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California’s Paradise wildfire a “multi-billion dollar event”

The Camp wildfire that spread quickly late last week in Northern California and continued to rage over the weekend has already become the most destructive in US history and is destined to be a “multi-billion dollar event”

Mon 12 Nov 2018

News

German reinsurance heavyweights predict ILS slowdown

There is growing speculation that the seemingly unstoppable rise of the ILS market – estimated by Aon Benfield to be at $98bn at mid-year – will slow down at 1.1 or possibly even shrink marginally.

Fri 9 Nov 2018

Ethiopian Airlines renewal a litmus test for sector hardening

News

Aviation

Ethiopian Airlines renewal a litmus test for sector hardening

The resolution of airline insurers to continue driving through rate increases will be tested by Ethiopian Airlines which goes to market this month ahead of a December renewal.

Fri 9 Nov 2018

Comment

Rates

Bronek was a year too early...

Bronek wasn’t wrong, just a year too early.

Fri 9 Nov 2018

Allianz sees third quarter profit climb 21 percent

News

Results

Allianz sees third quarter profit climb 21 percent

Europe’s second largest insurer Allianz saw third-quarter operating profit surge 20.6 percent year-on-year, thanks largely to increased earnings in its P&C business, and has confirmed it remains on track to reach its 2018 profit target.

Fri 9 Nov 2018

News

Losses

Axis pegs Hurricane Michael losses at up to $120mn

Bermudian carrier Axis has said it expects to suffer losses in the range of $100mn to $120mn from Hurricane Michael.

Fri 9 Nov 2018

Britannia faces P&I loss for oil tanker collision

News

Losses

Britannia faces P&I loss for oil tanker collision

P&I club Britannia could be on the hook for a substantial loss after an oil tanker and a Norwegian Navy frigate collided in the North Sea in the early hours of this morning, Re-Insurance can reveal.

Thu 8 Nov 2018

Generali reports nine-month profit despite EUR305mn cat bill

News

Results

Generali reports nine-month profit despite EUR305mn cat bill

Italian carrier Generali reported an increase in operating profit in the first nine-months of the year which edged up 3.9 percent to hit EUR3.6bn.

Thu 8 Nov 2018

Mapfre nine-month profit jumps 19 percent despite shrinking premium

News

Results

Mapfre nine-month profit jumps 19 percent despite shrinking premium

Spanish (re)insurer Mapfre has reported EUR 528.8mn ($604.8mn) net earnings for the first nine-months of the year – an increase of 18.9 percent from the same period in 2017.

Thu 8 Nov 2018

Enstar profits slump despite top line growth at Atrium and StarStone

News

Results

Enstar profits slump despite top line growth at Atrium and StarStone

Bermudian legacy-to-live carrier Enstar reported a consolidated net loss of $16mn in the third quarter despite improving profits at Atrium and StarStone.

Thu 8 Nov 2018

News

Energy

Alesco names RKH’s Smith managing partner of energy

Gallagher-owned specialist broker Alesco has named Jonathan Smith as managing partner of energy, replacing Simon Clarkson who is promoted to deputy chairman of the division.

Thu 8 Nov 2018

Navigators disappoints analysts as it reports a Q3 underwriting loss

News

Losses

Navigators disappoints analysts as it reports a Q3 underwriting loss

Soon-to-be The Hartford-owned Navigators underperformed against the expectations of analysts in the third quarter to deliver operating earnings of $4.2mn.

Thu 8 Nov 2018

Zurich takes $175mn Michael hit as premiums remain flat

News

Losses

Zurich takes $175mn Michael hit as premiums remain flat

Zurich Insurance said it expects $175mn in third quarter losses from Hurricane Michael, which hit the US last month, and is set to target profitability in North American markets following the planned sell-off of its business in Venezuela.

Thu 8 Nov 2018

Beazley’s top line swells as it exits construction and engineering

News

Results

Beazley’s top line swells as it exits construction and engineering

Blue chip Lloyd’s (re)insurer Beazley grew gross written premiums (GWP) by around 11 percent in the first nine months of the year to $1.96bn as the Andrew Horton-led firm put its construction and engineering business into run-off.

Thu 8 Nov 2018

Hannover Re posts 97 percent CR despite EUR271mn cat losses

News

Results

Hannover Re posts 97 percent CR despite EUR271mn cat losses

Hannover Re has posted a combined ratio of 96.8 percent for the third quarter despite the flurry of cat losses which cost the German reinsurer EUR271mn.

Thu 8 Nov 2018

News

Lloyd’s insurer Barbican approved for 2019 as classes cut

Barbican Managing Agency Ltd will begin trading at 1.1 as a leaner business after confirming that it has received approval from Lloyd’s for its 2019 business plan.

Thu 8 Nov 2018