Insurance news

• State Auto shares slide after earnings miss

  28-04-2016 23:17
  Shares in State Auto traded down by as much as 8 percent today (28
  April) after the US insurer announced Q1 operating earnings per
  share of just $0.05, considerably below Wall Street analysts'
  consensus estimate of $0.37.
  The carrier reported operating income of $2.1mn, down more than
  90 percent on the $22.2mn profit it announced for the same period
  last year.
  The disappointing result was driven by a 65.6 percent
  non-catastrophe loss ratio that stemmed from poor personal and
  commercial...
  
  Read more

• Private flood insurance bill edges toward approval

  28-04-2016 23:17
  A bill that could see private surplus lines carriers take a
  larger chunk of the market for flood insurance has overcome another
  hurdle after passing the US House of Representatives.
  The Flood Insurance Market Parity and Modernization Act was
  unanimously passed by the House earlier today (28 April).
  If made law the bill would give consumers the choice between
  coverage provided by the beleaguered National Flood Insurance
  Program (NFIP) and that bought in the private market.
  Tom Santos, vice presid
  
  Read more

• Crippled passenger sues Zenith for £5m in crash row

  28-04-2016 20:07
  
  A passenger is suing Zenith Insurance for £5m after her lover crashed the car, leaving her severely disabled.
  
  Read more

• Investigation: AXA only insurer to make commercial property underwriting profit in 2015

  28-04-2016 19:41
  
  Insurance Times can today reveal the first results of its investigation into the underwriting performance of insurers in 2015. 
  
  Read more

• Advertisement

• AXA only insurer to make commercial property underwriting profit

  28-04-2016 19:41
  
  Insurance Times can today reveal the first results of its investigation into the underwriting performance of insurers in 2015. 
  
  Read more

• Simple post-Brexit trade deal 'complete fantasy': Nelson

  28-04-2016 18:56
  It is unrealistic to expect that the UK could negotiate a
  straightforward bilateral trade deal if it left the EU, according
  to Lloyd's chairman John Nelson.
  Speaking at an Insurance Institute of London lecture in the
  Lloyd's Old Library earlier today (28 April), Nelson told the
  audience that it was clearly in the interest of Lloyd's to stay
  in the EU.
  "You are hearing from some of the 'Leave' campaign
  that it should be possible for the UK to negotiate...
  
  Read more

• Q1 specialty downturn a one-off: RenRe

  28-04-2016 18:56
  RenaissanceRe executives said the weaker underwriting performance
  reported by its specialty reinsurance business in the first quarter
  of 2016 came from isolated events and was not a sign of a
  deteriorating trend.
  The carrier's specialty unit reported a 100 percent combined
  ratio in the quarter, compared to a profitable 77.5 percent in Q1
  2015.
  It reported overall reserve strengthening of $3.5mn, which the
  carrier noted was minor set against $1.8bn of total casualty
  reserves.
  The $3.5mn movement
  
  Read more

• Munich Re drops by 9% following Q1 warning

  28-04-2016 18:56
  Munich Re shares traded down 5.3 percent today (28 April) to
  EUR164.8 from yesterday's closing price of EUR174, as investors
  continued to digest the company's warning on Q1 earnings.
  The reinsurer's stock is now off 9.3 percent from
  Tuesday's (26 April) closing price of EUR181 prior to the
  profits warning from CEO Nikolaus von Bomhard.
  The executive warned attendees at the reinsurer's annual
  general meeting (AGM) yesterday that first quarter profits would be
  "well below" its expectations.
  The ca
  
  Read more

• Advertisement

• MMC posts 4% organic growth

  28-04-2016 18:56
  Marsh & McLennan Companies (MMC) has today (29 April)
  reported organic growth for the first quarter of 2016 in both its
  insurance and reinsurance broking arms despite continued rating
  pressure.
  First quarter revenue generated by MMC's risk and insurance
  services unit, which includes insurance broker Marsh and
  reinsurance intermediary Guy Carpenter, totalled $1.9bn - an
  increase of 2 percent on an underlying basis.
  Earnings per share of $0.91 were modestly ahead of the Wall
  Street consensus o
  
  Read more

• Weald Insurance Brokers buys Steadman & Hozier

  28-04-2016 18:12
  
  The value of the deal was £5m.
  
  Read more

• Q1 results roundup

  28-04-2016 17:17
  
  All the results from the biggest insurers in one place.
  
