NewsLondon cannot ignore China: Ed's HearnAs London’s market share of premiums in developing nations dwindles the London market cannot afford to ignore the increasing economic power of China or its burgeoning position as an insurance center, the boss of London-headquartered broker Ed Steve Hearn has said.Wed 7 Nov 2018
NewsRatesUS cat-hit property rates expected to rise 10% at 1.1: WTWInsurance buyers in North America should expect rate increases in excess of 10 percent in property cat-exposed lines with losses, according to broking house Willis Towers Watson.Wed 7 Nov 2018
NewsM&AJLT shareholders approve Marsh take-over bidMMC has received near unanimous approval from JLT shareholders for its £19.15 per share take-over bid.Wed 7 Nov 2018
NewsCyberMerck’s NotPetya insured loss could still be $2bnPharmaceutical giant Merck may still be responsible for $2bn of insured losses from the NotPetya virus in June 2017 making it by far the largest insured cyber loss in the sector’s short history, according to the loss adjudication firm PCS today.Wed 7 Nov 2018
NewsM&AGallagher acquires specialist property broker VasekGallagher has acquired a controlling interest in Purple Bridge Group — the holding company of UK specialist property broker Vasek Insurance Services.Wed 7 Nov 2018
NewsResultsMunich Re returns to profit in Q3 despite €600mn cat billMunich Re has swung back into the black reporting a quarterly profit of €483mn ($553.8mn), marking a recovery from the €1.44bn loss the reinsurer reported in the same period of 2017. Wed 7 Nov 2018
NewsRatesCNA adds to upbeat Q3 US casualty rates themeCNA Financial has become the latest US insurer to highlight the improving picture of US casualty after years of negative rates and creeping loss inflation. Tue 6 Nov 2018
NewsResultsArgo posts 100 percent CR in earnings beatArgo Group defied the third quarter cats to post a small underwriting profit which, with investment returns climbing on the back of improving yields, led to an earnings beat.Tue 6 Nov 2018
NewsRecord $1.6bn ILS capacity issued in third quarterA record-high $1.6bn of non-life ILS capacity was issued in the third quarter of 2018, as enthusiasm for alternative capital continued for ILS amongst both issuers and investors.Tue 6 Nov 2018
NewsLossesHeritage turns profit in Q3 despite $16.6mn cat billUS insurer Heritage reported an operating income of $14.2mn in the third quarter of the year, up from $1.4mn in the same period of last year.Tue 6 Nov 2018
NewsResultsInvestments and cat losses push Greenlight into red at Q3Investment losses and the impact of Hurricane Florence sent Greenlight Re to a net loss of $89.1mn for the third quarter of 2018, compared to net income of $19.9mn for the same period in 2017.Tue 6 Nov 2018
NewsResultsCNA shares spike on back of Q3 earnings beatShares in CNA Financial were trading up around 9 percent this morning in New York as investors reacted positively to news that the firm had beaten Wall Street predictions in its third quarter results.Mon 5 Nov 2018
NewsPeople MovesRSG subsidiary WKFC swoops on Arch for property CUOWKFC Underwriting Managers – a subsidiary of Ryan Specialty Group – has appointed Mark Reisig chief underwriting officer of its property portfolio.Mon 5 Nov 2018
NewsPeople MovesFour Miller executives retire after Willis lock-ins expireThree years after the $393mn majority sale to Willis, London market wholesaler Miller Insurance Services LLP has announced the imminent retirement of four long-serving executives following the end of the “lock in” period earlier this year.Mon 5 Nov 2018
NewsLossesCNA beats expectations in third quarterThe carrier comfortably exceeded the $1.07 forecast by six analysts surveyed by MarketWatch to deliver a net income of $1.23 per share in the three-month period.Mon 5 Nov 2018
AnalysisLossesBerkshire Hathaway’s modest Q3 cat bill of $372mn a fraction of rivalsAfter a 2017 cat loss bill of $3bn, Berkshire Hathaway’s 3Q 2018 modest cat losses of $372mn are a fraction of rivals, such as AIG’s hefty $1.62bn and Swiss Re’s $1.1bn.Mon 5 Nov 2018