Insurance news

• RSA CFO Hotson says no further legacy sales planned

  23-02-2017 22:22
  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
  Insider.
  Speaking on the day RSA released record underwriting profit,
  Hotson said the legacy programme with the Bermudian has been
  completed.
  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...
  
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• Price to lead Integro's sports practice

  23-02-2017 19:26
  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..
  
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• Carnegie-Brown to retain most of non-exec portfolio

  23-02-2017 19:26
  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
  vice-chairman
  
  Read more

• Steve Lewis hails best RSA numbers in a decade

  23-02-2017 18:01
  
  UK CEO says insurer is now focused on organic growth and wants to make broker trade “easy”.
  
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• Whiplash bill introduced to UK parliament

  23-02-2017 17:02
  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
  claims.
  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...
  
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• Data shortfall hindering cyber growth: Deloitte

  23-02-2017 17:02
  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
  2015.
  Deloitte warned several obstacles would need to be overcome if
  cyber is to fulfill the most bullish growth expectations, which
  include an Allianz...
  
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• AGCS's Conran to run Scor specialty insurance arm

  23-02-2017 17:02
  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
  roughly $670mn.
  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
  
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• RSA says more than 900 jobs culled last year, as it looks to further efficiencies

  23-02-2017 15:49
  
  RSA made more than 900 redundancies last year and plans to make an additional £50m in cost savings.
  
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• Telematics data helps to disprove fraudulent car hire claim

  23-02-2017 15:46
  
  Information gathered from blackbox telematics has been used successfully to reveal a dishonest customer claim involving a hire vehicle.
  
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• Insurers pledge to pass on 100% of whiplash savings

  23-02-2017 15:10
  
  Insurers pledge to pass on 100% of whiplash savings from the government’s crackdown
  
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• UAE insurers back in black: AM Best

  23-02-2017 14:41
  The United Arab Emirates (UAE) insurance market returned to
  profit in 2016 after taking an aggregate market loss of $39mn in
  2015.
  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
  year.
  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
  caused
  
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• Scor hires Conran as business solutions head

  23-02-2017 14:41
  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
  
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• RSA shares rise on underwriting earnings

  23-02-2017 14:41
  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
  
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• Hicks warns of cracks in insurers' profitability

  23-02-2017 14:41
  Alleghany president and CEO Weston Hicks has warned that cracks
  are starting to appear in insurers' underwriting accounts and
  loss reserves.
  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
  
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• ERS falls to 2016 underwriting loss

  23-02-2017 14:41
  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
  discount
  
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• Draper joins Navigators for London casualty push

  23-02-2017 14:41
  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
  
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• PI law firms face an 'over 20% income cut'

  23-02-2017 14:30
  
  Law firms face losing more than 20% of income gained through road traffic accident related injuries.
  
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• PI firms will have 'no other choice but to close' following whiplash reform

  23-02-2017 14:30
  
  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.
  
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• Expected discount rate cut shaves £10m profit from ERS

  23-02-2017 14:02
  
  The expected discount rate reduction has shaved off £10m of profit from motor insurer ERS.
  
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• London raid after car repair data breach

  23-02-2017 13:57
  
  London house raided after car repair data breach
  
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• Solvency II risk margin is ‘fundamentally flawed’: PRA

  23-02-2017 13:23
  
  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.
  
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• Axa to "invest heavily" in brokers and innovation

  23-02-2017 12:54
  
  Group CEO for UK & Ireland, Amanda Blanc, says insurer sees continued growth in motor and across commercial lines.
  
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• Swiss Re records major miss on Q4 results

  23-02-2017 12:07
  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
  thesis.
  The miss was driven by worse-than-expected
  performance in the corporate solutions and life capital division,
  with underlying results in t
  
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• Swiss Re CUO Weber to step down

  23-02-2017 12:07
  Swiss Re has announced that its group chief underwriting officer
  Matthias Weber will step down on 30 June after 25 years at the
  reinsurance giant.
  He will be replaced by Edouard Schmid, who is currently head of
  property and specialty reinsurance and has been with Swiss Re since
  1991.
  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...
  
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• RSA core profits up on improved underwriting

  23-02-2017 12:07
  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
  
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• Perils pegs Egon loss at EUR212mn

  23-02-2017 12:07
  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
  region.
  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
  
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• Opinion: Fairfax M&A fight

  23-02-2017 12:07
  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,
  after all.
  Even Validus's deal disruptor Ed Noonan seems to have
  mellowed with...
  
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• Canadian Broker Network appoints chairman

  23-02-2017 12:07
  Canadian Broker Network (CBN) has appointed Mike Robinson, the
  president and CEO of member company PBL Insurance, as its chairman.
  Robinson will replace Tim Miller, who is president of Capri
  Insurance Services and has been chairman at CBN for the past three
  years.
  The CBN includes Capri Insurance Services; CMW Insurance
  Services; Lawrie Insurance Group; McLean Hallmark Insurance Group;
  PBL Insurance, Rogers Insurance; Smith, Petrie, Carr & Scott
  Insurance; South Western Group and digital com
  
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• Axa Corporate Solutions profit falls as revenues stay flat

  23-02-2017 12:07
  Full-year underlying earnings at Axa Corporate Solutions fell 9
  percent year-on-year to EUR122mn ($128mn) as revenue growth at the
  specialty unit remained flat.
  Economic gross revenues at Axa Corporate Solutions stood at
  EUR2.3bn for 2016, consistent with the previous year.
  Full-year pre-tax underlying earnings at Axa's P&C
  division, which includes Corporate Solutions alongside retail and
  commercial operations, fell 3 percent year-on-year to EUR3.5bn,
  driven by a weaker underwriting performa
  
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• Axa CEO: Discount rate cut could wipe out benefit from whiplash reform

  23-02-2017 11:10
  
  The reduction of the discount rate may wipe out any reduction in premiums that consumers might see from whiplash reforms, the CEO of Axa has warned.
  
