Insurance news

• PwC warns of weak casualty reserves in London market

  12-05-2016 23:17
  
  Casualty claims reserves being set by London market (re)insurers for business written in 2015 are weaker than in previous years, according to a review by accounting firm PwC.
  
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• Chaucer grows political risk team with former XL Catlin exec

  12-05-2016 22:50
  
  Lloyd’s insurer Chaucer has hired former XL Catlin underwriter Jonathan Bint as political risk underwriter and analyst.
  
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• Zurich surges 8% on results

  12-05-2016 21:35
  Zurich's share price galloped forward by 8 percent in
  trading today as the market digested a set of consensus-beating
  results.The insurer's operating profits narrowed by 16 percent to
  $1.09bn, but bested consensus forecasts by 22 percent, pushing the
  shares up to SwF233.20 by 2:45pm BST.The fall in profits was driven by a 23 percent drop in general
  insurance operating profits to $542mn, and a 19 percent slide in
  total investment performance to $1.7bn.
  Citi analyst Farooq Hanif described...
  
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• Zurich surges 6% on results

  12-05-2016 16:20
  Zurich's share price galloped forward by 6 percent in early
  trading as the market digested a set of consensus-beating results.The insurer's operating profits narrowed by 16 percent to
  $1.09bn, but bested consensus forecasts by 22 percent, pushing the
  shares up to SwF229.1 by 11:04 BST.The fall in profits was driven by a 23 percent drop in general
  insurance operating profits to $542mn, and a 19 percent slide in
  total investment performance to $1.7bn.
  Citi analyst Farooq Hanif described...
  
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• Risk of Canadian oil sands claims recedes

  12-05-2016 16:20
  Workers are beginning to return to Canadian oil sands facilities
  affected by wildfires last week, suggesting that energy insurers
  will emerge relatively unscathed by losses from the event.
  Both Shell Canada and Suncor said yesterday (11 May) they had
  resumed production, albeit at a limited rate.
  Though the oil plants themselves were not threatened by the
  fire, production was impeded by the forced evacuation of 80,000
  people, including many workers, from the town of Fort McMurray as
  wildfires eng
  
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• IAG appoints long-tail claims head

  12-05-2016 16:20
  Insurance Australia Group (IAG) has appointed Steve Marshall as
  executive general manager of long-tail claims, the company
  announced today (12 May).
  He will be responsible for a number of lines including
  compulsory third party, workers' compensation, liability and
  professional risks within the carrier's operations
  division.
  Prior to joining IAG Marshall was an independent management
  consultant, and has worked with a range of companies including EY
  and Suncorp....
  
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• Hiscox Syndicate 6104 raises profit estimates

  12-05-2016 16:20
  Bermudian carrier Hiscox has increased profit estimates for the
  2014 and 2015 years of account (YoAs) at its Special Purpose
  Syndicate 6104 by 2.5 and 5 percentage points respectively.
  The estimated profit on capacity stemming from the 2014 YoA was
  revised up from between 25 and 35 percent to between 27.5 and 37.5
  percent of the syndicate's £72mn capacity.
  The 2015 YoA was given a more substantial revision as the profit
  estimate increased from between 10 to 20 percent of...
  
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• Great American launches Mexico specialty P&C unit

  12-05-2016 16:20
  Great American Insurance Group has been granted formal approval for
  its local subsidiary El Águila to establish a specialty
  P&C unit in Mexico, it announced today (12 May).
  Ydhelio Espinosa has been appointed as divisional president of
  the unit.
  The company said it planned to begin writing business from the
  expanded unit from 1 July this year.
  The division will focus on bolstering the carrier's broader
  strategy of writing P&C commercial policies for small and
  medium-sized enterpri
  
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• Generali shares fall as profits miss consensus