  Read more

• Barclays writes to PPI customers to apologise for failing to send statements

  28-04-2016 16:46
  
  Bank says ‘technical issue’ meant 3% of its payment protection insurance holders were not sent annual statementsBarclays has written to 10,000 customers with payment protection insurance to apologise after it failed to send them annual statements telling them how much they were spending on their policies and outlining their rights to cancel them.In 2011, the Competition Commission ordered lenders to provide an annual account of their PPI following a two-year inquiry that found seriou
  
  Read more

• MMC posts 2% organic growth

  28-04-2016 15:44
  Marsh & McLennan Companies (MMC) has today (29 April)
  reported organic growth for the first quarter of 2016 in both its
  insurance and reinsurance broking arms despite continued rating
  pressure.
  First quarter revenue generated by MMC's risk and insurance
  services unit, which includes insurance broker Marsh and
  reinsurance intermediary Guy Carpenter, totalled $1.9bn - an
  increase of 2 percent on an underlying basis.
  Earnings per share of $0.91 were modestly ahead of the Wall
  Street consensus o
  
  Read more

• EY: Insurance sector lags behind banking in gender parity

  28-04-2016 15:44
  The insurance industry is behind the banking sector in terms of
  progress on gender parity, according to research from professional
  services firm EY.
  Only 39 percent of insurance companies surveyed are formally
  measuring their progress towards gender diversity, compared to 59
  percent of banks.
  The outlook is also weaker, with only 6 percent of insurance
  respondents expecting a significant uptick in female leaders over
  the next five years, compared to 27 percent of banking
  participants.
  EY surveye
  
  Read more

• Marsh parent's broking unit posts flat profit and 2% organic growth

  28-04-2016 15:31
  
  .
  
  Read more

• Marsh parent posts flat broking profit and 2% organic growth

  28-04-2016 15:31
  
  The broking division of Marsh & McLennan Companies (MMC) made an operating profit of $535m (£367m) in the first quarter of 2016, almost unchanged from the $533m it reported in the same quarter last year.
  
  Read more

• RPC Consulting opens Paris office

  28-04-2016 13:54
  
  RPC Consulting, the consulting arm of law firm RPC, has appointed former founding partner of EMB France Stéphane Chappellier to head up its new Paris office.
  
  Read more

• XL will hit double-digit RoE target: McGavick

  28-04-2016 12:33
  XL Group CEO Mike McGavick insisted the carrier can deliver a
  double-digit return on equity (RoE) during a conference call
  yesterday (27 April), as he came under fire from analysts over the
  lack of clarity around merger synergies.The firm reported a 46 percent decline in operating profits to
  $103.4mn for the first quarter. At $0.35 a share, operating
  earnings were significantly below Wall Street analysts'
  consensus forecasts of $0.50 a share.However, the prior-year numbers did not include the...
  
  Read more

• WCMA strengthens Hong Kong team

  28-04-2016 12:33
  Willis Capital Markets & Advisory (WCMA) has hired Deutsche
  Bank's Vincent Lien as a managing director in its Hong Kong
  office, the company said today (28 April).
  Lien will report directly to WCMA's co-CEOs Michael Guo and
  Rafal Walkiewicz.
  The incoming executive was a senior member of Deutsche
  Bank's financial institutions group in Hong Kong. Prior to that
  he spent six years at Bank of America Merrill Lynch....
  
  Read more

• Texas hailstorm losses top $2.6bn

  28-04-2016 12:33
  Losses stemming from the series of hailstorms that hit Texas in the
  first few months of the year are expected to top $2.6bn, according
  to data from the state's insurance board.
  Earlier this month, the state was hit by the costliest hailstorm
  in its history.
  Numbers reported by the Insurance Council of Texas revealed that
  the grapefruit-sized hailstones that pounded the city of San
  Antonio were expected to cost insurers $1.36bn.
  Automobile losses were predicted to reach $560mn, while damage...
  
