Insurance news

• Industry at the most dangerous part of the cycle: Maloney

  27-07-2016 21:13
  The (re)insurance industry is at the most dangerous part of the
  cycle, and it won't take much more pain to force some carriers
  into the red, according to the CEO of Lancashire.
  Speaking to The Insurance Insider
  following Lancashire's Q2 earnings results today, Alex Maloney
  said experienced underwriters know how dangerous the current part
  of the cycle is, and to materially grow your book now or have too
  grand a plan for the market, would be a mistake.
  "Every bone...
  
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• Long-awaited Kinsale IPO set to price

  27-07-2016 19:37
  US specialty insurer Kinsale is due to price its long-expected IPO
  today, which would raise $96mn of primary gross proceeds if set at
  the top of the $14-$16 a share indicative range.
  The excess and surplus (E&S) specialist plans to list on the
  Nasdaq exchange in New York, in a movefirst reported by The Insurance
  Insider in December 2014.The 6 million shares in the offering include 5 million new
  shares, with the balance having been put up for...
  
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• Supreme Court ruling will not revolutionise industry, say insurance lawyers

  27-07-2016 18:23
  
  The Supreme Court ruling to allow case re-opening when new evidence of fraud has come to light will not lead to an influx of old cases being reexamined, insurance lawyers said.
  
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• CIRC requests 'measured pace' to capital standard development

  27-07-2016 17:38
  The China Insurance Regulatory Commission (CIRC) has called on the
  International Association of Insurance Supervisors (IAIS) to take
  an unhurried approach to creating a global insurance capital
  standard.
  Speaking at a meeting between the Chinese regulator and the
  National Association of Insurance Commissioners (NAIC) in New York
  yesterday, CIRC chairman Xiang Junbo said that both organisations
  remained committed to working together.
  "The ongoing work at the IAIS to develop an insurance
  capital s
  
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• FCA warns principals they will be accountable for ARs’ mistakes

  27-07-2016 17:28
  
  Regulator informs firms of its expectations after its thematic review into supervision of appointed representatives revealed "significant shortcomings".
  
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• Mapfre Re grows top line in H1

  27-07-2016 15:58
  Mapfre Re grew its non-life top line by 14.3 percent
  year-on-year to EUR1.9bn ($2.1bn) during the first half of
  2016.
  The figure represents 20 percent of Mapfre Group's total
  non-life gross written premiums (GWP).
  Net earned premiums (NEP) for Mapfre Re also rose 19.1 percent
  from the same period of 2015 to EUR1.2bn.
  The reinsurance arm's combined ratio deteriorated slightly,
  increasing by 1.8 percentage points compared with the same period
  last year to 96.8 percent.
  A 0.4 percentage point impro
  
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• Enterprise parent’s bond ratings suspended

  27-07-2016 13:04
  
  Rating agency Creditreform Rating has temporarily suspended its ratings of Enterprise Holdings’ two bonds following the collapse of subsidiary insurer Enterprise Insurance Company.
  
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• Scor targets 25% US P&C weighting in 5 years

  27-07-2016 12:54
  Scor is aiming for US-generated business to account for 25 percent
  of its global P&C portfolio in the next five years, according
  to Victor Peignet, CEO of Scor Global P&C.
  Speaking to The Insurance Insider following the group's
  second quarter results, Peignet said US business currently accounts
  for 15 percent of the firm's global P&C premium.
  "I would like that to be 25 percent in the next five
  years," he told this publication. "There are still many
  opportunities because we...
  
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• MAS approves China Re Singapore office

  27-07-2016 12:54
  The Monetary Authority of Singapore has given approval for China Re
  to set up an office in the city state.
  In a statement, the Chinese state-owned reinsurer said the
  branch is expected to cover property reinsurance business for the
  Asia Pacific region.
  The move is China Re's first Asian endeavour outside of the
  Chinese reinsurance market, and only its second overseas office
  following its Lloyd's business in London.
  This publication first reported the reinsurer was in the final
  throes of...
  
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• Lloyd's veteran Steele to retire

  27-07-2016 12:54
  Gavin Steele, secretary to the Lloyd's Council and the
  Franchise Board, is to retire at the end of October, the
  Corporation has revealed.
  The executive was with Lloyd's through the years of its
  crucial Reconstruction and Renewal plan, and played an important
  part in creating the governance and oversight structures in place
  today, including the Franchise Board.
  More recently he has taken on a variety of roles as secretary to
  the Council and the Franchise Board, leading the strategy and...
  
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• Post-settlement evidence can be used to recover pay-outs

  27-07-2016 12:37
  
  Supreme Court decides insurers can use evidence emerging after a settlement to recover pay-outs.
  
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• Enterprise parent company to expand MGA following insurer's collapse

  27-07-2016 12:11
  
  The parent company of collapsed insurer Enterprise is looking to amend the remit and secure additional capacity from an alternative re-insurer for its Managing General Agent Andeva.
  
