Insurance news

• Xchanging CEO Wilson to step down post-deal

  05-05-2016 23:00
  Xchanging CEO Craig Wilson will vacate his position following the
  company's sale to US-headquartered technology firm CSC.
  After the close of the deal this morning, Wilson told
  The Insurance Insider that he would
  relinquish his current role but remain with the merged entity in an
  advisory role until the integration process is completed.
  It is unclear if he will have any role at the company beyond the
  completion of that process.
  No statement had previously been made by Xchanging or...
  
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• Quota share deals boost Markel reinsurance GWP

  05-05-2016 23:00
  More quota share deals, multi-year policy renewals and large
  one-off agreements were behind the increased reinsurance writings
  by Markel in Q1 2016, according to co-CEO Richard Whitt.
  Speaking on an earnings call yesterday (4 May), Fenimore Asset
  Management analyst John Fox questioned why the company's
  reinsurance gross written premium (GWP) had risen substantially
  given declining rates in the sector, and asked which kind of risks
  were now on the book.
  Reinsurance GWP at Markel increased by 16.7
  
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• XL Catlin hires property risk engineering head

  05-05-2016 18:49
  XL Catlin has appointed Jonathan Salter as head of its global
  property risk engineering practice, the company announced today (5
  May).
  Salter will be based in London and will report to Michele
  Sansone, president of the company's North American property
  business.
  He will join the company on 25 May from RSA, where he served as
  director of global consulting from 2013 and helped establish the
  carrier's property risk engineering businesses.
  Before joining RSA, Salter co-founded private property risk
  
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• Lancashire appoints Cathedral CFO

  05-05-2016 18:49
  London-listed carrier Lancashire has appointed Heather McKinlay as
  chief financial officer of its Lloyd's managing agency
  Cathedral Underwriting, the company announced today (5 May).
  McKinlay was previously director of insurance consulting firm
  Ridgetown Consulting Ltd, prior to which she served as deputy group
  CFO at Randall & Quilter (R&Q).
  Before joining R&Q she held a variety of roles across the
  insurance industry, including five years as group financial
  controller of Catlin and
  
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• Costliest April for insurers since 2011: Aon Benfield

  05-05-2016 18:49
  Five outbreaks of severe storms across the US last month are
  expected to generate insured losses of more than $3.0bn, in what
  Aon Benfield's Impact Forecasting unit said was the costliest
  April for insurers since 2011.
  In the company's Global Catastrophe Recap report, released
  today (5 May), the broker noted that besides the US storm losses,
  the Kumamoto earthquakes in Japan could cost insurers some 225bn
  yen ($2.0bn).
  In the US, tornadoes, winds and large hail damaged parts of the...
  
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• Markerstudy ends capacity deal with Brightside

  05-05-2016 18:25
  
  Markerstudy has ended its capacity agreement with Brightside.
  The insurer is one of Brightside’s major capacity providers alongside Ageas.
  Markerstudy and Brightside have declined to comment.
  
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• Brightside loses agency with Markerstudy

  05-05-2016 18:22 via insuranceage.co.uk
  
  Private car and van capacity believed to be affected following Markerstudy review of relationship.
  
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• Esure sees Q1 GWP growth of 15.5%

  05-05-2016 17:58
  
  Esure has seen its gross written premiums rise by 15.5% to £151m in the first quarter.
  
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• Biba launches underinsurance guide

  05-05-2016 17:49 via insuranceage.co.uk
  
  Sixth guide in the organisation’s professional indemnity series as trade body calls for minimum 24 month indemnity periods.
  
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• Hester: Still more to do to ensure RSA meets profit forecasts

  05-05-2016 15:15
  
  RSA is on target to achieve or exceed its forecasts for operating profit this year, Group CEO Stephen Hester said.
  
