French mutual Covea and Bermudian reinsurer PartnerRe announced they had reached a memorandum of understanding by which Covea would purchase Partner for $9bn cash, plus a $50mn cash dividend.
Universal’s earnings were badly hit by a combination of reserve charges and the recognition of prior-year losses that totaled more than $100mn and pushed underwriting margins into much further negative territory than a year ago.
Heritage held its earnings call Friday, echoing comments from fellow Floridian FedNat that AOB-related claims had fallen substantially since reform enacted in the middle of last year.
Third Point attributed its recent turnaround to the transition to a more well-rounded “specialty” reinsurer focused on underwriting profit, and away from the float-generating strategy that marked its early days.
FedNat shed light on improvements in the Florida market following AOB reform, but emphasized the tort environment still presents problems and is driving the company to pursue growth outside the state.
