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RSG and Nationwide launch Bermudian reinsurer Geneva Re

News

M&A

RSG and Nationwide launch Bermudian reinsurer Geneva Re

Ryan Specialty Group and Fortune 100 carrier Nationwide have partnered to launch a new Bermudian reinsurer, Geneva Re.

Tue 7 May 2019

Wallin exits Hannover Re with strong P&C Q1

News

Results

Wallin exits Hannover Re with strong P&C Q1

Hannover Re’s long-serving executive Ulrich Wallin has celebrated his last day as CEO by unveiling strong first quarter results at the industry’s fourth-largest reinsurer.

Tue 7 May 2019

News

Rates

Hiscox grows top line in Q1 as rates climb

London-listed carrier Hiscox has witnessed a 3.3 percent uptick in gross written premium in the first quarter of 2019 – writing $1.165bn in constant currency at group level – on the back of improved rating conditions.

Tue 7 May 2019

Heritage combined ratio jumps 15 points in Q1

News

Results

Heritage combined ratio jumps 15 points in Q1

Florida insurer Heritage Insurance reported a 97.3 percent first quarter combined ratio, up from 82.2 percent in Q1 2018, as a result of a 7 point increase in its loss ratio and a 9 point increase in expense ratio.

Tue 7 May 2019

Greenlight Re back in black despite auto-driven underwriting loss

News

Results

Greenlight Re back in black despite auto-driven underwriting loss

Hedge fund reinsurer Greenlight Re fell to a $21.8mn underwriting loss for the first quarter as a result of a reserve charge in its auto book that had negative impact of $25.7mn.

Tue 7 May 2019

Everest Re beats with strong first quarter

News

Results

Everest Re beats with strong first quarter

Everest Re’s after-tax operating income was $282.4mn, or $6.91 per diluted common share in the first quarter, compared to after-tax operating income of $219.7mn, or $5.34 per common share, for the first quarter of 2018.

Tue 7 May 2019

EU upholds CCR’s state-aid despite challenge by rival Scor

News

Legal/ Regulatory

EU upholds CCR’s state-aid despite challenge by rival Scor

Scor’s long-running challenge to the effective cat reinsurance monopoly of French state-owned carrier Caise Centrale de Réassurance (CCR) received a significant set back with a ruling by the European Union’s General Court earlier today.

Mon 6 May 2019

AIG shares surge 7% after markets close on big beat

News

Results

AIG shares surge 7% after markets close on big beat

AIG generated general insurance (GI) underwriting profits on a calendar and accident year basis as it reported first quarter adjusted after-tax profits of $1.4bn that were significantly higher than the $963mn earned in the prior-year period.

Mon 6 May 2019

Brokers and UWs at RIMS agree on firming commercial insurance market

Analysis

Casualty

Brokers and UWs at RIMS agree on firming commercial insurance market

The shift in US commercial insurance pricing momentum highlighted in the Q1 earnings season was even more pronounced at RIMS last week as brokers and carriers were unusually aligned in their characterization of a transitioning market.

Mon 6 May 2019

Comment

Casualty

A psychological shift

As with broad market transitions of the past, there doesn’t appear to be any one catalyst driving what looks to be a long-awaited change in the US commercial insurance market.

Mon 6 May 2019

Update: Global Aerospace leads Willis-placed $60mn+ Aeroflot loss

News

Aviation

Update: Global Aerospace leads Willis-placed $60mn+ Aeroflot loss

International airline (re)insurers are facing another loss in an already busy year with the fatal fire on board a Russian Aeroflot passenger jet yesterday.

Mon 6 May 2019

News

An AIG miss from Jebi losses would not change positive outlook: KBW analyst

Investors will be keenly awaiting AIG’s first quarter earnings release later today for signs of improved performance as the insurer’s management continue efforts to turn it around.

Mon 6 May 2019

News

AM Best lauds Kuwait Re’s improved performance after strategy change

AM Best has affirmed Kuwait Re’s A- financial strength rating, with the reinsurer increasing profitability and shifting its portfolio mix more towards facultative and excess-of-loss since a change in strategy in 2016.

Mon 6 May 2019

Analysis

Casualty

Umbrella and excess casualty gets hard as insurers retrench

Brokers in the large commercial casualty market are finding placements increasingly challenging as carriers in lead umbrella and excess layers cut capacity and push for meaningful rate increases, The Insurer can reveal.

Mon 6 May 2019

Berkshire Hathaway P&C reinsurance falls to $40mn UW loss

News

Losses

Berkshire Hathaway P&C reinsurance falls to $40mn UW loss

Berkshire Hathaway reported first quarter underwriting losses that included the impact of adverse development in both the P&C reinsurance arm that houses Gen Re and the primary group division that includes its specialty insurance unit.

Sat 4 May 2019

News

Business insurance platform Indio raises $20mn

Indio Technologies, an insurtech that streamlines the business insurance application process, has secured $20mn in Series B funding.

Sat 4 May 2019