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Sompo International promotes Brazil to CEO of Europe insurance unit

News

People Moves

Sompo International promotes Brazil to CEO of Europe insurance unit

Sompo International has named Thomas Brazil chief executive officer of its European Economic Area (EEA) insurance business, Sompo SI Insurance Europe.

Thu 18 Apr 2019

News

Rates

BB&T Insurance generates 6.7% organic growth

Income at US retail and wholesale broker BB&T Insurance surged to a record $510mn for the first quarter and was up 17.0 percent compared to the prior-year period, driven by 6.7 percent organic growth and the impact of its Regions acquisition.

Thu 18 Apr 2019

News

Hannover Re to eliminate coal cover and investments by 2038

Reinsurance powerhouse Hannover Re is the latest German carrier to scale back its coal-related underwriting policies and investments.

Thu 18 Apr 2019

News

Losses

Allstate hit with $381mn March cat bill

US insurance giant Allstate sustained $381mn of catastrophe losses last month.

Thu 18 Apr 2019

Travelers beats in Q1 as top line swells to record levels

News

Results

Travelers beats in Q1 as top line swells to record levels

US commercial and personal lines giant Travelers has beaten the expectations of analysts in the first quarter, delivering a core income per diluted share of $2.83, as gross written premium ballooned to a record $7.84bn.

Thu 18 Apr 2019

News

Munich Re Syndicate Singapore partners with coverholder Nectar

Munich Re Syndicate Singapore – the Asia-Pacific arm of the Dominick Hoare-led Lloyd’s syndicate – has continued its expansion in the region, entering a partnership with coverholder Nectar Specialty Risk.

Thu 18 Apr 2019

News

Brexit

German and UK regulators pen post-Brexit supervisory agreement

German financial services watchdog BaFin and the UK’s Prudential Regulation Authority (PRA) have penned an agreement to secure continuity of oversight for insurance firms operating in the UK and Germany post-Brexit.

Thu 18 Apr 2019

News

Losses

ICA pegs Sydney hailstorm losses at A$1.3bn

The total insurance bill from damage caused by December’s hailstorm in New South Wales has reached A$1.271bn ($911mn), according to new figures from the Insurance Council of Australia (ICA).

Thu 18 Apr 2019

Perils estimates Eur740mn loss from Dragi-Eberhard

News

Losses

Perils estimates Eur740mn loss from Dragi-Eberhard

Loss aggregation firm Perils has pegged initial property damage losses from extratropical cyclone Dragi-Eberhard at Eur740mn ($833mn).

Thu 18 Apr 2019

Canopius signs AmTrust at Lloyd’s merger agreement

News

M&A

Canopius signs AmTrust at Lloyd’s merger agreement

PE-backed Canopius has moved a step closer to completing its landmark merger of its Lloyd’s business with AmTrust’s, after signing a definitive sale and purchase agreement, a move that will catapult the carrier into being a top-five Lloyd’s insurer.

Thu 18 Apr 2019

RLI shares expected to trade up after Q1 earnings beat

News

Results

RLI shares expected to trade up after Q1 earnings beat

Specialty insurer RLI Corp has reported a solid earnings beat for the first quarter boosted by reserve releases.

Wed 17 Apr 2019

Palomar shares surge after IPO prices at low end of range

News

Capital

Palomar shares surge after IPO prices at low end of range

Shares in Palomar Holdings jumped 27 percent on their first day of trading today after the US specialist quake carrier floated on Nasdaq at the lower end of the expected range, pricing its initial public offering at $15 per share.

Wed 17 Apr 2019

AOB reform bill clears Florida Senate committee

News

Legal/ Regulatory

AOB reform bill clears Florida Senate committee

A key Florida Senate committee has cleared a bill that would reform assignment of benefits, following the state’s full House of Representatives passing its own AOB bill last week.

Wed 17 Apr 2019

Bowmark’s Aston Lark edges closer to $400mn+ US PE sale

News

M&A

Bowmark’s Aston Lark edges closer to $400mn+ US PE sale

Boston-based private equity house Abry Partners has been linked as one of the final private equity bidders for UK commercial broker Aston Lark Group, The Insurer understands.

Wed 17 Apr 2019

Scor top line grows 9% at 1.4 renewals; rates “responded rationally”

News

Casualty Reinsurance

Scor top line grows 9% at 1.4 renewals; rates “responded rationally”

Scor Global P&C grew its gross written premiums at the 1.4 renewals by 9.6 percent at constant exchange rates to Eur548mn ($619mn), with rates up significantly in Japan and US market conditions improving.

Wed 17 Apr 2019

News

UK insurtech Cytora raises £25mn

Cytora, which uses AI to help commercial insurers underwrite risk, has raised £25mn in series B funding.

Wed 17 Apr 2019