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Higher claims dent IAG 2020 margin

Australian insurer IAG has revised its full year 2020 guidance ahead of the publication of its first half results on 12 February, as it flagged increased claims costs following the country’s recent hailstorm event.

Fri 24 Jan 2020

Helvetia snaps up 70% of Spain’s Caser for Eur780mn

News

M&A

Helvetia snaps up 70% of Spain’s Caser for Eur780mn

Swiss specialty carrier Helvetia has acquired a 70 percent stake in Spanish insurer Caser for Eur780mn ($861mn).

Fri 24 Jan 2020

Meek’s Homesite enters strategic partnership with K2

News

Homeowners insurance

Meek’s Homesite enters strategic partnership with K2

K2 Insurance Services subsidiary Aegis General Insurance Agency has signed up to a strategic partnership with the recently launched program business unit of Homesite Insurance Group (HIG) led by former Allied World executive Grace Meek.

Fri 24 Jan 2020

Revisiting the Vale dam loss - one year on

Analysis

Commercial property

Revisiting the Vale dam loss - one year on

On 25 January it will be one year since one of the worst mining losses in recent years, namely the collapse of the tailings dam at the Vale-operated Córrego do Feijão iron ore mine in Brazil, resulting in the loss of 275 lives.

Fri 24 Jan 2020

Where is the MedMal market’s pain threshold?

Comment

Casualty

Where is the MedMal market’s pain threshold?

The medical professional liability sector is symptomatic of the wider US commercial casualty market…

Fri 24 Jan 2020

Acrisure revenues expected to top $2bn this year

News

Commercial insurance

Acrisure revenues expected to top $2bn this year

Fast-growing broker consolidator Acrisure is expected to exceed total revenue of $2bn for full-year 2020, according to S&P Global Ratings.

Thu 23 Jan 2020

Integrand’s reinsurers hit back at attempt to stall arbitration

News

Legal dispute

Integrand’s reinsurers hit back at attempt to stall arbitration

Reinsurers including Swiss Re, XL, Everest Re and Odyssey Re have moved to compel arbitration with Integrand over hurricane losses, after the Puerto Rico insurer’s liquidator tried to get a court to reconsider its order dismissing a lawsuit between the parties.

Thu 23 Jan 2020

RLI reveals strong Q4 rate increase momentum

News

Rates

RLI reveals strong Q4 rate increase momentum

US specialty insurer RLI saw rate increases of 30 percent on its professional liability book for the second consecutive quarter along with double digits commercial auto increases and solid single digit momentum in other lines.

Thu 23 Jan 2020

Travelers getting more aggressive on tort claims: Schnitzer

News

Casualty

Travelers getting more aggressive on tort claims: Schnitzer

Takeaways from Travelers’ earnings call include the insurer getting more aggressive towards the plaintiffs bar on claims, reviver statutes leading to further reserve increases and the cat aggregate XoL reinsurance treaty retention being surpassed in the fourth quarter.

Thu 23 Jan 2020

Denali Specialty hires Senger to head delegated authorities unit

News

Commercial insurance

Denali Specialty hires Senger to head delegated authorities unit

Start-up MGA and wholesale brokerage platform Denali Specialty Group has hired former Breckenridge Insurance Services executive Kerri Senger as president of its delegated authorities practice, The Insurer can reveal.

Thu 23 Jan 2020

News

Brexit

FCA warns market to be ready for no-deal Brexit

Britain’s financial firms – including all UK-regulated (re)insurers – must continue to prepare for a no-deal Brexit in case the United Kingdom and European Union fail to reach a favorable trade agreement by December, the Financial Conduct Authority (FCA) warned on Thursday.

Thu 23 Jan 2020

News

Investors send insurance stocks down on tort fears

Shares in Travelers closed down 5 percent in New York with a number of other P&C stocks also showing up red as investors reacted negatively to news of continued tort challenges despite an in-line quarter from the US insurance giant.

Thu 23 Jan 2020

Barclays analyst Gelb takes McKinsey role

News

People Moves

Barclays analyst Gelb takes McKinsey role

Jay Gelb, who has been an insurance equity analyst at Barclays since 2008, is to join McKinsey & Company as a senior advisor in April.

Thu 23 Jan 2020

Lovell Minnick completes Charles Taylor acquisition

News

M&A

Lovell Minnick completes Charles Taylor acquisition

Insurance services specialist Charles Taylor’s £261mn ($326mn) takeover by private equity house Lovell Minnick has completed.

Thu 23 Jan 2020

Travelers buys less agg limit and raises retention at renewal

News

Property catastrophe

Travelers buys less agg limit and raises retention at renewal

Travelers placed only 56 percent of its $500mn underlying aggregate catastrophe excess-of-loss reinsurance cover and increased the attachment point from $1.3bn to $1.55bn at the 1 January renewal after recovering on last year’s treaty in the fourth quarter.

Thu 23 Jan 2020

Chubb pet insurers commanded to repay $4.7mn for overcharging

News

Legal/ Regulatory

Chubb pet insurers commanded to repay $4.7mn for overcharging

Two Chubb subsidiaries are in the doghouse with Washington state’s insurance department, which has ordered them to repay $4.7mn to policyholders.

Thu 23 Jan 2020