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Allstate cat losses; new AmTrust sale talks; D&O reserving gap


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Allstate cat losses; new AmTrust sale talks; D&O reserving gap

Premia Holdings Ltd. is in talks with AmTrust Financial Services Inc. to buy the parts of its Lloyd's of London operation, AmTrust at Lloyd's Ltd., that are not being sold to Canopius AG, The Insurance Insider reported.

Allstate Corp. sustained estimated catastrophe losses of $151 million, pretax, or $119 million after tax, in February. The losses stemmed from 10 events that had a combined estimated pretax cost of $140 million, or $111 million after tax, plus unfavorable reserve re-estimates of prior reported catastrophe losses.

The U.K.'s Prudential Regulation Authority is planning to probe insurers' climate change resilience in April as part of a stress test of the insurance market, according to Bank of England Governor Mark Carney.

Liberty Specialty Markets Ltd. completed the redomicilation of its European insurance company, Liberty Mutual Insurance Europe SE, to Luxembourg ahead of Brexit.

Policyholders of Canada's Economical Insurance Group Ltd. overwhelmingly voted for the company's demutualization process to move forward. Also, Britain's Liverpool Victoria Friendly Society Ltd. is planning to convert to a company limited by guarantee from a friendly society.

Japanese catastrophe excess of loss coverage premiums are expected to see pricing increases in the range of 8% to 10% across programs in the upcoming renewals, The Insurance Insider reported. Sources said loss-affected wind layers will likely see increases of about 25% while earthquake layers are expected to renew flat. Incoming Scor Global P&C SE CEO Jean-Paul Conoscente said reinsurers are generally more optimistic about achieving price increases at this year's remaining renewal dates, the publication added.

The Insider also reported that Japanese mutual insurer Zenkyoren will place an additional top layer of ¥100 billion when it renews its reinsurance coverage.

There is a reserving gap of $3 billion to $5 billion in the other liability claims-made insurance space, mostly from directors' and officers' coverage, Transatlantic Reinsurance Co.'s chief underwriting officer for North America, Paul McKeon, said at an Insider event yesterday.

After a two-year hiatus, FWD Group Management Holdings Ltd. revived talks with Thailand-based Siam Commercial Bank PCL on the possible acquisition of the latter's life insurance operations, Bloomberg News reported. The parties sealed a preliminary agreement on a potential life insurance partnership, the lender disclosed in a filing.

Hyundai Marine & Fire Insurance Co. Ltd. decided to leave a South Korean digital-only bank consortium led by Viva Republica Co Ltd., operator of the Toss mobile peer-to-peer payment platform, following Shinhan Financial Group Co. Ltd.'s departure, The Korea Economic Daily reported March 21, citing industry sources.

The European Union offered to postpone the U.K.'s departure from the bloc until May 22 if the U.K. Parliament hammers out an elusive Brexit deal in the next week, and also offered a new brake against a no-deal Brexit, giving London until April 12 to decide on its course of action if its lawmakers again fail to reach an accord.

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Possible Wells Fargo deal could extend Principal's reach in 401(k) market: With $206.4 billion in retirement plan assets, Principal Financial's executives have recently emphasized the importance of scaling their business, something they may get in their reported deal talks with Wells Fargo over the bank's retirement unit.

Majority of air ambulance transports in '17 were out of network, GAO report says: Nearly 70% of air ambulance transports in 2017 were out of network, according to a Government Accountability Office report. The report also says that transport prices have risen by 60% since 2012.

Higher reinsurance costs may impact ratings for Fla. property insurers: Chart Watch: Rating agency Demotech cautioned Florida insurers that their current ratings could be impacted if the cost of reinsurance rises.

In other parts of the world

Asia-Pacific: 3 central banks keep rates steady; Anbang selects buyer for wealth units

Europe: EU tables short Brexit delay; Swedbank to boost AML controls; Deutsche guidance

Middle East & Africa: Dubai payments firm to change name; Saudi regulator approves SABB-Alawwal merger

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, Hang Seng rose 0.14% to 29,113.36, while the Nikkei 225 gained 0.09% to 21,627.34.

In Europe, around midday, the FTSE 100 was down 0.83% to 7,294.13, and the Euronext 100 decreased 0.99% to 1,037.66.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

On the macro front

The PMI Composite FLASH, the Existing Home Sales report, the Wholesale Trade report, the Baker-Hughes Rig Count report and the Treasury Budget is due out today.

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