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Losses

Carr wildfire could lead to $1.5bn+ insured losses

The raging California Carr fire is already the sixth most destructive wildfire in the state’s history and could lead to insured losses of $1.5bn or even higher, according to the rating agency Moody’s.

Thu 2 Aug 2018

AIG misses as restructuring costs and US losses hit profits

News

Results

AIG misses as restructuring costs and US losses hit profits

US behemoth AIG disappointed analysts in the second quarter as its North American insurance operation pushed the group to an underwriting loss and a $200mn restructuring charge weighed on the bottom line.

Thu 2 Aug 2018

Aspen to slash headcount by up to 20 percent in a year

News

Results

Aspen to slash headcount by up to 20 percent in a year

The chief executive of up-for-sale Bermudian Chris O’Kane has revealed plans to cut its headcount by up to 20 percent over the course of the next year.

Thu 2 Aug 2018

News

Aviation

Aspen axes $120mn aviation, marine hull and PI books at Lloyd’s

Aspen is to cease writing three separate lines of business – which are valued at around $120mn - through its Lloyd’s platform, the (re)insurer’s CEO of Chris O’Kane has revealed.

Thu 2 Aug 2018

Enstar profits climb 27% despite drag from Atrium and StarStone

News

Results

Enstar profits climb 27% despite drag from Atrium and StarStone

Enstar’s operating income ballooned by over a quarter in the three-months before the end of June to hit $83mn despite a drag on bottom line from its up-for-sale businesses Atrium and StarStone.

Thu 2 Aug 2018

Aspen cedes 50 percent more premium to reinsurers

Analysis

Results

Aspen cedes 50 percent more premium to reinsurers

Up-for-sale Bermudian Aspen reported a small second quarter earnings miss yesterday (1 August) while revealing the impact of a major de-risking of its gross exposures following last year’s heavy losses.

Thu 2 Aug 2018

Organic growth in Willis’ broking units narrows in Q2

News

Results

Organic growth in Willis’ broking units narrows in Q2

Willis Towers Watson reported 2 percent organic growth in its corporate risk and broking segment in the second quarter as dwindling revenues in the UK weighed on the top line.

Thu 2 Aug 2018

XL begins de-risking ahead of Axa takeover

Analysis

M&A

XL begins de-risking ahead of Axa takeover

XL Group has accelerated the de-risking of its book by ceding more business to reinsurers and significantly reducing its maximum loss exposures to US cat events, re-Insurance.com’s analysis of the Bermudian firm’s second quarter results shows.

Thu 2 Aug 2018

AFG beats with record profit as renewal pricing hits three-year high

News

Results

AFG beats with record profit as renewal pricing hits three-year high

American Financial Group, the owner of Lloyd’s syndicate Neon, has reported record second quarter profits with core net operating earnings that climbed 27.6 percent to hit $185mn.

Thu 2 Aug 2018

Second quarter profits surge by 18% at James River

News

Results

Second quarter profits surge by 18% at James River

US specialty carrier James River has reported an 18 percent leap in operating profits, which climbed to $17.6mn during the second quarter.

Thu 2 Aug 2018

AIG names past Arch boss CEO of Lexington

News

People Moves

AIG names past Arch boss CEO of Lexington

AIG has appointed David McElroy CEO of its excess and surplus lines carrier Lexington Insurance Company.

Thu 2 Aug 2018

Bad weather and reinsurance costs hit RSA profit in first half of 2018

News

Results

Bad weather and reinsurance costs hit RSA profit in first half of 2018

RSA has reported a group operating profit of £304mn ($398mn) in the first six months of the year, down 15 percent from the same period in 2017.

Thu 2 Aug 2018

News

Results

Axa’s combined ratio nudges down to 95%

Axa, the soon-to-be owner of XL, saw its property and casualty combined ratio improve by 70 basis points in the first half of the year.

Thu 2 Aug 2018

The Hanover beats expectations as commercial lines pricing improves

News

Results

The Hanover beats expectations as commercial lines pricing improves

The Hanover, which owns up-for-sale Lloyd’s syndicate Chaucer, surpassed the expectations of analysts in the second quarter to deliver a $94.6mn operating profit that was up over 30 percent on this time last year.

Wed 1 Aug 2018

China Re trumps PE firms to lead $1bn Chaucer auction

News

M&A

China Re trumps PE firms to lead $1bn Chaucer auction

State owned reinsurer China Re is in pole position to acquire the up-for-sale Lloyd’s insurer Chaucer at a valuation of around 1.4x net tangible assets.

Wed 1 Aug 2018

NFIP adds $500mn cat bond as the Senate hands it a lifeline

News

Legal/ Regulatory

NFIP adds $500mn cat bond as the Senate hands it a lifeline

US lawmakers yesterday (31 July) extended the heavily-indebted National Flood Insurance Program just hours before the agency that manages the government-backed scheme revealed more of the homeowners risk it underwrites will be handed to capital markets.

Wed 1 Aug 2018