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• County Group opens Worthing branch

  27-07-2016 12:06 via insuranceage.co.uk
  
  Broker also relocates HQ in Crewe to larger premises to accommodate further expansion.
  
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• Supreme Court rules that claims cases can be re-opened

  27-07-2016 11:55
  
  A Supreme Court judgment has decided that cases can be re-opened if new evidence of fraud subsequently comes to light after the settlement.
  
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• Court finds insurers can recoup payments on exaggerated claims

  27-07-2016 11:50
  
  Insurers can claw back claims payments after settlement if the claimant has deliberately exaggerated a claim, the Supreme Court has ruled.
  
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• Fraudster sentenced for dishonest home insurance application

  27-07-2016 11:40 via insuranceage.co.uk
  
  Father sentenced to 100 hours of community service after lying about son's criminal convictions.
  
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• Treasury Select Committee calls for FCA break-up

  27-07-2016 11:28
  UK MPs have called for a review into the possible break-up of the
  Financial Conduct Authority (FCA), one of the country's two
  regulatory bodies.
  The Treasury Select Committee published a report yesterday (26
  July) into the failure of bank HBOS in 2008.
  In the report, Andrew Tyrie MP, and chairman of the Treasury
  Select Committee, said that the crisis called for the FCA and the
  Prudential Regulatory Authority (PRA) to exhibit greater vigilance
  and energy.
  "A separate body would bolster...
  
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• Chubb beats consensus with $1.1bn profit

  27-07-2016 11:28
  Newly merged Chubb has beaten Wall Street analysts' $2.22 a
  share consensus forecast by reporting operating income of $1.06bn
  or $2.25 per share for the second quarter.
  In January Ace completed its acquisition of Chubb and the two
  companies were merged, making year-on-year analysis difficult.
  But consolidated Q2 2015 data provided by the new Chubb suggests a
  slight deterioration in the combined ratio, which increased to 90.2
  percent from 87.1 percent for the same period last year.
  The carrier ha
  
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• UK General Insurance supports Fish's motor excess book following Enterprise collapse

  27-07-2016 11:16
  
  Leeds-based personal lines insurer UK General Insurance will be supporting Fish Insurance’s motor excess protection book following the collapse of Enterprise on Friday.
  
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• Drive forward vintage motor knowledge

  27-07-2016 10:56 via insuranceage.co.uk
  
  Rob Clark of Ageas explains why it’s worth brokers getting to know the classic car market.
  
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• Charles Taylor looking to help Cega expand its client base

  27-07-2016 10:48
  
  Charles Taylor is hoping its existing client base will help organically grow new acquisition Cega.
  
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• Broker Fish looks to UK General to replace Enterprise capacity

  27-07-2016 10:27
  
  Personal lines broker Fish Insurance has switched its motor excess protection book of business to underwriting agency UK General following the collapse of Gibraltar insurer Enterprise.
  
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• Enterprise Holdings seeking to build Andeva MGA

  27-07-2016 10:24 via insuranceage.co.uk
  
  Parent company of Enterprise Insurance outlines aims to secure more capacity for Andeva Underwriting.
  
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• Court exposes father and son’s attempt to defraud AXA

  27-07-2016 10:18
  
  A father has been found guilty of providing false information to obtain insurance and been sentenced to 100 hours of community service after a failed attempt to defraud AXA.
  
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• US growth outlook 'extremely attractive': Burke

  27-07-2016 10:02
  The opportunity to further expand in the US remains "extremely
  attractive" according to JLT group CEO Dominic Burke.
  The bullish outlook for the broker's foray into US retail
  market came after JLT USA more than doubled turnover year-on-year
  to £16.3mn in the first six months of 2016, exhibiting 93
  percent organic growth. However, trading losses also widened by
  36.5 percent to £17.2mn for the period.
  Speaking to The Insurance Insider
  yesterday (26 July), Burke said: "When we set out o
  
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• Scor Global P&C profit hit by heavy Q2 cat losses

  27-07-2016 10:02
  Scor Global P&C's Q2 operating profit fell 47 percent to
  EUR103mn ($113mn), after the reinsurer suffered a 12-point impact
  on its combined ratio due to the high level of natural catastrophe
  events in the quarter.
  The reinsurer was exposed to the Fort McMurray fires in Canada,
  which alone caused a net pre-tax loss of EUR65mn, earthquakes in
  Japan, Ecuador and Taiwan, storms in Germany and floods in Sri
  Lanka, as well as a late June hailstorm in the Netherlands.
  The...
  
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• Lancashire Q2 profits slip as NEP falls

  27-07-2016 10:02
  London-listed Lancashire saw its Q2 pre-tax profits slide by 18.9
  percent to $30.1mn, while its net operating profit fell 33 percent
  to $25.6mn.
  The result paralleled the lower level of premiums earned in the
  period, which fell by 20.9 percent to $113.4mn, as the group
  reacted to rating weakness in previous years.The combined ratio also deteriorated by 2.4 points to 80.6
  percent, after an improved loss experience was offset by higher
  expenses.
  The second quarter saw a 5.7 point...
  
