Insurance news

• Leicester won the league but the bookies were far from beaten

  03-05-2016 20:22
  
  The Foxes 5,000-1 success was excellent news for the bookies. Just don’t expect the bookies to say so – shouting about losses is good marketingThe bookies took a right old caning on Leicester City, right? Don’t believe a word of it. The part of the tale that is correct is that the Foxes’ triumph, at odds that started the season at 5,000-1, ensured a loss for most bookmakers on the thin market in predicting the outright winner of the Premier League. William Hill, for examp
  
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• Expensive car owners will rush to buy self-driving cars, says Volvo chief

  03-05-2016 18:11
  
  Autopilot will attract one in four premium car drivers and the technology can be made affordable, and available, by 2020, Volvo boss predictsAbout one in four owners of premium cars would buy a self-driving vehicle, according to Volvo’s chief executive, who has vowed to make the technology affordable.Håkan Samuelsson said Volvo had had a deluge of interest in its “Drive me” trial in London next year, when 100 drivers will test its new autonomous driving technology on moto
  
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• Leaving the EU gives industry opportunities, says broker boss

  03-05-2016 17:58
  
  Alexander Miller managing director Melanie Hampton states UK insurance industry should stand on its own two feet.
  
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• Peak Re doubles top line in 2015

  03-05-2016 16:33
  Hong-Kong based reinsurer Peak Re has unveiled its full-year
  results, reporting gross written premium growth of 102 percent to
  $582.7mn in its third year of operation.
  Premium growth was driven by larger shares gained and new
  business in the Fosun subsidiary's core Asia Pacific markets,
  together with its geographical expansion into Europe and the
  Americas and entry into new lines of business including life and
  casualty reinsurance.
  The reinsurer's combined ratio fell 4.4 percentage points to
  96.
  
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• MS Amlin merges managing agencies

  03-05-2016 16:33
  MS Amlin has received approval from Lloyd's to merge its two
  managing agencies effective today (3 May), the carrier announced
  this morning.
  Japanese big three member Mitsui Sumitomo Insurance completed
  its acquisition of London-listed carrier Amlin on 1 February.
  The newly combined business will join up the capabilities of
  Amlin's Syndicate 2001 and Mitsui Sumitomo's Syndicate
  3210, which will enable underwriters to use a dual stamp on
  business for the remainder of 2016.
  The move means that the
  
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• Frontier markets ripe for rapid growth: Swiss Re

  03-05-2016 16:33
  Insurers that have an understanding of the local environment
  could benefit from a significant first-mover advantage in frontier
  markets with potential for rapid premium growth, according to Swiss
  Re.
  The company's Insuring the Frontier Markets report
  identified 21 growth markets in Sub-Saharan Africa, Latin America,
  the Commonwealth of Independent States (CIS) and Asia where
  economic conditions are conducive to insurance growth.
  It said the mixture of strong gross domestic product growth of
  betw
  
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• Buffett: 'There's not another Ajit in the house'

  03-05-2016 16:33
  Berkshire Hathaway chairman and CEO Warren Buffett has warned of
  the "significant" impact to his company should
  reinsurance head Ajit Jain choose to leave.
  At the Berkshire Hathaway annual general meeting on 30 April,
  Buffett said: "There's not another Ajit in the house. If
  we lost him the impact would be very significant and that would be
  true of some other managers at some other subsidiaries."
  There was a period when the earnings potential of Jain's
  operations was "fantastic", the...
  
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• Brit to write onshore US marine

  03-05-2016 16:33
  Brit Insurance's onshore US insurance platform has hired Tom
  Carroll from XL Catlin to spearhead its entry into the marine
  market, the company said today (3 May).
  Carroll, who started work at Brit yesterday, has joined from XL
  Catlin, where he was a senior vice president for marine. Ahead of
  XL's acquisition of Catlin, Carroll had been head of US marine
  for the London-listed carrier.
  The incoming underwriter will look to build out Brit's
  presence in hull, liability, cargo and...
  
