Insurance news

• QBE shares rocket 8.5% on 2015 profit growth

  23-02-2016 23:01
  QBE shares soared 8.5 percent today (23 February) after the
  group reported 9 percent growth in full-year profits and its best
  combined ratio since 2010.As of market close in Australia, QBE shares stood at A$11.27
  ($8.10) per share, up 8.47 percent on the market open price.Despite a 13 percent fall in net earned premiums to $12.2bn,
  group underwriting profit grew by 34 percent to $731mn after all of
  its divisions reported underwriting profits.
  QBE's North American operation turned...
  
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• QBE 'ambivalent' on UK EL legacy disposal

  23-02-2016 23:01
  QBE will not take a final decision on whether to proceed with the
  disposal of its legacy UK employers' liability (EL) book until
  it sees where the bids come in, the company said at a results
  presentation today (23 February).
  "There's nothing that we have that I wouldn't very
  happily keep," commented QBE Europe CEO Richard Pryce.
  "Having said that, if there's somebody keen, we'll
  have a look. And we are looking at parts of our EL portfolio, but
  I...
  
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• Maiden shares collapse on results

  23-02-2016 23:01
  Maiden Holdings' share price fell by as much as 12.2 percent in
  early trading as the market digested its fourth quarter results.
  The shares closed on Monday at $13.57 but were changing hands
  for $11.91 shortly after markets opened this morning (23
  February).
  The Bermudian reinsurer reported operating earnings per share of
  $0.34, down from $0.44 in Q4 2014 and well short of the analyst
  consensus of $0.45.
  Carriers that have missed their earnings forecasts have been
  harshly dealt with...
  
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• LMG in first demos of new placing platform

  23-02-2016 23:01
  The London Market Group (LMG)'s new Placing Platform Limited
  (PPL) electronic placing platform was demonstrated for the first
  time yesterday (22 February).
  There are a number of further demonstrations scheduled for this
  week, with the PPL focusing on groups that have been closely
  involved with the project's development.
  It will be demonstrated to terrorism practitioners, subject
  matter experts, project managers and those who have agreed to take
  part in the market acceptance testing process.
  The
  
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• Charman buys $31mn in Endurance stock

  23-02-2016 23:01
  Endurance CEO John Charman bought a further major block of shares
  in the Bermudian (re)insurer during February.
  Charman purchased 510,000 shares for $31mn on seven separate
  days between 8 and 22 February. The move increases his shareholding
  to 2.9 million shares, or 4.3 percent of the total outstanding.
  His stake is currently valued at around $181mn.
  Janney insurance analyst Ryan Byrnes said in a note that the
  purchases showed that Charman was gaining confidence in the
  transformation process he
  
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• Insurance Complaints: No more Mr Angry

  23-02-2016 19:47
  
  Edmund Tirbutt Postonline There is no crisis as far as complaintsdirected at insurers and brokers go – but even one unfairly treated customer istoo many. So, how seriously is this area being taken and are efforts underway to raise standards further?
  
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• Claims Club Awards: Catching up with the rising stars

  23-02-2016 19:39
  
  Jonathan Swift Postonline Post caught up with a quartet of previous winners of the Rising Star at the Claims Awards to see what winning the trophy meant to them, how their careers have progressed since, how they think claims is viewed by the wider insurance fraternity and what might happen in the future.
  
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• Trade Voice: Taking fraud to task

  23-02-2016 19:17
  
  David Hertzell Postonline The government’s taskforce has reported back with 26 recommendations on how to fight fraud.
  
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• North of the Border: Compensating for anxiety

  23-02-2016 19:14
  
  Elena Fry Postonline Asbestos-related litigation in Scotland continues to develop, and diverge from the rest of the UK.
  
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• C-Suite - Insurer: The human touch

  23-02-2016 19:09
  
  François-Xavier Boisseau Postonline Technology is a very useful tool, but sometimes dealing with a real person gets the best result.
  
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• Editor's Comment: The gloves are off

  23-02-2016 18:52
  
  Stephanie Denton Postonline Mayor of London Boris Johnson’s relationship with London’s corporate sector has featured both highs and lows during his tenure so far.
  
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• Continuing soft rating environment reflected in London market results

  23-02-2016 17:13
  
  Katie Marriner, Peta Fuller Postonline Full-year results released by London market players to date are reflective of the continuing soft rating environment and companies' reserve releasing strategies, according to analysts. In addition, questions have been raised over whether inflated company valuations are leading to a slow-down in acquisitions in the sector.
  
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• QBE’s Pryce: Soft market driving brokers’ push for higher commissions

  23-02-2016 17:01
  
  Brexit could prompt QBE restructure, European Operations head says
  
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• QBE Europe CEO notes increasing broker demands on commission

  23-02-2016 15:44
  
  Richard Pryce also cites "toughest market conditions".
  
