Insurance news

• Kemper stock crashes after 75% fall in profits

  05-02-2016 20:07
  Shares in New York-listed personal lines carrier Kemper
  plummeted by more than 20 percent today (5 February) after the
  company reported a 75 percent drop in fourth quarter profits.
  At the intraday low, the stock had fallen to $25.38, 21.5
  percent lower than yesterday's $32.33 closing price.
  The crash came as the market reacted to news of a
  "challenging" fourth quarter on "several
  fronts" for the carrier, which reported net operating income
  of $4.8mn in Q4, a considerable reduction from...
  
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• Aspen share price down 8%

  05-02-2016 20:07
  Aspen's share price fell sharply in early trading today (5
  February) as the market responded negatively to its fourth quarter
  results, despite a relatively modest earnings miss.
  The share price was down 8.2 percent at $42.20 at the time of
  writing (15:52 GMT). The weak trading follows the collapse of rival
  Allied World's share price yesterday after the carrier released
  a weak set of numbers.
  Aspen reported operating earnings per diluted share of $1.21 for
  the fourth quarter, $0.05 short...
  
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• Aegis appoints new directors to board

  05-02-2016 20:07
  Top-quartile Lloyd's managing agency Aegis London has
  appointed Jonathan Gray and Tom Busher to its board as
  non-executive directors, The Insurance
  Insider can reveal.
  Gray, a former global head of property at Beazley, retired from
  the London-listed carrier after more than two decades in June last
  year.
  Busher was most recently non-executive chairman of Montpelier at
  Lloyd's. He left the business last year after its parent
  company was acquired by Endurance.
  Aegis chairman Alan Maguire said that
  
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• Terrorism threats and effect of a UK exit from EU on Biba 2016 agenda

  05-02-2016 18:20
  
  Challenges facing the London Market will also be debated at the conference
  
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• The Hanover beats consensus with flat profits

  05-02-2016 16:27
  The Hanover reported operating earnings of $1.82 for the fourth
  quarter, beating Wall Street's consensus estimate of $1.60.
  Profits nudged up in the final quarter of the year to $80.3mn
  from the $79.6mn the carrier recorded the previous year, while
  gross written premiums fell from $1.25bn to $1.17bn over the same
  period.
  The consolidated combined ratio for the group remained
  relatively stable at 95 percent, a slight deterioration from the
  94.3 percent it reported for Q4 the previous year.
  Net...
  
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• P&C pricing declines by 2.8% in Q4: CIAB

  05-02-2016 16:27
  US commercial rates continued to decrease in 2015, with rates
  declining by 2.8 percent on average in the fourth quarter,
  according to the Council of Insurance Agents (CIAB).
  Price reductions fell behind the 3.1 percent declines in Q3, but
  were still far higher than the 0.7 percent recorded in the
  corresponding period of 2014.
  Large accounts registered the biggest decreases, with rates
  falling by 3.7 percent, closely followed by medium-sized accounts
  at down 3 percent.
  One respondent from a mediu
  
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• Chubb appoints new marine team and European heads

  05-02-2016 16:27
  Chubb has announced the appointment of Mark Edmondson as its new
  head of marine and Mike Reynolds as deputy head of marine,
  effective immediately.
  Edmondson was formerly head of marine for Chubb Syndicate 1882.
  He will report to Matthew Shaw, division president for Chubb Global
  Markets, and to Andrew Williamson, executive vice president in
  marine for overseas general insurance.
  Reynolds, previously product head for hull and liability for Ace
  Global Markets, will become deputy head of marine for
  
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• Aon records 5% organic growth in Q4

  05-02-2016 16:27
  Global broker Aon has reported organic broking revenue growth of
  5 percent for the fourth quarter of 2015, down from 6 percent in
  the prior-year period.
  Organic growth in the company's retail operations came to 6
  percent, reflecting increased new business generation in the
  Americas, with double-digit expansion recorded in Latin
  America.
  Internationally, organic revenues also increased by 6 percent,
  driven by growth across the Asia Pacific region.
  The group's reinsurance broking arm Aon Benfield
  
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• Aon posts 1% fall in profit for 2015

  05-02-2016 15:50
  
  Total revenue was flat at $3.3bn.
  
