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Sompo Canopius sold to Centerbridge Partners consortium for $952m

1st September 2017

Global specialty insurance and reinsurance firm Sompo Canopius AG has been sold to a consortium of investors led by private equity and credit specialist Centerbridge Partners, L.P. for a $952 million fee, by parent Sompo Holdings. This announcement had been expected and rumours about the potential for a Centerbridge led acquisition ... Read the full article

Harvey economic loss estimate raised to $108bn by Moody’s Analytics

1st September 2017

The estimate of the economic costs of hurricane Harvey from Moody's Analytics has been increased, with the company now suggesting costs in a range from $81 billion to $108 billion, up significantly from its up to $75 billion estimate from earlier this week. As more information on the scale of ... Read the full article

Disputes, business interruption could complicate or escalate Harvey loss: CMS

31st August 2017

Law firm CMS explained today that there are a number of issues which have the potential to complicate the loss caused by hurricane Harvey and could result in increased costs falling to insurance and reinsurance firms. Insurers and reinsurers may face a number of dilemmas, CMS said, with hurricane Harvey's flooding ... Read the full article

Chubb releases new cyber cover policies

31st August 2017

In response to increasing demand for cyber protection as threat of systemic cyber attacks grows, Chubb has released two new policy forms Cyber Enterprise Risk Management (Cyber ERM) and DigiTech® Enterprise Risk Management (DigiTech® ERM). The new policies combine cyber cover with extensive loss mitigation and incident response services, to provide clients ... Read the full article

Harvey to be one of Texas’ most costly insured loss events: RBC

31st August 2017

Based on current knowledge and industry loss estimates from the impact of hurricane Harvey on the state of Texas, it will be one of the most costly insured loss events to hit the state, and one of the worst flood events to strike Houston, on record, according to RBC Capital Markets. It ... Read the full article

Monument Re acquires Laguna Life DAC

31st August 2017

Monument Re has acquired Laguna Life DAC, the Irish life assurance operations of Enstar Group, subject to regulatory approval and satisfaction of closing conditions. The Class I Life assurance insurer, Laguna, was placed into run-off in November 2009 and became part of Enstar in 2011 prior to its acquisition. Manfred Maske, Group CEO ... Read the full article

April Cyclones in New Zealand drive $109 million insured loss total

31st August 2017

The two cyclones that hit New Zealand in April have left insured costs of $109 million, making this year the most significant the country's seen for severe weather events in over 40 years, the Insurance Council of New Zealand reported today after collating final claims data. This figure makes the cyclones the ... Read the full article

Harvey insured loss within insurers’ retentions but could erode NFIP’s reinsurance program: Fitch

31st August 2017

Fitch Ratings has said that hurricane Harvey is unlikely to result in any ratings downgrades of property/casualty re/insurers as the storm is expected to be an earnings event, and while the insured loss is likely to fall within insurers' retentions, the storm could wipe out the National Flood Insurance Program's ... Read the full article

Neon hires Ben Murphy in drive to expand property teams

31st August 2017

Ben Murphy has become the latest of a string of high profile hires by Neon over the last 12 months across London and Bermuda offices as the firm expands to grow its Property Insurance offering. Neon has appointed Ben Murphy to its Property Insurance London team, to support the expansion of the firm's ... Read the full article

Gemma Carreiro joins Hamilton Insurance Group from PartnerRe

31st August 2017

Hamilton Insurance Group has announced the appointment of Gemma Carreiro from PartnerRe as Group General Counsel and Corporate Secretary, based in Bermuda and reporting to the Group Chief Executive Officer (CEO). Carreiro will assume responsibility for the firm's legal, regulatory and governance functions, and will also serve on Hamilton's Executive Committee. The ... Read the full article

Harvey economic losses could reach U.S. $70-90 billion: RMS

31st August 2017

Hurricane Harvey's economic fallout could reach U.S. $70-90 billion with the majority of costs coming from inland flooding in Houston's metropolitan area, according to RMS' latest preliminary analysis. This estimate includes damage to all residential, commercial, industrial and automotive risks in the area, and possible inflation from area-wide demand surge, however, loss ... Read the full article

U.S. p/c industry sees continued credit rating improvement

31st August 2017

Credit rating for U.S. p/c industry was favourable, reflecting the stability of the sector with 86% of rating actions being affirmations and the rate of upgrades continuing to outpace those of last year, according to A.M. Best’s special report. The personal lines segment was given a stable outlook, but the sector ... Read the full article

Arch gets negative outlook from A.M. Best on United Guaranty risks

31st August 2017

Bermudian insurance and reinsurance firm Arch Capital Group Ltd. and its Arch Reinsurance Ltd. subsidiary have both had negative outlooks assigned to their credit ratings by A.M. Best. The negative outlooks are due to A.M. Best's view that Arch has experienced a "significant increase in financial leverage" due to the issuance ... Read the full article

Harvey insured loss will be large, Geico exposure similar to Sandy: Warren Buffett

30th August 2017

Warren Buffett of reinsurance and investments giant Berkshire Hathaway said today that he expects that the insured loss from hurricane Harvey will be large, but uninsured will eclipse it, while also admitting that his auto insurer Geico could face a similar impact to the one it suffered from superstorm Sandy. Speaking ... Read the full article

Harvey economic loss could near Sandy’s $75 billion, says Moody’s

30th August 2017

Moody's Analytics has updated its economic cost projection for southeast Texas to between $51 billion and $75 billion, as catastrophic flooding from hurricane Harvey continues to impact the state. Moody's states that ultimately, Harvey could drive an overall loss similar to, or exceeding that caused by Superstorm Sandy, which would make it ... Read the full article

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