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Brexit

Germany to offer passporting to UK insurers in no-deal Brexit

German 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

News

Arch backs new UK HNW MGA Archipelago

Former Aon executive and UK broking entrepreneur Angus Simpson is poised to launch a new UK MGA Archipelago Risk Services which will provide bundled personal lines products to high net worth (HNW) individuals, The Insurer can reveal.

Fri 22 Feb 2019

Sirius pegs Jebi insured market loss at over $10bn

News

Losses

Sirius pegs Jebi insured market loss at over $10bn

Bermudian (re)insurer Sirius reported a significantly higher combined ratio in the fourth quarter as it took Hurricane Michael and California wildfire losses and added $43mn to its Typhoon Jebi reserves.

Fri 22 Feb 2019

ProAssurance Lloyd’s loss ratio hits 113.8%

News

Results

ProAssurance Lloyd’s loss ratio hits 113.8%

ProAssurance’s fourth quarter results included a net loss ratio in its Lloyd’s segment that surged from 29.6 percent to 113.8 percent, as the insurer provided further details about the ongoing review of its syndicate participation.

Thu 21 Feb 2019

Cat losses add 40.6 points to PartnerRe’s Q4 P&C combined ratio

News

Results

Cat losses add 40.6 points to PartnerRe’s Q4 P&C combined ratio

Bermudian reinsurer PartnerRe has reported a net loss of $32mn for the fourth quarter, driven by a $282m hit related to Hurricane Michael and California wildfires.

Thu 21 Feb 2019

James River sees strong E&S rate increases and submission growth

News

Results

James River sees strong E&S rate increases and submission growth

James River’s operating profits for the fourth quarter fell short of Wall Street expectations despite improved underwriting results that contributed to an ROE for the year that was the highest since 2006.

Thu 21 Feb 2019

News

UPC’s 20% Irma creep expected to push up reinsurance cost

United Insurance Holdings (UPC Holdings) has increased its Hurricane Irma gross loss estimate to $900mn – a 20.5 percent increase on guidance provided to analysts in November – in a development that could impact its Florida peers’ share prices.

Thu 21 Feb 2019

News

Cyber

Cyber insurtech Arceo.ai launches platform with heavyweight support

Insurtech cyber start-up Arceo.ai has officially launched its platform with the backing of a heavyweight advisory board that includes former Aspen executive Mario Vitale and ex-RMS CEO Hemant Shah.

Thu 21 Feb 2019

Aquiline acquires US broker Relation Insurance Services

News

M&A

Aquiline acquires US broker Relation Insurance Services

Aquiline Capital Partners has agreed a deal to buy Relation Insurance Services, a top 40 US agency, from private equity firms Parthenon Capital and Century Equity Partners

Thu 21 Feb 2019

News

Hyperion targets $1mn in ‘no limits’ ambitious charity drive

Hyperion Insurance Group is striving to raise $1mn for charity in a new initiative: A Million for a Million which includes an attempt to break the world record for rowing the Atlantic.

Thu 21 Feb 2019

Apax to sell AssuredPartners back to GTCR-led group

News

M&A

Apax to sell AssuredPartners back to GTCR-led group

Private equity firm Apax Partners is selling its stake in US broking house AssuredPartners to a group led by its former owners GTCR.

Thu 21 Feb 2019

News

People Moves

THB reshuffles leadership

AmWins-owned THB has made a series of changes to its senior management team and board, with Kay Smith joining the broking house to take on the role of CFO.

Thu 21 Feb 2019

Axa XL swings to FY loss on heavy cat burden

News

Losses

Axa XL swings to FY loss on heavy cat burden

Divi increase; shares up Eur2bn 2018 cat losses

Thu 21 Feb 2019

Swiss Re P&C returns to profit despite $2.3bn loss bill

News

Results

Swiss Re P&C returns to profit despite $2.3bn loss bill

Despite a poor fourth quarter, Swiss Re reported net income of $370mn in its P&C division in 2018, a marked improvement on the $413mn loss the business segment made the previous year.

Thu 21 Feb 2019

Cat pricing to harden as reinsurers de-risk: Weston Hicks

News

Property catastrophe

Cat pricing to harden as reinsurers de-risk: Weston Hicks

Significant price rises in the retro market are forcing reinsurers to choose between lower profitability or writing less risk, according to Alleghany president and CEO Weston Hicks.

Thu 21 Feb 2019

Donegal chief rules out buyout by mutual parent

News

M&A

Donegal chief rules out buyout by mutual parent

Donegal Group president and CEO Kevin Burke has ruled out the insurer’s mutual parent buying up the shares in its publicly traded subsidiary it doesn’t already own.

Thu 21 Feb 2019