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• Aon broking profit down 9% in 2015

  05-02-2016 13:22
  
  But broker enjoys organic growth in commission and fees of 3%
  
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• White Mountains completes sale of Symetra holding

  05-02-2016 12:47
  Insurance holding company White Mountains has completed the sale
  of its 18 percent stake in US life insurer Symetra, raising $658mn
  in the process.
  The shares were sold to Japanese carrier Sumitomo Life, which
  announced in August last year that it had reached a deal to acquire
  Symetra for $3.73bn.
  The $32.50 per share sale price represented a 32 percent premium
  over the undisturbed stock price, and is equivalent to 16.3x
  estimated 2016 earnings per share and 1.6x book value....
  
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• UK General signs capacity deal with Great Lakes

  05-02-2016 12:47
  UK managing general agent (MGA) UK General has signed a three-year
  capacity deal with Munich Re subsidiary Great Lakes to boost its
  personal lines division.
  While neither party disclosed the size of the deal, UK General
  did note that Great Lakes would replace Ageas as UK General's
  major capacity provider when the agreement comes into effect from
  the beginning of April.
  Karen Beales, managing director of the personal lines division,
  commented: "UK General has long operated a hybrid model, which..
  
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• The Hartford profits grow 4% in Q4

  05-02-2016 12:47
  The Hartford saw core earnings increase by 4 percent to $445mn in
  the final quarter of 2015 led by strong growth in its P&C and
  commercial income.
  The US carrier said it saw improved growth in commercial lines,
  P&C and corporate results, although these were partially offset
  by lower core earnings from its personal lines, group benefits and
  mutual funds operations, as well as its subsidiary Talcott
  Resolution.
  The group's commercial lines division saw its earnings grow
  by 15 percent...
  
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• The Hanover beats on flat profits

  05-02-2016 12:47
  The Hanover reported operating earnings of $1.82 for the fourth
  quarter, beating Wall Street's consensus estimate of $1.60.
  Profits nudged up in the final quarter of the year to $80.3mn
  from the $79.6mn the carrier recorded the previous year, while
  gross written premiums fell from $1.25bn to $1.17bn over the same
  period.
  The consolidated combined ratio for the group remained
  relatively stable at 95 percent, a slight deterioration from the
  94.3 percent it reported for Q4 the previous year.
  Net...
  
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• Insurance Information Institute president steps down

  05-02-2016 12:47
  Insurance Information Institute (III) president Robert Hartwig has
  stepped down, the organisation said yesterday (4 February).
  Hartwig - who has been at the institute for 18 years - will join
  the faculty of the University of South Carolina's Darla Moore
  School of Business in August and teach courses in risk management,
  insurance and corporate finance.
  Hartwig has been III president since 2007 and was the
  institute's chief economist before taking the helm.
  Prior to joining the III, Hartwig held a
  
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• Aspen directors to stand down

  05-02-2016 12:47
  Aspen non-executive directors Richard Bucknall and Peter
  O'Flinn will not seek re-election to the company's board of
  directors after their current terms expire in April.
  Both Bucknall and O'Flinn will stand down from their duties
  following the company's AGM on 21 April.
  Industry veteran Bucknall is a member of the company's
  audit, corporate governance and nominating and risk committees and
  has been on the board of directors since 2007. O'Flinn has been
  a director since 2009 and is a member...
  
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• Chubb Global Markets appoints marine team leaders

  05-02-2016 12:20
  
  Callum BrodiePostonline Chubb Global Markets has confirmed the appointment of Mark Edmondson and Mike Reynolds as the leaders of its marine team, with immediate effect.
  
