The regional carrier has a $35mn retention, which could be partially reduced by additional reinsurance recoveries from supplemental Non-Florida reinsurance program.
AM Best noted the Cayman Islands-based carrier’s “very strong” risk-adjusted capitalisation and financial flexibility, which both contributed to the stable outlook the agency holds on the business.
Cincinnati Financial shares took a hit of as much as 6 percent yesterday after the Ohio-based insurer missed analysts’ expectations for its first quarter results, reported late yesterday. The stock closed down 4.5 percent.
Craig Mense, who joined CNA in 2004, will leave at the end of the year, to be replaced as CFO by James Anderson, the company's senior vice president and head of financial planning and analysis and corporate development.
Genworth, a long-term care insurer, says the decision to re-file was made so that the agency could spend more time to “review and discuss” the merger that it and the Chinese conglomerate announced in October 2016.
WR Berkley's board of directors has nominated former American Insurance Association CEO Leigh Ann Pusey to join its ranks as an independent director, according to the company.
Insurance broker owner BB&T's purchase of Regions Financial's retail brokerage unit will yield an approximately $200mn after-tax gain, the seller said today in reporting its first quarter results.
The Hanover Insurance Group estimated its net pre-tax catastrophe losses at between $66mn and $76mn, or 5.5 percent of its earned premiums for the first quarter.
Cyber criminals increasingly target cloud-based email systems used by businesses, especially Microsoft’s Outlook, to gain access to sensitive data, according to specialist insurer Beazley.
Berkshire Hathaway-backed aviation pool USAIG leads the insurance policy for the helicopter that crashed into New York's East River last month, killing five passengers, The Insurance Insider can reveal.
Insurers with significant terrorism risks must focus on stress testing, limits management and reinsurance as the possible expiration of the Terrorism Risk Insurance Program Reauthorization Act (Tripra) looms, AM Best said in a report today.
Insurers must focus their enterprise risk management (ERM) efforts on assessing and mitigating against cyber risk in the face of both operational and underwriting challenges from the exposure, according to ratings agency AM Best.
A Church’s Chicken franchisee has filed a lawsuit in Texas accusing several Lloyd’s underwriters of not living up to their commercial policies when it comes to 54 stores affected by Hurricane Harvey.
USA Gymnastics (USAG) has filed a lawsuit against seven of its insurers, accusing them of breaching their contracts when it comes to defending and indemnifying the non-profit organisation against legal actions associated with convicted sex offender Larry Nassar.
The timing of Argo’s acquisition of Ariel Re in last year’s first quarter was “unfortunate” because it meant net retentions for multiple reinsurance programs caused an additional impact on the bottom line, said the US specialty carrier’s CEO, Mark Watson, in the annual report it released today.
As the oil and gas industry adopts new techniques to store and process large and complex data, offshore and onshore producers face higher exposure to cyber attack, according to JLT Specialty.
After abandoning the reinsurance market in the late 1990s and early 2000s, primary carriers are making a dramatic re-entrance, according to James Kent, global CEO of Willis Re.
Susan Rivera has left V3 Insurance Partners, the specialty MGA she helped start and headed up as CEO, for a new executive role at Tokio Marine HCC, the Houston-based unit of Japan’s Tokio Marine Group.
Doubling down on efforts to create policies addressing sexual harassment in the workplace, Beazley’s reinsurance arm said today it has added workplace violence cover to its specialist products available to US insurers.
Beazley has created a hotline for the workers of its employment practices liability customers in the US in response to an increased focus on sexual harassment in the workplace.
Twenty-six North American P&C (re)insurers reviewed by Fitch saw a calendar-year combined ratio above 100% in 2017, up from 11 companies in 2016, according to a report issued by the ratings firm today.
As the US grapples with foreign agents hacking into energy infrastructure, insurers will have a difficult time assessing the premium growth impact of cyber security threats to the nation’s power grid, according to AM Best.
CyberCube Analytics, a risk analytics provider backed by computer security software maker Symantec, is taking aim at what is expected to be a $20bn market within a decade.
The increased adoption of artificial intelligence (AI) will both solve problems and create new challenges for the insurance industry, according to Allianz.
Lawmakers in Tallahassee have once again failed to tackle the assignment of benefits (AOB) crisis that reform advocates say is rapidly pushing up insurance rates and dragging down the Florida economy.
JLT Specialty USA, a U.S. subsidiary of Jardine Lloyd Thompson Group plc. (JLT), has brought on Josh Forbes to work on specialized solutions for real estate clients.
The insurance industry is largely unequipped to collect, analyse and use data created by Internet-connected devices such as telematics, wearables, and home appliances, despite a widespread recognition of the information’s strategic importance, a new survey shows.
Michael McRaith, the first-ever director of the Treasury Department’s insurance office, will join a new unit Blackstone has formed to advise insurers on asset management, the New York private equity firm said today.
Preliminary results reveal the US property and casualty sector reported a net underwriting loss of $23.5bn for catastrophe-afflicted 2017, according to AM Best.
Catastrophe modelling firms were taken to task by Mike Millette, managing partner of Hudson Structured Capital Management, after he criticised the broad range of estimates provided for Hurricanes Harvey, Irma and Maria.
