Swiss Re Corporate Solutions will start to write primary lead
layers for mid-sized corporations as it seeks to change the mix of
its portfolio to adapt to market conditions.
According to its full-year results presentation, Swiss Re
generated $4.1bn of premium through writing excess layers for large
corporations in 2016, making the carrier a top five to 10 player in
Swiss Re now aims to write additional primary lead premiums of
$1bn-$1.5bn by 2020, compared with what it...
- JLT Re has hired Annja Karlsson from Guy Carpenter to build its
Nordics team, after the reinsurance broker appointed a P&C head
for the region last year.
Karlsson follows in the footsteps of Anna-Karin Toresson, who
joined JLT Re as the P&C head for the Nordic region last year,
having worked at Guy Carpenter until last May, according to her
As well as hiring Karlsson, JLT Re has recruited Daniel
Knös as an actuarial analyst from
- Goldman Sachs Private Equity, Clayton, Dubilier & Rice
(CD&R) and Blackstone are among the bidders set to table offers
for $4bn US broker USI, The Insurance
USI was put up for sale last month by current owner Onex, a
private equity firm, with Bank of America retained to run an
It is understood that the first-round bid deadline is this week,
with a high single-digit number of offers anticipated.
Banking sources said that bids are likely to...
- Personal injury took on a new meaning for me this week when I discovered a bruised ankle picked up during a recent paragliding adventure was actually a bad break.
- Profits stable as technology provider ramps up investment.
- Bermudian reinsurer RenaissanceRe said on Tuesday (21 February)
that its board has authorised share buybacks worth $500mn.
In both May and August last year RenRe obtained authorisations
for $500mn in buybacks.
The reinsurer said on 31 January that it had bought back
$309.4mn in shares at an average share price of $112.87 in
At the Tuesday board meeting RenRe's board also voted to
increase its quarterly dividend from $0.31 to $0.32.
RenRe's shares closed yesterday in New York down...
- The grass is always greener on the other side, or so the idiom
This well-used phrase feels particularly pertinent to
(re)insurers right now. In an era of dwindling reinsurance margins
and persistent rating pressure, primary insurance - in particular,
specialty and commercial business - has been held up as a beacon of
hope, a promising diversifier to buoy the results of the most
property cat-heavy of carriers.
A number of reinsurers went down this path - Swiss Re, Berkshire...
- Broker says aim is to be fully digitised within three years.
- Brolly is now set to crowdsource a new logo following the dispute.
- Test your knowledge of the week's news with our topical quiz.
- The motor broker will provide Alps breakdown cover to customers with single and multiple classic car policies.
- Premium content: Clients and cusomers are all too often the ones that suffer, says Lockton’s Hammond
- Insurers expect to see as many storm claims in the next two days as they’ve seen for the whole of the year so far.
- Three state-owned Indian non-life insurers may be merged to
create a stronger company which would fetch a higher valuation in
an IPO, according to India's Economic Times.
Oriental Insurance, National Insurance and United India
Insurance have a combined market share of 34 percent and together
write direct premiums of over 33,000 crore rupees ($4.9bn).
The three firms were among five state-owned carriers to be
grantedin-principle approval from the Indian government to go public.A senior finance mi
- Full-year net income at Qatar Re grew by 52.3 percent to $38mn
for 2016, as net investment income more than tripled from a year
Net investment income surged to $32.7mn for the year, from $10.7mn
The investment performance offset a deterioration in underwriting
performance, which was impacted by an "unusually high"
frequency of man-made losses, as well as sizeable losses from
Hurricane Matthew and the New Zealand earthquake, Qatar Re said.
The full-year 2016 combined ratio incre
- Global general insurer Allianz has signed a four year sponsorship agreement with the Asian Football Confederation for three major cup competitions.
- The growing usage-based insurance market is an opportunity for insurers, but there are some barriers yet to overcome.
- Private and commercial vehicles with advanced automated functions are going to gradually enter the UK market over the next few years. In addition to changes to the regulations governing vehicle type-approval, a number of amendments need to be made to the UK's insurance framework.
- Managing general agent start-up WestCongress Insurance Services
is set to begin underwriting liability cover for oil-services
contractors and security companies after securing coverholder
status at Lloyd's.
Four industry veterans led by Richard Smith, a former First
Mercury CEO who was at the helm when it was acquired by Fairfax in
2011 for $294mn, have been developing the Detroit-based commercial
excess and surplus specialist for over a year.
"We've done a lot of leg work getting all the pieces
- Chaucer has taken a place at The Hanover's table under CEO Joe
Zubretsky, who outlined his strategy in detail to investors today
for the first time after taking over last year.
Chaucer, the London-based reinsurance group The Hanover acquired
in 2011, is counted as a main support for that strategy, which
involves using it as a launchpad to expand the company's
international specialty business.
