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Argo creates new Americas reporting structure

News

People Moves

Argo creates new Americas reporting structure

Bermudian carrier Argo has established a new reporting structure for its business in the Americas led by newly appointed executive vice presidents.

Fri 1 Nov 2019

News

Property catastrophe

Perils extends coverage to New Zealand

Zurich-based catastrophe modelling firm Perils has extended its market coverage to include New Zealand.

Fri 1 Nov 2019

Swiss Re and Arch reveal Thomas Cook loss details

News

Losses

Swiss Re and Arch reveal Thomas Cook loss details

(Re)insurers have begun revealing their exposures to Thomas Cook’s collapse, with Swiss Re announcing a $100mn loss and Arch Capital taking a 3 percent hit to its third quarter reinsurance loss ratio.

Thu 31 Oct 2019

Operating profits climb 12% at Fairfax Financial

News

Results

Operating profits climb 12% at Fairfax Financial

Fairfax Financial reported an uptick in underwriting income as well as higher interest and dividends from its (re)insurance operations that combined to push operating profits up by 12 percent to $280.1mn for the third quarter.

Thu 31 Oct 2019

News

Results

Heritage slows Florida de-risking in Q3

Florida insurer Heritage Insurance Holdings said it has returned to organic growth in the third quarter, driven by strong expansion outside its home state and a deceleration of Florida de-risking.

Thu 31 Oct 2019

News

Rating actions

AM Best gets positive on Selective

Citing factors including expected improvement in commercial auto and E&S, AM Best has revised the outlook of Selective Insurance Group’s A financial strength rating to positive from stable.

Thu 31 Oct 2019

News

People Moves

Florida’s Olympus replaces CEO Scott

Florida homeowners insurer Olympus Insurance Company has replaced its CEO Jeffrey Scott, with Jim McDermott taking the role on an interim basis, The Insurer can reveal.

Thu 31 Oct 2019

Tripra bill clears House committee after extension reduced to seven years

News

Legal/ Regulatory

Tripra bill clears House committee after extension reduced to seven years

The House Financial Services committee has advanced a bill that would give a seven-year extension of the federal terrorism risk insurance programme, which is due to expire at the end of 2020

Thu 31 Oct 2019

News

Losses

RMS estimates Hagibis insured losses at $7bn to $11bn

Insured losses from Typhoon Hagibis have been estimated in the range of $7bn to $11bn by modelling firm RMS.

Thu 31 Oct 2019

Florida’s AOB reform having no impact yet: UPC CEO

News

Homeowners insurance

Florida’s AOB reform having no impact yet: UPC CEO

The CEO of Florida carrier United Insurance Holdings (UPC) has said that assignment of benefits (AOB) reform in the state has not yet had a material impact.

Thu 31 Oct 2019

“Vast majority” of Irma creep borne by FHCF: Universal president

News

Losses

“Vast majority” of Irma creep borne by FHCF: Universal president

The Florida Hurricane Catastrophe Fund (FHCF) will absorb the “vast majority” of the approximately $200mn increase in gross Irma loss reported by Universal Insurance Holdings, according to the carrier’s president and chief risk officer Jon Springer.

Thu 31 Oct 2019

News

Legal/ Regulatory

Clyde & Co’s high profile corporate insurance head leaves

Global head of law firm Clyde & Co’s corporate insurance group, Andrew Holderness, has suddenly stepped down from the role after more than 22 years with the business.

Thu 31 Oct 2019

News

Construction

Construction market facing major loss on $450mn Auckland fire

Chubb leads the insurance cover for the under-construction New Zealand International Convention Centre in Auckland, which has suffered extensive damage following a major fire on 22 October, The Insurer understands.

Thu 31 Oct 2019

Argo shares drop again after Q3 $42mn charge warning

News

Results

Argo shares drop again after Q3 $42mn charge warning

Shares in Argo Group have fallen by as much as 10 percent in the wake of the Bermudian’s $42mn Q3 reserve charge warning on Wednesday, as shares were down by another 1.8 percent in early trading this morning.

Thu 31 Oct 2019

Swiss Re shares down as firm shelves share buyback

News

Results

Swiss Re shares down as firm shelves share buyback

Shares in Swiss Re were trading down on Thursday following news the reinsurance giant will not go ahead with a second tranche of share buybacks in reaction to higher than expected catastrophe losses.

Thu 31 Oct 2019

UPC and Universal report significant Irma loss creep

News

Losses

UPC and Universal report significant Irma loss creep

Florida insurers United Insurance Holdings (UPC) and Universal Insurance Holdings have significantly increased their gross loss estimates for Hurricane Irma by $235mn and $195mn respectively, with UPC also upping its Hurricane Michael estimate.

Thu 31 Oct 2019