  Read more

• Assurant shares spike after results release

  28-04-2016 12:33
  Shares in US specialty insurer Assurant jumped by 7.6 percent
  percent yesterday (27 April) to reach a high of $85.33 as of market
  closing, after a positive reaction to the company's first
  quarter results.
  The carrier's net income increased fourfold to $220.3mn for
  the first quarter compared to the prior-year period, taking net
  income per share from $0.72 to £3.38.
  Assurant improved its underwriting performance in the quarter,
  as its combined ratio shed 1.4 percentage points to 80.7
  percent
  
  Read more

• AmTrust founder Michael Karfunkel dies

  28-04-2016 12:33
  AmTrust founder and chairman Michael Karfunkel has passed away at
  the age of 72, the company announced yesterday (27 April).
  Karfunkel begun the business with his brother George in 1998,
  before appointing son-in-law Barry Zyskind to the position of
  president and CEO within a few years.
  AmTrust said it would "greatly miss Mr Karfunkel's
  trusted counsel and vision".
  The Karfunkel brothers moved to New York from Hungary in the
  1950s. They initially made their fortune through setting up
  American Sto
  
  Read more

• Van specialist MGA launches

  28-04-2016 12:11 via insuranceage.co.uk
  
  Pukka aims to achieve £30m GWP in first year and says its telematics app product will be distributed via brokers.
  
  Read more

• InsurTech Futures: Investment in InsurTech sees 237% hike

  28-04-2016 11:39 via insuranceage.co.uk
  
  Insurance more collaborative than banking, according to Accenture.
  
  Read more

• Market moves: Big moves for brokers

  28-04-2016 10:30 via insuranceage.co.uk
  
  It was a fantastically busy past few weeks for people moves in the insurance market. From regulators to networks, from insurers to MGAs there was no shortage of developments. However, it was the broker market that stole the show.
  
  Read more

• Back to binge buying?

  28-04-2016 10:30
  
  Returning to the market, Barbara Bradshaw sees the same mistakes being made and bemoans unequal access to finance
  
  Read more

• Affinity: Creating perfect partnerships

  28-04-2016 10:30
  
  Despite the public outcry over the affinity partnership between Age UK and Ageas, a clear objective and strategy can reap rewards for both halves of a deal.
  
  Read more

• Trade Voice: The ABI's James Dalton on the public perception of insurance

  28-04-2016 10:25
  
  Perception does not always reflect reality. If it did, then public perceptions of the insurance industry - and our reputation - would be better than they are.
  
  Read more

• Trade Voice: The ABI's Huw Evans on the public perception of insurance

  28-04-2016 10:25
  
  Perception does not always reflect reality. If it did, then public perceptions of the insurance industry - and our reputation - would be better than they are.
  
  Read more

• Europe: Building success for construction firms

  28-04-2016 10:25
  
  The improving Spanish infrastructure sector offers an opportunity for local insurers.
  
  Read more

• Barbican opens new Manchester base

  28-04-2016 10:19
  
  Barbican Insurance Group has opened a new office in Manchester, located in the Hive complex of the city’s Northern Quarter.
  
  Read more

• Staysure to create over 120 jobs

  28-04-2016 10:00
  
  Company says new roles will come on stream during 2016.
  
  Read more

• Barbican opens Manchester office

  28-04-2016 09:52
  
  Lloyd’s insurer barbican has opened a new office in Manchester.
  
  Read more

• Staysure to create 120 jobs in 2016

  28-04-2016 09:49
  
  UK insurance and travel provider Staysure is creating 120 new jobs across its business this year.
  
  Read more

• Charles Taylor launches insurance technology unit

  28-04-2016 09:44
  
  Insurance services firm Charles Taylor has launched an insurance technology arm called Charles Taylor InsureTech.
  
  Read more

• Carole Nash opens new Dublin office

  28-04-2016 09:24
  
  Motorbike broker Carole Nash has opened a new office in Dublin.
  
  Read more

• Apprenticeship levy needs radical rethink – CBI head

  28-04-2016 09:02
  
  Business lobby group The Confederation of British Industry (CBI) is urging the government to “radically rethink” its apprenticeship levy, the Financial Times reports.
  
  Read more

• Higher expense ratio drives XL earnings miss

  28-04-2016 02:08
  A higher-than-expected expense ratio contributed to an earnings
  miss at XL Group as it report operating profits that fell from
  $194.4mn in Q1 2015 to $103.4mn in the current reporting
  period.
  The prior-year numbers didn't include the results of Catlin,
  which was acquired on 1 May 2015, making comparisons difficult
  year-on-year.
  But at $0.35 a share, operating earnings were significantly
  below Wall Street analysts' consensus forecasts of $0.50 a
  share.
  Janney analyst Ryan Byrnes blamed the earnin
  
  Read more

Follow @Insurance_UKnws on Twitter!