Stocks

Hannover Re ceded 37 percent of its 2017 catastrophe losses to retro partners, passing on EUR662.6mn ($537.4mn) of claims throughout the year.

The Resilience Re platform run by Willis Towers Watson Securities has completed a $52.6mn ILS issuance, according to a Bermuda Stock Exchange announcement.

Markel Catco said that it had to create larger side pockets for its 2017 portfolio than in any previous year, as two-thirds of its year-end asset base was tied up pending loss development.

HCI Group CEO Paresh Patel said that the firm has had to re-open about 2,000 previously closed Irma claims, or about 11 percent of its original 18,000 total.

The Florida Hurricane Catastrophe Fund (FHCF) has dropped its estimate of losses it incurred as a result of Hurricane Irma to $2.04bn at 31 December.

The Resilience Re platform run by Willis Towers Watson Securities has completed a $60mn ILS issuance, according to a Bermuda Stock Exchange announcement.

French insurer Axa is to acquire XL Group for $15.3bn as it expands its property and casualty business.

State Farm announced a pre-tax operating loss of $1.7bn for its P&C companies in 2017, as last year's catastrophes took their toll.

RMS has appointed FinTech veteran Karen White as its new head replacing co-founder and CEO Hemant Shah.

Legacy insurer Quest and US investment firm Mangrove Partners have raised $300mn for a new Bermuda-based vehicle for legacy deals, sister publication The Insurance Insider has reported.

The Bermuda Business Development Agency (BDA) has revealed that 24 new licenses for special purpose insurers (SPI) were approved in 2017 - seven more than in 2016.

Special purpose insurance vehicle Panthera Re has issued $100mn of ILS notes, according to a Bermuda Stock Exchange listing.