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News

Jefferies upgrades Munich Re on capital strength U-turn

Equity analyst Jefferies has upgraded Munich Re from a rating of ‘underperform’ to ‘hold’, stating its earlier expectation that Munich Re would face significant volatility in its solvency ratio was “wrong on three counts.”

Wed 4 Mar 2020

S&P puts Sirius subsidiaries on negative credit watch over CMIG dispute

News

Rating actions

S&P puts Sirius subsidiaries on negative credit watch over CMIG dispute

Rating agency Standard & Poor’s (S&P) has placed the core subsidiaries of Sirius International Group (Sirius) on credit watch with negative implications, after ultimate owner China Minsheng Insurance Group (CMIG) attempted to bar the Bermudian’s board from a share issuance.

Wed 4 Mar 2020

News

Energy

Tokio Marine HCC to acquire renewable energy MGA GCube

Tokio Marine HCC, a member of Tokio Marine Group, has signed a purchase agreement to acquire renewable energy risk specialist MGA GCube.

Wed 4 Mar 2020

European insurance shares hold steady despite Asia-Pacific falls

News

COVID-19

European insurance shares hold steady despite Asia-Pacific falls

European insurance stocks were off to a stable start this morning after Asia-Pacific markets sold off, as investors digest news of an emergency rate cut by the US Federal Reserve aimed at stopping the US economy sliding into recession.

Wed 4 Mar 2020

News

Losses

Perils pegs Aus hailstorms at A$670mn

Loss aggregation firm Perils has pegged insured property losses emanating from hailstorms which occurred from 19 to 21 January 2020 and affected the Australian states of Victoria, New South Wales, Queensland and the Australian Capital Territory at A670mn ($442mn).

Wed 4 Mar 2020

Helvetia posts FY non-life CR of 92.3% as specialty push gathers pace

News

Results

Helvetia posts FY non-life CR of 92.3% as specialty push gathers pace

Expansive Swiss carrier Helvetia has reported a net combined ratio in its non-life unit of 92.3 percent in 2019, a 1.3 percent deterioration on the prior year, as the insurer looks to continue to broaden its specialty footprint.

Wed 4 Mar 2020

Political and economic uncertainty ‘intertwined’ in 2020 as trade tensions grow

Analysis

Political risk

Political and economic uncertainty ‘intertwined’ in 2020 as trade tensions grow

Economic and political risks will be more intertwined in 2020 as trade tensions continue to present a major risk to the global economy, while the novel coronavirus outbreak may also disrupt trade and supply chains, according to broker Marsh.

Wed 4 Mar 2020

AIR warns of “significant underreporting” as coronavirus spreads

News

COVID-19

AIR warns of “significant underreporting” as coronavirus spreads

AIR Worldwide has warned that World Health Organisation (WHO) numbers of people infected with the novel coronavirus COVID-19 are likely to include “significant underreporting”.

Wed 4 Mar 2020

Sirius ratings threat as owner intervenes ahead of proposed rights issue

News

Rating actions

Sirius ratings threat as owner intervenes ahead of proposed rights issue

Sirius has warned that it faces the possibility of a downgrade or withdrawal of its ratings after a move by its ultimate owner China Minsheng Investment Group that could block a proposed capital raise under consideration by the Bermudian’s board.

Wed 4 Mar 2020

S&P goes positive on PartnerRe’s A+ rating after Covéa announcement

News

M&A

S&P goes positive on PartnerRe’s A+ rating after Covéa announcement

PartnerRe could benefit from a one notch upgrade of its S&P financial strength ratings within two years of its proposed $9bn cash acquisition by Covéa depending on a successful integration and continued progress toward sustainable, strong earnings as part of a larger group.

Tue 3 Mar 2020

News

Cyber

RPS launches broader cyber coverage on its small business digital platform

US wholesale broker Risk Placement Services (RPS) has launched an enhanced exclusive cyber policy on the paper of BCS Insurance Company accessed through its digital quote-bind-issue platform aimed at small businesses.

Tue 3 Mar 2020

Broker FRP heads to $300mn revenues and targets P&C expansion

News

Commercial insurance

Broker FRP heads to $300mn revenues and targets P&C expansion

Warburg Pincus-backed Foundation Risk Partners is on course to pass $300mn of annualised revenue this summer, putting the expansive retail broker ahead of its original business plan as it looks to build out its P&C platform, The Insurer can reveal.

Tue 3 Mar 2020

Retro buyers change structures in response to shifting market

News

Property catastrophe

Retro buyers change structures in response to shifting market

Retro programmes are set to see further change throughout the rest of the year as reinsurers continue to get to grips with the shifting availability of capacity and appetite from their counterparties.

Tue 3 Mar 2020

Covéa agrees $9bn acquisition of PartnerRe

News

M&A

Covéa agrees $9bn acquisition of PartnerRe

Exor has agreed a deal to sell PartnerRe to French mutual Covéa for $9bn cash with the Italian investment firm also taking out a $50mn dividend to be paid before closing.

Tue 3 Mar 2020

Enstar moves closer to first run-off transaction under new Oklahoma law

News

Commercial insurance

Enstar moves closer to first run-off transaction under new Oklahoma law

Enstar is seeking court approval for a legacy transaction in the US that is vying to be the first so-called insurance business transfer (IBT) under the new framework put in place by the state of Oklahoma in 2018, The Insurer can reveal.

Tue 3 Mar 2020

Modellers working hard to improve wildfire capabilities

News

Excess casualty

Modellers working hard to improve wildfire capabilities

There remains a considerable degree of uncertainty about some of the aspects of wildfire models but that does not mean the industry should give up on trying to get a better understanding of the peril, according to CoreLogic’s David Smith.

Tue 3 Mar 2020