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Lancashire top line up 14%; expects $33.2mn Dorian/Faxai hit

News

Results

Lancashire top line up 14%; expects $33.2mn Dorian/Faxai hit

London-market carrier Lancashire has reported a 13.8 percent increase in gross written premium in the first nine months 2019.

Thu 7 Nov 2019

News

Results

ProSight reports strong growth in Q3

ProSight Global – which completed an IPO in July – has announced adjusted operating income in the third quarter was $13.8mn, or $0.32 per diluted share, compared to $15.3mn or $0.39 in the prior year period.

Thu 7 Nov 2019

James River falls to operating loss on Uber reserve charge

News

Results

James River falls to operating loss on Uber reserve charge

James River fell to a third quarter operating loss of $22.2mn that reversed the $19.4mn profit reported in the prior-year period, on the back of its preannounced E&S $50mn reserve charge.

Thu 7 Nov 2019

Interim CEO “clearly not satisfied” as Argo swings to Q3 operating loss

News

Results

Interim CEO “clearly not satisfied” as Argo swings to Q3 operating loss

Preannounced reserve increases have pushed Argo Group’s third quarter combined ratio to 111.4 percent compared to 99.7 percent for the prior year period, as the Bermudian (re)insurer swung to an operating loss.

Wed 6 Nov 2019

Higher cat losses send Sirius combined ratio to 123%

News

Results

Higher cat losses send Sirius combined ratio to 123%

Operating losses at Sirius International trebled to $65mn in the third quarter as the Bermudian pointed to higher cat losses in global property and worsening current accident year losses in its specialty and casualty book.

Wed 6 Nov 2019

Greenlight Re delivers underwriting and investment profits in Q3

News

M&A

Greenlight Re delivers underwriting and investment profits in Q3

Greenlight Re has reported a 98.0 percent combined ratio for the third quarter compared to 103.5 percent for the prior-year period, as the Cayman Islands-based hedge fund reinsurer revealed underwriting and investment profits.

Wed 6 Nov 2019

Voce says Argo board “cannot be trusted” to choose leadership or direction

News

People Moves

Voce says Argo board “cannot be trusted” to choose leadership or direction

Activist investor Voce Capital has responded to Mark Watson standing down as Argo CEO by saying the move does not allay concerns about governance and oversight at the Bermudian (re)insurer.

Wed 6 Nov 2019

News

People Moves

Clune to take over as Lockton CEO

Peter Clune will take over as CEO of broker Lockton next May with Ron Lockton moving into the chairman role in place of his uncle David.

Wed 6 Nov 2019

Alternative capital market fatigued: Duperreault

News

High net worth

Alternative capital market fatigued: Duperreault

The alternative capital market is in a state of flux, with investors in the sector “fatigued” by consecutive years of trapped capital, AIG’s Brian Duperreault has said.

Wed 6 Nov 2019

Axa XL estimates Eur200mn loss from Hagibis

News

Losses

Axa XL estimates Eur200mn loss from Hagibis

Axa XL has estimated losses from third and fourth quarter catastrophes to date totalling Eur420mn ($539.7mn), while revealing 11 percent revenue growth in the first nine months of this year.

Wed 6 Nov 2019

Worldwide Facilities promotes Kitchen to MGA president

News

People Moves

Worldwide Facilities promotes Kitchen to MGA president

Worldwide Facilities has announced Gary Kitchen as president of its MGA division, a new position, as the expansive national wholesale broker looks to further grow its geographic footprint.

Wed 6 Nov 2019

News

Swiss Re confirms China Pacific stake interest

Swiss Re has confirmed that it is considering a potential investment opportunity in a possible primary offering of shares by China Pacific Insurance Company (CPIC).

Wed 6 Nov 2019

News

Hyperion X’s Flandro calls on Lloyd’s to modernize market with trading index

Hyperion X’s managing director of analytics, David Flandro, has called on Lloyd’s to pool syndicates’ data and create digital trading indices to enable more efficient risk transfer.

Wed 6 Nov 2019

News

Cyber

Hamilton-owned Lloyd’s insurer Pembroke shows cyber ambitions with rival hires

Pembroke Managing Agency – the Lloyd’s platform recently acquired by Bermudian Hamilton – has launched a cyber offering under the leadership of Jacqueline Spencer-Sim.

Wed 6 Nov 2019

Comment

M&A

Argo: Just a coincidence?

The timing of the Watson and Noonan departures may not have any significance but the Argo vacancy could be attractive for a seasoned executive looking for a platform in a fast-improving market dynamic…

Wed 6 Nov 2019

Guy Carp shuffles top legal and compliance roles

News

People Moves

Guy Carp shuffles top legal and compliance roles

Guy Carpenter has named Michael Sevi chief compliance officer and general counsel, succeeding long-standing Michael Borik who moves to a “joint business and legal role” in the reinsurance broker’s Global Capital Solutions Group.

Wed 6 Nov 2019