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• Operating profits in UK up to £259m at RSA

  23-02-2017 10:57
  
  COR improved however net written premium fell in the insurer's 2016 results.
  
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• Axa sees profits rise by 12% in 2016

  23-02-2017 10:51
  
  Axa has seen underlying profit rise by 12% to £263m in the UK and Ireland business.
  
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• Government to bring in fixed tarrifs for whiplash pay-outs

  23-02-2017 10:50
  
  Claims without medical evidence to be banned.
  
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• Government to bring in fixed tariffs for whiplash pay-outs

  23-02-2017 10:50
  
  Claims without medical evidence to be banned.
  
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• Revenue up at Axa UK & Ireland as COR holds steady in 2016

  23-02-2017 10:49
  
  The insurer delivered 8.1% revenue growth with a COR of 97.3%.
  
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• Government whiplash bill unveiled

  23-02-2017 10:17
  
  Government whiplash bill unveiled, raising the small claims limit and setting tariffs
  
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• Government unveils whiplash bill

  23-02-2017 10:17
  
  The government unveils whiplash billl raising the small claims limit and setting tariffs
  
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• Products round-up: Providers deliver a variety of products

  23-02-2017 10:10
  
  Motorised objects might be the flavour of the month, but providers have once again brought a variety of products to market to entice all
  
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• Review: Cyber service

  23-02-2017 10:05
  
  Thomas Miller Speciality Cyber Risk Insurance
  
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• ERS reports small profit for 2016

  23-02-2017 10:00
  
  Motor insurer posts COR of 103% following adjustments made to meet the expected discount rate cut.
  
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• Discount rate impact slashes millions from ERS profit

  23-02-2017 10:00
  
  Lloyd’s motor insurer takes big charge to prepare for discount rate impact
  
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• AXA UK & Ireland profit and revenue rise

  23-02-2017 09:58
  
  AXA UK & Ireland profit comes despite flat underwriting performance
  
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• Government to raise small claims track limit for whiplash to £5000

  23-02-2017 09:57
  
  The Ministry of Justice has confirmed that there will be fixed tariffs capping whiplash compensation payouts.
  
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• RSA's profit climbs 25% in 2016 as annual cost savings hit £290m

  23-02-2017 09:15
  
  RSA's UK operating profits increased 76% in 2016 to £259m - the best result in a decade.
  
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• RSA UK profit jumps despite commercial motor hit

  23-02-2017 08:50
  
  Company hails ‘best underwriting result in over a decade’ as RSA UK profit jumps
  
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• Aviation Claims: Winging it

  23-02-2017 08:00
  
  Despite a number of air accidents over the past few years, safety when flying has improved dramatically. However, overcapacity and a lack of profitability could be affecting the market
  
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• TransRe binds $150mn for GenRe in broker market tie-up

  23-02-2017 03:26
  TransRe has bound over $150mn of projected premiums for Gen Re
  under the exclusive broker market underwriting relationship the
  reinsurers entered into at the start of August 2016.
  The disclosure was made by Weston Hicks, president of TransRe
  parent Alleghany, in his annual letter to shareholders released
  late today in New York.
  Under the deal, TransRe manages Berkshire Hathaway subsidiary
  Gen Re's broker market treaty business in the US and Canada for
  five years.
  Hicks said that signing up to...
  
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• XL Group CFO Porrino to retire

  23-02-2017 01:19
  XL Group's chief financial officer Peter Porrino is set to
  retire as current group controller Stephen Robb prepares to take
  over, the Bermuda-based carrier announced today.
  Porrino will step down at the beginning of May after six years
  at XL that saw him act as a steward for its acquisition of Catlin
  in 2015.
  The executive is expected to stay on as a part-time advisor to
  XL's group CEO Mike McGavick.
  In a statement, McGavick said: "I look forward to...
  
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• HCI shares climb 10% on earnings beat

  23-02-2017 01:19
  HCI Group led a mini-bounce in Florida stocks after the
  company's earnings beat received a positive response from
  analysts, despite underwriting challenges in the state.
  Although the homeowners' writer reported a 105 percent
  combined ratio for the fourth quarter, operating earnings per share
  of $0.19 were significantly better than the Wall Street consensus
  forecast of a $0.17 loss.
  The carrier's shares jumped 10.4 percent to close at
  $47.61.
  Shares in Universal ended trading 4.4 percent higher a
  
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• Greenlight Re swings to a profit but misses estimates

  23-02-2017 01:19
  Greenlight Capital Re posted net income of $49.2mn for the
  fourth quarter of last year, missing the consensus view of three
  Wall Street analysts even as investment gains lifted the reinsurer
  into the black from a year-earlier loss.
  Net income per share came to $1.31, Greenlight said late today
  in a regulatory filing. Analysts had looked for $1.52 a share,
  according to data from MarketWatch.com.
  While net earned premiums rose almost 14 percent compared with
  the year-earlier quarter, Greenlight sa
  
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