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CNA misses Q3 analyst consensus as earnings dive

News

Results

CNA misses Q3 analyst consensus as earnings dive

US carrier CNA has reported a third quarter net income of $107mn – or $0.39 per share – and a core income of $102mn, equating to $0.37 per share, heavily missing the expectations of Wall Street analysts.

Mon 28 Oct 2019

State of emergency declared as Cali wildfires blaze and threaten blackouts

News

Losses

State of emergency declared as Cali wildfires blaze and threaten blackouts

Californian governor Gavin Newsom has declared a state of emergency in the state, as Kincade, Tick and Getty wildfires forced a mass evacuation and left circa 1 million people without power, with more blackouts expected to follow.

Mon 28 Oct 2019

News

R&Q’s Accredited inks program underwriting partnership with MG Skinner

Randall & Quilter’s (R&Q) Florida-based admitted carrier Accredited Surety and Casualty Company has entered into a new program partnership with MG Skinner & Associates Insurance Agency.

Mon 28 Oct 2019

IP market “should be much bigger than cyber”: Aon’s Case

News

Casualty

IP market “should be much bigger than cyber”: Aon’s Case

Aon’s CEO believes intellectual property could develop into a $100bn market for the insurance industry.

Fri 25 Oct 2019

Insurance distribution M&A to maintain its “furious pace”: MarshBerry

News

M&A

Insurance distribution M&A to maintain its “furious pace”: MarshBerry

New statistics reveal the first nine months of 2019 had 451 US insurance distribution M&A deals announced, and all the signs point towards no let up in the soaring valuations in this sector.

Fri 25 Oct 2019

Hastings warns of FY loss ratio deterioration as Q3 claims inflation bites

News

Results

Hastings warns of FY loss ratio deterioration as Q3 claims inflation bites

UK general insurer Hastings has posted a loss ratio of 79.1 percent in its Q3 trading update, after an uptick in claims inflation that looks set to drive the carrier’s full year loss ratio higher as conditions persist.

Fri 25 Oct 2019

Beauregard takes helm at expansive Zurich Wholesale & Surplus unit

News

Commercial insurance

Beauregard takes helm at expansive Zurich Wholesale & Surplus unit

Ron Beauregard has replaced Andy Swenson as head of Zurich Wholesale & Surplus (ZWS) as the insurer continues its growth strategy in the hardening E&S market, The Insurer can reveal.

Fri 25 Oct 2019

News

Losses

Dallas tornadoes insured losses estimated at $2bn

The Insurance Council of Texas (ICT) has estimated insured damages from nine tornadoes that touched down in and around Dallas County on 20 October at $2bn, making it the costliest tornado event in Texas history.

Fri 25 Oct 2019

ICA calls on government authorities to invest $200mn+ in cat risk mitigation

News

Flood

ICA calls on government authorities to invest $200mn+ in cat risk mitigation

The Insurance Council of Australia (ICA) has hit back against recent claims that “uninsurable” addresses in the country will double by the end of the century, saying the impacts of extreme weather could be prevented by “mitigation and adaptation” efforts funded by the Commonwealth.

Fri 25 Oct 2019

Markel names Hastings wholesale MD in leadership shuffle

News

People Moves

Markel names Hastings wholesale MD in leadership shuffle

Markel International has appointed internal candidate James Hastings to the role of wholesale managing director, as the carrier looks to create two distinct operations for its wholesale and national markets businesses.

Fri 25 Oct 2019

Aon commercial risks posts 7% organic growth in Q3; double digit growth in fac

News

Results

Aon commercial risks posts 7% organic growth in Q3; double digit growth in fac

Organic revenue growth of 7 percent in its core commercial risks solutions division and double digit growth in facultative placements were some of the highlights of Aon’s third quarter 2019 earnings.

Fri 25 Oct 2019

News

Gallagher loses court battle over bitter poaching dispute

Gallagher and it’s London market wholesaler Alesco has lost their long-running poaching dispute against subsidiaries of the Ardonagh Group, the High Court has ruled.

Fri 25 Oct 2019

News

Rates

Rates today lower than 2005: Gallagher

Despite witnessing widespread rate increases at recent renewals, broker Gallagher’s chairman, president and CEO, Pat Gallagher, has added his voice to the growing industry chorus which has sought to scotch any notion that this is a truly hard market.

Fri 25 Oct 2019

News

Losses

Numis pegs FY 2019 cat losses at $70bn

Numis has estimated that total insured impact from 2019 catastrophes will be around $70bn, accounting for $8bn+ losses apiece after Hagibis, Faxai and Dorian; deterioration in 2018 cat losses; and an $8bn “margin” for events that may happen from now until 31 December.

Fri 25 Oct 2019

Comment

Legal dispute

Judgment Day in Ardonagh-Alesco dispute

Later today Justice Freedman will deliver his decision in the infamous London market poaching dispute between Gallagher and the Ardonagh subsidiaries in the UK High Court, drawing to a close a legal battle that has gripped observers ever since The Insurer first revealed details of the ugly fight between the firms.

Fri 25 Oct 2019

Axa off-loads Belgium banking operation; enters distribution partnership with Crelan Bank

News

M&A

Axa off-loads Belgium banking operation; enters distribution partnership with Crelan Bank

French insurance giant Axa is to sell its Belgian banking operations, Axa Bank Belgium, to Crelan Bank (Crelan) for Eur620mn ($688mn) in a deal that will result in an insurance distribution partnership between the two firms.

Fri 25 Oct 2019