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Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki deal

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Results

Exin facing double deadline crunch in sprint to complete EUR720mn Ethniki deal

Matt Fairfield’s inchoate pan-European insurer Exin is facing two separate deadlines - with one only days away - to buy Greece’s largest insurer, if Greek reports are correct.

Fri 16 Feb 2018

Fairfax takes $185mn wildfire hit as Allied World deal hits profits

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Fairfax takes $185mn wildfire hit as Allied World deal hits profits

The wildfires that ravaged the state of California in the fourth quarter are expected to cost Fairfax - through its numerous subsidiaries - a total of $185.4mn.

Fri 16 Feb 2018

Brit posts 112 percent combined ratio for 2017

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Brit posts 112 percent combined ratio for 2017

Fairfax’s Brit Insurance eked out a small post-tax profit of $21.5mn for the full year 2017 despite the enervating effects of last year which culminated in a combined ratio of 112.4 percent.

Fri 16 Feb 2018

TMK's flagship syndicate facing 2017 loss of up to £168mn

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TMK's flagship syndicate facing 2017 loss of up to £168mn

Tokio Marine Kiln has said that its flagship Lloyd’s syndicate 510 is expecting the return on its £1.13bn capacity to run to a loss of between 4.8 percent and 14.9 percent.

Thu 15 Feb 2018

Lloyd’s carriers settle $10mn Kanye West lawsuit

News

Legal/ Regulatory

Lloyd’s carriers settle $10mn Kanye West lawsuit

A number of Lloyd’s contingency insurers have settled a $10mn lawsuit involving rap star Kanye West who cancelled 21 tour dates claiming he was suffering from a debilitating illness.

Thu 15 Feb 2018

News

Cyber

JLT Re adds Davis to US cyber unit

JLT Re has appointed Erica Davis as senior vice president to lead its North American cyber and E&O practice.

Thu 15 Feb 2018

Suncorp’s reinsurers return to small profit after expensive H1 2017

News

Property catastrophe

Suncorp’s reinsurers return to small profit after expensive H1 2017

Suncorp’s cat reinsurers returned to a small profit for the last six months of 2017 after a brutal 2016-17 year fuelled by a heavy cat bill and yet further deterioration from the 2011 Canterbury earthquake.

Thu 15 Feb 2018

UPDATE: Lancashire sheds 10% as market punishes Q4 losses

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UPDATE: Lancashire sheds 10% as market punishes Q4 losses

Shares in London-listed (re)insurer Lancashire have plunged nearly 10 percent as investors scrutinised a catastrophe-scarred set of Q4 results.

Thu 15 Feb 2018

Willis Towers Watson encourages clients to unseat carriers

News

Rates

Willis Towers Watson encourages clients to unseat carriers

Willis Towers Watson has advised clients to ‘displace incumbent insurers’ to secure favourable rates at forthcoming renewals.

Wed 14 Feb 2018

Sompo Canopius and Endurance hit by $631mn in hurricane losses

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Sompo Canopius and Endurance hit by $631mn in hurricane losses

Sompo Holdings’ largest international divisions - newly-acquired Endurance and Sompo Canopius - have racked up a 67.8bn yen ($631.2mn) bill from Hurricanes Harvey, Irma and Maria.

Wed 14 Feb 2018

Tokio Marine falls to nine month reinsurance and Europe loss

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Tokio Marine falls to nine month reinsurance and Europe loss

Japanese insurance giant Tokio Marine’s reinsurance and European units both fell to a loss in the nine months to 31 December as catastrophe losses and currency fluctuations ate into the company’s profits for the period.

Wed 14 Feb 2018

MS Amlin swings to £589mn nine month loss

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MS Amlin swings to £589mn nine month loss

MS Amlin has fallen to a £589mn ($815.7mn) loss for the nine month period to the end of December as the Japanese-owned carrier took a £171mn hit from the Californian wildfires.

Wed 14 Feb 2018

RSG takes on Lodestar Marine from Tawa Group

News

Legacy

RSG takes on Lodestar Marine from Tawa Group

Ryan Specialty Group, the MGA acquirer and wholesale broker led by Aon founder Pat Ryan, has acquired Lodestar Marine from Tawa, the run-off group backed by luxury brand billionaire Francois Pinault.

Wed 14 Feb 2018

Brit’s third-party capital expands to $400mn

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Results

Brit’s third-party capital expands to $400mn

Lloyd’s (re)insurer Brit now manages over $400mn of capital for third-party investors seeking access to its underwriting with the expansion of its sidecar Versutus to $187mn for 2018.

Wed 14 Feb 2018

Argo just beats estimates as reserves buoy Q4 results

News

Losses

Argo just beats estimates as reserves buoy Q4 results

Argo Group has defied analyst predictions to deliver a modest $0.3mn fourth quarter operating profit as reserve releases and revised catastrophe loss estimates bolstered the bottom line.

Wed 14 Feb 2018

News

Energy

BMS hires Price Forbes executive to launch new direct energy operation

The London market wholesaler BMS is to launch an energy insurance division later this year, led by Price Forbes executive James Chicken.

Tue 13 Feb 2018