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Enstar: investment returns drive 2019 profit leap

News

COVID-19

Enstar: investment returns drive 2019 profit leap

On the same day its share price fell 6.93 percent amidst the Wall Street rout, Enstar Group posted its full-year earnings which showed a return to profit in 2019 fuelled by a strong return on investments.

Fri 28 Feb 2020

News

Casualty

Casualty writers divided over whether social inflation is a reversion to the mean

Panellists at The Insurer’s New York Insurance Forum 2020 debated whether all the talk of social inflation is really describing a new phenomenon or whether loss trends are just reverting to the mean.

Fri 28 Feb 2020

US insurance stocks slide as wider markets see record falls

News

COVID-19

US insurance stocks slide as wider markets see record falls

US-listed insurance stocks were a sea of red at the close today as investors panicked over worsening Coronavirus fears in a wider sell-off that saw the biggest points drop on the Dow Jones index in its history.

Fri 28 Feb 2020

Watford CEO Rathgeber to depart at end of Q1

News

People Moves

Watford CEO Rathgeber to depart at end of Q1

Watford Holdings CEO John Rathgeber will retire from the position at the end of March and will be replaced by the company’s president Jonathan Levy.

Thu 27 Feb 2020

FedNat shares fall 8.2% as CEO bemoans soaring litigation costs in Q4

News

Homeowners insurance

FedNat shares fall 8.2% as CEO bemoans soaring litigation costs in Q4

Increased litigation costs have forced FedNat Holding to strengthen reserves and report an operating loss in the fourth quarter, while the Florida carrier’s CEO said on an earnings call that he is not hopeful about the prospects for reform in the state this year.

Thu 27 Feb 2020

Third Point Re narrows underwriting loss and gains on investments

News

Results

Third Point Re narrows underwriting loss and gains on investments

Third Point Re reported narrowing underwriting losses for the fourth quarter and a big swing in investment income that helped turn a prior-period net loss of $298.0mn to a net profit of $29.7mn.

Thu 27 Feb 2020

McGill and Partners headcount tops 200 as New York office set to open

News

People Moves

McGill and Partners headcount tops 200 as New York office set to open

Warburg Pincus-backed broking start-up McGill and Partners has now made 204 hires in under a year, with the transatlantic firm posed to open its New York office.

Thu 27 Feb 2020

Scale of E&S growth highlighted by AmWINS submissions surge

News

Commercial insurance

Scale of E&S growth highlighted by AmWINS submissions surge

The sheer scale of the surge of business into the excess and surplus (E&S) market has been brought starkly into focus, with wholesale giant AmWINS seeing more than one million submissions in 2019, representing 30 percent year-on-year growth.

Thu 27 Feb 2020

E&S market facing “years and not months” of pricing correction

News

Casualty

E&S market facing “years and not months” of pricing correction

It will be years before rates in the excess and surplus (E&S) lines market return to adequacy with rising loss costs and dwindling reserves putting pressure on carriers’ profitability.

Thu 27 Feb 2020

Liberty Mutual swings to $417mn loss in Q4

News

Results

Liberty Mutual swings to $417mn loss in Q4

Liberty Mutual has reported a fourth quarter pre-tax operating loss of $417mn, excluding income from partnerships and limited liability companies it has equity in, versus a profit of $277mn for the same period in 2018.

Thu 27 Feb 2020

News

Insurers should mutualize not subsidize risk: Benchimol

Axis Capital president and CEO Albert Benchimol has reminded the industry to pool property cat risks and absorb losses across global markets regardless of the territories in which they occur.

Thu 27 Feb 2020

News

COVID-19

Argo shares dip on ratings downgrade

Shares in NYSE-listed Argo Group closed down 3.99 percent Thursday as investors reacted to an ominous ratings downgrade from AM Best amidst continued market tumult across global equities sparked by fears over the growing coronavirus.

Thu 27 Feb 2020

News

People Moves

AIG names Hancock International GI CEO

AIG has named outgoing Lloyd’s performance management director Jon Hancock as CEO of International General Insurance.

Thu 27 Feb 2020

Chubb names Miller as country president for Switzerland

News

People Moves

Chubb names Miller as country president for Switzerland

Chubb has named Dawn Miller as country president for Switzerland, effective 1 March.

Thu 27 Feb 2020

News

Axa continues legacy growth with latest German deal

Axa Liabilities Managers (Axa LM) has received regulatory approval from the German regulator BaFin for the acquisition of a legacy assumed treaty reinsurance portfolio from Axa Versicherung.

Thu 27 Feb 2020

Euro insurance stocks fall heavily as coronavirus sell-off continues

News

COVID-19

Euro insurance stocks fall heavily as coronavirus sell-off continues

European insurance stocks fell for a fourth consecutive day as the market tumult sparked by the growing coronavirus crisis sees European stocks follow Asia’s lead with heavy declines in morning trading.

Thu 27 Feb 2020