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Sompo International 9M profits jump as top line grows 13%

News

Results

Sompo International 9M profits jump as top line grows 13%

Sompo International has posted a nine month adjusted profit of $277mn, a near 80 percent jump from the $154mn it reported in the prior year period.

Fri 14 Feb 2020

MS&AD profits climb as investments push MS Amlin back into black

News

Results

MS&AD profits climb as investments push MS Amlin back into black

Japanese carrier MS&AD saw its net profits climb 54.2 percent to 269.9bn yen ($2.4bn) in the nine months ended December 2019, as strong investment returns helped push subsidiary MS Amlin back into the black.

Fri 14 Feb 2020

News

Losses

AIR pegs Ciara-Sabine at $1.2bn-$2.1bn

Catastrophe risk modelling firm AIR Worldwide has pegged insured losses due to wind from Winter Storm Ciara-Sabine at between Eur1.1bn and Eur 1.9bn ($1.2bn-$2.1bn).

Fri 14 Feb 2020

Brit returns to profit at FY19 with 95.8% CR

News

Results

Brit returns to profit at FY19 with 95.8% CR

Lloyd’s insurer Brit reported a return to profit in 2019, delivering a pre-tax profit of $183.0mn and an improved combined ratio of 95.8 percent.

Fri 14 Feb 2020

News

Commercial auto

Commercial auto losses to push United Fire’s Q4 CR to 117-119%

An escalation of commercial auto losses has prompted United Fire Group to estimate it will report a combined ratio between 117-119 percent for the fourth quarter 2019 and 108-110 percent for the full year.

Fri 14 Feb 2020

Scor takes majority investment in Brazilian MGA

News

M&A

Scor takes majority investment in Brazilian MGA

Scor has added to its involvement in the Brazilian agriculture insurance market after taking a majority investment in AgroBrasil Administração e Participações Ltda.

Fri 14 Feb 2020

Fairfax Financial UW profits up fivefold to $124mn in Q4

News

Results

Fairfax Financial UW profits up fivefold to $124mn in Q4

Fairfax Financial’s (re)insurance operations delivered a big jump in underwriting profits in the fourth quarter that included significantly improved combined ratios at Brit and Allied World and reserve releases across the board.

Thu 13 Feb 2020

Alleghany’s Hicks questions pension funds’ ILS rationale

News

Collateralised

Alleghany’s Hicks questions pension funds’ ILS rationale

Alleghany’s president and CEO Weston Hicks has questioned the thinking behind pension funds investing in the property catastrophe space because of its inherent volatility.

Thu 13 Feb 2020

NFP hires Lennox and Morgenstein from newly launched CAC Specialty

News

People Moves

NFP hires Lennox and Morgenstein from newly launched CAC Specialty

NFP has continued its recent spate of hires on the US west coast with the arrival of Andrew Lennox and Art Morgenstein from newly-launched rival CAC Specialty, The Insurer can reveal.

Thu 13 Feb 2020

News

Commercial insurance

AmWINS grows top line by 27% to $1.4bn

Wholesale broking giant AmWINS grew revenue by 27 percent to an estimated $1.4bn last year as surging organic growth of around 16 percent was supplemented by four acquisitions, The Insurer can reveal.

Thu 13 Feb 2020

QBE appoints Wilkins group chairman as Becker steps down

News

People Moves

QBE appoints Wilkins group chairman as Becker steps down

QBE has appointed Mike Wilkins as group chairman, succeeding Marston (Marty) Becker who is retiring after six years in the role and a total of seven years on the carrier’s board.

Thu 13 Feb 2020

AIG shares trade down amid mixed reaction to 2020 guidance

News

Results

AIG shares trade down amid mixed reaction to 2020 guidance

Despite an encouraging return to profitability in the fourth quarter, including underwriting profits in its general insurance division, shares in AIG closed down over 6 percent after it released its results.

Thu 13 Feb 2020

Duperreault not focusing on top line despite AIG’s return to underwriting profit

Analysis

Rates

Duperreault not focusing on top line despite AIG’s return to underwriting profit

AIG has revealed strong price increases on its earnings call, but CEO Brian Duperreault stressed the insurer is still focused on making sure the portfolio is “rock solid” before turning to growth mode.

Thu 13 Feb 2020

News

Lancashire to grow Florida book rates permitting: Maloney

London-listed Lancashire will grow its portfolio in Florida if rates improve sufficiently by the key 1.6 renewal date, chief executive of the carrier has said.

Thu 13 Feb 2020

Ironshore creates dedicated wholesale UW resources in US platform overhaul

News

People Moves

Ironshore creates dedicated wholesale UW resources in US platform overhaul

Liberty Mutual’s specialty insurance business Ironshore has overhauled its US distribution platform in an attempt to cater more effectively to the important wholesale broker market.

Thu 13 Feb 2020

AIG bought new US private client tower and combined agg deductibles at 1.1

News

Results

AIG bought new US private client tower and combined agg deductibles at 1.1

AIG purchased a separate occurrence tower for its US private client group at 1 January in connection with the establishment of its high net worth business-focused Lloyd’s Syndicate as it reported that the cost of its overall cat reinsurance programme reduced by 7 percent year-over-year.

Thu 13 Feb 2020