Insurance news

• Asta's Cane to retire in December

  29-07-2016 18:52
  Asta executive director Stephen Cane is to retire on 31
  December, the Lloyd's managing agent announced today.
  Since 2014 Asta has been led by chief executive Julian Tighe,
  with former CEO Cane having moved upstairs after seven years at the
  helm.
  Tighe said that Cane had played a pivotal part in putting Asta
  on the road to success.
  Asta offers turnkey services for syndicates and last year
  expanded to provide managing general agencies (MGAs) with the same
  service.
  It currently...
  
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• Brit profit almost triples as investment revamp pays off

  29-07-2016 17:59
  
  Brit’s first-half profit nearly tripled as last year’s decision to invest more in government bonds paid off.
  
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• The Hartford shares down 10% on disappointing Q2

  29-07-2016 17:20
  Shares in US insurance giant The Hartford were down more than 10
  percent in morning trading following a significant second quarter
  earnings miss that its chairman and CEO described as
  "disappointing".
  As the New York Stock Exchange opened the company's shares
  fell to an intraday low of $39.00, down 11.2 percent on
  yesterday's closing price.
  Last night, The Hartford reported core earnings of $122mn that
  significantly missed analysts' expectations.
  The $0.31 per share result compared to Wall Stree
  
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• Lloyd's to postpone index due to Brexit

  29-07-2016 17:20
  Lloyd's has confirmed that the launch of its index is to be
  postponed, two months after the Corporation's chairman John
  Nelsonsaid it was behind schedule.In a statement, a Lloyd's spokesperson said that the
  Franchise Board and Council had decided to put the launch of the
  index on hold for the next few months to concentrate on the
  implications of the Brexit vote and the ongoing demands of
  challenging market conditions.
  "The Franchise Board remains committed to the project...
  
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• JRG Re upgraded to A by AM Best

  29-07-2016 17:20
  AM Best has upgraded the financial strength ratings of Bermudian
  working layer and quota share specialist JRG Reinsurance Company
  and its US-based insurance affiliates from A- to A.
  The agency also raised the issuer credit ratings of the
  reinsurer from a- to a and those of its parent James River Group
  Holdings from bbb- to bbb, changing its outlook on all ratings from
  positive to stable.
  In a statement, AM Best said the upgrade reflected JRG Re's
  strong operating performance...
  
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• JLT Re takes Fields from Willis Re

  29-07-2016 17:20
  JLT Re has hired Scott Fields as a senior vice president from
  reinsurance broking rival Willis Re.
  Based in the intermediary's Atlanta, Georgia office, Fields
  will join JLT Re's workers' compensation unit where he will
  be tasked with growing the broker's casualty practice.
  He is set to join next week once his contract with his former
  employer expires.
  At Willis Re, Fields was senior vice president and formed part
  of the broker's casualty and workers' compensation
  team.
  Prior to that...
  
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• 'Administrative nightmare' if UK loses passporting: Biba

  29-07-2016 17:20
  The British Insurance Brokers' Association (Biba) has issued a
  candid warning about the challenges that will face the insurance
  industry if the UK loses its EU passporting rights.
  In a letter sent today to senior members of the government, Biba
  outlined 11 sector-specific concerns related to the outcome of
  Brexit, one of which was access to the EU single market.
  "The ability to passport both into (to obtain customers)
  and out of the EU (to use EU insurers to increase...
  
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• AXA replaces failed Enterprise on Bollington Underwriting products

  29-07-2016 16:49
  
  AXA has replaced failed Gibraltar insurer Enterprise as capacity provider for certain commercial motor products offered by Bollington Underwriting, Insurance Times understands.
  
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• Biba calls for UK to remain in single market

  29-07-2016 16:04
  
  Trade association has written to government to outline concerns following the Brexit vote.
  
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• Broking break: Developing your cyber security credentials

  29-07-2016 15:49
  
  Alastair Murray, director at The Bureau, talks top five key technical controls which can reduce cyber-attacks.
  
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• Bollington Underwriting unveils new motor products

  29-07-2016 15:40
  
  Company says more products will be launched in the near future.
  
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• Axa ties up partnership with Chinese e-commerce giant Alibaba

  29-07-2016 15:03
  
  Axa has signed a deal with Alibaba to jointly explore opportunities to distribute insurance products and services through the Chinese e-commerce giant’s platforms including Ant Financial Services.
  
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• Universal Insurance net income up a third

  29-07-2016 14:42
  Floridian carrier Universal Insurance reported its highest ever
  quarterly net income in Q2 as the measure jumped by 36.2 percent
  year-on-year to $33.6mn.
  Net earned premiums surged by 38.6 percent to $113mn in Q2 on
  the back of organic growth and the elimination of a major quota
  share.
  Meanwhile, direct premiums written climbed by 8.8 percent to
  $272mn.
  In early June Universal announced the completion of a $10mn
  share repurchase programme authorised last year.
  It also announced a further $20mn..
  
