Insurance news

• AIG turnaround hopes send shares up 7%

  03-08-2016 23:26
  Shares in AIG closed up 7.31 percent in New York on second quarter
  results that surpassed Wall Street's expectations and raised
  hopes that a turnaround at the insurance giant is on track.
  Shares were changing hands for $58.10 as the closing bell rang
  this afternoon, up from yesterday's $54.13 end-of-trading-hours
  price on the New York Stock Exchange.
  Last night AIG reported operating profits of $1.1bn, or $0.98 a
  share, topping Wall Street consensus forecasts of $0.92 a share,
  despite a...
  
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• Novae raises reinsurance spend for future growth

  03-08-2016 17:15
  Novae has increased its reinsurance buying to mitigate increased US
  catastrophe exposure and bed down future growth in its underlying
  business, CEO Matthew Fosh has said.
  Speaking to The Insurance Insider
  following the publication of Novae's first half results, Fosh
  said continuous growth through its US property facilities binder
  had led to increased cat exposure, which in turn had driven up its
  reinsurance spend.
  "We have substantially increased our reinsurance buying to
  protect the business fr
  
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• Blanc: AXA is investing to tackle brokered motor profitability

  03-08-2016 16:38
  
  Chief executive outlines plans to deal with challenging business line
  
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• Direct Line committed to partnerships despite deal losses

  03-08-2016 16:34
  
  Chief executive plays down loss of partnership deals
  
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• AIG's P&C writings scaled back by a fifth

  03-08-2016 15:54
  American International Group (AIG)'s commercial insurance
  arm booked $4.42bn of net written premiums (NWP) in the second
  quarter of 2016, down 20 percent year-on-year, with the reduction
  in retained business now likely to be higher than previously
  suggested.
  AIG's CEO of commercial Rob Schimek told investors on the
  carrier's Q2 earnings call that his unit was now forecasting
  that NWP would be down $3bn for full-year 2016, reflecting
  remediation work and heightened use of reinsurance.
  Last night
  
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• AIG may be turning a corner: analysts

  03-08-2016 15:54
  Analysts welcomed signs of progress on American International Group
  (AIG)'s turnaround plans as the insurer beat Wall Street
  consensus forecasts in its second quarter results released
  yesterday.
  Second quarter group operating profits hit $1.1bn, or $0.98 per
  share, compared with analyst projections of $0.92 a share.
  In January the global insurer unveiled a new tactical strategy
  following pressure from activist investors John Paulson and Carl
  Icahn, who were pushing for the business to be broken
  
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• Blanc hails “strong result” in “difficult environment”

  03-08-2016 15:30
  
  Axa chief says she is “proud” of the performance and expects to see improvement in “under pressure” personal lines intermediary sector.
  
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• Chubb leads $96mn Emirates plane crash

  03-08-2016 14:31
  Chubb is the lead insurer for the Emirates programme that will
  be hit after flight EK521 crash-landed at Dubai International
  Airport, The Insurance Insider can
  reveal.
  Sources said the hull value of the Boeing 777 plane is $90.4mn,
  one of the lowest in the carrier's fleet, with $6mn for
  increased cost of working.
  The policy was placed by Willis.
  The flight was en route from the Indian city of
  Thiruvananthapuram.
  Some 282 passengers and 18 crew members were on board...
  
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• Compensation culture remains a challenge for insurers, says Axa UK’s Blanc

  03-08-2016 14:14
  
  The compensation culture is still dogging the UK insurance industry and so the market must continue to price for it, according to Axa UK CEO Amanda Blanc.
  
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• Be Wiser launches low cost degree to bring young people to the industry

  03-08-2016 13:45
  
  A bespoke, low cost degree launched by Be Wiser Insurance has welcomed its first entries.
  
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• Esure to cover cancellations to Zika hit areas

  03-08-2016 13:42
  
  Florida latest region hit by Zika virus
  
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• Tokio Marine HCC extends multi risk policy for SMEs

  03-08-2016 13:39
  
  Insurer Tokio Marine HCC has extended its professional multi risk policy to include an all-in-one protection product for SMEs.
  
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• Swiss Re insures farmers in northeast China

  03-08-2016 13:25
  Swiss Re has signed a $348mn deal that will provide farmers in
  China's northeast Heilongjiang province with protection from
  natural hazards for the first time.
  The company will reinsure the Heilongjiang government and
  Sunlight Agriculture Mutual Insurance Company, Swiss Re said.
  The cover will use a satellite-based flood parametric and
  weather index trigger.
  "It is one of the top priorities of government bodies in
  China to better manage natural catastrophe risks, and it has been
  the desire of th
  
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• Axa P&C earnings dip in H1

  03-08-2016 13:25
  Underlying earnings after tax at Axa's P&C operations fell
  by 6 percent at constant foreign exchange rates to EUR1.2bn for the
  first half of the year, amid a challenging investment environment.
  Operating income, gross of tax, fell by 5.6 percent to EUR1.7bn
  while net income dropped by 15.4 percent to EUR1.1bn.
  Gross revenues however, rose by 4 percent to EUR18.8bn, partly
  offset by a EUR243mn uptick in claims.
  The combined ratio for the division was 96 percent - 0.9
  percentage...
  
