Insurance news

• Unrated Gable exits two lines on Iprism MGA mid-term

  03-03-2016 18:34
  
  QBE and Pen Underwriting pick up insurer’s tradesmen’s and HNW business on MGA
  
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• Swiss Re completes $1bn share buyback

  03-03-2016 15:34
  Swiss Re has announced the completion of a SwF1bn ($1bn) share
  buyback programme, which has seen the reinsurance giant repurchase
  more than 10 million shares.
  The average purchase price was SwF94.03 per share.
  At the company's 2015 annual general meeting (AGM) in April
  last year, shareholders authorised the board of directors to
  repurchase up to a maximum of SwF1bn in shares via a buyback
  programme, to be completed before the 2016 AGM in April.
  Following regulatory approval, Swiss Re launched...
  
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• Numis upgrades Lancashire to buy on share weakness

  03-03-2016 15:34
  Numis analyst Nick Johnson has advised investors to increase
  their holdings in London-listed Lancashire after the carrier's
  stock fell dramatically in the wake of high profile exits from its
  Lloyd's subsidiary Cathedral.
  While Johnson recognised the concerns surrounding the departure
  of Cathedral's CEO, CFO and a quartet of senior underwriters,
  the current valuation "more than compensated" for the
  risk of any earnings per share impact, he said.
  Lancashire's share price has fallen by 20 percent s
  
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• Liberty Mutual operating profits drop on cats and FX

  03-03-2016 15:34
  Liberty Mutual reported a 20.5 percent drop in net operating income
  to $437mn for the fourth quarter as its underwriting results were
  impacted by higher catastrophe losses.
  The insurer's chairman and CEO David Long also pointed to
  foreign exchange movements and energy-related losses as drivers of
  the lower fourth quarter operating profits.
  The Boston-based insurance giant generated a combined ratio of
  95.7 percent, 1.5 points higher than in Q4 2014.
  The deterioration included the impact of $289m
  
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• Barbican Protect hires casualty head

  03-03-2016 15:34
  Rob Wadey has been appointed head of casualty at Barbican
  Protect, the UK retail arm of Lloyd's carrier Barbican.
  Wadey joins from WR Berkley Europe, where he has worked as
  general liability underwriting manager since 2010.
  His insurance career has spanned more than 35 years, including
  positions at Axa, Amlin, CNA and Cigna, among others.
  In his new role, Wadey will report to Stuart Kilpatrick,
  managing director of Barbican Protect.
  Commenting on the appointment, Kilpatrick said: "[Wadey]
  brings
  
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• Admiral pre-tax profits up 6% in 2015

  03-03-2016 15:34
  UK motor specialist Admiral posted a 6 percent increase in
  pre-tax profits to £377mn ($530mn) for 2015, as
  better-than-expected reserve releases and an improved UK business
  performance boosted the top line.
  Admiral attributed the increase in group profit to the
  performance of its UK car insurance business, but noted that the
  result had been offset by the ongoing investment in US comparison
  site Compare.com.
  It attributed the £85mn of reserve releases, which equated
  to 23 percent of A
  
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• ACR A- rating affirmed by S&P

  03-03-2016 15:34
  Rating agency Standard and Poor's (S&P) has reaffirmed
  its A- rating for Asia Capital Re (ACR), it announced today (3
  March).
  The agency maintained its stable outlook for the company.
  S&P cited the reinsurer's substantial liquidity sources,
  absence of debt and its use of retrocession from higher-rated
  reinsurers.
  ACR's risk profile was deemed satisfactory, the agency said,
  highlighting the company's geographical diversification,
  competitive franchise and support of Asian direct insurers.
  
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• UK Broker Summit 2016: Brokers get ready for the Insurance Act

  03-03-2016 14:59 via insuranceage.co.uk
  
  Five key points to keep in mind about the new legislation ahead of its implementation in August.
  
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• Blog: Five reasons insurance incumbents secretly think they aren't going to get disrupted

  03-03-2016 14:08
  
  Steven Mendel Postonline I was privileged to be able to attend a roundtable discussion this week on innovation in the insurance space and found the conversation surprising.
  
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• Neil Wormald joins Towergate-owned MGA Fusion

  03-03-2016 13:58 via insuranceage.co.uk
  
  Towergate says the former Henderson employee has experience managing underwriting and broking businesses.
  
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• Admiral to add new reinsurers as it cuts UK motor retention

  03-03-2016 13:42
  
  Insurer expecting rate rises to continue in 2016
  
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• UK Broker Summit 2016: Brokers key to a successful nation says Lord Blunkett

  03-03-2016 13:22 via insuranceage.co.uk
  
  The peer and former government minister says they enable risks to be taken.
  
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• Broker Summit 2016: Brokers key to a successful nation says Lord Blunkett

  03-03-2016 13:22 via insuranceage.co.uk
  
  The peer and former government minister says they enable risks to be taken.
  
