Insurance news

• London must change to survive: Khoury-Haq

  05-11-2015 18:38
  The London market only has one more chance to reform its
  operating model before its future as the global centre of the
  specialty insurance industry is imperilled, according to the
  executive who is leading the market's ambitious change
  programme.
  In a galvanising speech at the Xchanging London Market
  Conference today (5 November), Lloyd's director of operations
  Shirine Khoury-Haq repeatedly stressed the importance of working
  together to deliver effective change following a string of failed
  initia
  
  Read more

• Investment downturn hits Munich Re Q3 profits

  05-11-2015 18:38
  The world's biggest reinsurer Munich Re reported a 36
  percent drop in its third quarter operating profit to EUR579mn
  ($632mn), on the back of lower investment results.
  The group's investment result - not including
  insurance-related investments - was down 8.3 percent to
  EUR1.5bn.
  Meanwhile, the firm's insurance-related investments fell to
  a EUR322mn loss in the third quarter.
  Munich Re's reinsurance division posted an operating profit
  of EUR424mn, down 29.7 percent on the EUR603mn recorded in the
  
  Read more

• Cost of delivering London policies 'horrifying'

  05-11-2015 18:38
  Hyperion CEO David Howden has said that the insurance market, and
  London in particular, is "rubbish" at efficiently
  delivering its product to customers.
  Speaking at the Xchanging London Market Conference, the
  insurance entrepreneur made an impassioned plea for more efficient
  distribution and processing.
  "We whinge when the banks take 0.05 percent as a
  transaction charge, but as insurers we often end up taking 50
  percent," he said. "If our clients knew how much of the
  premium was taken in deliver
  
  Read more

• Chaucer hires McDonagh from Zurich

  05-11-2015 18:38
  Laura McDonagh, an onshore energy underwriter from Zurich, has
  resigned to take up the role of deputy class underwriter at
  Chaucer, The Insurance Insider can
  reveal.
  McDonagh has worked at Zurich since she joined as a graduate,
  and in her new role will report to head of energy Kelan Hunt.
  It is the second departure from Zurich's energy team in as
  many weeks. On 29 October, The Insurance Insider revealed that John
  Swann, senior energy underwriter from Zurich's offshore team,...
  
  Read more

• Advertisement

• Allianz confirmed as Sharm el-Sheikh plane crash reinsurer

  05-11-2015 16:59
  
  James Verrinder Postonline Allianz Global Corporate and Specialty has confirmed it is the lead reinsurer for the downed Russian airliner in Sharm el-Sheikh, Egypt.
  
  Read more

• RSA’s Lewis: Brokers understood personal motor exit

  05-11-2015 14:59
  
  No more big withdrawals planned, UK chief executive insists
  
  Read more

• CII survey shows skills shortage in UK general insurance

  05-11-2015 13:22
  
  The skills shortage in UK general insurance has worsened - with figures from the Chartered Insurance Institute showing four out of five companies are struggling to get the expertise they need.
  
  Read more

• Zurich reports near 50% fall for UK GI profit

  05-11-2015 13:21
  
  COR deteriorates as GWP shrinks.
  
  Read more

• Advertisement

• Motor pricing driven by return to pre-Laspo environment, Lewis contends

  05-11-2015 12:33
  
  Katie Marriner Postonline RSA UK and Western Europe CEO Steve Lewis is not expecting to see a wholesale shift in the market landscape before year-end with a challenging motor pricing environment reflecting pre-Legal Aid, Sentencing and Punishment of Offenders Act 2012 trends.
  
  Read more

• Insurers diversify as struggle with shallow talent pool continues

  05-11-2015 12:04
  
  Peta Fuller Postonline The skills shortage in UK general insurance has worsened - with figures from the Chartered Insurance Institute showing four out of five companies are struggling to get the expertise they need.
  
  Read more

• RSA shrugs off Zurich 'distraction' as profits rise

  05-11-2015 11:54
  RSA CEO Stephen Hester has insisted that the carrier's
  turnaround operation remains on track despite the
  "distraction" of a takeover approach from rival Zurich.
  In RSA's interim management statement this morning (5
  November), Hester said he was "pleased" with the progress
  in reforming RSA, adding that the future looked bright for the
  insurer.
  "The strategic refocus is nearing completion with the sale
  of our Latin America businesses announced in September, the last
  major element. Our balance shee
  
  Read more

• Lancashire's profits and premiums fall

  05-11-2015 11:54
  Lancashire felt the impact of its multi-year contracts in its
  property, energy and marine segments again in the third quarter,
  with the pre-tax profit and top-line figures contracting.
  Pre-tax profit shrank from $36.1mn in Q3 2014 to $32.9mn for the
  same period this year, while gross written premiums (GWP) decreased
  by 20.8 percent following the effects of multi-year deals and rate
  reductions.
  Property GWP volumes were down 19.8 percent on the prior-year
  quarter, with energy GWP falling by 39.8
  