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• Mapfre grows reinsurance and specialty GWP

  03-05-2016 16:33
  Gross written premiums (GWP) at Mapfre's reinsurance arm grew
  17 percent in the first quarter to EUR1.1bn ($1.3bn).
  GWP from Mapfre Re accounted for 16.4 percent of the group
  total. The company said the growth mainly reflected timing
  differences in the issuance of several large contracts.
  Net earned premiums were up 41.6 percent to EUR698.3mn.
  The reinsurance unit's combined ratio increased by 4.2
  percentage points to 93 percent, after a change in portfolio mix
  led to an uptick in the...
  
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• Claims on the future

  03-05-2016 14:58 via insuranceage.co.uk
  
  Axa's claims director Chris Voller on bringing claims into the digital age, new measures to tackle fraud and the implementation of Flood Re.
  
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• Marsh-owned SMEi’s joint chief executives leave roles

  03-05-2016 14:29
  
  Marsh-owned broker SMEi’s joint chief executives Jason Gandy and Roger Snowden have left their current roles.
  
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• Marsh-owned SMEi’s joint chief executives depart

  03-05-2016 14:29
  
  Marsh-owned broker SMEi’s joint chief executives Jason Gandy and Roger Snowden have left the company.
  
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• Abbey Bond Lovis buys McGrady in Northern Ireland

  03-05-2016 14:05
  
  Deal funded by Global Risk Partners.
  
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• Home premiums rise but car rates stall, according to AA Q1 index

  03-05-2016 14:03
  
  The AA’s British Insurance Premium Index for the first quarter of 2016 has shown a slight increase in rates for home insurance, with car premiums flat.
  
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• GRP makes second retail broking investment

  03-05-2016 13:53
  
  Peter Cullum-backed consolidator Global Risk Partners (GRP) has funded subsidiary Abbey Bond Lovis’s acquisition of Northern Ireland broker McGrady.
  
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• Couple in Birmingham Airport blunder ‘wouldn’t have been able to claim on insurance’

  03-05-2016 13:05
  
  The couple who booked a flight from the ‘wrong Birmingham’ may have been given a free holiday in consolation, but they would not have been able to claim on their travel insurance.
  
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• SMEi founders Gandy and Snowden leave management roles

  03-05-2016 12:26
  
  Marsh-owned business reshapes management structure.
  
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• Allianz Group reports 21% growth in first quarter earnings

  03-05-2016 12:25
  
  Allianz Group has seen its earnings increase to €2.2bn (£1.7bn) from €1.8bn in the same period last year.
  
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• Carrot's telematics 'warning' initiative improves young driver behaviour

  03-05-2016 11:49
  
  Telematics firm Carrot Insurance has used its telematics box to improve the driving behaviour of its young policyholders, director Ed Rochfort has said.
  
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• Amanda Blanc succeeds John O’Roarke as IFB chair

  03-05-2016 11:41
  
  The Insurance Fraud Bureau has appointed AXA UK and Ireland general insurance chief executive Amanda Blanc (pictured) as its new chair.
  
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• QBE names North American CEO

  03-05-2016 11:09
  QBE has hired Russell Johnston to become CEO of its North American
  operations, effective from 31 May.
  Johnston will succeed David Duclos, who is retiring from
  full-time employment but will remain with the company as a
  non-executive director of QBE Emerging Markets and Equator Re.
  Most recently, Johnston was president of American International
  Group's casualty operations in the Americas, with
  responsibility for all US casualty underwriters in the US, Canada,
  Bermuda and London.
  He will be based i
  
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• Allianz net profits climb by a fifth

  03-05-2016 11:09
  Global insurer Allianz has pre-announced first quarter net
  income of EUR2.2bn, a 20.5 percent increase on its prior-year
  result.
  Allianz typically pre-announces its results if they are
  substantially ahead of analysts' expectations.
  Operating profits narrowed by 3.5 percent to EUR2.8bn, the
  global insurer said yesterday (2 May).
  Citi analyst Farooq Hanif attributed the outperformance to
  significantly higher than expected realised gains on
  investments.
  The combined ratio in Allianz's P&C insur
  
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• Sharp rise in premium for building insurance

  03-05-2016 10:46 via insuranceage.co.uk
  
  AA Premium Index show increase in home premiums but motor premiums fall in Q1 2016.
  
