$6B in Marijuana Sales in Colorado Since 2014

Article 0 Comments Colorado regulators say more than $6 billion in marijuana products have been sold since 2014 in the state. The figures released this week represent sales through the end of 2018. According to the Colorado Department of Revenue, more than $1.54 billion of marijuana for medical or adult […]

Zurich Insurance Reports 24% Jump in 2018 Net Income Driven by Life, P/C Units

Article 0 Comments Zurich Insurance’s reported 2018 net income after tax of $3.72 billion, a 24 percent jump from $3.0 billion it reported in 2017 – primarily driven by growth in its life business and improved underwriting in its property and casualty business. Zurich’s results “demonstrate further progress against the […]

Japan Insurers Eye China Acquisitions in Continuation of Overseas Deal Spree

Article 0 Comments Japanese insurance companies have spent more than $50 billion on acquisitions over the past five years to become the world’s second-largest buyer of insurance assets, and the deals spree won’t be slowing down any time soon. The cashed-up insurers are expected to step up their hunt in […]

Insurance Linked Securities Market Grows to $93B in 2018: Willis Re

Article 0 Comments Growth of the insurance linked securities (ILS) market reached $93 billion in 2018, up from $88 billion during the prior year, according to the new ILS Market Update from Willis Re, the reinsurance division of Willis Towers Watson. In the face of multiple smaller catastrophic events in […]

MMC Acquisition of JLT on Track to Close in Spring

Article 0 Comments Marsh & McLennan Cos.’ $5.6 billion acquisition of Jardine Lloyd Thompson Group is on track to close this spring. MMC CEO Dan Glaser, who described the deal as one of “strength on strength,” told analysts today that the transaction is still going through the regulatory approval process. […]

PG&E: Judge’s Aggressive Fire Prevention Plan Would Cost $150B

Article 0 Comments PG&E Corp. estimates it would cost as much as $150 billion this year alone to comply with a federal judge’s proposal to prevent wildfires. California’s largest investor-owned utility said U.S. District Judge William Alsup’s plan for it to trim branches and inspect and repair thousands of miles […]

PG&E in California Secures $5.5B in Credit and Loans to Operate During Bankruptcy

Article 0 Comments The nation’s largest utility has lined up $5.5 billion in credit and loans so it can continue operating as it prepares for bankruptcy. Pacific Gas & Electric said in a regulatory filing Tuesday it secured commitments from JPMorgan Chase, Bank of America, Barclay’s Bank and Citigroup Global […]

P/C Insurers Pulled Off Underwriting Turnaround in First 9 Months

Article 0 Comments Private U.S. property/casualty insurers reported a $4.7 billion net underwriting gain in nine-months 2018, a sharp turnaround from a $21.0 billion net underwriting loss a year earlier. The results were helped by a rare decline in overall losses and loss adjustment expenses (LLAE) and significant premium growth, […]

Firms in Patent Feud Over U.S. Mandated Railroad Safety Technology

Article 0 Comments Two companies battling for a share of more than $14 billion in mandated safety upgrades on U.S. railroads are set to collide in federal court to resolve a dispute over technology that prevents train accidents. Germany’s Siemens AG accuses U.S. rival Wabtec Corp. of using patented technology […]

Swiss Re Estimates Its Q4 Natural Catastrophe Claims to Hit US$1.0B

Article 0 Comments Swiss Re estimates it will pay claims of approximately $1.0 billion for natural catastrophes booked in the fourth quarter of 2018, with the largest generated from California wildfires and Hurricane Michael. These natural disaster claims will mainly affect its Reinsurance Business Unit and are net of retrocessional […]