Travelers Cos. posted a 19% rise in first-quarter net income as catastrophe losses fell. Net income rose to $796 million as cat losses fell to $193 million net of reinsurance from $345 million in the prior-year quarter.
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While results varied by company, the industry reported an overall 7.7% increase in operating income.
Scor S.E.’s property/casualty reinsurance segment reported April 1 renewals growth as gross written premiums rose 9.6% at constant exchange rates to €548 million (US$616.0 million) on what the reinsurer called “broadly improving market conditions.”
Auto insurers getting back on track with reduced Loss & LAE and expense ratios.
Our outlook remains Negative, as the political and economic uncertainties associated with Brexit continue to weigh on the UK's non-life market.
Strong risk-adjusted capitalization, favorable operating performance, and pricing and underwriting initiatives drive Stable outlook.
Risk Partners’ Osborne: Distracted Driving Making Commercial Auto ‘a Difficult Market’
As states across the country move to legalize cannabis, insurers assess the risks but remain cautious of market entry.
Travelers Cos. posted a 19% rise in first-quarter net income as catastrophe losses fell.
April 18, 2019 Full Story
An extratropical cyclone dubbed Dragi-Eberhard has caused an estimated €740 million (US$832.6 million) in insured property losses, according to Perils A.G.
South Florida Insurance Agent Gets Prison Sentence in $1.4 Million FraudA federal judge has sentenced a South Florida insurance agent and broker to 33 months in prison after the agent pleaded guilty to creating phony contracts to secure $1.4 million in premium finance loans, which he used in part to pay traveling and gambling expenses.
Anbang Plans to Reduce Registered Capital by About One-ThirdAnbang Insurance Group, which was taken over by China’s insurance regulator in February 2018, plans to reduce its registered capital by about one-third.
Australia’s Prudential Regulator Releases New Enforcement Approach to Address Serious RisksThe Australia Prudential Regulation Authority has released details on the future role and use of enforcement activities in achieving its prudential objectives, according to a statement from the regulator.
New Zealand Creates First Climate Change Risk Assessment PanelNew Zealand’s Ministry for the Environment has created a framework for the first National Climate Change Risk Assessment with the appointment of an expert panel, according to James Shaw, the minister for climate change.
AM Best Assigns Issuer Credit Rating to Palomar Holdings, Inc. Following IPO; Affirms Credit Ratings of Member CompaniesAM Best has assigned a Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb-” to Palomar Holdings, Inc. [NASDAQ: PLMR] (Delaware), the ultimate parent and insurance holding company of Palomar Specialty Insurance Company (PSIC) (headquartered in La Jolla, CA) and Palomar Specialty Reinsurance Company Bermuda Ltd. (Palomar Re) (Bermuda). The outlook assigned to this Credit Rating (rating) is stable. Concurrently, AM Best has affirmed the Financial Strength Ratings (FSR) of A- (Excellent) and the Long-Term ICR of “a-” of PSIC and Palomar Re. The outlook of these ratings is stable. PSIC and Palomar Re are members of Palomar Holdings, Inc. These rating actions follow an initial public offering (IPO) for Palomar Holdings, Inc. on April 17, 2019.
BestWeek: Outgoing Nationwide CEO Sees Growing Sophistication in DistributionWith the announcement of his intention to retire as chief executive officer of Nationwide Mutual Insurance Co. in October, Steve Rasmussen said his hope is he has left the company prepared to “grow on a wide front as I walk out the door.”
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