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• Litigation likely to test limitation clauses in data breach cases

  23-02-2016 15:13
  
  Peta Fuller Postonline Litigation will test the effectiveness of companies seeking to absolve themselves of data protection and data security responsibilities via clauses in contracts as companies increasingly believe it's "worth a go", according to cyber insurance experts.
  
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• Brightside hires Zurich UK’s Suzie Noble as chief people officer

  23-02-2016 14:38
  
  Noble replaces departed Kate Banks
  
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• US sanctions strong disincentive for Iranian cover despite lifting of EU restrictions

  23-02-2016 14:18
  
  Katie Marriner Postonline Banks' reluctance to process payments is a major barrier for insurers wanting to conduct Iran-related business following European Union sanctions relief last month, while legal research has found remaining US primary sanctions are quelling the appetite of London market insurers to conduct Iranian business.
  
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• Bluefin hires Towergate care MD and forms specialty unit

  23-02-2016 14:12
  
  Keith Longthorne joins rival broker as interim head of health and care
  
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• Swiss Re Q4 fails to impress analysts

  23-02-2016 14:02
  Swiss Re posted headline group fourth quarter net income of $938mn
  to beat analyst consensus forecasts by 7 percent.
  However, analysts noted weak underlying performance across the
  results, which were also flattered by a one-off tax gain of $183mn
  during the quarter.
  The reinsurer's P&C net income declined 40 percent to
  $703mn in Q4 as underlying combined ratios exceeded 100
  percent.
  Net earned P&C reinsurance premiums fell 5 percent to
  $3.7bn, although the company noted earned premium de
  
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• Swiss Re CEO to retire in July

  23-02-2016 14:02
  Swiss Re CEO Michel Liès is stepping down as CEO and will be
  replaced by Christian Mumenthaler, the company announced today (23
  February).
  After 35 years at Swiss Re, including four as CEO, Liès
  will step down on 1 July to hand the leadership to reinsurance
  division chief executive Mumenthaler.
  Chairman Walter Kielholz commented: "Throughout his career,
  Michel has lived Swiss Re's highest values and has been key to
  our group's continued strong performance.
  "Under his leadership ove
  
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• QBE 2015 profit grows on improved underwriting

  23-02-2016 14:02
  Full-year 2015 profits were up 9 percent at QBE to $893mn, after
  the group reported its best combined ratio since 2010.
  Despite a 13 percent fall in net earned premiums to $12.2bn,
  group underwriting profit grew by 34 percent to $731mn after all of
  its divisions reported underwriting profits.
  QBE's North American operation turned its first profit since
  2011, at $30mn, while the emerging markets division also returned
  to profitability with a positive result of $11mn.
  The European division, which.
  
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• Peak Re appoints new underwriting and analytics heads

  23-02-2016 14:02
  Hong-Kong based reinsurer Peak Re has announced the appointments
  of Lawrence Cheng as head of underwriting and Iain Reynolds as head
  of analytics, with immediate effect.
  Cheng moves from his previous position as head of analytics and
  will be responsible for the company's property and casualty
  product underwriting function.
  Reynolds joins the reinsurer from Guy Carpenter, where he served
  as head of catastrophe modelling for Southeast Asia, Korea and
  India.
  He was formerly head of catastrophe for
  
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• Mt Logan Re appoints new CFO

  23-02-2016 14:02
  Everest Re sidecar Mt Logan Re has appointed Martin Burke as its
  new chief financial officer.
  Burke was most recently vice president and controller at fellow
  Bermudian Sirius International.
  Prior to joining Sirius in 2007, he had worked for global broker
  Marsh in Bermuda and Interpolis Re in Dublin.
  Mt Logan president and CEO Rick Pagnani said that Burke's
  experience was a valuable addition to the company.
  "He is distinctly qualified having experience in both
  (re)insurance and the capital market
  
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• HNW brokers urged to check on soaring insured assets

  23-02-2016 13:42
  
  Researcher for Knight Frank reveals which classes of assets have risen in value 
  
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• HNW brokers urged to check on soaring insured asset values

  23-02-2016 13:42
  
  Researcher for Knight Frank reveals which classes of assets have risen in value 
  
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• London market at odds with Mayor Boris over EU vote

  23-02-2016 12:58
  
  Marcus Alcock Postonline Key bodies in the London market have sought to emphasise that ‘Brexit' from the European Union could see the capital lose international business, in the wake of London Mayor and Conservative MP Boris Johnson's decision to support the ‘leave' camp in the forthcoming UK Referendum.
  
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• Bluefin creates specialty group

  23-02-2016 12:24
  
  Broker creates a new group within specialisms division following structural review as it takes one from Towergate.
  
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• QBE Europe posts improved COR of 89.1%

  23-02-2016 11:42
  
  Insurer highlights GWP growth after stripping out currency effects.
  