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• RSA hit with large losses of £142mn

  05-05-2016 14:38
  RSA suffered large losses of £142mn ($204mn) in its core
  operations in the first quarter of 2016, which comprised 9.5
  percent of the group's net earned premium (NEP) for the period.
  This represents a 1 percentage point increase on the same
  measure in Q1 2015.
  The overall group large loss ratio for the quarter was 8.5
  percent, also 1 percentage point higher year-on-year, RSA said in
  an interim management statement this morning (5 May).
  Weather events impacted the carrier's core...
  
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• Q1 profit halves at Lancashire

  05-05-2016 14:38
  Pre-tax profits at Lancashire almost halved in the first quarter
  to $26.5mn, following a deterioration in the investment result and
  a decline in net earned premium.
  Net earned premium for the quarter fell 11 percent to
  $137.2mn.
  While net investment income was largely flat at $7.6mn, the
  quarter was impacted by $1.4mn in other investment losses and
  $7.9mn of net realised losses.
  This compared to a combined net gain of $4.8mn from other
  investment results a year earlier.
  Total net...
  
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• New UK law makes damages for late payment a reality

  05-05-2016 14:38
  The UK's Enterprise Bill received Royal Assent yesterday (4
  May) and will come into force in May 2017.
  Insurers will have to pay damages if they are late paying
  claims, although the legislation will not be applied
  retrospectively.
  While the industry has been aware of the late payment proposals
  for some time, Nick Young, partner at DAC Beachcroft, said that
  insurers needed to act now to update their policies and procedures
  and ensure that they could rely on the protections...
  
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• McMurray fire will be among costliest Canadian events

  05-05-2016 14:38
  The insurance industry is bracing itself for major losses as the
  Canadian city of Fort McMurray is devastated by wildfire.
  Aon Benfield's Impact Forecasting said: "It is expected
  that once assessments are finalised, the Horse Creek fire in Fort
  McMurray will end as one of the costliest natural disasters in
  Canada's history."
  The most expensive wildfire in Canada to date was at Slave Lake
  in 2011 and destroyed 522 homes and structures at a cost of C$700mn
  ($543mn), Impact Forecasting...
  
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• Maiden Holdings grows top and bottom line in Q1

  05-05-2016 14:38
  First quarter net operating earnings at Maiden Holdings
  increased by 6.4 percent to $28.3mn following growth in earned
  premium and a rebound in investment income.
  Operating earnings per share were in line with the Wall Street
  consensus at $0.37.
  Net earned premiums grew 6.7 percent to $616mn, while investment
  income increased by 22 percent to $36.3mn. Maiden also booked
  $2.3mn in realised gains on investment, up from $0.9mn a year
  ago.
  Total revenues increased by 7.8 percent to $659.4mn.
  The...
  
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• Cathedral defections have cost one account: Lancashire

  05-05-2016 14:38
  The departure of a swathe of senior staff from Lloyd's
  platform Cathedral has had a minimal impact on Lancashire's top
  line, group CEO Alex Maloney said as the carrier reported its first
  quarter results.
  "We have lost one account - that is it," Maloney told
  The Insurance Insider, as the 14.2
  percent drop-off in Cathedral's top line to $83.7mn was
  attributed to rate reductions and exposure changes.
  Maloney continued: "There will be some clients, of course,
  who will follow some...
  
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• Brexit a 'grave concern' for London market: IUA

  05-05-2016 14:38
  The trade body representing the London company market has issued a
  stark warning against the UK voting to leave the European Union.
  "The feedback we have received from our members clearly
  shows that the benefits of EU membership are highly valued and the
  possibility of these advantages disappearing is of grave
  concern," said Dave Matcham, CEO of the International
  Underwriting Association (IUA).
  The IUA represents the London company market, which wrote
  £15.9bn ($23.0bn) of premiums in 2014.
  
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• Hester: RSA needed to change to survive

  05-05-2016 14:03
  
  Recent changes at RSA may have been difficult for staff, but they are necessary to avoid a more painful outcome, according to group chief executive Stephen Hester.
  
