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NZ insurer CBL adds $100mn to reserves as Gibraltar run-off impact spreads

News

Results

NZ insurer CBL adds $100mn to reserves as Gibraltar run-off impact spreads

Credit and financial risk carrier CBL Corporation is set to report a post-tax loss of between NZ$75mn and NZ$85mn ($55mn and $62mn) for 2017 after it said today (5 February) it would book a NZ$100mn reserve strengthening hit from a controversial class of French construction business written out of Gibraltar.

Mon 5 Feb 2018

News

Legacy

R&Q Malta receives AM Best A- rating

The slimmed-down and refocused legacy and programme management firm R&Q received a major boost late last week with confirmation that AM Best had awarded an A- (excellent) financial strength rating to its main European platform, R&Q Malta.

Mon 5 Feb 2018

News

Lloyd’s mulls mandating PPL after slow take-up

Lloyd’s of London has announced plans to mandate its electronic placing platform PPL as it says take up is not happening “fast enough”.

Mon 5 Feb 2018

McGavick confirms XL’s $1bn aggregate stop-loss policy search

News

Results

McGavick confirms XL’s $1bn aggregate stop-loss policy search

XL Group CEO Mike McGavick has confirmed his firm is exploring the purchase of a $1bn stop-loss policy, as revealed by this publication last month.

Mon 5 Feb 2018

Validus scrapes a profit despite 110% combined ratio

News

Results

Validus scrapes a profit despite 110% combined ratio

Soon-to-be AIG-owned Validus eked out a fourth quarter profit that was well below the expectations of analysts as California wildfire losses took their toll on the bottom line.

Fri 2 Feb 2018

Hamilton Underwriting active underwriter Carvey to leave

News

People Moves

Hamilton Underwriting active underwriter Carvey to leave

Hamilton Underwriting Ltd, the Lloyd’s arm of the Bermudian (re)insurer Hamilton Insurance Group, has confirmed the departure later this year of its active underwriter of its Syndicate 3334, Trevor Carvey.

Fri 2 Feb 2018

Aon posts strong 4Q organic revenue but profits hit hard by tax

News

Results

Aon posts strong 4Q organic revenue but profits hit hard by tax

Aon has reported just $10mn of profit for the fourth quarter as its effective tax rate hit 95.8 percent impacted by President Trump’s tax reforms and restructuring costs.

Fri 2 Feb 2018

XL Group beats analyst expectations despite drop in profits

News

Results

XL Group beats analyst expectations despite drop in profits

XL Group saw operating profits fall by nearly 10 percent to 116.1mn in the fourth quarter.

Fri 2 Feb 2018

MMC beats Q4 analyst expectations with strong Guy Carpenter growth

News

Results

MMC beats Q4 analyst expectations with strong Guy Carpenter growth

Marsh & McLennan Companies’ (MMC) reinsurance broking subsidiary Guy Carpenter has posted underlying revenue growth of 7 percent for the fourth quarter, taking its revenue for the period to $239mn.

Thu 1 Feb 2018

No hard market despite signs of change: Glaser

News

Property catastrophe

No hard market despite signs of change: Glaser

The long-awaited hard market has not yet arrived despite signs that some segments of the property and casualty (P&C) market are beginning to demonstrate increases, Marsh & McLennan (MMC) president and CEO Dan Glaser has said.

Thu 1 Feb 2018

News

InsurTech start-ups swap disruption for partnerships: Willis

InsurTech investment has begun to shun start-ups seeking to disrupt the industry’s core offering in favour of backing companies which aim to improve the current value chain, according to new research from Willis Towers Watson.

Thu 1 Feb 2018

News

Losses

AFG beats estimates with $197mn profit

American Financial Group (AFG) delivered an expectation-topping $197mn operating profit in the fourth quarter as it dodged a significant loss from the catastrophes that plagued the industry in the final months of 2017

Thu 1 Feb 2018

The Hanover swings to profit as cats hurt Chaucer

News

Results

The Hanover swings to profit as cats hurt Chaucer

Massachusetts-based carrier The Hanover swung back into the black for the fourth quarter, posting operating income of $86mn or $2.00 per share compared to an operating loss of $19.7mn in the prior year period.

Thu 1 Feb 2018

RenRe beats estimates despite $154mn wildfire loss

News

Losses

RenRe beats estimates despite $154mn wildfire loss

RenaissanceRe surpassed estimates to report a $41.4mn Q4 operating profit despite a $154.4mn bill from the California wildfires which pushed the Bermudian’s combined ratio to 102.5 percent.

Thu 1 Feb 2018

100+ Tysers staff to benefit from imminent Integro sale

Analysis

M&A

100+ Tysers staff to benefit from imminent Integro sale

The process has taken the best part of a year but if the £110mn+ sale of the venerable Lloyd’s broker Tysers to Integro completes later in February – as expected – then more than one hundred existing and former Tysers staff will benefit from the sale, analysis by Reinsurance highlights.

Thu 1 Feb 2018

Volante launches second MGA targeting Nordic market

News

People Moves

Volante launches second MGA targeting Nordic market

Volante Global, the MGA platform led by Talbir Bains, has launched its second MGA of 2018 - Bridge Underwriting.

Thu 1 Feb 2018