Industry News
Loeb’s Third Point Re Soars on Investment Returns; Combined Ratio Climbs
Third Point Reinsurance Ltd., the company that counts on hedge fund manager Dan Loeb to oversee investments, posted its biggest profit since 2013 as his portfolio rebounded. Second-quarter net income ...
Allianz’s Q2 Profit Plunges by Nearly Half, Missing Estimates
Allianz SE said second-quarter profit almost halved, missing estimates, as Europe's biggest insurer faced higher claims from natural disasters and charges for the expected sale of its South Korea ...
CROs in Place at Less Than 40% of Insurers: A.M. Best Survey
While more than 40 percent of insurers leave risk officer responsibilities to their chief executive officers or chief financial officers, just under 40 percent have a designated chief risk officer, ...
State Auto Lost $24.6M in Q2; Catastrophe and Auto Losses to Blame
Higher catastrophe and auto losses helped drive State Auto Financial Corp.'s 2016 second quarter into the red. The Columbus, Ohio-based super regional insurer reported a second quarter 2016 net loss ...
Berkshire Hathaway Reportedly Draws Federal Scrutiny of Wells Fargo Investment
Warren Buffett's Berkshire Hathaway Inc. is well known as a tapestry of modern capitalism for its ownership of dozens of companies and investments in dozens more. Now that interconnected web is ...
UK Insurers RSA, Aviva Shake off Brexit Fallout With Higher Profits
Insurers Aviva Plc and RSA Insurance Group Plc shrugged off any fallout from the Brexit referendum by reporting higher first-half profit and increasing shareholder payouts. The shares rallied in ...
Guidewire Software Grabbing FirstBest for $34M in Commercial Risk Biz Expansion
California's Guidewire Software plans to snatch up FirstBest Systems for $34 million in cash, a deal it said will boost its capacity to serve property/casualty insurers focused on complex commercial ...
China Floods Caused $33B in Economic Damage in July; Insurance Covered Little
Floods caused $33 billion in economic damage in China through July, but very little is covered by insurance, according the new catastrophe report from Aon Benfield's Impact Forecasting. Barely 2 ...