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• AIG's Kuchinski resurfaces at Allied World

  03-08-2016 13:25
  Robert Kuchinski, former American International Group (AIG) global
  property executive for Europe, the Middle East and Africa, has
  joined Allied World as head of international property.
  According to Kuchinski's LinkedIn profile, the executive
  started in his new London-based role this month.
  Kuchinski was one of a swathe of AIG middle management to leave
  the company as part of the US insurance giant's reorganisation
  of its commercial insurance unit, as reported by this
  publication on 23 November.A
  
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• Future broker: A day in the life

  03-08-2016 13:18
  
  Jonathan Swift foresees the future for the UK insurance broker.
  
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• InsurTech Futures: Ageas launches ‘Tinder style’ app

  03-08-2016 12:30
  
  The Back Me Up app targets millennials and enables them to insure three items, such as a phone, for £15 per month.
  
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• Fosun plans $6bn asset sell-off

  03-08-2016 12:06
  Fosun is looking to dispose of as much as 40bn yuan ($6bn) of
  assets in a bid to lift its credit rating above junk status.
  After having made some $15bn in overseas acquisitions since
  2010, the Chinese conglomerate's debt mountain grew to 115bn
  yuan, 43 percent of which was due to be called at the end of this
  year.
  In an interview with Bloomberg News, CEO Liang Xinjun said the
  group would announce which assets were to be sold between...
  
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• AIG reports large income fall for first half of 2016

  03-08-2016 11:57
  
  But profits for second quarter slightly improved.
  
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• Markel International profits triple

  03-08-2016 11:53
  
  The second quarter of 2016 results reflected strong performance from underwriting, investing and Markel Ventures operations.
  
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• Markel reports threefold increase in comprehensive income to shareholders

  03-08-2016 11:50
  
  Markel has reported strong H1 2016 results, with a 307% increase in comprehensive income to shareholders from last year.
  
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• Markel reports three-fold increase in comprehensive income to shareholders

  03-08-2016 11:50
  
  Markel has reported strong H1 2016 results, with a 307% increase in comprehensive income to shareholders from last year.
  
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• Novae COR deteriorates to 96.1%

  03-08-2016 11:32 via insuranceage.co.uk
  
  As GWP increases to £513.1m for the first half of 2016.
  
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• More than nine out of 10 winter flood claims now settled, says ABI

  03-08-2016 11:32
  
  More than nine out of 10 claims following the winter storms have been fully or partly settled, the Association of British Insurers has said.
  
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• Tokio Marine HCC adds Office Protect cover

  03-08-2016 11:10
  
  Product is aimed at SMEs.
  
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• Novae's gross written premiums up by 10% in the first half of 2016

  03-08-2016 10:31
  
  Novae Group has seen a 10% increase in its gross written premium in the first half of 2016.
  
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• Axa UK reports 7% revenue rise

  03-08-2016 10:27
  
  However COR deteriorated slightly to 98.2% as Blan reports pressure in personal lines broker market.
  
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• AXA’s Blanc warns of brokered personal lines pressure

  03-08-2016 09:59
  
  AXA UK and Ireland chief executive Amanda Blanc has highlighted brokered personal lines as a pressure point in her company’s first-half results.
  
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• AXA UK and Ireland profit rises 8% despite “strong headwinds”

  03-08-2016 09:56
  
  AXA UK and Ireland made an underlying profit of £138m in the first half of 2016, up 8% on the £128m it made in the same period last year.
  
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• Ageas launches insurance product for millennials

  03-08-2016 09:56
  
  Ageas UK has launched an app-based home and travel insurance product targeted at and designed with millennials.
  
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• Ageas launches app-based insurance product for millennials

  03-08-2016 09:56
  
  Millennials can choose what three items are covered by swiping photos in or out on the app
  
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• Novae profits rise on investment performance

  03-08-2016 09:39
  Novae's pre-tax profits excluding foreign exchange movements
  were up 30.7 percent to £37.9mn ($49.7mn) for the first half
  of the year, marking a record H1 performance for the group.
  And including the impact of a £38mn positive swing on FX
  year-on-year, stated pre-tax profits almost quadrupled to
  £63.8mn.
  The London-listed Lloyd's carrier's top line was up by
  10.8 percent to £513.1mn, after growth was achieved across all
  underwriting divisions, while its combined ratio det
  
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• Novae’s profit grows 31% in first half

  03-08-2016 09:10
  
  Investment income surge boost profit
  
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• AIG first-half profit down 59% but second quarter improves

  03-08-2016 08:54
  
  Profit rose to $1.9bn in second quarter
  
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• JLT not worried about Brexit impact

  03-08-2016 08:32
  
  Leave supporter and JLT chief executive Dominic Burke has said he is not worried about Brexit impacting the broker, the Financial Times reported.
  