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• All Party Group examines industry response to floods and the progress of Flood Re

  23-02-2016 11:29
  
  David Worsfold Postonline
  
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• QBE improves COR but sees 7% drop in GWP

  23-02-2016 11:25
  
  Peta Fuller Postonline QBE Insurance Group announced an improved combined operating ratio of 94% (2014: 96.1%) in its full-year results report today (23 February) against a 7% drop in gross written premiums to $14bn (£9.9bn) (2014: $15.9bn).
  
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• Blog: Controlling costs means fixing them

  23-02-2016 11:05
  
  Duncan Rutter Postonline In line with Lord Justice Jackson, the Forum of Insurance Lawyers believes the time is right to extend the fixed recoverable costs regime.
  
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• #PostPeople: 23 - 29 February 2016

  23-02-2016 10:57
  
  Katie Marriner Postonline All the latest insurance industry market moves between 23 and 29 February 2016 in full and in one place.
  
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• High Net Worth Broking: Live Updates

  23-02-2016 10:41
  
  The Insurance Times Editorial team brings you all the latest updates from the High Net Worth Broking event held in London, as they happen
  
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• FOS general insurance complaints up 5% in second half

  23-02-2016 10:36
  
  Upheld rate for general insurers improves to 35%
  
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• Direct Line has most FOS complaints for general insurance

  23-02-2016 10:35
  
  Ageas and Aviva come in second and third for the second half of 2015.
  
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• Swiss Re income jumps 31% as CEO steps down

  23-02-2016 10:28
  
  Peta Fuller Postonline After four years as CEO, Swiss Re’s Michel Liès will step down on 1 July with reinsurance head Christian Mumenthaler named as his replacement.
  
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• Swiss Re chief executive Michel Liès to retire on 1 July

  23-02-2016 09:58
  
  Reinsurance head Christian Mumenthaler to take over
  
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• Who will be best employer 2016?

  23-02-2016 09:55
  
  Insurance Age and the Best Companies Group are looking for the best UK broker to work for as part of the annual UK Broker Awards.
  
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• County reveals £1.4m Ebitda for 2015

  23-02-2016 09:40
  
  Group turnover up organically and through acquisition.
  
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• QBE Europe profit rises 34.5% despite £77.4m UK storm claims bill

  23-02-2016 09:23
  
  COR improves by 5.2 points to 89.1% thanks to 60% jump in reserve releases
  
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• Pool Re takes first steps to start covering cyber – report

  23-02-2016 08:49
  
  Government-backed terror reinsurer looking to broaden remit
  
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• Asia Interview: Mark Walker, CEO - Hong Kong, QBE

  23-02-2016 06:18
  
  Andrew Tjaardstra Postonline Andrew Tjaardstra talks to Mark Walker six months into his role as QBE Hong Kong CEO at the Australian headquartered insurer's Quarry Bay office.
  
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• Baxter rejoins Chubb as Asia-Pacific arts specialist

  23-02-2016 03:50
  
  Andrew Tjaardstra Postonline Previous Chubb employee Regina Baxter has returned to the global insurer to become the insurer's fine arts portfolio specialist for Asia-Pacific.
  
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• Investment losses continue to blight Greenlight Re results

  23-02-2016 02:09
  Despite improved Q4 underwriting performance, Greenlight Re slumped
  to another quarterly loss driven by negative returns on its
  investment portfolio.
  And the impact of investment and underwriting losses in 2015
  contributed to shareholders' equity at the hedge fund reinsurer
  sliding by 29 percent through the year to $825.4mn.
  Underwriting income for the quarter was $6.8mn, an improvement
  on the $4.6mn loss it reported in the same period of 2014.
  The combined ratio improved from 115 percent in Q4
  
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• Hamilton Re confirms Davis fac hire

  23-02-2016 02:09
  Hamilton's reinsurance division confirmed the appointment of
  Gavin Davis to lead a push into the direct and facultative
  (D&F) property insurance market, a move that was revealed by
  sister title Inside Fac last year.
  The Bermudian said the move is part of its ongoing
  diversification strategy and will see the new recruit report to the
  carrier's chief underwriting officer for property, Tim
  Duffin.
  Davis joins Hamilton as senior vice president and head of
  property insurance in Bermuda after thre
  
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• Broker and carrier support will make Tom work: Xuber roundtable

  23-02-2016 02:09
  The successful implementation of the Target Operating Model (Tom)
  is crucial to safeguard the future of the London market, according
  to delegates at a Xuber roundtable last week (16 February).
  And attendees implored those tasked with overseeing the
  modernization process to ensure they win over brokers and carriers
  across the whole London market.
  Participants at the roundtable hosted by Xchanging's
  insurance software business included Aon Benfield Asia Pacific and
  UK chief operating officer Peter
  
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