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• Lancashire Holdings pre-tax profits fall by 36% in H1 2016

  27-07-2016 10:02
  
  The first half of 2016 saw pre-tax profits for specialist insurer Lancashire Holdings drop from £67.5m in H1 2015 to £43.1m.
  
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• Dishonest drivers pay higher premiums – Consumer Intelligence

  27-07-2016 10:00
  
  Motorists who lie to insurance companies are paying £286 more on their insurance premiums, according to research published today.
  
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• Lancashire profit drops 36% as earned premiums fall

  27-07-2016 09:10
  
  Specialist London-based insurer Lancashire Holdings made a profit before tax of $56.6m (£43.1m) in the first half of 2016, down 36% on the $88.6m profit it made in the same period last year.
  
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• Expertise from A-Z: Sharing economy: Collaborate, insure and prosper

  27-07-2016 09:00
  
  The sharing economy is booming, with new businesses constantly bringing new offerings to market and insurance is playing a major role in supporting such innovation
  
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• Expertise from A-Z: Sharing economy: Learning to share

  27-07-2016 08:55
  
  With the sharing economy set to rocket in value over the next 10 years, the changing attitudes of the younger generation means insurers need to ditch their ‘one size fits all’ approach to insurance
  
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• Cyber startup launches ransomware protection guarantee

  27-07-2016 08:54
  
  Cybersecurity startup SentinelOne has launched a new protection guarantee that pays up to $1m (£760.840) if SentinelOne’s software fails to detect a ransomware cyber-attack on a company’s system.
  
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• Telematics data defends policyholder in court

  27-07-2016 08:48
  
  A judge has ruled in favour of a policyholder in a car crash liability case as telematics data from telematics underwriting agency Insurethebox showed “overwhelming” evidence that he was telling the truth.
  
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• Video: Expertise from A-to-Z with Glen Clarke of Allianz discussing the sharing economy

  27-07-2016 08:00
  
  With companies such as Uber and AirBnB taking huge chunks of their respective industries, the sharing economy is here to stay.
  
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• Validus profits halve after $60mn of cat losses

  27-07-2016 02:03
  Validus saw profits nearly halve in the second quarter after
  $60mn of preannounced catastrophe losses ate into the bottom line.Net operating income fell from $101.7mn in Q2 2015 to just $54.9mn
  for the same period this year.The Canadian wildfires were the most significant event to affect
  the carrier generating net losses of $26.9mn across its
  underwriting platforms.Meanwhile, hailstorms in Texas, the Kumamoto earthquake and Jubilee
  oil losses cost Validus $33.1mn in total.The losses put pressure
  
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• Chubb beats with $1.1bn profit

  27-07-2016 02:03
  Newly-merged Chubb has beaten Wall street analysts' $2.22 a
  share consensus forecast by reporting operating income of $1.06bn
  or $2.25 per share.In January, Ace completed its acquisition of Chubb and the two
  companies were merged, making year-on-year analysis difficult.But consolidated Q2 2015 data provided by the newly-amalgamated
  Chubb suggests a slight deterioration in the combined ratio, which
  increased to 90.2 percent from 87.1 percent for the same period
  last year.The carrier had preannoun
  
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• RenaissanceRe profits hit by $50mn cat losses

  27-07-2016 00:50
  RenaissanceRe saw operating profits slide by a third in Q2 as
  the Fort McMurray wildfires and weather events in Texas that have
  hit the industry also took their toll on the Bermudian's bottom
  line.
  The quarter also featured strong top line growth and active
  capital management, however, with $187.1mn of share buybacks in the
  period.
  The reinsurer reported operating income of $66.6mn for the
  period, down from the $99.9mn it generated for the same three
  months last year.
  Profits were...
  
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• Navigators shares up 7% on sale speculation

  27-07-2016 00:50
  Shares in The Navigators Group closed up almost 7 percent in New
  York this afternoon amid speculation that the US specialty insurer
  had been in talks over a possible sale.The stock climbed in response to comments from DealReporter stating
  the company had held informal sales talks, citing interest from
  Asia.The carrier has in recent years regularly been mentioned in
  dispatches as a potential acquisition target, with sources
  previously citing potential interest from Asian buyers in the
  company.At.
  
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• Axis profits halve on Q2 cats

  27-07-2016 00:50
  Axis Capital operating profits halved from $94mn to $47mn as
  preannounced catastrophe losses hit the bottom line in a quarter
  that also saw strong top-line growth in its reinsurance book.
  Earlier this month the Bermudian was among a host of companies
  estimating the impact from the catastrophe and weather events that
  struck the industry in the quarter, as it published a loss pick of
  $104mn.
  The losses were split $41mn in insurance and $63mn in
  reinsurance, including the Canadian wildfires,...
  
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