rates up 10-15% as capacity starts to tighten

News

Commercial insurance

Cyber rates up 10-15% as capacity starts to tighten

Willis Towers Watson has revealed that primary and excess cyber renewals are now averaging premium increases in the mid- to upper-single digits, as losses continue to mount.

Thu 7 May 2020

News

Losses

Insured losses from US April severe weather north of $2.5bn: Aon

Severe weather systems that tore across the US last month caused more than $2.5bn in insured losses, according to Aon’s Impact Forecasting unit, as it warned that accelerating exposure growth in areas prone to thunderstorms means that high-loss events will only grow more frequent in the future.

Thu 7 May 2020

Everest Re shares tick up as Andrade highlights “unambiguous” policy terms

News

COVID-19

Everest Re shares tick up as Andrade highlights “unambiguous” policy terms

Investors have responded positively to reassurances from Everest Re that its property insurance policies have “unambiguous” language requiring direct physical loss for BI coverage to trigger, and steps its reinsurance platform is taking to exclude pandemic risk at renewals.

Thu 7 May 2020

Scor handed negative outlook by Moody’s on virus mortality exposures

News

Rating actions

Scor handed negative outlook by Moody’s on virus mortality exposures

Scor has been handed a negative outlook by Moody’s with the ratings agency citing the reinsurer’s vulnerability compared to its peers in a stress scenario of higher mortality claims arising from the coronavirus pandemic.

Thu 7 May 2020

UPC says core cat programme 91% complete while shares slide 11%

News

Property reinsurance

UPC says core cat programme 91% complete while shares slide 11%

UPC Insurance CEO John Forney has suggested the Florida carrier’s core catastrophe reinsurance programme is 91 percent complete and the rate increases it is facing are “very manageable”, while investors reacted to its Q1 results by sending shares down 10.8 percent.

Thu 7 May 2020

News

Capital

HSCM lead capital provider to AIG Syndicate 2019

Hudson Structured Capital Management (HSCM) has provided lead capital support to AIG’s newly launched Syndicate 2019 at Lloyd’s.

Thu 7 May 2020

Covid-19 to extend hard market through 2021: Willis

News

Cyber

Covid-19 to extend hard market through 2021: Willis

Willis Towers Watson’s Insurance Marketplace Realities spring update has predicted North American commercial buyers will face newfound scrutiny of their terms and conditions while not a single line of business is forecast to have rate decreases.

Thu 7 May 2020

Sector entering a traditional hard market: RenRe CEO

News

Capital

Sector entering a traditional hard market: RenRe CEO

The (re)insurance market is now entering traditional hard market territory, with the Florida renewal first to be impacted, as the price of risk accelerates in the Covid-19 fallout exacerbated by constrained third-party capital, according to RenaissanceRe CEO Kevin O’Donnell.

Thu 7 May 2020

RSA takes Ardonagh’s Dilley for UK & International CUO as Sweeney exits

News

People Moves

RSA takes Ardonagh’s Dilley for UK & International CUO as Sweeney exits

Lonon-listed insurer RSA has appointed Paul Dilley as UK and International chief underwriting officer, based in the UK.

Thu 7 May 2020

RSA dividend withdrawal protects against ‘court of public opinion’: Hester

News

COVID-19

RSA dividend withdrawal protects against ‘court of public opinion’: Hester

RSA’s decision to suspend its full year 2019 dividend was made because the company wanted to avoid a “war” with the regulators and the “court of public opinion”, CEO Stephen Hester has said.

Thu 7 May 2020

ProSight makes chief of staff and CIO hires

News

People Moves

ProSight makes chief of staff and CIO hires

ProSight has made a pair of new appointments to its management team with Jeff Arricale named chief of staff and head of capital markets and Nico Santini chief investment officer.

Thu 7 May 2020

News

COVID-19

Lloyd’s eases mid-year capital pressures with lower Covid-19 loss pick

Lloyd’s has eased the pressure on its managing agents and capital providers by allowing them to use their earlier Covid-19 loss scenarios for the purposes of the market’s imminent mid-year recapitalisation exercise, The Insurer can reveal.

Thu 7 May 2020