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SEC approves IGI-Tiberius merger

International General Insurance (IGI) has received approval on the Form F-4 registration statement it filed with the US Securities and Exchange Commission (SEC) in relation to its previously announced merger with Tiberius Acquisition Corp (Tiberius).

Fri 21 Feb 2020

AGCS reserve charge of Eur600mn slashes Allianz P&C profitability

News

Results

AGCS reserve charge of Eur600mn slashes Allianz P&C profitability

German giant Allianz surprised analysts with a “disappointing” year in its P&C segment, as the unit’s operating profit missed the lower end of its target Eur5.4-6.0bn range due to reserve strengthening of Eur600mn and an operating loss of Eur284mn for AGCS.

Fri 21 Feb 2020

PartnerRe deal would weaken Covéa balance sheet and increase underwriting risk: Moody’s

News

M&A

PartnerRe deal would weaken Covéa balance sheet and increase underwriting risk: Moody’s

Covéa’s potential acquisition of PartnerRe would erode but not eliminate balance sheet strengths, according to Moody’s, while simultaneously exposing the acquirer to a more volatile underwriting mix.

Fri 21 Feb 2020

News

The Hartford adds Allstate’s Winter to board

The Hartford has added former Allstate president Matt Winter to its board of directors where he will serve on the board’s finance, investment and risk management committee, effective 24 February.

Fri 21 Feb 2020

Coronavirus coverage issues in spotlight as global cases climb

News

COVID-19

Coronavirus coverage issues in spotlight as global cases climb

Coronavirus-related insurance coverage issues have been thrust into the spotlight as the (re)insurance industry continues to assess potential exposures to the spreading virus which has so far caused over 2100 fatalities in China alone.

Fri 21 Feb 2020

IRB Brasil Re sees 34% increase in international premium in 2019

News

Results

IRB Brasil Re sees 34% increase in international premium in 2019

IRB Brasil Re saw international premium income rise by an impressive 34 percent during 2019 as the former state-controlled reinsurer released an impressive set of fourth quarter results, with overall written premium in Brazil up by 14.4 percent year on year.

Fri 21 Feb 2020

Pool Re adds new £100mn lower layer in XoL 1.3 renewal

News

Renewals

Pool Re adds new £100mn lower layer in XoL 1.3 renewal

The UK state-backed terrorism mutual Pool Re is adding a new £100mn layer to its cat excess of loss (XoL) program taking total limit to a new record size of £2.4bn, The Insurer can reveal.

Fri 21 Feb 2020

Allianz Q4 P&C profits dive 42%; CR deteriorates to 99.6%

News

Results

Allianz Q4 P&C profits dive 42%; CR deteriorates to 99.6%

German insurer Allianz has posted a fourth quarter operating profit of Eur861mn in its P&C division, a 42 percent drop on the prior year period, with reserve strengthening at AGCS driving the deterioration.

Fri 21 Feb 2020

News

Capital

TigerRisk appoints Cooper as London capital advisory head

TigerRisk Partners has appointed former Lloyds Bank insurance head Bill Cooper as managing director of capital advisory in the latest move by the US reinsurance intermediary to build out its London platform.

Fri 21 Feb 2020

UPC has already secured 69% of its 1.6 open market reinsurance capacity need

News

Property catastrophe

UPC has already secured 69% of its 1.6 open market reinsurance capacity need

UPC Insurance believes it will be largely immune to pricing increases at the upcoming Florida renewal because it has already placed $1.08bn of the $1.56bn open market reinsurance limit it needs to fill its cat tower at 1 June.

Fri 21 Feb 2020

E&S specialist Kinsale grows GWP 41% in 2019

News

Results

E&S specialist Kinsale grows GWP 41% in 2019

Excess and surplus lines (E&S) writer Kinsale Capital Group has revealed its gross written premiums were up 55.4 percent in the fourth quarter and 41.4 percent for the full-year 2019.

Fri 21 Feb 2020

Ex-Ironshore chief Kelley joins Aquiline

News

M&A

Ex-Ironshore chief Kelley joins Aquiline

Former Ironshore chief executive Kevin Kelley has joined private equity firm Aquiline Capital Partners as an executive advisor.

Thu 20 Feb 2020

ProAssurance unveils $450mn Norcal acquisition ahead of Q4 loss

News

Commercial insurance

ProAssurance unveils $450mn Norcal acquisition ahead of Q4 loss

Medmal specialist ProAssurance has agreed a $450mn deal to buy Norcal Group that would create the third biggest specialty writer in the US of liability insurance for healthcare professionals and facilities.

Thu 20 Feb 2020

James River reports 6.6% Q4 E&S rate increases and surge in submissions

News

Results

James River reports 6.6% Q4 E&S rate increases and surge in submissions

James River has reported 41 percent growth of E&S premium in the fourth quarter while revealing renewal rate increases of 6.6 percent.

Thu 20 Feb 2020

UPC falls to Q4 loss on cats and higher underlying loss ratio

News

Results

UPC falls to Q4 loss on cats and higher underlying loss ratio

United Insurance Holdings (UPC Insurance) opened the publicly-traded Florida homeowners earnings season with a core loss of $15.2mn, or $0.36 a share, that included the impact of Q4 cat losses and a worsening underlying loss ratio.

Thu 20 Feb 2020

News

FedNat shares down 9.5% on reserve charges revelation

Shares in Florida carrier FedNat were trading down 9.5 percent in New York today as investors reacted negatively to preannounced reserve charges that included hurricane loss creep and deterioration outside of its core homeowners business.

Thu 20 Feb 2020