QBE
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Modest increases to reinsurance costs were partly offset by the Australia cyclone pool. -
Initial spread guidance for the three-year bond is set at 425-500bps.
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The underwriter will report to Kristina Maffit.
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The Australian insurer will have $1.7bn of core XOL cover this year.
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The carrier said it anticipated central estimate developments of around $180mn, including $40mn of crop adverse development.
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The firm noted prior-year development on cat events that primarily occurred in late 2022.
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The underwriter will work on developing the Bermuda platform and strengthening the global property proposition.
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More rain is forecast for Auckland, with three 'heavy rain warning – red' notices issued today.
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The carrier has become the latest in a string of reinsurers unwilling to write retro at 1 January.
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The insurer’s expected full-year combined ratio is 94% and constant currency GWP growth 10%.
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The two insurers are believed to provide in excess of 20% of the cat MGA’s capacity.
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Chris Killourhy joined QBE in June 2015 and has held several roles in the company, including chief actuarial officer and CFO of QBE’s Australia Pacific division.
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The company’s net cat loss fell by 1.7% to $454mn year over year.
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QBE Re CUO Peter Wilkins will step into the role until a suitable replacement is found, the company said.
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A restructure will see a global product leader appointed for all QBE Re’s business lines.
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The firm’s worldwide cat top layer grew by 75%, but its “top or drop” limit declined 25% and aggregate deductibles increased.
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The reinsurer is expanding its Bermuda presence under the leadership of Tracey Gibbons.
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The reinsurer has also appointed Greg van der Made as treaty underwriter and David Cary as underwriting manager.
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The facility is the second in South America for the firm, which established a local presence in Argentina in 2016.
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The loss portfolio transfer gave an exit solution to investors in the ILS-backed legacy fund.
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QBE Re has appointed Attilio Tornetta as head of Africa in a bid to grow its treaty hub for the continent.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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The Australian carrier expects a $1.5bn annual loss amid Covid losses and claims development.
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Shares in the Australian carrier slumped 12% following the disclosure.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
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The carrier plans to raise A$750mn in new equity capital to help shore up its balance sheet, and has further eroded its aggregate reinsurance.
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The executive will work alongside outgoing chief Richard Pryce for the next few months.
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The latest estimate is marginally below a previously disclosed $75mn UK BI claims cap.
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The exit follows an investigation into “workplace communications” reportedly stemming from a complaint within QBE North America.
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Accounting for expected H2 cat losses, the $500mn cover is only $20mn away from triggering.
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The Australian insurer had a relatively low reinsurance trigger on its UK BI loss exposure.
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Bushfire losses make up just over 40 percent of the total claims bill.
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A Hiscox group is seeking £52mn while lawyers for a QBE group action have secured funding.