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• Sentiment Survey Spring 2016: Stormy weather

  03-05-2016 10:30
  
  Brokers are confident they will weather the storms presented by more consolidation, uncertainty over the EU referendum, the rise of cyber insurance and an increasingly litigious market place
  
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• In Depth: Social media investigations the first line of defence in fighting fraud

  03-05-2016 10:30
  
  Information gleaned from open public sources is admissible in court.
  
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• Another wave of consolidation?

  03-05-2016 10:30
  
  Tony Cornell considers how insurers will cope with demands for more commission if acquisition activity picks up again
  
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• Video: A broking minute with Tony Allen

  03-05-2016 10:08
  
  Meet the A&A Group CEO in our latest video.
  
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• #Insagepeople: 2 - 8 May 2016

  03-05-2016 10:07
  
  Get your fix of the market movers each week in one place with our new way of bringing you the latest recruitment changes.
  
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• Two high profile brokers back Vote Leave campaign

  03-05-2016 10:00
  
  JLT's Dominic Burke and Alexander Miller's Melanie Hampton among senior financial services figures campaigning for a Brexit.
  
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• Allianz Q1 revenues down 6.4%, operating profit down 3.5%

  03-05-2016 09:27
  
  Allianz said first quarter revenues fell 6.4% from a year earlier to €35.4bn and operating profit fell 3.5% to €2.8bn.
  
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• Home premiums up sharply while motor stalls in Q1, says AA

  03-05-2016 09:15
  
  Home insurance premiums have increased sharply over the past three months, while motor premiums have stalled, according to the AA.
  
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• Broker Network names Ian Clark as executive chairman

  03-05-2016 08:58
  
  Broker Network has appointed Ian Clark (pictured) as executive chairman. 
  
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• AIG reports lower profits in Q1 as investment income hit

  03-05-2016 08:39
  
  AIG reported a lower-than-expected profit for the third straight quarter as poor returns from hedge funds hurt its investment income.
  
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• Admiral and Mapfre explore China comparison site

  03-05-2016 08:07
  
  Spanish insurer Mapfre and UK insurance group Admiral are exploring the launch of ajoint venture comparison website in China under a project called Preminen.
  
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• Endsleigh won’t refund our insurance policy despite a warning not to travel

  03-05-2016 08:00
  
  We had booked to volunteer in a Zika virus area, then I found out I was pregnantMy husband and I booked to do volunteering work in Bolivia in late May. Later we discovered that we are expecting our first child and, due to the risk of contracting the Zika virus, our GP advised us to cancel the trip.Despite a letter from the doctor confirming this, our insurer Endsleigh is refusing to reimburse us. Continue reading...
  
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• Driverless cars to dent insurance industry, warns Volvo chief

  03-05-2016 07:00
  
  Håkan Samuelsson says research suggests an 80% fall in crashes by 2035 which could put motor insurers and premiums at riskIt is predicted that driverless cars will prevent the vast majority of crashes and dramatically reduce the cost of insuring a car, according to industry experts.
  Volvo’s chief executive will tell a seminar on driverless cars on Tuesday that autonomous vehicles are the “single most important advance in automotive safety” in years. Related: Volvo to test
  
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• Transaction costs weigh on PartnerRe profits

  03-05-2016 05:57
  PartnerRe's first quarter results were impacted by a $60mn hit
  related to the Bermudian reinsurer's takeout by Italian
  investment vehicle Exor.
  The carrier reported operating earnings of $44.2mn for the first
  three months of 2016, down from the $150.5mn it reported for the
  same period last year.
  Gross written premiums fell to $1.63bn for the quarter, down 7
  percent from the $1.75bn PartnerRe reported in Q1 2015.
  The carrier saw premium shrink in every division with the
  exception of its...
  