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• Aon posts 3% organic growth

  29-07-2016 14:42
  Aon's insurance broking businesses generated organic revenue
  growth of 3 percent year-on-year in the second quarter, the company
  said today.
  The result comprised 4 percent growth in retail revenues to
  $1.51bn and 1 percent growth at Aon Benfield to $334mn.
  Adjusted earnings per share came to $1.39, in line with the Wall
  Street consensus and up 63 percent on the second quarter of
  2015.
  Earlier this week (28 July) Marsh posted underlying revenue
  growth of 2 percent for Q2, while...
  
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• Generali surges on earnings beat

  29-07-2016 13:20
  Shares in Generali leapt over 8 percent in early trading after its
  first half and second quarter results outperformed analyst
  expectations despite a drop in profits.
  The stock had risen by 8.28 percent as of 11:40am GMT as
  investors signalled their approval for better-than-expected group
  profits of EUR1.3bn, exceeding consensus predictions by 16
  percent.
  Second quarter earnings in the P&C segment generated
  EUR544mn, a 9 percent decline on Q2 2015 but 18 percent ahead of
  the consensus.
  Keefe
  
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• Generali H1 P&C profit dips

  29-07-2016 13:20
  First-half P&C consolidated operating profit at Generali
  dropped 5.6 percent year-on-year to EUR1.04bn ($1.14bn), as a lower
  investment return and one-off items in the period dragged on
  earnings.
  The P&C investment return dropped 0.2 percentage points in
  the half to 1.5 percent, generating a result of EUR605mn.
  This was due to persistently low interest rates, the firm
  said.
  In addition, one-off positive effects from the first half of
  2015, which accounted for EUR57mn of profits, dropped
  
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• Asta's Kane to retire in December

  29-07-2016 13:20
  Asta executive director Stephen Cane is to retire on 31
  December, the Lloyd's managing agent announced today.
  Since 2014 Asta has been led by chief executive Julian Tighe,
  with former CEO Cane having moved upstairs after seven years at the
  helm.
  Tighe said that Cane had played a pivotal part in putting Asta
  on the road to success.
  Asta offers turnkey services for syndicates and last year
  expanded to provide managing general agencies (MGAs) with the same
  service.
  It currently...
  
  Read more

• Customers only reading 15% of their insurance documents, research finds

  29-07-2016 12:42
  
  A typical insurance product comes with more words of explanation than Shakespeare’s Romeo and Juliet, and is written in a language only a PhD student can easily understand, research has revealed.
  
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• Quizzical questions: 29 July 2016

  29-07-2016 12:30 via insuranceage.co.uk
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Karfunkels pump $200mn into Tower to spare AmTrust

  29-07-2016 12:05
  The Michael Karfunkel Family 2005 Trust is to inject $200mn of
  capital into Tower Group acquisition vehicle ACP Re to cover
  reserve deteriorations and will cancel an outwards reinsurance deal
  with AmTrust and National General Holdings, which would probably
  otherwise have been hit.
  In a statement issued last night the family said the
  contribution would significantly increase Tower Group's
  liquidity and enable the resolution of its policyholder
  liabilities.
  As a result of the cash injection AmTrus
  
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• Asta chairman to retire in December

  29-07-2016 12:05
  Asta chairman Stephen Cane is to retire on 31 December, the
  Lloyd's managing agent announced today.
  Since 2014 Asta has been led by chief executive Julian Tighe,
  with former CEO Cane having moved upstairs after seven years at the
  helm.
  Tighe said that Cane had played a pivotal part in putting Asta
  on the road to success.
  Asta offers turnkey services for syndicates and last year
  expanded to provide managing general agencies (MGAs) with the same
  service.
  It currently acts...
  
  Read more

• Biba renews call for telematics IPT break as rates jump

  29-07-2016 12:01
  
  Call comes after Q2 spike in motor premiums
  
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• CMC industry continues to shrink due to regulation, MoJ reveals

  29-07-2016 11:43
  
  Industry-wide turnover for personal injury CMCs has dropped 44% to £215m from £310m last year, as the industry continues to shrink as a result of government regulation.
  
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• Jackson Lee launches GAP product for farm vehicles

  29-07-2016 11:42
  
  It covers agricultural vehicles, up to a maximum value of £350,000.
  
