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Cyber

Munich Re co-leads cyber insurtech At-Bay’s $34mn series B round

At-Bay has announced a $34mn Series B funding round led by Acrew Capital and Munich Re Ventures through its HSB fund, bringing the cyber insurance company’s total funding to $51mn.

Thu 20 Feb 2020

News

Apollo 1969 names Fidelis’ Lyons head of casualty in team build-out

Apollo Syndicate Management has named former Fidelis executive Colm Lyons as head of casualty at Syndicate 1969 as part of a wider strengthening of its casualty team.

Thu 20 Feb 2020

Analysis

Rates

Guy Carpenter remains an upbeat outlier on 1.1 rates as Swiss Re adds to caution

Guy Carpenter remains an outlier on its 1.1 renewals stance as Swiss Re became the latest firm to strike a more cautious note when it published its FY 2019 results today.

Thu 20 Feb 2020

Gallagher bolsters aerospace practice with six hires

News

People Moves

Gallagher bolsters aerospace practice with six hires

Broking house Gallagher is continuing to strengthen its aerospace business with six more hires from rivals on both sides of the Atlantic, including Aon’s Matt Donohue and WTW’s Thomas Klaus.

Thu 20 Feb 2020

IG reinsurance cover incepts as Golden Ray loss soars

News

Marine

IG reinsurance cover incepts as Golden Ray loss soars

The International Group’s $3bn reinsurance programme has incepted today (20 February) as losses from the Golden Ray – one of the largest losses to hit the P&I market last year – have climbed to $440mn.

Thu 20 Feb 2020

News

Casualty

Swiss Re shares fall on large income miss and casualty concerns

Swiss Re’s share price has fallen today as nervous investors digest a big 2019 earnings miss and growing fears of US casualty reinsurance exposures.

Thu 20 Feb 2020

News

Isherwood to succeed Smith as CEO Reinsurance Americas at Swiss Re

Jonathan Isherwood, currently head of global reinsurance and member of the reinsurance executive committee at Swiss Re, is to succeed Eric Smith as CEO of Reinsurance Americas.

Thu 20 Feb 2020

Axa XL posts 101.5% CR and accelerates de-risking strategy as CEO exits

News

Results

Axa XL posts 101.5% CR and accelerates de-risking strategy as CEO exits

Axa XL posted broadly in line with consensus FY results today including a combined ratio of 101.5 percent but most of the attention was focussed on the sudden replacement of its CEO Greg Hendrick.

Thu 20 Feb 2020

Axa XL revenues climb 10 percent on rate gains at full year

News

Results

Axa XL revenues climb 10 percent on rate gains at full year

Axa XL recorded gross revenues of Eur18.7bn ($20.1bn) for the year ended 31 December 2019, an increase of 10 percent when compared with a year earlier and driven in part by single-digit rate increases in both reinsurance and insurance.

Thu 20 Feb 2020

Swiss Re P&C reports FY CR 107.8%; posts $2.3bn cat bill

News

Results

Swiss Re P&C reports FY CR 107.8%; posts $2.3bn cat bill

Reinsurer Swiss Re reported a FY combined ratio of 107.8 percent in its P&C reinsurance division, a deterioration of 3.8 points on the prior-year period as its man-made and natural catastrophe bill soared to $2.3bn.

Thu 20 Feb 2020

News

Harder market set to fuel Eur600mn of Axa XL's income in 2020

Axa XL is targeting underlying earnings in 2020 of Eur1.2bn ($1.3bn), of which half will be driven by rate increases, particularly in social inflation-affected casualty lines.

Thu 20 Feb 2020

Axa XL’s Hendrick suddenly exits; replaced by Chubb’s Gunter

News

People Moves

Axa XL’s Hendrick suddenly exits; replaced by Chubb’s Gunter

Axa XL’s chief executive officer Greg Hendrick has left the carrier in a shock exit, being replaced by Scott Gunter, previously senior vice president of Chubb and president of Chubb’s North America commercial insurance division.

Thu 20 Feb 2020

Alleghany highlights profitable 2020 growth opportunities after Q4 UW loss

News

Losses

Alleghany highlights profitable 2020 growth opportunities after Q4 UW loss

TransRe and RSUI parent Alleghany reported an underwriting loss from its (re)insurance operations of $199mn for the fourth quarter and a big group earnings miss as its results were impacted by $284mn of catastrophe losses and reserve charges at CapSpecialty.

Thu 20 Feb 2020

Hippo replaces Munich Re with expanded reinsurance panel

News

Fronting carriers

Hippo replaces Munich Re with expanded reinsurance panel

Palo Alto-based insurtech Hippo has unveiled a new panel of reinsurers that includes Arch, Markel, RenaissanceRe and TransRe.

Thu 20 Feb 2020

Argo and Voce agree on two board nominees

News

People Moves

Argo and Voce agree on two board nominees

Argo has announced two board nominations jointly agreed with Voce Capital Management under the truce revealed last month as the activist investor also praised the Bermudian’s chairman elect Tom Bradley and new CEO Kevin Rehnberg for their role in the process.

Wed 19 Feb 2020

News

Homeowners insurance

FedNat reveals $17mn Q4 reserve charges

Florida carrier FedNat is adding $17mn to its reserves to reflect the challenging claims environment and loss creep from prior-year weather events in its homeowners book.

Wed 19 Feb 2020