NewsLossesAxis misses with loss after heavy Q4 cat burdenAxis Capital fell to a fourth quarter net operating loss of $148mn, or $1.77 a share that was worse than Wall Street forecasts as cat losses hit the bottom line.Wed 30 Jan 2019
NewsProperty reinsuranceFEMA adds top layer with $1.32bn NFIP reinsurance coverThe US Federal Emergency Management Agency (FEMA) has renewed its cover for the National Flood Insurance Program (NFIP) in a deal that sees it transfer $1.32bn of the NFIP’s financial risk to the private reinsurance market.Wed 30 Jan 2019
NewsResultsRenRe’s O’Donnell offers bullish view on property cat ratesRenaissanceRe CEO Kevin O’Donnell has offered a more positive assessment of 1/1 for his company than widely reported in the market and a bullish outlook for rising reinsurance rates at upcoming Japanese and Florida renewals.Wed 30 Jan 2019
NewsEnergyArch hires Travelers’ Boquist to lead new admitted energy platformArch has launched a new business unit to provide admitted middle market insurance solutions to energy companies in North America.Wed 30 Jan 2019
NewsPeople MovesLloyd’s Neal named chair of LM TOMLloyd’s CEO John Neal has been named chair of the TOM Steering Board by London Market Group (LMG).Wed 30 Jan 2019
NewsPeople MovesAon Broking CEO Fitzgerald leavesVeteran Aon executive Tom Fitzgerald is leaving the global broker after 27 years.Wed 30 Jan 2019
AnalysisCatCo: Investors told rates up to 43 percent higherUnder investigation ILS fund manager CatCo told investors in March 2018 that they should expect up to a 43 percent increase in returns because of price hardening following the 2017 loss events.Wed 30 Jan 2019
NewsLegal/ RegulatoryArdonagh drags Pat Gallagher into bitter UK poaching disputeBishopsgate has won a court application for access to documents from rival broker Alesco and its parent Gallagher but failed in its claim for costs as the war of attrition between the industry’s fourth largest broker and The Ardonagh Group continues.Wed 30 Jan 2019
NewsM&AScor contemplated PartnerRe mergerScor contemplated a merger with PartnerRe before Covea approached the company with a Eur43 a share offer, court documents filed by the French reinsurer reveal.Wed 30 Jan 2019
NewsBrexitTravelers gains regulatory nod for Irish post-Brexit hubTravelers Europe has been granted a licence by the Central Bank of Ireland for a new, wholly owned insurance subsidiary incorporated in the Republic of Ireland.Wed 30 Jan 2019
NewsEnergyQBE pulls back on Lloyd’s Asia platformQBE has revealed it will cease trading marine, energy, political violence and terrorism on the Lloyd’s Asia platform by the end of the year.Wed 30 Jan 2019
NewsHedge fund reinsurer Watford Re confirms NASDAQ IPO intentBermudian Watford Re will test investor appetite for the hedge fund/total return (re)insurance model after formally filing for a NASDAQ IPO.Wed 30 Jan 2019
NewsPeople MovesRFIB builds out Africa footprint with Johannesburg office and new hiresIndependent wholesale broker RFIB has expanded its operations in Africa with a new office in Johannesburg, making two appointments to support its growth.Wed 30 Jan 2019
NewsResultsBerkley beats and gives bullish rates outlookUS specialty insurer WR Berkley delivered a comfortable earnings beat for the fourth quarter and offered a bullish assessment on pricing.Wed 30 Jan 2019
NewsProperty catastropheRenRe in big Q4 beat despite cat-driven underwriting lossRenaissanceRe significantly outperformed Wall Street expectations for fourth quarter earnings as it edged to a modest operating profit of $1.2mn, compared to $41.4mn in the prior-year period.Tue 29 Jan 2019
NewsRating actionsProgram start-up Sutton National gets preliminary A- from BestProgram fronting carrier start-up Sutton National Insurance Company has been given a preliminary credit assessment (PCA) of A- by AM Best.Tue 29 Jan 2019