AIG Reports Q4 Loss on Catastrophes, Lower Investment Returns

Article 0 Comments American International Group Inc. on Wednesday reported a quarterly loss as the insurer was hit with catastrophe losses and made a lower return on investments in a volatile market. Excluding realized investment gains and losses and some other items, AIG posted a loss of $559 million, or […]

Sirius Int’l Is Insulated from Liquidity Issues at Chinese Parent Firm CMIG: S&P

Article 0 Comments Reported liquidity issues at China Minsheng Investment Group (CMIG), the ultimate owner of Sirius International Group, will not affect Sirius Group’s creditworthiness, said a bulletin issued by S&P Global Ratings. S&P said its rating for Sirius Group continues to be based on its assessment of the group […]

Mercury General in California Reports 4Q Earnings Loss

Article 0 Comments Mercury General Corp. reported a fourth-quarter loss of $81.9 million, after reporting a profit in the same period a year earlier. The Los Angeles, Calif.-based carrier said it had a loss of $1.48 per share. Losses, adjusted for investment costs, were 26 cents per share. The auto […]

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 […]

Munich Re Reports 56% Drop in Q4 Profit on Spate of Natural Disasters

Article 0 Comments German reinsurer Munich Re on Wednesday reported a 56 percent decline in fourth quarter net profit after a spate of natural catastrophes but proposed raising its dividend for 2018. Net profit fell to 238 million euros ($271.13 million) from 538 million euros a year earlier but met […]

Fitzgerald, Chief of Broking, Exits Aon After 27 Years

Article 0 Comments Global insurance broker Aon reported that Tom Fitzgerald is leaving the firm after 27 years of service. Fitzgerald most recently served as chief executive of Aon Broking, and before that he led the U.S. Commercial Risk and Health businesses. Aon said Fitzgerald will immediately transition his responsibilities […]

Travelers Grew Q4 Profit Despite California Wildfire, Hurricane Michael Losses

Article 0 Comments Travelers Cos. reported that despite catastrophe losses from the California wildfires and Hurricane Michael, it boosted its profit in the fourth quarter of 2018 thanks to growth in premiums and investment income. Net income rose to $621 million from $551 million for the prior year quarter. The […]

2 Markel CATCo Execs Leave After Reserves Inquiry Unveils ‘Personal Relationship’

Article 0 Comments Markel Corp. has reported that Anthony Belisle, Markel CATCo chief executive officer, and Alissa Fredricks, Markel CATCo chief executive officer for Bermuda, are no longer with the company following the disclosure of a “personal relationship” that the insurer said violated corporate policy. According to the company, the […]

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, […]

Arch Capital Estimates Q4 2018 Catastrophe Losses Could Total $130M

Article 0 Comments Arch Capital Group Ltd. reported an estimated range of fourth quarter pre-tax losses of $110 million to $130 million from global natural catastrophes, including Hurricane Michael and California wildfires. These estimates are net of reinsurance recoveries and reinstatement premiums, said Bermuda-based Arch. This estimated range updates the […]