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• Reduced Admiral underwriting share to have little financial impact

  03-03-2016 13:04
  
  Katie Marriner Postonline Admiral Group's 3% reduction in its underwriting share announced in the company's 2015 full-year results today (3 March) will not have a significant financial impact on the business, according to chief financial officer Geraint Jones.
  
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• In Focus: Construction – what are the risks?

  03-03-2016 11:48 via insuranceage.co.uk
  
  Construction is a dynamic sector and always changing – what do brokers need to tell their clients as insurance needs develop?
  
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• Admiral operating profit hits £379m

  03-03-2016 11:37 via insuranceage.co.uk
  
  Profits up and motor COR improves to 81% but Confused.com sees profit fall.
  
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• In Focus: What risks do your construction clients face?

  03-03-2016 11:30 via insuranceage.co.uk
  
  Jonathan Smith, head of commercial SME solutions and schemes at Aviva examines what brokers need to know about risk management in construction.
  
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• Video: Mark Bennett

  03-03-2016 10:30 via insuranceage.co.uk
  
  The Bennett Christmas CEO reveals which superhero power he would like to have, and who his ideal dinner guest would be.
  
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• Europe: Telematics and the gender directive

  03-03-2016 10:30
  
  Veroncia Cowan Postonline The Gender Directive put a brake on insurers' underwriting purely on the basis of gender. So has it encouraged the development of telematics which helps them price in way that does not differentiate rates between males and females?
  
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• Blog: Point of reference

  03-03-2016 10:30
  
  Nick Wilcox Postonline Key changes form part of these new rules, as firms will have to ask former employers for regulatory references about the employee going back six years.
  
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• Admiral reports motor profit rise as Confused takes hit

  03-03-2016 10:18
  
  Katie Marriner Postonline Admiral has reported an 8% increase in 2015 group turnover to £2.12bn (2014: £1.97bn) and a UK motor combined ratio of 81% (2014: 83%).
  
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• Chase Templeton buys Wellbeing Health Insurance

  03-03-2016 10:01 via insuranceage.co.uk
  
  Deal is fourth acquisition of the year for PMI consolidator.
  
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• Ex-Henderson managing director joins Fusion

  03-03-2016 09:53
  
  Neil Wormald left Henderson last month
  
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• Fierce competition hits Confused.com's profits by 20.9%

  03-03-2016 09:43
  
  In 2015 aggregators spent more than ever in advertising and other promotional activities to attract customers
  
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• Rates increase drives up Admiral UK motor profit by 11%

  03-03-2016 09:16
  
  The UK motor COR improved by two percentage points - largely driven by strong releases from prior year claims reserves
  
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• UK General boosts personal lines sales team with three hires

  03-03-2016 07:30
  
  Newcomers join underwriting agency from Warranty Group, Paymentshield and Crispin Speers
  
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• South Florida water losses reach crisis level: Citizens

  03-03-2016 03:49
  Water losses in South Florida are reaching crisis level and will
  lead to homeowners rates going up by 10 percent annually for years
  to come, state-backed insurer Citizens has warned.
  As previously reported, loss ratios of Florida carriers have
  come under increasing pressure from rising water loss claims,
  exacerbated by so-called assignment of benefits (AOB) and claims
  filing abuses.
  With AOB claims, homeowners assign their rights under a policy
  for insurance recovery to a contractor or water mit
  
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• Liberty Mutual operating profits drop on cats and Forex

  03-03-2016 03:49
  Liberty Mutual reported a 20.5 percent drop in net operating income
  to $437mn for the fourth quarter as its underwriting results were
  impacted by higher catastrophe losses and prior-year reserve
  charges.
  The insurer's chairman and CEO David Long also pointed to
  foreign exchange movements and energy-related losses as drivers of
  the lower fourth quarter operating profits.
  The Boston-based insurance giant generated a combined ratio of
  95.7 percent that was 1.5 points higher than in Q4 2014.
  The det
  
  Read more

• Integro appoints duo of Marsh LPL brokers

  03-03-2016 03:49
  Integro has lured a duo of professional liability brokers form its
  larger rival Marsh to place cover for law firms, the firm announced
  today (2 March).
  Anne Marie Davine headed up the global broking giant's US
  law firm practice and Richard May was its placement leader for
  errors and omissions coverage.
  Integro said that both Davine and May had more than 25 years of
  experience working with large and mid-sized law firms.
  Davine had previously run professional liability books for...
  
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• ANV syndicates widen losses at 2013 close

  03-03-2016 03:49
  ANV's Lloyd's Syndicate 779 has posted a closing loss of
  7.8 percent of total capacity for the 2013 year of account
  (YoA)
  The result for the £22mn life syndicate equated to a loss
  of approximately. £1.7mn ($2.4mn) and was a 7.8 percentage
  point deterioration on the break-even predicted at its previous
  forecast.
  The company's flagship Syndicate 5820 posted a loss of 3.8
  percent of its £131mn capacity, amounting to a loss of
  £5mn ($7mn) for 2013 YoA.
  This result was...
  
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