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Losses

Australian bushfire property insured losses at A$1.6bn: Perils

Loss aggregation firm Perils has pegged insured property losses emanating from the recent Australian bushfires at A$1.568bn ($1.054bn), providing further evidence of the loss being a significant reinsurance event.

Mon 17 Feb 2020

AIG shares slide for second day; AIG 200 charge to come in Q1

News

Results

AIG shares slide for second day; AIG 200 charge to come in Q1

AIG’s share price has fallen more than 10 percent since it released its fourth quarter results as investors continue to absorb its 2020 guidance.

Fri 14 Feb 2020

Arch Re targets APAC life and A&H growth with PMAP deal

News

A&H

Arch Re targets APAC life and A&H growth with PMAP deal

Arch Re is looking to grow its book of life and accident and health business in the Asia Pacific region and has agreed a deal to take a majority stake in Precision Market Asia Pacific (PMAP) as part of that push.

Fri 14 Feb 2020

Cobbs Allen denied motion to stay Marsh dispute pending Rice arbitration

News

Legal dispute

Cobbs Allen denied motion to stay Marsh dispute pending Rice arbitration

A Colorado judge has ruled that the dispute over Marsh executives that joined Cobbs Allen’s new broker CAC Specialty cannot be put on hold for arbitration involving JLT Specialty USA’s former CEO Michael Rice.

Fri 14 Feb 2020

Homeowners Choice agrees replacement deal for Anchor policyholders

News

Homeowners insurance

Homeowners Choice agrees replacement deal for Anchor policyholders

Homeowners Choice Property & Casualty Insurance Company’s bid to acquire all of the insurance policies of its smaller Florida rival Anchor Property & Casualty Insurance Company has progressed with the latter set to cancel all of its policies on 1 April, 2020.

Fri 14 Feb 2020

E&S carriers reveal rate hikes accelerating and broadening into 2020

Analysis

Commercial insurance

E&S carriers reveal rate hikes accelerating and broadening into 2020

Management for the parents of major excess and surplus lines (E&S) writers Lexington and RSUI have revealed impressive statistics for just how much rates and submissions changed in the fourth quarter.

Fri 14 Feb 2020

News

Rates

Fairfax units poised for growth as rates accelerate: Watsa

Fairfax Financial-owned (re)insurers Odyssey, Allied World, Crum & Forster and Brit are “ready to expand” on the back of continuing rate rises, chief executive of the Toronto-headquartered holding company Prem Watsa has said.

Fri 14 Feb 2020

PES sues its insurers for payment under $1.25bn programme

News

Energy

PES sues its insurers for payment under $1.25bn programme

PES Holdings has filed a complaint to recover payment on its $1.25bn insurance programme, revealing that its insurers have said they will pay only $65mn for property damage and have not yet paid any losses for business interruption from the massive explosion at a crude oil refinery last July.

Fri 14 Feb 2020

Ciara-Sabine insured loss range $1.2- $1.95bn: RMS

News

Property catastrophe

Ciara-Sabine insured loss range $1.2- $1.95bn: RMS

Insured property losses from Winter Storm Ciara, also known as Sabine, will fall between Eur1.1bn and Eur1.8bn ($1.2-$1.95bn), according to respected catastrophe risk modelling firm RMS, whose estimate closely aligns to that issued previously by competitor AIR Worldwide.

Fri 14 Feb 2020

News

GIC tops Q4 PPL table as syndicates beat 70% e-placement target

Pembroke-managed GIC Syndicate 1947 secured the top spot in PPL’s electronic placement ranking for Q4 2019 as, on average, syndicates in the market accepted 73 percent of in-scope risks electronically.

Fri 14 Feb 2020

Axa’s cull of underperforming euro subsidiaries a ‘strong signal of intent’

News

M&A

Axa’s cull of underperforming euro subsidiaries a ‘strong signal of intent’

Axa’s sale of its Central and Eastern Europe operations is a strong signal of intent that management will not tolerate inadequate return on equity (RoE) without a plan to improve margins in a reasonable timeframe.

Fri 14 Feb 2020

AssuredPartners buys agri specialist LMC

News

M&A

AssuredPartners buys agri specialist LMC

US broker consolidator AssuredPartners has acquired LMC Insurance & Risk Management, an Iowa-based broker with 290 staff.

Fri 14 Feb 2020

Comment

AIG points to mounting D&O and R&W pressures…

If public D&O was the canary in the coalmine for financial lines underwriters, then evidence in recent days suggests that loss trends are now accelerating in other classes within the segment.

Fri 14 Feb 2020

News

Understanding risk core to future of industry: Aon’s Christian

The tools that enable brokers and carriers to achieve a greater understanding of their clients risks are central to the future of the industry, Aon’s Dominic Christian has said.

Fri 14 Feb 2020

AIG reveals $320mn reserve strengthening for US financial lines

News

Results

AIG reveals $320mn reserve strengthening for US financial lines

Private not-for-profit D&O and representations and warranties (R&W) lines accounted for the majority of $320mn of unfavourable reserve development that AIG has revealed for its US financial lines book in the fourth quarter.

Fri 14 Feb 2020

TMHCC sees North American A&H book shrink in Q3

News

Results

TMHCC sees North American A&H book shrink in Q3

Tokio Marine Holdings’ speciality subsidiary Tokio Marine HCC (TMHCC) saw a decline in North American net earned premium of 2.6 percent to 277.1bn yen ($2.5bn) in the third quarter of 2019, mainly driven by a shrinkage of its accident & health (A&H) book.

Fri 14 Feb 2020