NewsBeazley and Marsh launch US manufacturing cyber productBlue chip Lloyd’s (re)insurer Beazley has teamed up with broking house Marsh to bring a new cyber product to the market for US manufacturers.Mon 25 Feb 2019
NewsResults2019 a ‘consolidation year’ for Hiscox: MasojadaHiscox will focus on consolidating the sweeping changes it has made to its London market business for the year ahead as the insurer looks to target growth in cyber and other profitable specialty lines, the London blue chip insurer’s CEO has said.Mon 25 Feb 2019
NewsResultsQBE Europe expects no 'material change' from reinsurance restructuring: PryceThe restructuring of QBE’s reinsurance program is not expected to have any “material change” to its European business, the CEO of the business division has said.Mon 25 Feb 2019
NewsLegal/ RegulatoryBrit’s third-party capital expands to $440mnFairfax-owned Lloyd’s insurer Brit now manages approximately $440mn of third-party capital across its Versutus sidecar, onshore ILS platform Sussex Capital and its Lloyd’s Syndicate 2988.Mon 25 Feb 2019
NewsR&Q inks new European program deal with UK MGA StabilisRandall & Quilter Investment Holdings Ltd’s (R&Q) fast-growing program division Accredited has inked another European underwriting partnership.Mon 25 Feb 2019
NewsResultsQBE returns to profit in 2018; reveals reinsurance restructuringAustralian carrier QBE has reported a 2018 cash profit after tax of $715mn – a major turn around on the loss of $262mn it booked the previous year, while also unveiling a restructuring of its reinsurance program.Mon 25 Feb 2019
NewsLossesHiscox reports 94.9% CR as profits triple at full yearBlue chip Lloyd’s insurer Hiscox saw pre-tax profits triple at full year 2018 with its London market business the standout performer which returned to growth and profit despite the spate of costly third and fourth quarter natural catastrophes.Mon 25 Feb 2019
NewsResultsBuffett rails against dependence on “adjusted earnings”; criticises GAAPWarren Buffett has used his annual letter to Berkshire Hathaway shareholders to criticise companies that rely on “adjusted earnings” which disguise firms’ actual performance while again expressing frustration at accounting rules that oblige the investment conglomerate to reflect quarterly changes in the valuation of its assets through to earnings.Sat 23 Feb 2019
NewsResultsGeico drives Berkshire Hathaway to underwriting profit in 2018Berkshire Hathaway’s (re)insurance operations delivered a net underwriting gain of $1.6bn in 2018 as a dramatic turnaround in Geico’s results helped to more than reverse the $2.2bn loss reported in the prior year.Sat 23 Feb 2019
NewsLegal/ RegulatoryBelisle and Fredricks sue Markel over CatCo dismissalThe two former Markel CatCo executives that were fired in January have sued Markel, alleging they have been denied more than $70mn in incentive payments.Fri 22 Feb 2019
NewsCommercial autoCSAA commercial auto start-up Mobilitas gets A ratingCSAA Insurance Group is gearing up for the launch of a new commercial auto platform called Mobilitas Insurance Company after securing an A financial strength and “a+” credit rating for the subsidiary carrier.Fri 22 Feb 2019
NewsDemotech affirms ratings of 51 Florida carriersDemotech has affirmed 51 of its financial stability ratings on Florida property carriers, after reviewing their reserves, reinsurance programmes and claims procedures.Fri 22 Feb 2019
NewsFronting carriersSpinnaker doubles top line in 2018, expects to double again this yearSpinnaker Insurance Company more than doubled its top line last year and is expecting a similar growth rate in 2019 as existing programs in its portfolio gain further traction and new deals come on stream, The Insurer can reveal.Fri 22 Feb 2019
NewsProperty catastropheProAssurance mulls reinsuring Lloyd’s exposure this yearProAssurance will consider buying reinsurance this year to reduce exposure to its volatile Lloyd’s syndicate ahead of potentially reducing its capital commitment in 2020, it revealed on its Q4 earnings call today.Fri 22 Feb 2019
NewsAxa combines cat programs after XL deal; saves Eur200mnAxa has combined the cat reinsurance programs for both Axa and XL’s books of businesses creating savings just shy of Eur200mn, the group’s chief risk officer has said.Fri 22 Feb 2019
NewsBrexitGermany to offer passporting to UK insurers in no-deal BrexitGerman legislators have adopted preliminary provisions to temporarily extend the passporting rights of UK financial institutions -including insurers - in the event of a no-deal Brexit.Fri 22 Feb 2019