  Read more

• Job cuts on way as Zurich Q3 profits plummet

  05-11-2015 11:54
  Reserve strengthening in the US and August's Tianjin
  explosion combined to slash Zurich's third quarter operating
  profits by 79 percent year-on-year to $256mn.
  After releasing a preliminary update in September, this morning
  (5 November) Zurich confirmed the outsized $275mn impact the
  explosion in the Chinese port would have on its quarterly numbers.
  The $275mn included $10mn of reinstatement premiums.
  Having said in its profits warning that it would have to
  strengthen prior-year reserves in the
  
  Read more

• Generali P&C profits increase

  05-11-2015 11:54
  The P&C division of Italian insurance giant Generali achieved
  an 11 percent increase in its operating profits to EUR501mn in the
  third quarter, according to its interim management statement today
  (5 November).
  The carrier's P&C top line also increased, rising by 2.4
  percent to EUR4.5bn, thanks in part to a 3.6 percent uplift in
  non-motor business.
  The combined ratio also declined by 1.9 percentage points to
  92.7 percent, with 0.9 points attributed to the impact of natural
  catastrophes.
  T
  
  Read more

• EY director to succeed Croft as LMG CEO

  05-11-2015 11:54
  Benedict Reid has been appointed the London Market Group
  (LMG)'s new chief executive, LMG board member Nicolas Aubert
  revealed in a keynote speech to the Xchanging London Market
  Conference today (5 November).
  Currently a director in EY's London market insurance
  practice, Reid will take up the new position on 30 November for an
  initial six-month interim period while on secondment from EY.
  Aubert said that Reid's appointment would allow the London
  market modernisation project to enter the next sta
  
  Read more

• Aubert: Cost savings alone will not secure London's future

  05-11-2015 11:54
  The £300mn of cost savings associated with modernising
  London market business processes will not secure its future as a
  leading specialty (re)insurance hub, Willis GB CEO Nicolas Aubert
  has said.
  Speaking at the Xchanging London Market Conference today (5
  November), Aubert said the estimated saving of £300mn through
  the London Market Group (LMG)'s Targeted Operating Model (Tom)
  "will not alone deliver the change in the customer behaviour
  that we need".
  The saving, which is equivalent
  
  Read more

• Aon UK names new chairman as Carnegie-Brown departs

  05-11-2015 11:51
  
  Board director Simon Jeffreys steps into role
  
  Read more

• Large claims nearly halve Zurich UK GI 9-month profit

  05-11-2015 11:45
  
  Operating profit falls to £92.6m from £178.8m as GWP falls 3% and COR worsens by 7.7 points
  
  Read more

• Profit plummets 48% at Zurich's UK business amid 'perfect storm'

  05-11-2015 11:36
  
  Callum BrodiePostonline Zurich UK general insurance CEO Vibhu Sharma has blamed “a perfect storm” of tough market conditions and greater the normal large losses for a plummeting business operating profit in the third quarter of 2015.
  
  Read more

• Lancashire sees GWP drop 20.8% in Q3

  05-11-2015 10:59
  
  Katie Marriner Postonline Lloyd's insurer Lancashire reported a 20.8% decrease in gross written premiums in the third quarter of 2015 to $120.4m (£78m) (Q3 2014: $152.1m).
  
  Read more

• Blog: Don't let your clients get burned this Bonfire Night

  05-11-2015 10:35
  
  Kevin Roberts Postonline On Guy Fawkes Night this evening, fireworks and bonfires will bring the family together, creating an enjoyable atmosphere for children and adults alike. However, there is one other thing we need to remember, remember this 5th of November, and that's to keep our homes safe.
  
  Read more

• Markel sees Q3 COR improve to 88%

  05-11-2015 10:30
  
  Katie Marriner Postonline Markel Corporation has reported a combined ratio of 88% for the third quarter of 2015, an improvement on the result of 97% in the third quarter of 2014.
  
  Read more

• Europe: Motor is a disparate market, with a future

  05-11-2015 10:30
  
  Vic Wyman Postonline It might surprise people in richer European countries, but an important part of claim payments on compulsory motor third-party liability policies in Latvia is used to pay for funerals.
  
  Read more

• RSA 'distracted' by Zurich in Q3

  05-11-2015 09:54
  
  RSA group CEO Stephen Hester has called Zurich's "unsolicited approach" to RSA a distraction during the third quarter of 2015 in which RSA reported a 1% increase in core group underlying net written premiums.
  
  Read more

• RSA incurs large losses of £409m

  05-11-2015 09:46
  
  The insurer said the amount was ’slightly worse’ than it had planned for
  
  Read more

• Zurich a ‘distraction' for RSA in Q3

  05-11-2015 09:40
  
  Katie Marriner Postonline RSA group CEO Stephen Hester has called Zurich's "unsolicited approach" to RSA a distraction during the third quarter of 2015 in which RSA reported a 1% increase in core group underlying net written premiums.
  
