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Mapfre’s Q1 top and bottom line inch up while reinsurance unit drags

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Mapfre’s Q1 top and bottom line inch up while reinsurance unit drags

Spanish (re)insurer Mapfre has reported a 3.3 percent uptick in gross written premium coupled with a 5.8 percent rise in its total consolidated revenue in the first quarter of 2019, with growth in its home nation a key driver.

Tue 30 Apr 2019

Catlin: Convex not a conventional “start-up” as build-out takes shape

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Catlin: Convex not a conventional “start-up” as build-out takes shape

Convex Group – the long-awaited specialty (re)insurer launched by industry entrepreneur Stephen Catlin earlier today – is now being bolstered by a flurry of non-Catlin executives following the initial wave of senior management that were alumni of the former Lloyd’s heavyweight (re)insurer.

Tue 30 Apr 2019

Convex Group launches with London and Bermuda regulatory approval

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Convex Group launches with London and Bermuda regulatory approval

Stephen Catlin has formally unveiled his new international specialty (re)insurer with $1.8bn of initial committed capital, an AM Best A- (excellent) rating and regulated platforms in Bermuda and London approved to begin underwriting from 1 May.

Tue 30 Apr 2019

Comment

Another day of reckoning for Floridians

The prospect of a late renewal where underperforming cedants face a rise in reinsurance costs of perhaps 25 percent or more heralds another day of reckoning for some of the state’s smaller carriers.

Tue 30 Apr 2019

Argo’s Q1 earnings increase beats expectations

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Argo’s Q1 earnings increase beats expectations

Argo Group has reported a 12.6 percent increase in adjusted operating income, compared to adjusted operating income of $36.5mn for the first quarter of 2018.

Tue 30 Apr 2019

$1.8bn Convex to launch with crucial A- AM Best rating

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$1.8bn Convex to launch with crucial A- AM Best rating

The underwriting subsidiaries of Stephen Catlin’s start-up (re)insurer Convex Group have been given A- financial strength and a- credit ratings by AM Best.

Mon 29 Apr 2019

BHSI swoops on Pembroke for Middle East and Asia transactional liability head

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BHSI swoops on Pembroke for Middle East and Asia transactional liability head

Berkshire Hathaway Specialty Insurance (BHSI) has appointed Stephen Harwood to lead its transactional liability offering in Asia and the Middle East (AME).

Mon 29 Apr 2019

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JLT Fac CEO Macdonald-Smith exits

The CEO of JLT Fac Vanessa Macdonald-Smith has become the latest executive to head to the door following the completion of the JLT MMC merger, The Insurer can reveal.

Mon 29 Apr 2019

News

Allianz rolls out its new silent cyber strategy in the US

Allianz in the US is only covering “pure financial” non-physical damage cyber-related losses in affirmative cyber policies as part of a change in its underwriting approach that went live earlier this month.

Mon 29 Apr 2019

Canopius taps Tokio Marine’s Saita for Australia drive

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Canopius taps Tokio Marine’s Saita for Australia drive

Private equity-backed Canopius is set to launch its first office in Australia, hiring Claudio Saita from Tokio Marine Management Australasia to lead the business, The Insurer can reveal.

Mon 29 Apr 2019

News

Brokers reset expectations as Florida gets harder

Despite positive news on AOB reform, brokers and buyers are bracing for a harder-than-expected Florida wind renewal that looks to be running late in a significantly tighter market for reinsurance capacity.

Mon 29 Apr 2019

Trust Re faces tough challenge to restore credibility

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Trust Re faces tough challenge to restore credibility

Bahrain-based Trust Re has finally published its long-delayed financial statements for 2017 revealing a mass cull to its executive team, a year-long investigation into its finances by the Bahraini financial watchdog, multiple regulatory breaches and a colossal $92.5mn black hole within the carrier’s solvency margin.

Mon 29 Apr 2019

News

Ailing Trust Re sitting on $92.5mn capital deficit as PwC warns on “material uncertainty” over future

Bahrain-based (re)insurer Trust Re is sitting on a $92.5mn capital deficit after making a number of irregular intra-company payments – amounting to hundreds of millions of dollars - and pledging assets to its parent company over 2017.

Mon 29 Apr 2019

CNA earnings beat analyst consensus at Q1

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Results

CNA earnings beat analyst consensus at Q1

US insurer CNA Financial has revealed first-quarter net income of $342mn, up 17.5 percent on the prior year quarter, as deteriorating underwriting is offset by investment income gains.

Mon 29 Apr 2019

WTW taps Lockton for financial institutions head

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WTW taps Lockton for financial institutions head

Henry Keville has joined Willis Towers Watson to lead its financial institutions division.

Mon 29 Apr 2019

News

McGill raises $250mn with Warburg Pincus backing for new venture

Private equity powerhouse Warburg Pincus is understood to be the cornerstone investor in Steve McGill’s start-up insurance broker platform, The Insurer can reveal.

Mon 29 Apr 2019