Articles
Insurance
Specialty insurer Beazley expects the cost of claims arising from the 2018 California wildfires to be around $40 million, net of reinsurance. 6 December 2018
Insurance
US-based property/casualty insurer The Hartford expects an impact of $350 million to $365 million pre-tax, primarily from the Camp Fire in northern California, in the fourth quarter of 2018. 5 December 2018
Insurance
Zurich Insurance Group wants to improve the performance of its commercial insurance business in North America in order to lower the combined ratio of its overall operations in the region. 5 December 2018
Insurance
American International Group (AIG) has appointed Mark Lyons as executive vice president and chief financial officer (CFO), succeeding Sid Sankaran. 5 December 2018
Insurance
Chubb believes that it can achieve more than $350 million in savings by year-end 2022 and $500 million by year-end 2023 through the use of robotics and artificial intelligence (AI) as it eliminates low-value activities, according to a December 2018 investor presentation. 4 December 2018
Insurance
Fitch Ratings has revised the sector outlook for US property and casualty (P&C) insurers to stable from negative. 4 December 2018
Insurance
Chubb expects an impact of approximately $225 million pre-tax, or $195 million after tax from the California wildfires in the fourth quarter of 2018. 4 December 2018
Insurance
AM Best has changed the Financial Strength Rating (FSR) to a Non-Rating Designation of F (In Liquidation) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “f” from “a-” of California-based Merced Property & Casualty Company. 4 December 2018
Insurance
Insured losses from the magnitude 7.0 earthquake that struck Alaska on Nov. 30, 2018 are likely to be limited by a low earthquake insurance take-up rate (about 9-12 percent for homeowners and higher for businesses) and high deductibles (10-20 percent of policy limit), according to Morgan Stanley Research. 4 December 2018
Insurance
US-based The Hartford has purchased Y-Risk, a managing general underwriter (MGU) specialising in the sharing and on-demand economy, from Allstar Financial Group. 3 December 2018
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