  Read more

• Job change could affect car insurance

  05-11-2015 09:33
  
  USwitch survey finds 60% of drivers could have invalid insurance after failing to register job change
  
  Read more

• Markel COR improves to 88% in Q3

  05-11-2015 09:30
  
  Markel Corporation has reported a combined ratio of 88% for the third quarter of 2015, an improvement on the result of 97% in the third quarter of 2014.
  
  Read more

• RSA UK premiums up 2% as group core falls 5%

  05-11-2015 09:23
  
  In UK personal lines premiums were down 4% due to ongoing impact of RSA’s withdrawal from certain businesses
  
  Read more

• Lancashire 9 months pre-tax profit falls to $121.5m from $135m

  05-11-2015 09:01
  
  Company announces $188m special dividend payout to shareholders
  
  Read more

• Zurich group 9 months GI COR deteriorates to 101.9% from 96.0%

  05-11-2015 08:25
  
  GI division review ’on track… actions already being implemented’
  
  Read more

• RSA triumphs in survey of corporate insurance buyers

  05-11-2015 07:30
  
  RSA and FM Global winning plaudits from a powerful cross-section of FTSE firms 
  
  Read more

• FTSE firms rate Gallagher as best broker

  05-11-2015 07:30
  
  Gallagher the big winner in survey of corporate insurance buyers 
  
  Read more

• Keycare aims to highlight value of add-on cover

  05-11-2015 07:00
  
  Company commissions survey on key loss insurance ahead of FCA ban on opt-out add-ons
  
  Read more

• Top and bottom line growth at Heritage and Fed Nat

  05-11-2015 02:30
  Floridians Heritage and Federated National reported another quarter
  of strong top and bottom line growth.
  Heritage said gross written premiums surged 72 percent to
  $149.0mn for the third quarter, while net earned premiums were up
  48 percent to $82.4mn.
  Net income at Heritage climbed 69 percent to $16.8mn, and its
  combined ratio narrowed by 0.8 points to 74.7 percent.
  The company's chairman and CEO Bruce Lucas pointed to
  continued prospects for growth as he said the insurer had seen
  policy...
  
  Read more

• Reserve releases drive RenRe profits higher

  05-11-2015 02:30
  RenaissanceRe reported an 18 percent uplift in third quarter
  operating profits to $116.7mn as a 40 percent expansion in its net
  earned premium base following the Platinum acquisition in the first
  quarter outpaced rising losses and expenses.
  Reserve releases also boosted the results, leaping up to $70.4mn
  from $25.3mn a year earlier due largely to an increase in specialty
  reserve improvements.
  However, underwriting performance was slightly weaker
  year-on-year, with the quarterly combined ratio mo
  
  Read more

• Private equity firm closes Integro deal

  05-11-2015 02:30
  Private equity firm Odyssey Investment Partners has completed its
  deal to buy expansive New York-based broker Integro.
  In August, the $5bn private equity house announced that it had
  entered into an agreement to acquire the firm on undisclosed
  terms.
  In a statement today (4 November) revealing the completion of
  the deal, Odyssey announced that Integro's former president
  Bill Goldstein would take on the role of CEO.
  "We are thrilled to be aligning with Odyssey, an active
  partner that will add...
  
  Read more

• Equity portfolio sends Markel to $51.1mn loss

  05-11-2015 02:30
  Despite improved underwriting, Markel has revealed a $51.1mn
  comprehensive loss to shareholders for the third quarter, compared
  to a $36.5mn gain for the same period last year.
  The carrier blamed declines in its equity portfolio for the
  result but said that it was maintaining a long-term focus.
  It reported book value per common outstanding share of $551.63
  at September 30 2015, up 1 percent from $543.96 at the start of the
  year.
  Comprehensive income for the year-to-date was also down,...
  
  Read more

• David Hobbs named Hilb Group president and COO

  05-11-2015 02:30
  David Hobbs has been reunited with Robert Hilb, founder of The Hilb
  Group (THG), as president and COO of the middle market broker.
  Hobbs was an original shareholder of THG when the company
  launched six years ago.
  The executive began his career at Hilb Rogal & Hobbs (HRH),
  working his way up to become president of the Alabama region in
  1999 before the broker was acquired by Willis in a $2.1bn deal
  almost a decade later.
  In 2009, a year...
  
  Read more

• Crawford appoints Asia Pacific CEO

  05-11-2015 02:30
  Loss adjusting firm Crawford & Company has appointed Andrew
  Bart to take on the role of CEO for the Asia Pacific region.
  Bart was previously CEO for the Pacific region but his role has
  expanded to increase Crawford's reach in the rest of the
  region.
  "This newly created Asia-Pacific region aligns with our
  many insurance clients' footprints and will form a strong
  foundation for growth," said Ian Muress, CEO of Crawford
  Europe, Middle East, Africa and Asia Pacific.
  "[Bart] brings...
  
  Read more

Follow @Insurance_UKnws on Twitter!