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Losses

Greenlight Re rues “weak” performance as investment losses hit Q4

Greenlight Capital Re has reported a fourth quarter net loss per share of $2.25, up from a $1.02 loss in the same period of 2017. This result was worse than the mean loss per share estimate of $2.14 of two analysts tracked by MarketWatch.

Thu 28 Feb 2019

Comment

The big squeeze – will it actually happen?

For the first time in several years, the signs are that the upcoming Florida renewal will lead to meaningful rate increases.

Wed 27 Feb 2019

Analysis

Florida carriers brace for rate rises as reinsurers reassess risk

Florida cat rates to increase: but by how much? Insurer differentiation to feature; Brokers encourage early renewal amidst fears of capacity squeeze

Wed 27 Feb 2019

Demotech will not ease Florida reinsurance requirements if costs rise

News

Property catastrophe

Demotech will not ease Florida reinsurance requirements if costs rise

Ratings agency Demotech has warned that it will not relax its reinsurance requirements for the Florida property carriers it rates should the cost of catastrophe cover change.

Wed 27 Feb 2019

Munich Re’s Ergo offloads Irish unit to Arag

News

M&A

Munich Re’s Ergo offloads Irish unit to Arag

German Legal expenses insurer Arag Group has acquired the business of Ergo-owned Das Legal Expenses Insurance in the Republic of Ireland.

Wed 27 Feb 2019

Michael losses drag on Lloyd’s insurer Apollo 2017 underwriting year

News

Results

Michael losses drag on Lloyd’s insurer Apollo 2017 underwriting year

Apollo Syndicate Management Ltd has become one of the first Lloyd’s insurers to highlight deterioration in its open 2017 year of account (YoA) from last year’s Hurricane Michael.

Wed 27 Feb 2019

Will the 2018 cats be a third-party capital pooper?

Analysis

Losses

Will the 2018 cats be a third-party capital pooper?

“Sceptical”, suffering “fatigue”, taking “a pause”, “reluctant to invest”, “a lot of concern” – descriptions of third-party capital during Q4 earnings season revealed a market under pressure. The question is whether continued contraction will force price increases as 2019 progresses.

Wed 27 Feb 2019

News

People Moves

Direct Line promotes James to CEO

Direct Line has promoted Penny James, currently the chief financial officer of the insurer, to the role of CEO.

Wed 27 Feb 2019

News

Lloyd’s insurer Dale responds to US shareholder criticisms

Dale Underwriting Partners – the carrier behind Lloyd’s syndicates 1729 and 6131 – has written to broker CEOs advising that it expects to return a net underwriting profit for the 2018 year of account despite recent criticism by its minority shareholder, US insurer ProAssurance.

Wed 27 Feb 2019

PCS to provide state-level market share data post catastrophe

News

Property catastrophe

PCS to provide state-level market share data post catastrophe

PCS has expanded its services to offer state-level market share data capture rates in the United States in the wake of catastrophes losses over $1bn.

Wed 27 Feb 2019

News

Cyber

Munich Re backs MGA Ascent’s cyber product

Reinsurance powerhouse Munich Re is to provide capacity to the David Umbers-led MGA – Ascent.

Wed 27 Feb 2019

Pool Re terror bond highlights future London ILS role

Comment

War and terrorism

Pool Re terror bond highlights future London ILS role

After over two years of lobbying by the UK insurance industry, the British government was yesterday persuaded to create a tax friendly regime for onshore collateralised risk transfers.

Wed 27 Feb 2019

News

IAG launches first Singapore catastrophe bond A$75mn Orchard ILS Pte

Sydney-headquartered Insurance Australia Group (IAG) has launched the first catastrophe bond issued out of Singapore with the A$75mn issuance of Orchard ILS Pte.

Wed 27 Feb 2019

Liberty profits surge despite higher cats and Ironshore costs

News

Results

Liberty profits surge despite higher cats and Ironshore costs

Liberty Mutual reported fourth quarter pre-tax operating profits that increased 67.9 percent to $277mn, excluding income from partnerships and limited liability companies it has equity in.

Wed 27 Feb 2019

News

Commercial auto

Commercial auto drives Protective to Q4 loss

Protective Insurance’s combined ratio in the fourth quarter was 112.2 percent, up from 99.3 percent in the fourth quarter of 2017.

Tue 26 Feb 2019

Big spread of rate hikes expected at Japan renewal: JMP

News

Property reinsurance

Big spread of rate hikes expected at Japan renewal: JMP

The upcoming 1 April Japanese reinsurance renewal will see significant price increases on the back of 2018 cat losses that will vary hugely by type of cover and client, according to analysts from JMP Securities.

Tue 26 Feb 2019