  12-05-2016 16:20
  Italian insurer Generali's share price fell almost 5 percent
  in early trading before rebounding slightly after the company
  missed consensus operating profit forecasts for the first
  quarter.
  The carrier's operating results fell 12.3 percent compared
  to the first quarter of 2015 to EUR1.1bn ($1.3bn), while net
  profits dropped 13.8 percent to EUR588mn.
  Analysts had expected an operating profit of EUR1.21bn.
  Generali attributed the drop in profit to lower levels of
  realised gains on investments due
  
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• Generali restructures to create international unit

  12-05-2016 16:20
  New Generali CEO Philippe Donnet has made his mark on the group by
  bringing in Axa executive Frédéric de Courtois to run
  an international segment created by a restructure of the global
  insurer.
  In a statement yesterday (11 May), Generali said that de
  Courtois would take control of a new function called global
  business lines and international.
  This will comprise Generali Global Corporate & Commercial,
  along with the Emea, Asia and Americas businesses. The global
  health and employe
  
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• April Ohio storm losses could hit $57mn

  12-05-2016 16:20
  A storm that hit Ohio early last month has caused between $52.6mn
  and $57.8mn in preliminary insured losses, according to estimates
  from the Ohio Insurance Institute (OII) and from Property Claim
  Services (PCS).
  High winds, rain and snow swept across the state on 2 April as
  gusts of over 60mph were recorded, causing downed trees and power
  outages that impacted around 66,000 people.
  PCS estimated preliminary total insured losses from the affected
  states along the East Coast and in the...
  
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• AIG shareholders back Hancock in vote

  12-05-2016 16:20
  Under-fire American International Group (AIG) CEO Peter Hancock has
  avoided a potential shareholder revolt as he was overwhelmingly
  re-elected at the company's AGM this week.
  Hancock received 878,113,002 votes for and 7,269,995 votes
  against his re-election.
  The vote to elect 16 directors was the first since activist
  investors Carl Icahn and John Paulson were allocated two seats on
  the insurer's board in February.
  Paulson was elected to the board almost unanimously, receiving
  872,590,511 votes i
  
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• Allianz’s McGinn: Insurers more wary of hiking commissions

  12-05-2016 15:32
  
  Insurers are now more cautious about paying brokers increased commissions without seeing something in return, according to Allianz commercial and personal general manager Simon McGinn.
  
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• #BibaFever 2016 - The Great Biba Bacon Butty Off

  12-05-2016 15:16
  
  Our intrepid reporters find out which stand has the best butties at Biba 2016
  
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• Covent Bridge completes first UK acquisition

  12-05-2016 15:04
  
  Investigation firm Covent Bridge Group has acquired Surrey-headquartered BDL Investigations, marking its first acquisition in the UK.
  
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• Biba to return to Manchester in 2017

  12-05-2016 14:01
  
  Next year’s Biba conference will be held at Manchester Central on 10 and 11 May. 
  Biba chief executive Steve White said: “The feedback we have from exhibitors, sponsors and delegates is that Manchester works very well, as evidenced by the fantastic two days we have all had here.
  The Biba Conference is now the biggest insurance broking networking event in Europe and I am looking forward to welcoming everyone back to Manchester next May”
   
   
  
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• Biba 2016: Return to Manchester for 2017 confirmed

  12-05-2016 14:00
  
  Event to take place on 10 and 11 May.
  
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• Manchester ghostbroker convicted after faking over 150 policies

  12-05-2016 13:35
  
  A ghostbroker who set up more than 150 fraudulent motor policies with Aviva has been caught in Manchester and faces almost two years in jail.
  
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• Zurich profits pared back as top line cut

  12-05-2016 12:05
  Zurich's headline profits were down 16 percent in the first
  quarter as the ailing global carrier reported its first set of
  results since Mario Greco was appointed CEO.
  The global carrier's business operating profit narrowed to
  $1.09bn, with its post-tax profits off 28 percent year-on-year at
  $875mn.
  The fall in profits was driven by a 23 percent drop in general
  insurance operating profits to $542mn, and a 19 percent slide in
  total investment performance to $1.7bn.
  However, the headline result...
  