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• Oil and gas services sector targeted in new product from Willis Towers Watson

  05-05-2016 13:13
  
  Willis Towers Watson has launched a product specifically for suppliers to the changeable oil and gas industry.
  
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• Enterprise Act to come into force on 4 May 2017

  05-05-2016 12:21
  
  The Enterprise Act was granted Royal Assent yesterday (4 May), with policyholders able to claim damages for the late payment of insurance claims in 12 months' time.
  
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• Biba welcomes the Enterprise Act

  05-05-2016 11:50 via insuranceage.co.uk
  
  Association says new law is good news for the industry.
  
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• Ageas launches Offices and Surgeries on Open GI

  05-05-2016 11:00 via insuranceage.co.uk
  
  Product will be available on PowerPlace.
  
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• John Holman bought by Insurance Holdings

  05-05-2016 10:44 via insuranceage.co.uk
  
  Lloyd’s brokers will now trade as Carroll Holman and CEO Andrew Holman will focus on developing tech solution Websure.
  
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• Gallagher unit gets foothold in UK motor with Gibraltar buy

  05-05-2016 10:44
  
  Arthur J Gallagher-owned consultancy Artex Risk Solutions has bought Gibraltar-based insurance management firm Quest Holdings (Gibraltar).
  
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• Lorega launches Cyber Recovery for SMEs

  05-05-2016 10:35 via insuranceage.co.uk
  
  Policy covers a data breach following a cyber-attack.
  
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• Research – InsuraInsight: Thinking small

  05-05-2016 10:30
  
  SMEs are often described as the life blood of the UK economy. But what do these business owners and their insurance providers really think about the products and services they receive and offer? And how do both think these could be improved?
  
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• Profile: Banging the drum for brokers

  05-05-2016 10:30 via insuranceage.co.uk
  
  As a former broker, Conservative MP for North Warwickshire and Bedworth Craig Tracey wants to be a voice in the House of Commons for the industry and small businesses in general
  
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• People: I work in insurance: Martin Banasik

  05-05-2016 10:30
  
  Martin Banasik MSc, CEng, FIMechE is principal engineer (lift and crane) at Allianz Engineering
  
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• Penny Black's Social World - May 2016

  05-05-2016 10:30
  
  All the latest news from the world of social media
  
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• Market split over Brexit referendum

  05-05-2016 10:30 via insuranceage.co.uk
  
  Brokers take their sides although some complain of lack of information with EU vote looming
  
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• Industry tackles Flood Re challenges

  05-05-2016 10:30 via insuranceage.co.uk
  
  Brendan McCafferty hails scheme’s impact and promises further progress
  
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• CSC completes Xchanging acquisition

  05-05-2016 10:27
  US-headquartered technology firm CSC has announced that it has
  completed the acquisition of insurance services and software
  provider Xchanging.The 190p a share offer, first made in December 2015, was
  recommended by the Xchanging board and to date has received
  acceptances from 91.88 percent of Xchanging shareholders.
  The offer is now unconditional in all respects and CSC said it
  expected Xchanging shares to de-list from the London Stock Exchange
  on or around 6 June.
  The acquisition has received a
  
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• Beazley grows specialty GWP by 15% in Q1

  05-05-2016 10:27
  Gross written premium (GWP) in Beazley's specialty lines
  division grew 15 percent to $261mn in the first quarter, as the
  carrier took advantage of 2 percent rate increases in the
  segment.
  In a first quarter interim management statement released today
  (5 May), Beazley said rate increases in specialty lines had been
  driven by technology lines and its small business teams.
  Specialty lines was the only division to report rate increases
  in the quarter. The Lloyd's carrier reported an average rate...
  
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• ABI welcomes minister’s pledge to push ahead with claims reforms

  05-05-2016 10:12
  
  The ABI has welcomed justice minister Lord Faulks’s pledge to push ahead with the government’s proposed whiplash reforms.
  