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• Tinder-style app offers millennials phone and technology insurance

  03-08-2016 08:00
  
  Back Me Up allows users to insure up to three items on a pay-as-you-go basis by uploading photographs to the app A new Tinder-style, mobile phone-based insurance product that allows young people to buy pay-as-they-go-cover for their technology and valued goods has been launched in the UK.Back Me Up, which is offered by the long-established insurer Ageas, allows users to insure up to three key items for £15/month – by simply photographing them, and updating its app.Continue reading...
  
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• Blog: Insurers must shout about the good service

  03-08-2016 08:00
  
  I've worked at the sharp end of our industry for more than 30 years now and seen firsthand how we help to put peoples' lives and businesses back together following serious incidents such as a storm, flood or fire. However, the public perception of the service we provide still does not reflect the fantastic job that we do.
  
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• Axa posts solid global first half results despite "headwinds"

  03-08-2016 08:00
  
  Axa's underlying profits were flat at €3.1bn (£2.6bn) in the first half of 2016 compared to the same period last year, with net income climbing 4% to €3.2bn.
  
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• AIG's global commercial premiums shrink 21% in Q2

  03-08-2016 04:33
  
  AIG's shares climbed 2.5% in after hours trading after returning to profit in the second quarter of 2016.
  
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• AFG just beats as combined ratio improves

  03-08-2016 03:43
  American Financial Group (AFG) edged ahead of Wall Street
  earnings forecasts for the second quarter as operating earnings
  were unaffected by its preannounced $65mn charge relating to
  business line exits at rebranded Lloyd's platform Neon.
  Operating profits of $113mn were flat with the prior-year period
  and at $1.28 a share were just ahead of analysts' consensus
  forecasts of $1.26 a share.
  The $65mn restructuring charge for the former Marketform
  business now being revamped by its new CEO Martin R
  
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• United prospers but Fed Nat and HCI hurt by AOB losses

  03-08-2016 02:47
  A trio of Florida-based homeowners' insurers reported second
  quarter results that reflected contrasting fortunes, including the
  impact of the assignment of benefits (AOB) crisis in the state.
  As United Insurance Holdings generated strong top and bottom
  line growth, there were shrinking premium volumes and a
  deteriorating combined ratio at HCI Group, while Federated National
  fell to an underwriting loss for the period.
  Despite increasing its top line, with a 29.7 percent increase in
  gross written
  
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• Reserve releases help offset Alleghany's $125mn Q2 cat loss

  03-08-2016 02:47
  Alleghany revealed $124.8mn of catastrophe losses in its second
  quarter results but said that the impact on its bottom line was
  partially offset by $90mn of favourable reserve development.
  The bulk of the losses came from the conglomerate's
  reinsurance subsidiary TransRe which booked claims totalling
  $95.8mn.
  The losses added more than 10 points to the reinsurer's
  combined ratio which was 98.8 percent for the quarter.
  The Canadian wildfires cost the carrier $72.2mn, while it took a
  $15.3mn hit f
  
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• Reinsurance contributes to 49% profit rise at Markel

  03-08-2016 02:47
  Markel saw Q2 operating income increase almost 50 percent as its
  reinsurance division shrugged off Canadian wildfire losses to
  report a significantly lower combined ratio.
  The division took $20.7mn of the $25.7mn group-wide hit from the
  Fort McMurray catastrophe, equivalent to 10 points on its combined
  ratio.
  But the increase was more than offset by lower attritional
  losses, primarily in property, and an increase in reserve releases
  from $15.1mn in Q2 2015 to $34.6mn in the current reporting
  per
  
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• Ageas launches app-based millennial insurer Back Me Up with monthly fee

  03-08-2016 02:00
  
  A new app-based insurance start-up aimed at millennials has launched this week targeting the millions of 18 to 34-year-olds who do not currently buy contents, travel or device cover.
  
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• Argo profits increase 24% despite cat hit

  03-08-2016 00:25
  Argo Group saw its bottom line increase by 24 percent despite a
  preannounced $22.7mn catastrophe loss for the quarter.
  The Bermuda-domiciled carrier reported after-tax operating
  income of $37mn for Q2, up from $28mn for the same period last
  year.
  The result benefited from a $12.7mn favourable reserve
  development that improved the combined ratio by 3.7 percentage
  points and was more than double the $5mn reserve release it
  announced for the same three months in 2015.
  The carrier's consolidated com
  
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• AIG beats despite commercial P&C underwriting loss

  03-08-2016 00:25
  AIG's core commercial P&C division fell to an
  underwriting loss for the second quarter as higher cat losses and
  net loss reserve discount charges offset an improved underlying
  accident year loss ratio.
  But the insurer's shares were up in after-hours trading as
  group operating profits of $1.1bn, or $0.98 share beat Wall Street
  consensus forecasts of $0.92 a share - despite declining from
  $1.9bn, or $1.39 a share in the prior-year period.
  Meanwhile, net profits were up from $1.8bn to...
  
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