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• Kumamoto quake to cost insurers $1.2bn: RMS

  12-05-2016 12:05
  Modelling firm RMS has released a narrower industry loss
  estimate for the Kumamoto earthquake than its peer AIR Worldwide,
  forecasting that claims from the magnitude 7.0 earthquake that
  struck Japan on 15 April will be between $800mn and $1.2bn.
  RMS said economic damage from the quake and a less strong 6.4
  foreshock that occurred on 14 April was likely to be between $5.5bn
  and $7.5bn - up significantly from its earlier estimate of $2.5bn
  to $3.5bn.
  Its insured loss estimate...
  
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• Manchester ghost broker jailed for £200k scam

  12-05-2016 11:51
  
  A ghost broker who set up 151 fraudulent motor policies as part of a £200,000 scam has been jailed for 20 months.
  
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• Zurich UK GI profit falls 51%

  12-05-2016 11:48
  
  Zurich’s UK general insurance (GI) business made an operating profit of £23m in the first quarter of 2016, down 51% on the £47m profit it made in last year’s first quarter.
  
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• Manchester 'ghostbroker' jailed

  12-05-2016 11:42
  
  Man went on run for nine months after £200,000 scam was revealed.
  
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• Zurich UK GI 'back in the black’ despite GWP fall

  12-05-2016 11:33
  
  Zurich’s UK General Insurance division reported an 11% fall in gross written premium in the first quarter.
  
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• Williams promoted at RSA to group underwriting director

  12-05-2016 10:53
  
  Nathan Williams, chief underwriting officer - Scandinavia at RSA, has been promoted to group underwriting director at the UK-headquartered insurer.
  
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• Hood Group predicts ‘rapid growth’ following Clydesdale refinancing

  12-05-2016 08:39
  
  Affinity insurance broker Hood Group says it is set for a period of “rapid growth” after completing refinancing with Clydesdale bank.
  
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• Zurich returns to profit in Q1

  12-05-2016 08:33
  
  Swiss-headquartered Zurich's after tax global profits fell 28% from $1.22bn (£845m) in the first quarter of 2015 to $875m (£607m) in Q1 2016.
  
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• LV= Broker gains chartered status

  12-05-2016 08:27
  
  LV= Broker has been awarded chartered insurer status by the Chartered Institute of Insurers (CII),
  
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• Zurich group GI profit drops 23% in first quarter

  12-05-2016 08:12
  
  Zurich’s global general insurance (GI) business made an operating profit of $542m (£375m) in the first quarter of 2016, down 23% on the $706m it made in last year’s first quarter.
  
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• Sport: High stakes for large events

  12-05-2016 08:00
  
  Sports fans are about to enjoy two major events: the UEFA Euro in France and the Olympic Games in Brazil. As millions of people prepare to visit the host nations and crowd multiple venues, insurance has a crucial role to play.
  
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• WR Berkley launches Asia platform with Chubb hires

  12-05-2016 03:47
  Specialty insurer WR Berkley has established an underwriting
  platform in Asia that will be headed up by a duo of former Chubb
  execs.
  The newly-established carrier Berkley Insurance Asia will offer
  specialty commercial insurance coverages through offices in Hong
  Kong and Singapore.
  The two offices will provide policies to clients in the north
  and south east of the continent.
  The former chief executive of Chubb's Federal Insurance
  Company Shasi Gangadharan has taken the helm of the new operation
  a
  
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• AIG chairman commits to keeping life and P&C business

  12-05-2016 00:44
  AIG chairman Doug Steenland has pledged to hold on to the insurance
  giant's life division as well as its property and casualty
  (P&C) business despite pressure from activist shareholders.
  According to a Bloomberg report, the executive committed to
  retain both units at the insurer's annual meeting today (11
  May) as two investors that have actively lobbied to break the
  carrier up were elected to its board.
  "We remain of the view that that is the right long-term
  position for AIG,&...
  
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