Insurance news

• Retention payments outstrip UK settlement at AJG

  30-10-2015 21:35
  Analysts have grilled AJ Gallagher (AJG) about the impact of the
  retention bonuses paid to staff in the wake of the broker's
  former international CEO David Ross defecting to Towergate.
  In the earnings call following AJG's third quarter results,
  Robert Glasspiegel, analyst at Janney Montgomery Scott, asked for
  clarification on the "incremental expenses" generated
  from the retention bonuses.
  Speaking to CFO Douglas Howell, Glasspiegel noted that while the
  UK settlement was "good news" as it brough
  
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• AIG job cuts anticipated as market awaits Q3 results

  30-10-2015 21:35
  All eyes will be on AIG early next week as anticipation mounts that
  it will use its third quarter results and earnings call to unveil
  meaningful cost-cutting measures that will include a headcount
  reduction.
  In recent weeks well-placed market sources have provided growing
  anecdotal evidence of a cost rationalisation programme being
  instituted by AIG that will include a plan to meaningfully reduce
  its estimated 65,000 workforce.
  And potential cost-cutting measures at the US insurance giant
  have b
  
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• London heads to Dubai for inaugural Islamic Insurance conference

  30-10-2015 18:14
  
  Peta Fuller Postonline The Islamic Insurance Association of London (IIAL) will hold its first conference with the Islamic insurance and risk community in Dubai next Sunday (8 November) to see how the sector can move to the next level.
  
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• US commercial P&C rates down 3.1%: CIAB

  30-10-2015 17:07
  US commercial P&C rate softening continued apace in the
  third quarter as prices dropped 3.1 percent on average, according
  to the latest survey from The Council of Insurance Agents &
  Brokers (CIAB).
  The downward trend was not quite as steep as in the second
  quarter, when rates dropped by 3.3 percent, but represented the
  fourth consecutive quarter of softening for the sector.
  CIAB president and CEO Ken Crerar commented: "We continued
  to hear from our members that this is a...
  
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• Almost a quarter of CMCs warned or lost accreditation in 2014

  30-10-2015 16:29
  
  James Verrinder Postonline The Association of British Insurers has calculated that 23% of claims management companies either lost their accreditation or were formally warned about unscrupulous practices last year, according tothe incoming president of the Forum of Insurance Lawyers.
  
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• High Court dismissal of Stoke City assault case 'good news' for insurers

  30-10-2015 15:15
  
  Callum BrodiePostonline A High Court judge’s decision to dismiss allegations relating to a historical assault case involving former Stoke City Football Club goalkeeper Peter Fox and apprentices at the club should be welcomed by insurers, according to law firm Hill Dickinson.
  
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• Tax costs could rise for UK insurers after European Commission cancels review

  30-10-2015 14:31
  
  Peta Fuller Postonline An ongoing review abandoned by the European Commission on Wednesday (28 October) could increase the tax burden for UK insurers.
  
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• London grows but position under threat: IUA

  30-10-2015 13:58
  The company market in London grew modestly in 2014 in the face
  of softening rates, but its pre-eminent position within the
  specialty (re)insurance market remains challenged, according to new
  research published today (29 October) by the International
  Underwriting Association (IUA).
  In its latest report, the IUA said that the volume of company
  market business written in EC3 had risen by 2.5 percent to
  £15.9bn ($24.3bn) in 2014.
  However, owing to a 5.2 percent reduction to £7.08bn in th
  
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• Asia Capital Re facing $26mn Tianjin loss

  30-10-2015 13:58
  Singapore's biggest reinsurer Asia Capital Re (ACR) has
  estimated its net Tianjin loss at just $26mn, or 3.7 percent of
  year-end shareholder equity.
  The loss is lower than many in the market had been expecting,
  but is still by far and away the biggest disclosed within its peer
  group so far relative to the size of the company.
  Most other reinsurers with exposure have declared losses equal
  to around 1 percent of equity.
  Swiss Re said yesterday (28 October) that...
  
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• Aon Benfield organic revenue falls 4%

  30-10-2015 13:58
  Aon has blamed "an unfavourable market", a
  "modest" decline in facultative placements and
  "unfavourable timing" for a 4 percent decrease in organic
  revenue at its reinsurance broking arm in the third quarter.
  The Risk Solutions business - which includes insurance and
  reinsurance broking - recorded a 1 percent increase overall in
  terms of organic growth over the period, driven by the retail
  segment with growth of 2 percent.
  In the Americas, organic revenue increased by 4 percent driven
  by growth.
  
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• AIG mulls mortgage unit sale: reports

  30-10-2015 13:58
  American International Group (AIG)'s board is considering a
  spin-off or sale of its $5bn mortgage insurance business, according
  to the Wall Street Journal.
  The mortgage insurance operation is a relatively small part of
  the business, representing just 5 percent of pre-tax operating
  profit during the second quarter of this year, although it posted
  the largest increase in pre-tax income during the first half of
  2015.
  The Wall Street Journal said discussions were
  understood to have been underway for
  
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• Get smart with phones

  30-10-2015 13:47
  
  App developer Richard Barlow says brokers must be alert to the impact of smartphone-only solutions on the car insurance market.
  
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• Ryan Brown to leave Towergate as Mugge reshapes finance team

  30-10-2015 13:45
  
  Broking group hires two from RSA and one from Deloitte
  
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• Ex-DLG and Flood Re boss Woolgrove moves to ‘challenger’ bank

  30-10-2015 13:30
  
  Peta Fuller Postonline Former Direct Line Group personal lines managing director Tom Woolgrove has taken on an interim role as deputy CEO for Oak North Bank, an SME-focused challenger to established high street brands.
  
