August 2017/3

The National Oceanic and Atmospheric Administration (NOAA) joined other forecasters in projecting a more active US hurricane season this year in its updated August outlook, as the second hurricane of 2017 emerged.

An active second quarter for storm losses has put Cincinnati Financial closer to being able to claim reinsurance cover from an $80mn cat bond layer, but losses are still well short of the deal's trigger.

The majority of Names-backed Lloyd's syndicates look set to report a profit for the 2015 year of account (YoA), with the group generating a simple average midpoint return on capacity of 6.0 percent.

The Insurance Insider's group of US specialty carriers reported higher returns in the second quarter compared to the same period of last year, propelled by wider underwriting margins.

The Insurance Insider's group of US specialty (re)insurers reported better second quarter underwriting results than in the prior-year period, as lower catastrophe losses and core loss ratios offset weaker reserve releases and an uptick in expense ratios.

Gross written premiums (GWP) at US specialty carriers rose by 4.9 percent year-on-year to $6.1bn in the second quarter on a weighted average basis, amid a continued push for growth in a difficult market environment.

Heritage chairman and CEO Bruce Lucas has described the Floridian's $250mn deal for northeast US insurer Narragansett Bay as a "game changer".

Weary investors punished sister companies AmTrust and Maiden last week to send the share price of both firms tumbling, although only one of the carriers underperformed against expectations in the second quarter.

Sompo Canopius has added to its growing trade credit and political risk team with the hire of Stephen Pike from securities and commodities broker ED&F Man Capital Markets.

US property cat insurance player Icat has again demonstrated the frenzied levels of interest in MGA assets with its high-multiple sale to Marsh's the Schinnerer Group.

The insurance industry is regulated for good reason.

UK retail giant Tesco has come to the London cyber market to secure a £400mn ($520mn) tower that has Beazley as the primary lead insurer, The Insurance Insider has learned.