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Citizens not seeing repopulation ahead of June renewal

News

Homeowners insurance

Citizens not seeing repopulation ahead of June renewal

Florida’s Citizens is looking to buy more reinsurance for its personal lines account (PLA) and replace just under $900mn of expiring limit for its coastal account, but is not seeing the kind of policy count growth that would lead to meaningful changes to its risk transfer programme this year, The Insurer can reveal.

Thu 5 Mar 2020

Hallmark shares slide another 13% after auto charge and exit

News

Commercial auto

Hallmark shares slide another 13% after auto charge and exit

Hallmark Financial shares may now be undervalued after trading down more than 30 percent in the last three days in response to the carrier’s exit from binding primary commercial auto and a $56.1mn Q4 reserve charge, according to Boenning Inc equity analyst Robert Farnam.

Thu 5 Mar 2020

Swiss Re CorSo hands Anzola extra role as head of Miami wholesale

News

Commercial insurance

Swiss Re CorSo hands Anzola extra role as head of Miami wholesale

Swiss Re Corporate Solutions has appointed Oscar Anzola head of wholesale in Miami in addition to his existing responsibilities, The Insurer has learned.

Thu 5 Mar 2020

IPO D&O market turning towards coinsurance and quota shares

Analysis

Commercial insurance

IPO D&O market turning towards coinsurance and quota shares

With pricing rocketing and loss frequency in the D&O market for IPOs at around 20 percent, brokers and insurers are increasingly turning to different structures such as coinsurance, lower limits and side A only coverage.

Thu 5 Mar 2020

Reinsurers forecast up to 50% rate increase at 1.4 Japan renewal

News

Property catastrophe

Reinsurers forecast up to 50% rate increase at 1.4 Japan renewal

Catastrophe reinsurers remain broadly optimistic about mid-year renewal pricing, with some expecting increases nearing 50 percent for the rapidly approaching Japan-focused 1.4 renewals.

Thu 5 Mar 2020

D&O underwriters increasingly selective on covering IPOs

News

Commercial insurance

D&O underwriters increasingly selective on covering IPOs

D&O insurers are becoming more selective about the IPO risks they underwrite in response to rising loss frequency.

Thu 5 Mar 2020

News

Cat bond market pricing cycle “not meant to match” reinsurance pricing

Pricing in the catastrophe bond market does not have to ally with that of the traditional reinsurance market, with the two sectors operating parallel to each other rather than in tandem, according to Swiss Re Capital Market’s Judy Klugman.

Thu 5 Mar 2020

Travelers Syndicate takes former Axis marine hull duo

News

People Moves

Travelers Syndicate takes former Axis marine hull duo

Travelers Syndicate 5000 is set to make two hires to its marine unit, with Richard Bridges and Ross Deering understood to be joining the carrier’s hull team, The Insurer can reveal.

Thu 5 Mar 2020

AM Best places Covéa ratings under review

News

M&A

AM Best places Covéa ratings under review

AM Best has placed under review with developing implications the ratings of Covéa as a result of its proposed $9bn cash acquisition of Bermudian reinsurer PartnerRe.

Thu 5 Mar 2020

London market bans travel as coronavirus spread intensifies

News

COVID-19

London market bans travel as coronavirus spread intensifies

London market heavyweights have told staff not to travel unless absolutely necessary to prevent further spread of the coronavirus.

Thu 5 Mar 2020

News

JLT Re London hires continue to land at ambitious Lockton Re

A fresh wave of former JLT Re London executives and producers have arrived at Lockton Re after resigning from the UK broker in the wake of its £4.3bn acquisition by MMC last year.

Thu 5 Mar 2020

Comment

M&A

Sadly, you can’t choose your parents…

The contrasting fortunes of two Bermudian reinsurers

Thu 5 Mar 2020

News

Losses

Chilean riot retailer insured losses as high as $1bn: PCS

Retailer insured losses emanating from 2019’s Chilean riots are anticipated to be approximately $900mn and could reach as high as $1bn, according to Property Claim Services (PCS).

Thu 5 Mar 2020

News

ProSight’s exit from Lloyd’s edges closer with reserves down to $45mn

ProSight Global’s unhappy experience at Lloyd’s is nearing the end with only circa $45mn of reserves remaining in its run-off vehicle, the New Jersey-headquartered company’s CEO has confirmed.

Thu 5 Mar 2020

Aviva posts record £3.2bn operating profit in 2019

News

Results

Aviva posts record £3.2bn operating profit in 2019

UK insurance giant Aviva reported a 6 percent rise in operating profit to £3.2bn ($4.1bn) for the year ended 31 December 2019 on the back of a strong performance in its general insurance business, though profits in its UK life business dipped.

Thu 5 Mar 2020

Moody’s affirms PartnerRe’s rating on $9bn Covéa deal

News

Rating actions

Moody’s affirms PartnerRe’s rating on $9bn Covéa deal

Moody’s has affirmed the financial strength (IFS) ratings as well as the debt and preferred stock ratings of PartnerRe as a result of the proposed $9bn cash acquisition by Covéa.

Thu 5 Mar 2020