The inclusion appears to have put to rest, at least for the
present, speculation that the...
- Fronting and programme specialist State National reported moderate
top and bottom line growth for the fourth quarter and full-year
The company, which acts as a front for Nephila, said total
revenues for Q4 climbed 9 percent to $60.1mn, including a 12
percent rise in ceding fees to $20.9mn.
Premiums earned were up 7 percent to $35.4mn, the Texas-based
Net income was 1 percent higher at $14.1mn, with Ebitda up 4
percent to $23.7mn and earnings per share...
- Augustin Gas has been named head of property in Scor's
Chicago-based US treaty team, The Insurance
Insider can reveal.
The executive was formerly head of Scor's global P&C
retrocession department, a position he took up in January 2012, and
has been with the reinsurer for 11 years.
In his new role he will report directly to Frank Coglianese, who
he effectively succeeds after the executive moved from head of US
property treaty to take over as P&C treaty reinsurance CUO...
- John Berger is stepping down as Third Point Re CEO with effect
from 1 March, the company has announced.
The former Harbor Point, Chubb Re and F&G Re executive will
remain chairman of the Bermudian's board and its underwriting
Berger, who launched Third Point Re in 2012, will be replaced by
the hedge fund reinsurer's current president and COO Rob
The announcement came on the day the company announced a $46.7mn
net loss for the fourth quarter, reversing...
- RSA Insurance Group are not planning any more big legacy deals
following its $1.2bn placement with Enstar on 7 February, UK and
international CFO Matthew Hotson has told The Insurance
Speaking on the day RSA released record underwriting profit,
Hotson said the legacy programme with the Bermudian has been
The deal forms part of a $1.5bn divestment programme under way
at RSA since 2014.
Hotson said: "I think we absolutely have completed all the
disposals that we have...
- Mike Price, who headed up entertainment and sports broker Esix when
it was acquired by Integro in 2015, has been promoted to lead the
intermediary's global sports practice.
In the new role, Price will be tasked with growing the sports
division by working alongside the broker's teams in North
America and the UK.
Based in Atlanta, he will report to Neil Clayton in London, who
leads Integro's global entertainment and sports practice.
Price joined Integro when Entertainment Insurance Partners, the..
- Incoming Lloyd's chairman Bruce Carnegie-Brown will continue
with his non-executive roles as chairman of Moneysupermarket Group
and vice chairman of Banco Santander.
Carnegie-Brown's decision to retain other non-executive
responsibilities, including the time-consuming role at Santander,
could suggest he will take a less executive approach to the
Lloyd's role than outgoing chairman John Nelson.
A spokesman for Santander told The Insurance
Insider that Carnegie-Brown would stay on as
- UK CEO says insurer is now focused on organic growth and wants to make broker trade “easy”.
- Legislation that will reduce whiplash compensation for motor
insurers began making its passage through parliament today, well
over a year after the UK government first mooted a crackdown on
The Prison and Courts Bill contains clauses that Justice
Secretary Liz Truss said would cut car insurance premiums by about
£40 ($47.4) a year per policy. It will introduce new fixed
tariffs, with an injury duration of no more than two years, and a
block on claims that aren't backed...
- Lack of data and insurer nervousness about a sudden aggregation
of claims is hampering the development of the cyber insurance
market, Deloitte said.
In a report on the sector, Deloitte estimated that the line of
business still only generates between $1.5bn and $3.0bn in annual
US premiums out of $505.8bn written by US domestic carriers in
Deloitte warned several obstacles would need to be overcome if
cyber is to fulfill the most bullish growth expectations, which
include an Allianz...
- French reinsurer Scor has named Rachel Conran as the new head of
its big-ticket insurance arm.
She will succeed Emmanuel Fierens as head of the unit, which
accounts for 12 percent of Scor's global P&C business, or
Fierens has moved across to become deputy head of underwriting
management and retrocession, reporting to head of underwriting
management Sylvie Van Viet.
The business solutions division was established in 2000 and has
been led by Fierens since his appointment in 200
- RSA made more than 900 redundancies last year and plans to make an additional £50m in cost savings.
- Information gathered from blackbox telematics has been used successfully to reveal a dishonest customer claim involving a hire vehicle.
- Insurers pledge to pass on 100% of whiplash savings from the government’s crackdown
- The United Arab Emirates (UAE) insurance market returned to
profit in 2016 after taking an aggregate market loss of $39mn in
According to an AM Best report that analysed the results of 29
listed Emirati carriers, UAE insurers made an aggregate profit of
$252mn in 2016, a "stark contrast" to the previous
Insurers in the UAE have faced mounting regulatory
pressure, with many carriers strengthening reserves. The Gulf
region has also experienced economic volatility since late 2014
- French reinsurer Scor has named Rachel Conran as its new head of
business solutions for the company's P&C operation.
