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Palomar debuts with increased underlying income

News

Results

Palomar debuts with increased underlying income

Analysts have reacted positively to Palomar Holdings’ first quarterly results as a public company as the quake specialist reported a 58 percent increase in underlying profit and a similar uplift in gross written premium (GWP).

Fri 17 May 2019

News

EC poised to approve £190mn JLT Aerospace deal to Gallagher

Gallagher will shortly become a tier one aviation intermediary with its agreed £190mn acquisition of JLT’s aerospace division approved by the European Commission.

Fri 17 May 2019

Atlas Financial warns over reserves in notice of late filing

News

Legal/ Regulatory

Atlas Financial warns over reserves in notice of late filing

Embattled US commercial auto insurer Atlas Financial, which has yet to file its 2018 annual report, has warned of a potential material increase in reserves as it informed the SEC it cannot file its first quarter results on time.

Fri 17 May 2019

News

Legal/ Regulatory

EU removes Bermuda from blacklist

Bermuda has been removed from the EU’s list of non-cooperative tax jurisdictions during a meeting of the Economic and Financial Affairs Council (Ecofin).

Fri 17 May 2019

News

People Moves

Korean Re expands into Switzerland

Korean Reinsurance Company is set to launch Korean Reinsurance Switzerland AG – its new subsidiary based in Zurich – with the hire of Markus Eugster to lead the operation.

Fri 17 May 2019

News

Rates

P&C rates firm by 3.5% in Q1: CIAB

The Council of Insurance Agents and Brokers has reported an average rate hike of 3.5 percent for all commercial lines with the exception of from workers’ compensation.

Fri 17 May 2019

AM Best places Third Point Re on negative outlook

News

Rating actions

AM Best places Third Point Re on negative outlook

AM Best has revised the outlooks on Third Point Re’s ratings to negative from stable over concerns about the Bermuda hedge fund reinsurer’s ability to make an underwriting profit and the departure of its CEO.

Thu 16 May 2019

Higher proposed Citizens budget includes new PLA placement

News

Property catastrophe

Higher proposed Citizens budget includes new PLA placement

Citizens hopes to release firm order terms (FOTs) to reinsurers tomorrow after seeking board approval for a 10 percent uplift in its provisional 2019 risk transfer budget to a maximum of $110mn to include funding for its proposed $200mn personal lines account (PLA) cover.

Thu 16 May 2019

Property and D&O drive global pricing rise: Marsh

News

Rates

Property and D&O drive global pricing rise: Marsh

Marsh has revealed its global insurance market index of average commercial prices increased 3 percent in the first quarter 2019, including the US reporting its largest composite price increase since 2013.

Thu 16 May 2019

Aon’s Bennett named chair of global reinsurance clients in team shake-up

News

People Moves

Aon’s Bennett named chair of global reinsurance clients in team shake-up

Aon’s head of global reinsurance clients Bruce Selby Bennett has been named chairman and will lead a new executive team as part of a number of organisational changes across the unit.

Thu 16 May 2019

Deutsche Rück 2018 profits triple in 2018 as underwriting losses narrow

News

Results

Deutsche Rück 2018 profits triple in 2018 as underwriting losses narrow

German reinsurer Deutsche Rückversicherung AG has reported an operating result before tax of Eur78.2mn ($87.4mn) in 2018, more than triple the Eur24mn it reported in 2017.

Thu 16 May 2019

Regulators approve The Hartford’s acquisition of Navigators

News

M&A

Regulators approve The Hartford’s acquisition of Navigators

The Hartford has received all regulatory approvals for closing its acquisition of The Navigators Group, and expects the deal to be effective on 23 May.

Thu 16 May 2019

JLT’s head of portfolio management Pollard leaves MMC for Hyperion

News

People Moves

JLT’s head of portfolio management Pollard leaves MMC for Hyperion

The former head of portfolio management at JLT Specialty Toby Pollard has resigned from his new role at Marsh following the acquisition by the Dan Glaser-led parent company MMC, The Insurer can reveal.

Thu 16 May 2019

Florida FOTs highlight differentiated market for reinsurance buying

Analysis

Property catastrophe

Florida FOTs highlight differentiated market for reinsurance buying

Data points are emerging from the flurry of Florida firm order terms (FOTs) issued in the last few days that support the prediction of more moderate risk-adjusted price increases for carriers perceived by reinsurers as better-quality risks, The Insurer can reveal.

Thu 16 May 2019

Globe Underwriting hires WSG’s Mackay to lead North American property

News

People Moves

Globe Underwriting hires WSG’s Mackay to lead North American property

Ed Broking-owned MGA Globe Underwriting has lured former president Jennifer Mackay from Wilson Smith Group (WSG) Specialty Underwriters.

Thu 16 May 2019

Retro “sunk cost” to temper Florida rate rises: KBW

News

Property reinsurance

Retro “sunk cost” to temper Florida rate rises: KBW

KBW analyst Christopher Campbell has put out a note suggesting that Florida reinsurance rates are now on course to be up 10-20 percent with some “likely imperfect” variability by cedant.

Thu 16 May 2019