Axis’ Hagibis loss estimate points to $162mn 4Q cat bill: KBW

Axis Capital’s revelation that it expects to suffer pre-tax losses of between $90mn and $110mn from Typhoon Hagibis points to a fourth quarter catastrophe bill of $162mn for the Bermudian carrier, according to Keefe, Bruyette & Woods.

Tue 26 Nov 2019

S&P downgrades QIC outlook over $309mn Markerstudy loan

Rating agency Standard & Poor’s (S&P) has shifted the outlook of Qatar Insurance Company (QIC) to negative from stable, citing uncertainty over the repayment of some £240mn ($308.8mn) owed to the firm by the UK motor intermediary Markerstudy.

Tue 26 Nov 2019

AIG’s Fortitude Re sell-off ‘positive’ despite forecast earnings hit: KBW

AIG’s 76.6 percent stake sale of Bermudian run-off vehicle Fortitude Re will hit its book value of equity per share (BVPS) by $5.62 at deal close but remains a credit positive for the Brian Duperreault-led firm, according to equity analyst Keefe, Bruyette & Woods.

Tue 26 Nov 2019

Axis' Fosh to relinquish executive role at year-end

Industry stalwart and Axis Capital executive chairman for Europe Matthew Fosh is to step away from executive leadership at the end of the year, The Insurer can reveal.

Tue 26 Nov 2019

Markel promotes Finsness to lead global casualty

US carrier Markel has appointed Mia Finsness to the role of managing director of global casualty underwriting and claims.

Tue 26 Nov 2019

London carriers set to swerve Eur1bn Dresden art robbery loss

The London fine art and specie market looks set to dodge material losses emanating from the robbery of one of Europe’s largest collections of art in the German city of Dresden today (25 November), The Insurer understands.

Tue 26 Nov 2019

AIG sells off Fortitude Re stake to the Carlyle Group and T&D Holdings in $1.8bn deal

Private equity house Carlyle Group and Japanese carrier T&D Holdings – through a newly created Carlyle-managed fund – have partnered to acquire from AIG a 76.6 percent ownership interest in Bermudian run-off vehicle Fortitude Re in a $1.8bn deal.

Mon 25 Nov 2019

Axis pegs Hagibis loss at up to $110mn

Bermudian carrier Axis Capital has said it expects to suffer pre-tax losses stemming from Typhoon Hagibis in the range of $90mn to $110mn.

Mon 25 Nov 2019

#MeToo and legislative changes driving EPL hardening

Mon 25 Nov 2019

Kaufman to acquire Lloyd’s carrier Barbican’s UK MGA

HW Kaufman Group, the US intermediary that owns wholesaler Burns & Wilcox, is poised to acquire a UK MGA owned by Barbican once the Lloyd’s insurer’s sale to Bermudian Arch Capital completes.

Mon 25 Nov 2019

​Arch adds Watjen and Kilcoyne to board

Bermudian carrier Arch Capital Group (ACGL) has appointed Thomas Watjen and Moira Kilcoyne to its board of directors.

Mon 25 Nov 2019

US commercial insurance now in an “unconventional” hard market: CIAB

After eight consecutive quarters of firming rates, accelerating momentum with nearly double digit increases in umbrella, commercial auto and property in Q3 2019 means that a hard market has finally arrived, according to the Council of Insurance Agents and Brokers.

Mon 25 Nov 2019

Do Lloyd’s syndicates need better data for attritional losses?

How would you rather spend time and money: monitoring court cases or incorporating the impact of legal decisions into your business strategy?

Mon 25 Nov 2019

Insurers address underreported values in hard property market

A concerted effort from underwriters to tackle the issue of underreported values on insurance schedules is adding to pricing pressure in a property market that is now in hard territory.

Mon 25 Nov 2019

Channel Syndicate stamp capacity falls for 2020

Scor’s stamp capacity on its Lloyd’s subsidiary Channel Syndicate 2015 will be lower next year but may still write a similar level of income as 2019, The Insurer can reveal.

Mon 25 Nov 2019

Google and Deloitte launch commercial property underwriting tool

Google Cloud and ‘big four’ accounting firm Deloitte have partnered to develop a platform to show underwriters data on “virtually any” commercial property in the world.

Mon 25 Nov 2019