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• PIB set to swoop for Fish Insurance as first acquisition

  05-02-2016 12:14
  
  Company specialises in insurance products for people with pre-existing medical conditions, mobility issues and disabilities.
  
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• Quizzical questions: 05 February 2016

  05-02-2016 11:58
  
  Test your knowledge of the week’s news with our topical news quiz.
  
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• Storms Eva and Frank to cost insurers £526m – PERILS

  05-02-2016 11:57
  
  Figure is in addition to cost of Storm Desmond, estimated at £717m, and wind-related claims at £42m
  
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• Broking Break: The Six Nations - QBE predicts the winner

  05-02-2016 11:06 via insuranceage.co.uk
  
  Actuaries at the insurer have crunched the numbers to try and pick the winner.
  
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• Allied World CEO bemoans ‘challenging year’ as 2015 profits plummet

  05-02-2016 10:24
  
  Callum Brodie Postonline Global insurer Allied World recorded a significant fall in net income from $490.3m (£337.6m) for the full year in 2014 to $83.9m in 2015.
  
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• Aspen profits drop 9.1% as UK flood losses bite

  05-02-2016 10:18
  
  Boss O’Kane promises to “drive efficency” across the business 
  
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• Allied world shares crash amid profit plunge

  05-02-2016 09:34
  
  Insurer blames tough underwriting conditions as combined operating ratio soars 
  
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• Flood losses caused by storms Eva and Frank hit £526m

  05-02-2016 09:33
  
  Callum BrodiePostonline Insured property market losses resulting from flooding caused by storms Eva and Frank in December and from further low pressure systems last month totalled £526m, according to the catastrophe insurance data firm Perils.
  
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• Perils discloses first UK floods loss estimates

  05-02-2016 09:14
  Industry catastrophe data provider Perils has published its
  first flood loss estimates for Storms Frank and Eva, which hit the
  UK in December and January.The company estimated that the floods caused insured property
  market losses totalling £526mn ($767mn) for the period between
  25 December and 14 January.This figure does not include windstorm losses for the same
  period, which are estimated to be in the low double-digit millions.Perils' figures follow its previously published estimate of
  &p
  
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• Aspen's top and bottom line grow in Q4

  05-02-2016 09:14
  Aspen saw its top line grow by 3.2 percent in the final quarter of
  2015, whilst operating income jumped by almost a fifth.
  The Bermudian (re)insurer's profits increased to $84mn in
  the most recent quarter, up from $71.7mn during the same period in
  2014.
  Gross written premium increased to $634.8mn, up from $615.4mn in
  Q4 the previous year.
  The carrier saw its combined ratio improve by 2.3 percentage
  points to 91.8 percent for the period but this was flattered by...
  
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• Great Lakes to replace Ageas on UK General’s personal book

  05-02-2016 09:01
  
  New three-year capacity deal takes effect from April
  
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• UK General swaps Ageas for Great Lakes in three year deal

  05-02-2016 09:00
  
  New capacity comes as five year personal lines relationship ends.
  
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• UK General signs three-year capacity deal with Great Lakes

  05-02-2016 09:00
  
  Katie Marriner Postonline UK General has signed a three-year capacity agreement with Munich Re subsidiary Great Lakes Reinsurance (UK), which replaces Ageas as UK General's major capacity provider.
  
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• RSA ends Irish staff pay freeze with 2% rise

  05-02-2016 08:59
  
  RSA strikes deals unions to end pay freeze 
  
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• C-Suite: More pain in the Year of the Monkey

  05-02-2016 07:28
  
  Andrew Tjaardstra Postonline As the excitement builds across much of Asia for the countdown to Chinese New Year, Markel's Matt Cannock gives a stark warning to the industry.
  
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• Allied World's profits crash

  05-02-2016 04:04
  
  Andrew Tjaardstra Postonline Profits (net income) at Switzerland headquartered insurer Allied World crashed last year to $83.9m (£56.7m) from $490.3m in 2014.
  
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