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• Enterprise fallout, fraud cases reopened, blockchain and Ghostbusters - the week in Post

  29-07-2016 11:42
  
  Well the weather might have turned a touch greyer, but the summer holidays are truly here judging by the fact my commute to work is less busy but buying a sandwich in the West End at lunchtime has become a lengthy tourist obstacle course.
  
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• Brit COR deteriorates to 96.5%

  29-07-2016 11:39 via insuranceage.co.uk
  
  But profit before tax and operating profits both grow as the insurer described results as “sound in a challenging environment”.
  
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• Gallagher posts 8% revenue rise

  29-07-2016 11:13
  
  Broker also reports increase in net earnings for its broker segment in the first half of 2016.
  
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• Chubb reinsurance buyer O'Farrell leaves

  29-07-2016 10:52
  Chubb's long-standing chief reinsurance officer Bill
  O'Farrell is leaving the insurer to pursue other opportunities,
  the company said yesterday (28 July).
  The cedant has appointed Michael Kessler as vice president and
  chief reinsurance officer for the group, effective 1 August.
  Kessler is currently chief actuary of Chubb Overseas General,
  the company's international general insurance business.
  He will replace long-standing chief reinsurance officer Bill
  O'Farrell, who is leaving the company to p
  
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• Swiss Re's Mumenthale positive despite nine point hit to H1 COR

  29-07-2016 10:47
  
  Swiss Re has reported a H1 net income of $1.9bn (£1.44bn), down from $2.3bn (£1.75bn) for the same period in 2015.
  
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• Brit CEO Cloutier hails "sound performance" despite "challenging" market

  29-07-2016 10:30
  
  Lloyd's insurer Brit has reported an operating profit before FX and corporate activity costs of US$198.5m (£150.5m) for the first half of the year (H1 2015: US$70.9m). Profit after tax was US$197.6m (H1 2015: US$6.4m).
  
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• Biba calls for removal of IPT on telematics products

  29-07-2016 10:19
  
  The increase in the tax has made the hike in car insurance more noticeable according to the trade body.
  
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• Liquidator warns Enterprise may not be able to pay claims

  29-07-2016 10:13 via insuranceage.co.uk
  
  Calls on policyholders to seek new cover as he is uncertain the business has enough assets to pay claims.
  
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• XL Catlin shares leap after strong Q2 earnings beat

  29-07-2016 09:38
  XL Catlin shares jumped more than 5 percent in New York trading
  this morning as the carrier impressed investors with a strong
  second quarter earnings beat.
  The shares were up 5.4 percent to $34.76 as of 11.45am EDT time
  after the carrier posted earnings per share of $0.37 last night -
  more than double Wall Street analysts' consensus forecast of
  $0.16
  The figures were the joint company's first earnings beat in
  a year as Janney analyst Ryan Byrnes highlighted a...
  
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• Nat cats push Swiss Re to Q2 underwriting loss

  29-07-2016 09:38
  Swiss Re's P&C reinsurance division posted an
  underwriting loss of $42mn in the second quarter, as
  higher-then-expected catastrophe losses pushed the combined ratio
  up 8.1 points to 101 percent.
  Nat cat losses accounted for 4.6 points of the Q2 combined
  ratio. The result included an expected net loss of $220mn for the
  wildfires in Canada, the firm said.
  The Q2 combined ratio also benefitted from 5.5 points of
  favourable prior-year development.
  As a result of the losses, the property reinsura
  
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• Brit H1 profit surges on investment return

  29-07-2016 09:38
  Operating profit at Brit Insurance more than doubled to $198.5mn in
  the six months to 30 June, due to soaring investment returns.
  Operating profit, which is stated before currency effects and
  corporate activity costs, was $70.9mn in the same period a year
  ago.
  The result was equivalent to a non-annualised return on net
  tangible assets of 16.1 percent, Brit said.
  First-half investment return surged 4.4 points year-on-year to
  4.6 percent, generating $180.8mn for Brit, net of fees.
  Meanwhile, under
  
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• Swiss Re slumps to underwriting loss as cat claims bite

  29-07-2016 09:27
  
  New chief executive explains why world’s largest reinsurer had challenges in second quarter results 
  
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• Gallagher boss sees good market for growth as profits rise 5%

  29-07-2016 09:11
  
  Gallagher chairman explains why broker is in a good position amid solid second quarter results 
  
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• Travel: Navigating the exclusions

  29-07-2016 08:00
  
  Travel insurance policies come with exclusions that can have huge consequences on your financial and personal life.
  
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• Blog: Train hard, fight easy - five lessons the corporate travel insurance sector can learn from the army

  29-07-2016 08:00
  
  In my former life as an army officer, I spent several years specialising in operational planning and intelligence analysis, often in Afghanistan and Iraq. I also managed evacuations from challenging environments like Gaza and Kurdistan.
  
