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Reserve release boosts RLI to $16.5m Q4 underwriting income
23rd January 2020
US property and casualty (P&C) insurer RLI has beniftted from a $16.2 million reserve release in the fourth quarter of 2019. This reserve release largely accounts for RLI’s reported Q4 underwriting income of $16.5 million, a $2.8 million increase from the previous quarter. RLI posted a 92.4 combined ratio, compared to a ... Read the full article
Travelers net income rises but underlying combined ratio weakens in Q4
23rd January 2020
Travelers has reported a 41% rise in net income to $873 million for the fourth-quarter of 2019 while its underlying combined ratio weakened slightly to 92.1%, when compared with the same period in 2018. The insurer's net income jumped significantly in Q4 from the $621 million reported a year earlier, while ... Read the full article
UK non-life insurers well positioned despite a challenging 2019: A.M. Best
23rd January 2020
Market conditions for UK non-life insurers remained challenging in 2019 as intense competition, claims inflation, and a volatile property sector pressured underwriting earnings, according to A.M. Best. Throughout 2019, says A.M. Best, competition across the UK non-life insurance sector was intense, driven in part by depressed premium rates in the property ... Read the full article
BMS names StarStone’s Jani Kohonen senior vice president
22nd January 2020
Independent re/insurance broker BMS Group has announced the appointment of Jani Kohonen as senior vice president and Atlanta branch manager. Effective January 29, Kohonen will report to BMS Re US president and Chief Executive Officer Pete Chandler. He brings over 15 years’ experience to the role and joins from StarStone Insurance having ... Read the full article
Kin targets Florida homeowners with new flood solution
22nd January 2020
Catastrophe-focused insurance technology firm, Kin Insurance, now offers flood coverage for Florida homeowners through its Florida home insurance carrier, the Kin Interinsurance Network. In an announcement, Kin Insurance states that the flood protection is an insurance endorsement and can be tailor made to Florida homeowners in areas deemed low-risk, moderate-risk, or ... Read the full article
Improved capital position prompts Covea ratings upgrade
22nd January 2020
S&P Global Ratings has upgraded its ratings for France-based insurer Covea Group, citing further improvements in the company’s capital adequacy and its leading competitive position within the regional P&C market. The rating agency raised Covea’s long-term insurer financial strength and issuer credit ratings from ‘A+’ to ‘AA-‘ and kept the group’s ... Read the full article
Ultimate Risk Solutions & msg global enter strategic alliance
21st January 2020
Ultimate Risk Solutions, LLC (URS), a developer of financial risk modelling software technologies, has entered into a strategic alliance with msg global solutions, a managed services provider focused on SAP solutions. Under the new alliance, msg global's deep industry knowledge and development capabilities is to be combined with URS' advanced risk ... Read the full article
Chaucer promotes James Wright to Chief Risk Officer
21st January 2020
Specialty international insurance and reinsurance group, Chaucer, has promoted James Wright to Chief Risk Officer (CRO), effective April 1st, 2020. In his new role, Wright takes responsibility for the direction, performance and management of the company's enterprise wide risk management framework, which includes underwriting risk management, and exposure management. He has been ... Read the full article
Brown & Brown acquires MGA Texas All Risk
20th January 2020
A subsidiary of insurance brokerage Brown & Brown, Inc., Hull & Company, LLC, has acquired the assets of Texas All Risk, a managing general agent (MGA) for independent retail insurance agencies. Texas All Risk places a broad range of P&C insurance for businesses and individuals in Texas, Louisiana, and also Oklahoma. Once ... Read the full article
S&P optimistic about continued rate increases in 2020
17th January 2020
Analysts at S&P Global Ratings are “optimistic” about the continuation of re/insurance rate increases into 2020, following what they regard as an inflection point in 2019 for premium pricing. After a prolonger period of pricing remaining too low in many product lines, rates began to pick up momentum in 2018, before ... Read the full article
Chris Castaldo appointed QBE North America CFO
17th January 2020
The North American division of global insurer QBE has appointed Chris Castaldo to the role of Chief Financial Officer, effective March 2020. Based in New York, he will also serve as a member of the QBE North America executive committee and report to Todd Jones, Chief Executive Officer, QBE North America. Castaldo ... Read the full article
US P&C insurers record 15% jump in underwriting gains in 9M 2019: Verisk
17th January 2020
Analysis by Verisk reveals that during the first nine months of 2019, the private U.S. property and casualty (P&C) insurance industry recorded underwriting gains of $5.4 billion, up 15% on the $4.7 billion recorded a year earlier. The jump in underwriting gains is mostly a result of growth in premiums and ... Read the full article
Marsh & McLennan Agency acquires Atlanta broker Ironwood
17th January 2020
Marsh & McLennan Agency LLC (MMA), the middle market agency of global re/insurance broker Marsh, has announced the acquisition of Ironwood Insurance Services, LLC. Based in Atlanta, Georgia, Ironwood provides commercial property and casualty insurance, employee benefits, and private clients solutions to mid-sized businesses and individuals through the US. The firm is ... Read the full article
Casualty market pressures see capacity tighten at 1/1: Guy Carpenter
17th January 2020
Casualty reinsurance capacity tightened at the recent January renewals against a backdrop of heightened litigation costs, more generous jury verdicts, and shifting attitudes in the US, according to Guy Carpenter. Analysts noted that many reinsurers were forced to adopt more cautious underwriting positions at 1/1 due to higher loss cost trends, ... Read the full article
Cyber tops Allianz’ 2020 risk survey
17th January 2020
For the first time ever, Cyber incidents ranked as the most important business risk globally in the ninth Allianz Risk Barometer 2020. Cyber risk was selected by 39% of respondents, overtaking Business interruption, which was chosen by 37%. Awareness of the cyber threat has grown rapidly in recent years, driven by companies ... Read the full article