Underwriting
Third Point Re, Sirius to Merge in $788M Deal
Third Point Reinsurance and Sirius International Insurance Group, a global multi-line insurer and reinsurer, have agreed to merge in a cash and stock transaction worth $788 million. The new company ...
For State Auto, a Q2 Combination of Operating Losses and Rate Hikes
Healthy rate increases and new business helped State Auto Financial Corp. eke out a small profit in the 2020 second quarter. Overall results, however, were mixed with underwriting operations losing ...
Citing Social Justice, Root Pledges to End Credit Scoring for Auto Insurance Pricing
Root Insurance pledged to eliminate the use of credit scoring from its car insurance pricing model by 2025, a move the InsurTech said will help remove bias and discrimination from the process. ...
COVID-19 Event Cancellations, Storms Mar Liberty Mutual’s Second Quarter
Liberty Mutual Holding Co. reported a net loss of $320 million for the second quarter versus net income of $397 million for the same quarter last year. The loss reflected the impact of COVID-19, ...
AXA CEO Expresses Confidence in XL Biz After Coronavirus-Related Losses
The CEO of AXA on Thursday expressed confidence in the French insurer's company-focused XL Group after the business reported a loss in the first half following a spike in COVID-19-related claims. AXA ...
Multiple CNA Commercial Lines Took a Q2 COVID-19 Hit
CNA Financial Corp. saw its 2020 second quarter net income sliced almost by half compared to the previous year due to "considerable catastrophe losses" from COVID-19, civil unrest and weather-related ...
U.S. Reportedly Pursuing Nearly $13B of Claims in Purdue Pharma Opioid Probes
U.S. prosecutors are pursuing possible penalties of nearly $13 billion to resolve investigations of OxyContin maker Purdue Pharma after uncovering evidence of criminal and civil misconduct stemming ...
Allianz Q2 Net Profit Dropped Nearly 30 Percent, Shaped by Coronavirus Uncertainty
German insurer Allianz on Wednesday posted a 29% fall in net profit in the second quarter from a year earlier and shied away from updating its full-year profit guidance as the coronavirus pandemic ...