Alleghany

Berkshire’s $911mn Q1 UW gain propelled by Geico’s shift to $703mn UW profit

Berkshire Hathaway’s underwriting profit climbed to $911mn in the first quarter - from $167mn a year ago - propelled by auto insurer Geico’s dramatic swing to a $703mn gain after having a $178mn underwriting loss a year ago.

AM Best upgrades Alleghany units after Berkshire puts support in place

AM Best has removed from under review with positive implications and upgraded the financial strength rating (FSR) to A++ (Superior) from A+ (Superior) of Alleghany subsidiaries TransRe, RSUI and CapSpecialty following new ultimate parent Berkshire Hathaway putting in place “significant internal reinsurance support”.

Alleghany expected to retain more net as S&P and Moody’s upgrade ratings on BH deal close

Following its acquisition by Berkshire Hathaway, Alleghany has been upgraded by S&P Global Ratings and Moody’s while AM Best placed its ratings for the Joe Brandon-led company under review with positive implications.

McCrorie takes over from Leonard as RSUI CEO

Phillip McCrorie has taken the reins at RSUI as CEO, with Dave Leonard set to retire from the Alleghany E&S carrier platform.

Alleghany unit sues trading company over coverage for spoofing lawsuit

RSUI, the excess and surplus lines subsidiary of Alleghany, has sued trading and technology company Tower Research Capital (TRC) seeking a declaratory judgment that no coverage exists under its excess liability policy for a settlement related to futures manipulation.

Alleghany highlights profitable 2020 growth opportunities after Q4 UW loss

TransRe and RSUI parent Alleghany reported an underwriting loss from its (re)insurance operations of $199mn for the fourth quarter and a big group earnings miss as its results were impacted by $284mn of catastrophe losses and reserve charges at CapSpecialty.

E&S carriers reveal rate hikes accelerating and broadening into 2020

Management for the parents of major excess and surplus lines (E&S) writers Lexington and RSUI have revealed impressive statistics for just how much rates and submissions changed in the fourth quarter.