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• Top and bottom line reinsurance growth at Endurance

  03-05-2016 05:57
  Endurance reported a comfortable earnings beat for the first
  quarter as it detailed strong top line growth and a significant
  improvement in underwriting results.
  The Bermudian generated operating profits that climbed 7.4
  percent to $84.4mn or $1.26 a share, compared to Wall Street
  analysts' consensus of $1.22 a share.
  The company booked gross written premiums (GWP) that surged 23.8
  percent to $1.61bn and a combined ratio that dropped from 82.4
  percent to 77.9 percent.
  The combined ratio included
  
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• Specialty P&C drives American Financial earnings beat

  03-05-2016 05:57
  American Financial Group (AFG) reported a modest first quarter
  earnings beat with flat operating profits while National Interstate
  - the company it is trying to buy-out - saw operating profits climb
  18 percent for the period.
  Operating profits of $111mn at AFG were equivalent to $1.25 a
  share and ahead of Wall Street analysts' consensus of $1.23 a
  share
  The company pointed to higher underwriting profit and investment
  income in its specialty P&C operations that was offset by lower
  operating..
  
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• Mapfre targets China province Shandong for motor digital venture

  03-05-2016 05:39
  
  Spanish insurer Mapfre is targeting an end of 2016 launch for an online motor insurance operation in the province of Shandong, China.
  
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• AIG sells $1.25bn stake in PICC and falls to Q1 net loss

  03-05-2016 04:41
  
  US giant AIG has sold another $1.25bn (£850m) worth of shares in Chinese property and casualty insurer PICC Property and Casualty.
  
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• AIG sells $1.25bn stake in PICC

  03-05-2016 04:41
  
  US giant AIG has sold another $1.25bn (£850m) worth of shares in Chinese property and casualty insurer PICC Property and Casualty.
  
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• ABI warns drivers to stay focused as automatic car technology advances

  03-05-2016 01:05
  
  Motorists shouldn't become complacent on the roads as autonomous vehicles are rolled out, particularly when the technology is new, according to the Association of British Insurers.
  
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• Top line growth and stable underwriting profits at Argo

  03-05-2016 00:28
  Argo's top line jumped by 9 percent in the first quarter but
  profits at the Bermudian carrier slid by more than 10 percent.
  The group reported that gross written premium had increased to
  $519.8mn in Q1 2016 from $476.7 for the same period last year.
  Meanwhile operating income fell to $29.9mn for the quarter from
  $33.4mn for the first three months of 2015.
  The group's combined ratio held up well with only a minor
  deterioration from 93.6 percent to 94.0...
  
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• Profits down 54% at AIG despite P&C improvement

  03-05-2016 00:28
  First quarter operating profits at AIG more than halved from $1.7bn
  to $773mn despite a modest improvement in the combined ratio of its
  core P&C commercial insurance business.
  At $0.65 a share, operating profits were well below the $1.00 a
  share consensus forecast from Wall Street analysts.
  The fall in profits was partly the result of significantly lower
  investment income in the P&C unit, which dropped by 44 percent
  to $577mn.
  There was also evidence of the casualty reinsurance agreement
  
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• Everest makes senior European hires

  03-05-2016 00:28
  Everest has bolstered its European and Lloyd's platforms
  with the hire of Stephan Knipper and Christian Colombera.
  Knipper joins Axis Re as managing director for Continental
  Europe at the Bermudian (re)insurer and will be based in
  Zurich.
  Meanwhile, Columbera takes the position of financial lines head
  for Everest Syndicate 2786 after moving over from Zurich Insurance
  Group.
  Knipper was most recently president and CEO for Axis Re Europe
  and is also a former Gerling Global Re senior executive and
  
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