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• Enterprise Bill gains Royal Assent

  05-05-2016 09:50
  
  The Enterprise Bill has gained Royal Assent, and will pass into law in a year’s time.
  
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• RSA's premiums stable in Q1 as Hester controls costs

  05-05-2016 09:21
  
  RSA's net written premiums climbed 2% in the UK & Ireland to £635m in the first quarter of 2016.
  
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• Beazley first quarter GWP up 7% as rates fall 1%

  05-05-2016 08:56
  
  Lloyd’s insurer Beazley wrote gross premiums of $538m (£401.6m) in the first quarter of 2016, up 7% on the $546m it wrote in the same quarter last year.
  
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• RSA UK and Ireland premiums rise 2% in first quarter

  05-05-2016 08:37
  
  RSA’s UK and Ireland business brought in net written premium of £635m in the first quarter of 2016, up 2% on the £622m generated in the same period last year.
  
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• Esure reports 15.5% increase in GWP

  05-05-2016 08:26
  
  Esure has reported a 15.5% increase in gross written premium (GWP) to £151m for the first quarter of 2015.
  
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• Ageas was top commercial liability insurer in 2015

  05-05-2016 07:30
  
  Ageas reported a highly profitable COR of 79.2% for its liability book in 2015, after reserve releases added 17.1 points.
  
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• Tornadoes and prior-year deterioration pressures Heritage combined ratio

  05-05-2016 05:07
  The combined ratio of Florida-based Heritage Insurance Holdings
  increased by 30.9 percentage points to 95.5 percent in the first
  quarter including the impact of a series of severe weather events
  and prior-year deterioration.
  The expansive Floridian saw a significant worsening of its
  combined ratio, which was just 64.6 percent for the same period
  last year.
  The carrier said the increase included the impact of a number of
  severe tornadoes in the first three months of the year, which added
  6.7...
  
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• Record Q1 earnings for The Hanover despite lower Chaucer contribution

  05-05-2016 05:07
  The Hanover has reported record earnings per share for the first
  quarter as operating income increased by 25 percent.
  The carrier recorded profits from its risk carrying operations
  of $71.5mn in Q1 up from $57.1mn in the first three months of
  2015.
  At $1.64 a share, operating profits were well ahead of the $1.27
  a share reported in the prior-year period, and just above Wall
  Street consensus forecasts of $1.59 a share.
  Meanwhile the combined ratio also improved by 2.1...
  
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• Profits up 9% at James River

  05-05-2016 05:07
  James River Group reported a 9 percent increase in profits to
  $12.8mn for the first three months of the year - up from $11.7mn
  for the same period in 2015.
  The carrier saw top line growth of 1.4 percent to $133mn in the
  first quarter.
  The combined ratio improved by 1.6 percentage points to 95.9
  percent in Q1 2016.
  It saw growth in its excess and surplus lines and its specialty
  admitted insurance business however the group's casualty
  reinsurance book...
  
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• Pro-forma Chubb UW profits climb 23%

  05-05-2016 05:07
  Pro-forma Q1 results for the first quarter of the combined
  Ace-Chubb operations showed a 23.2 percent increase in underwriting
  income to $720mn and a combined ratio that improved by 1.2 points
  to 88.9 percent.
  Comparing financials as if the two companies were one entity for
  both quarters, net written premiums (NWP) dropped 5.5 percent to
  $6.33bn, representing a 1.4 percent fall stripping out currency
  movements.
  Looking at the results on an as-reported basis, however, the new
  Chubb Ltd entity sai
  
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• Allstate adds $175mn gap limit to nationwide cat cover

  05-05-2016 05:07
  Allstate has completed the placement of its core nationwide
  property cat reinsurance programme as it bought a modest amount of
  additional limit towards the top of the tower.
  The company disclosed details of the cover as it released Q1
  financials that included a near halving of operating profits driven
  by previously announced cat losses in the period.
  The US personal lines giant revealed that the majority of the
  cat programme's structure will renew as expiring when cover
  incepts on 1...
  
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