She will succeed Emmanuel Fierens, who has been appointed deputy
head of underwriting management and retrocession, reporting to head
of underwriting management Sylvie Van Viet.
Conran will report to deputy CEO of Scor Global P&C and head
of specialty lines Benjamin Gentsch from 2 March.
She was previously global head of property at Allianz Global
Corporate & Specialty
- Shares in RSA Insurance rose almost 6 percent on Thursday after
it reported a 25 percent rise in full-year operating profits
following changes to underwriting processes.Operating profit rose to £655mn ($816.7mn) for the full
year, while earnings per share rose 42 percent to 39.5p, beating
the analysts' consensus of 36.0p. RSA shares were up 5.8
percent at 610.50 pence as of early afternoon in London.The total group underwriting profit of £380mn also beat the
analyst estimate of &poun
- Alleghany president and CEO Weston Hicks has warned that cracks
are starting to appear in insurers' underwriting accounts and
In commentary accompanying the carrier's results yesterday,
Hicks noted that while the insurance industry does a good job of
adjusting its prices to trailing loss experience, it historically
has not been good at calling inflection points in these trends.
"In the second half of 2016 cracks began to appear in the
foundation of the industry's underwriting acco
- Expected changes to the UK Ogden discount rate on assumptions used
to determine bodily injury claims pushed motor specialist ERS to an
underwriting loss for the full-year 2016.
The firm, which operates through Syndicate 218 at Lloyd's,
reported a full-year combined ratio of 102.3 percent and a trading
profit of £1.7mn for the year. The results included reserve
provisions made in anticipation of changes to the Ogden rate.
The UK government is expected to slash the 2.5 percent Ogden
- New York-listed carrier Navigators has hired former Chubb
international casualty manager David Draper to spearhead the growth
of its London casualty business The Insurance
Insider can reveal.
It is understood Draper will become head of international
casualty in Navigators' London operation.
He will write international general liability, life sciences and
environmental impairment liability business across Navigators'
Lloyd's and company market platforms.
Navigators has a modest casualty book in L
- Law firms face losing more than 20% of income gained through road traffic accident related injuries.
- More jobs could be lost as a result of the government's whiplash reforms than were lost in the South Wales steel industry last year, Access to Justice told Post.
- The expected discount rate reduction has shaved off £10m of profit from motor insurer ERS.
- London house raided after car repair data breach
- Solvency II is broadly fine but there are some bugs that need to be ironed out, the CEO of the Prudential Regulation Authority has said.
- Group CEO for UK & Ireland, Amanda Blanc, says insurer sees continued growth in motor and across commercial lines.
- Swiss Re surprised analysts this morning by
reporting group net income of $517mn for the fourth quarter of
2016, down 44.9 percent on the prior-year period and missing
consensus by 18 percent.
Bernstein analyst Thomas Seidl described the
headline results as "far below expectations", but said
the Q4 report did not materially affect his firm's investment
The miss was driven by worse-than-expected
performance in the corporate solutions and life capital division,
with underlying results in t
- Swiss Re has announced that its group chief underwriting officer
Matthias Weber will step down on 30 June after 25 years at the
He will be replaced by Edouard Schmid, who is currently head of
property and specialty reinsurance and has been with Swiss Re since
Swiss Re chairman Walter Kielholz said the firm "very much
regret[s]" Weber's decision, but respected his desire to
focus on his family.
"We will miss his experience and guidance as a...
- Operating profits at RSA rose 25 percent to £655mn ($816.7mn)
for the full-year 2016, as the company's underwriting reform
plan began to take effect.
Earnings per share rose 42 percent to 39.5p, beating the
analysts' consensus of 36.0p.
The total group underwriting profit of £380mn also beat the
analyst estimate of £361mn.
Pre-tax profit at the UK carrier was reported at £91mn,
which took into account a £204mn adjustment for its legacy
sale and £261mn of other
- Industry catastrophe loss data specialist Perils estimated that
there will be EUR212.0mn ($223.9mn) of insured losses from
extra-tropical cyclone Egon.
The storm struck parts of France and Germany on 12 and 13
January, bringing high winds, heavy rain and snowfall to the
Perils said the majority of the losses occurred in those two
countries, but that Austria, Switzerland and the Benelux states
would also likely suffer losses.
Perils CEO Luzi Hitz said Egon was the first European windstorm
- There is a tendency for attention to rapidly shift after a press
release hits the wires explaining that one public company has
agreed to be acquired by another.
A handsome premium to the undisturbed share price, unanimous
board support, break fees, irrevocable shareholder commitments - a
close normally seems a foregone conclusion as soon as they are
announced. Hostile deals are a fool's errand, a kamikaze run,
Even Validus's deal disruptor Ed Noonan seems to have
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