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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.

Greenlight Re CEO sees no sign of rate improvements

Intelligent Insurer News - 2 November, 2017 - 15:20
While reinsurers like Swiss Re see rates improving after major nat cat losses in the third quarter, the Greenlight Re CEO is skeptical about an imminent market turn.

Swiss Re CFO expects rising demand from cedants

Intelligent Insurer News - 2 November, 2017 - 13:48
Swiss Re expects higher demand from cedants for reinsurance cover as primary insurers seek to reduce volatility after the nat cat losses of the third quarter.

Allstate Q3 market beat not sustainable: Credit Suisse

Intelligent Insurer News - 2 November, 2017 - 13:44
Personal lines insurer The Allstate Corporation has exceeded analysts’ estimates with a reported net income applicable to common shareholders of $637 million for the third quarter of 2017, but it is unlikely to keep this momentum going forward, according to Credit Suisse analysts.

Willis Towers Watson losses widen in Q3

Intelligent Insurer News - 2 November, 2017 - 10:39
Broker Willis Towers Watson reported an attributable net loss of $54 million for the third quarter of 2017 after a net loss of $32 million in the same period a year ago.

Allstate Q3 profit rises YOY despite cat losses

Intelligent Insurer News - 2 November, 2017 - 10:27
Personal lines insurer The Allstate Corporation reported net income applicable to common shareholders of $637 million for the third quarter of 2017, up 29.7 percent compared to the same period of 2016.

Insurance Council of Australia appoints new president

Intelligent Insurer News - 2 November, 2017 - 10:19
The board of the Insurance Council of Australia (ICA) has appointed Richard Enthoven as president of the Insurance Council and chairman of the board, according to a Nov. 2 statement.

Lancashire falls to Q3 loss with 213% combined ratio

Intelligent Insurer News - 2 November, 2017 - 10:05
Specialty re/insurer Lancashire Holdings reported a net loss of $139.0 million for the third quarter compared to a net profit of $40.1 million in the same period a year ago.

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