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• Tighter regulation cuts CMC personal injury sector revenue by 31%

  29-07-2016 07:30
  
  Government reveals why Personal injury CMC sector sector continues to shrink
  
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• Investment gains send Fairfax back to black

  29-07-2016 03:19
  Net gains on investments helped Fairfax Financial return to a
  net profit for the second quarter despite a dip in underwriting
  profits in the cat-affected reporting period.
  The Canadian investment and underwriting firm reported net
  earnings of $238.7mn that more than reversed a $185.7mn loss in Q2
  2015, as investment losses of $661.2mn turned to gains of $229.2mn
  on the back of a strong performance from its bond portfolio.
  Operating profits fell by 36 percent to $209.3mn, however, as
  underwriting
  
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• The Hartford hit by auto and A&E deterioration

  29-07-2016 02:22
  The Hartford's second quarter results were affected by
  $228mn of reserve charges that primarily stemmed from adverse
  development in its book of legacy asbestos and environmental
  (A&E) liabilities and its personal lines auto business.
  Core earnings at the US insurance giant fell almost 70 percent
  to $122mn for the quarter - down from $389mn this time last
  year.
  The Hartford's chairman and CEO Christopher Swift called the
  quarter "disappointing" blaming the reserve charges for
  the result.
  The
  
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• Cat losses and forex movements hit Chaucer profits

  29-07-2016 02:22
  Lloyd's syndicate Chaucer saw operating income fall to just
  $5.5mn for the second quarter as catastrophe losses and a weak
  pound take their toll on the carrier's bottom line, its
  American owner The Hanover reported today.
  The result marked a significant deterioration from the $42mn
  profit the syndicate posted for the same period in 2015.
  The Lloyd's carrier suffered losses totalling around $26mn
  from wildfires in Canada as well as quakes in Ecuador and
  Japan.
  The catastrophes pushed the carrier.
  
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• Severance costs and cats push PartnerRe to $66mn loss

  29-07-2016 01:22
  PartnerRe reported an operating loss of $65.6mn for the second
  quarter as an unusually-high number of catastrophes and
  restructuring costs delivered a blow to the carrier's bottom
  line.
  All told, events including the Fort McMurray wildfires, Japanese
  quake, European floods, Texan storms and a significant energy loss
  cost the Bermudian $139mn after reinsurance and reinstatement
  premiums.
  The carrier had significant exposure relating to the fires in
  Canada, which it expected to cost $73mn, while i
  
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• AJG's brokerage segment grows top line and margin

  29-07-2016 01:22
  AJ Gallagher (AJG) reported organic growth of 2.2 percent in
  brokerage revenues for the second quarter but a 3.1 percent decline
  in the top line of its smaller risk management segment on an
  underlying basis.
  There was also contrasting performance on margin between the
  Itasca, Illinois-headquartered global broker's two core
  business units.
  Adjusted Ebitdac margin in brokerage improved by 57 basis points
  (bps) to 30.3 percent, but narrowed in risk management by 35 bps to
  17.1 percent.
  At the group
  
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• S&P forecasts 95.1% CR for US commercial lines in 2016

  29-07-2016 00:22
  Standard & Poor's is projecting a combined ratio of 95.1
  percent for the US commercial lines sector in 2016, which would
  make a fourth consecutive year of underwriting profitability.
  However, the outcome would represent a deterioration on the 93.4
  percent and 93.3 percent combined ratios generated in 2015 and 2014
  respectively.The firm's S&P Global Market Intelligent unit said it
  anticipates a "push-pull between the slow, but steady
  softening in prices across many commercial lines of bus
  
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• Kinsale shares up 15% after $106mn IPO

  29-07-2016 00:22
  David BullShares in Kinsale Capital Group closed up 15 percent on Nasdaq
  today after the US specialty insurer staged its long-awaited IPO in
  a move first reported by The Insurance
  Insider in December 2014.
  The price was set last night at the top of the company's
  $14-16 a share indicative range, equating to $105.6mn of primary
  gross proceeds.
  The excess and surplus lines (E&S) specialist, which
  operates through its Kinsale Insurance Company subsidiary out of
  Richmond, Virginia, offered 5...
  
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• GCube hires AIG's Miller

  29-07-2016 00:22
  Specialist MGA GCube has appointed former AIG global marine and
  energy property underwriter Geoff Miller to the role of senior vice
  president in its New York office, the firm announced this week.
  It said Miller had 20 years of experience underwriting energy
  and inland marine business in the US and Canada.
  In his new role, the executive will be expected to work with
  brokers and insureds to write solar power risks.
  He will also be responsible for coordinating GCube's East...
  
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