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• Third quarter 2015 profits down at Aon

  30-10-2015 13:21
  
  Aon's international retail brokerage suffers Q3 fall in revenue.
  
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• M&A director Ryan Brown exits Towergate

  30-10-2015 13:15
  
  Broker confirms three departures.
  
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• Blanc urges industry to 'talk normally' as climate change threat looms

  30-10-2015 13:13
  
  AXA chief Amanda Blanc was talking at a climate change and SME conference in Paris
  
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• Aon broking profit falls 16% in year to date

  30-10-2015 13:00
  
  Aon Risk Solutions reports 6% revenue drop but 2% organic growth
  
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• Jelf shareholders approve Marsh takeover

  30-10-2015 11:48
  
  Deal expected to be completed in December.
  
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• SME business premiums rise 7% for Q3 as industry prepares for IPT hike

  30-10-2015 11:46
  
  Study also found that business insurance was, on average, 12% higher than in 2010
  
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• Home insurance premiums fall in year-on-year ABI statistics

  30-10-2015 11:45
  
  Peta Fuller Postonline The annual cost of a combined building and contents policy has fallen, with the average £290 figure down compared to this time last year but up slightly on the previous quarter, according to Association of British Insurers data.
  
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• Aviva CEO Wilson blasts ‘scandal' of data buying industry

  30-10-2015 11:39
  
  James Verrinder Postonline Aviva group CEO Mark Wilson says his staff are regularly approached by claims management companies looking to buy data from them.
  
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• ABI: IPT hike will push up home premiums

  30-10-2015 11:20
  
  Average premium for combined buildings and contents policy fell 1.8% in Q3
  
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• London company market premium totals almost £23bn in 2014

  30-10-2015 11:14
  
  Callum BrodiePostonline The London company market chalked up an overall premium total of £22.943bn last year, a report by the International Underwriting Association has shown.
  
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• Broking Break: Top five this week

  30-10-2015 11:11
  
  Does the broking world ever slow down? Catch up on the top five stories from this week.
  
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• Broker Apprentice 2015: Nick Magee

  30-10-2015 11:04
  
  Last but not least it's time to meet the final new apprentice for the upcoming 2015 series.
  
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• Quizzical questions: 30 October 2015

  30-10-2015 11:01
  
  Test your knowledge of the week’s news with our topical quiz.
  
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• Quiz of the week - 30 October 2015

  30-10-2015 11:00
  
  Post Online Postonline Test your knowledge of the week's insurance news, with the Post insurance quiz on the week.
  
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• State of the Insurer Nation Blog: Working in unison to combat insurance risks

  30-10-2015 10:30
  
  Stephen Lathrope Postonline Government and insurers need to cooperate against cyber crime as they already do against traditional risks.
  
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• My staff are being wooed by data criminals - Aviva boss Wilson

  30-10-2015 09:32
  
  Aviva boss calls data farming a ‘national disgrace’ 
  
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• Brokers using TalkTalk hack to sell cyber cover to clients

  30-10-2015 08:52
  
  Cyber insurance demand is gathering pace following spate of data breaches and hacks on UK firms 
  
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• Brokers using Talk, Talk hack to sell cyber cover to clients

  30-10-2015 08:52
  
  Cyber insurance demand is gathering pace following spate of data breaches and hacks on UK firms 
  
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• Tokio Marine and PICC agree to offer IP protection for Chinese companies

  30-10-2015 06:52
  
  Andrew Tjaardstra Postonline Tokio Marine Kiln has agreed with Chinese giant PICC to provide intellectual property infringement liability insurance to Chinese companies.
  
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• Universal Insurance profits jump 42%

  30-10-2015 02:16
  Floridian Universal Insurance Holdings experienced what it called
  "another record quarter" after reporting net income of
  $30.3mn from Q3.
  The result marks a 42 percent increase on the $21.3mn it
  reported for the same period last year.
  The carrier said the performance reflected an improvement across
  multiple measures including an increase in direct premiums written,
  net premiums written, net earned premiums, net investment income,
  commissions and policy fees.
  The group saw revenues increase by 51
  
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• Improved underwriting and Brit boost Fairfax Q3 results

  30-10-2015 02:16
  Improved underwriting performance across Fairfax Financial's
  insurance and reinsurance subsidiaries and the inclusion of recent
  acquisition Brit helped boost third quarter operating profits for
  the operations by 17 percent to $260.6mn.
  Meanwhile, the Canadian conglomerate's defensive hedging
  strategies helped it navigate a challenging investment climate and
  support group level profitability, with net earnings down only 8
  percent at $424.8mn.
  The consolidated combined ratio across the group's ins
  
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• Higher reserve releases help Validus to earnings beat

  30-10-2015 02:16
  Higher reserve releases helped offset losses from Tianjin and a
  Chilean earthquake at Validus Holdings as the Bermudian reported
  operating profits of $73.6mn for the third quarter.
  The performance was below the $84.9mn generated in the
  prior-year period, but at $0.86 a share was a modest beat on Wall
  Street consensus of $0.78 a share.
  Gross written premiums were up by a noticeable 11.9 percent,
  driven by the inclusion of Western World in results.
  Validus said the GWP growth was...
  
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