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Cyclone Debbie paid insurance claims reach A$1bn of A$1.5bn: ICA

Intelligent Insurer News - 6 November, 2017 - 16:44
Insurers have paid $1 billion ($0.77bn) in Cyclone Debbie insurance claims, with more than 85 percent of claims now closed, according to the Insurance Council of Australia (ICA).

UK regulation to split motor insurance liability

Intelligent Insurer News - 6 November, 2017 - 16:23
As the UK prepares for the introduction of automated vehicles, legislators are developing a new legal framework to clarify arising liability issues.

Lloyd's Probitas expands retail business with ProSight hire

Intelligent Insurer News - 6 November, 2017 - 15:21
Lloyd’s syndicate Probitas 1492 appointed Marcus Bale as head of strategy and development for retail as it moves ahead with its growth plans.

Berkshire Q3 results hit by $3bn nat cat losses

Intelligent Insurer News - 6 November, 2017 - 11:22
Berkshire Hathaway recorded an overall net loss from insurance underwriting of $1.44 billion in the third quarter of 2017 compared to a net income of $272 in the same period a year ago.

AIG expects double-digit P&C rate increases, $500m California wildfire hit

Intelligent Insurer News - 6 November, 2017 - 11:21
American International Group (AIG) expects double-digit rate increases across the property market while the costs of the California wildfires are estimated at around $500 million before taxes.

Advent Claims partners with Principia Underwriting

Intelligent Insurer News - 6 November, 2017 - 11:13
Advent Claims, the insurtech-led claims third party administrator (TPA) signed an agreement to administer all claims for Aquila Underwriting-backed managing general agent (MGA) Principia Underwriting.

Pioneer launches property E&S operation with new hire

Intelligent Insurer News - 6 November, 2017 - 11:02
Lloyd’s accredited Pioneer Underwriters has launched a new property excess and surplus (E&S) and hired David Phillips to lead the team based in Alpharetta, Georgia.

Lancashire faces rate increases from clients and retrocession

Intelligent Insurer News - 6 November, 2017 - 10:39
Bermuda-based specialty re/insurer Lancashire Holdings has decided against paying a special dividend in 2017 and instead to deploy the capital in a hardening market but analysts commented that the company also faces higher retrocession rates, Bernstein analysts wrote in a note.

Liberty appoints casualty reinsurance director from Munich Re

Intelligent Insurer News - 6 November, 2017 - 10:17
Specialty and commercial re/insurer Liberty Specialty Markets (LSM), part of part of Liberty Mutual Insurance, appointed Bruce Love as director of assumed reinsurance in its casualty treaty department.

Willis Towers Watson appoints head of P&C North Asia from AIG

Intelligent Insurer News - 6 November, 2017 - 10:00
Broker Willis Towers Watson appointed Evariste Yeung as head of property and casualty, North Asia.

Arch board member Kewsong Lee resigns

Intelligent Insurer News - 3 November, 2017 - 16:38
Bermuda-based Arch Capital Group said that Kewsong Lee has resigned from its board of directors because of the expansion of his duties at Carlyle Group following his recent promotion to co-CEO effective January 1, 2018.

AIG $836m Q3 reserve charge puzzles analysts

Intelligent Insurer News - 3 November, 2017 - 16:25
American International Group (AIG) has taken an $836m pre-tax reserve charge in commercial lines in the third quarter of 2017 that also resulted in the company increasing full-year loss estimates, surprising analysts who thought the casualty issues at the company had been addressed.

Lloyd’s strategy and change director leaves after 12 months

Intelligent Insurer News - 3 November, 2017 - 14:48
The Lloyd’s of London strategy and change director Paolo Vagnone is leaving the corporation after 12 months in the job.

Disposals boost Fairfax in Q3, lift 2017 expectations

Intelligent Insurer News - 3 November, 2017 - 11:50
Income from disposals has helped Canada-based property/casualty re/insurer Fairfax Financial Holdings to weather the impact of nat cat events in the third quarter of 2017.

Storm Herwart causes 2017 record losses in Germany

Intelligent Insurer News - 3 November, 2017 - 11:07
Storm Herwart has caused insured losses of €250 million to German insurers, according to actuarial consultancy firm Meyerthole Siems Kohlruss.

Nexus adds deputy chairman in trade credit expansion

Intelligent Insurer News - 3 November, 2017 - 10:37
Specialty managing general agent (MGA) Nexus Group said that Charles Penruddocke has joined as non-executive deputy chairman of Nexus CIFS and Equinox Global in a Nov. 2 statement.

Enstar buys Great Lakes Casualty Insurance Company

Intelligent Insurer News - 3 November, 2017 - 10:01
Bermuda-based run-off consolidator Enstar Group has acquired Great Lakes Casualty Insurance Company (GLC) from Main Street America, according to a Nov. 2 statement.

Alleghany Q3 results impacted by $491m cat losses

Intelligent Insurer News - 3 November, 2017 - 09:42
Property/casualty re/insurer Alleghany Corporation reported a net loss of $314.2 million for the 2017 third quarter, compared with net earnings of $155.8 million in the 2016 third quarter.

AIG posts $1.7bn net loss for Q3

Intelligent Insurer News - 3 November, 2017 - 09:14
American International Group (AIG) reported a net loss of $1.7 billion for the third quarter of 2017, compared to a net income of $462 million in the prior-year quarter.

Nat cats push HCI Q3 combined ratio to 258.2%

Intelligent Insurer News - 3 November, 2017 - 08:16
Homeowners insurer HCI Group reported a net loss of $40.5 million for the third quarter of 2017 compared with a net income of $11.3 million in the same period a year ago.

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