Insurance news

• Greater flexibility needed from private capital: report

  05-08-2016 19:42
  Managing agents have overwhelmingly backed the on-going role of
  private capital in the Lloyd's market, but would like to see
  greater flexibility around the way it is brought to bear, according
  to a survey conducted by the Association of Lloyd's Members.
  The broad-ranging report on the future of private capital at
  Lloyd's was authored by Resolution Underwriting chairman
  Christopher Harman and Ian Clark, a Deloitte partner. It was
  co-commissioned by Alpha Insurance Analysts, Argenta Private
  Capita
  
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• RBS posts £2bn half-year loss and drops Williams & Glyn flotation

  05-08-2016 19:30
  
  Bailed-out bank takes fresh hit for legal disputes and says more cost cuts needed to counter economic impact of Brexit voteRoyal Bank of Scotland has slumped to a £2bn half-year loss after taking a fresh hit for legal disputes, as it admitted costs will have to be cut to tackle the economic impact of the Brexit vote and the dwindling popularity of high street branches.The bank, which is 73% owned by the taxpayer and is on track for its ninth consecutive year of losses, is also abandoning i
  
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• Allianz UK still shooting for £3bn GWP despite direct setback

  05-08-2016 18:20
  
  Company hoping to return to growth after 4% GWP drop, says Jon Dye
  
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• Keoghs wins victory as private prosecution is brought against 21 fraudsters

  05-08-2016 17:40
  
  Keoghs has won a victory against 21 fraudsters, and saved Service Insurance Company Limited £140,000 in potential liability after bizarre footage was caught on CCTV.
  
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• Keoghs win victory as private prosecution is brought against 21 fraudsters

  05-08-2016 17:40
  
  Keoghs has won a victory against 21 fraudsters, and saved Service Insurance Company Limited £140,000 in potential liability after bizarre footage was caught on CCTV.
  
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• Reeves joins Neon as CRO

  05-08-2016 17:12
  Olly Reeves is set to join American Financial Group's
  revamped Lloyd's business Neon as chief risk officer, the
  company announced today.
  Currently head of risk management at Lloyd's, Reeves will
  move to the platform from 1 November and will also serve as a
  member of the board and executive committee.
  He will report to Neon managing director Ian Martin.
  Prior to joining Lloyd's, Reeves was a manager in the
  financial services risk management division at EY.
  The hire is the...
  
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• Week in Post: Softball, Millennials, results season, beards, Beale and Jason Bourne

  05-08-2016 17:03
  
  This week the Post editorial team, alongside their colleagues from Insurance Age, sales, events and subscriptions took part in the annual Incisive Insurance softball showdown.
  
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• Bristol brokers come to the aid of Allianz staff at risk of redundancy

  05-08-2016 16:49
  
  Allianz UK CEO Jon Dye has said that the business will have completed all staff consultations by early September and remains confident that the final job loss total will fall below the 250 “worst case scenario”.
  
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• AmTrust settles long-running Italian med-mal suit

  05-08-2016 16:08
  AmTrust has ended a long-running feud with its former Italian
  medical malpractice broker and its CEO Antonio Somma, the insurer
  said in a US Securities and Exchange Commission filing late last
  month (20 July).
  The insurer settled the dispute with Trust Risk Group on
  confidential terms and withdrew the complaint that it had lodged in
  the US.
  It puts to bed a saga that included allegations of bribery,
  corruption and even death threats after the broker claimed it was
  deprived...
  
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• Columbus Direct targets Millennials with self-service travel insurance kiosks in airports

  05-08-2016 15:52
  
  Columbus Direct has launched a series of self-service kiosks in UK airports that will allow flyers to buy travel insurance on the day of departure.
  
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• Columbus Direct targets Millennials with self-servic travel insurance kiosks in airports

  05-08-2016 15:52
  
  Columbus Direct has launched a series of self-service kiosks in UK airports that will allow flyers to buy travel insurance on the day of departure.
  
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• Allianz UK improves COR as GWP drops 8% in H1 2016

  05-08-2016 15:30
  
  Allianz UK has improved its combined operating ratio to 96.3% (2015: 98%) as well as seeing a decrease in gross written premium for the first half of 2016.
  
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• Allianz UK improves COR as GWP drops 3.6% in H1 2016

  05-08-2016 15:30
  
  Allianz UK has improved its combined operating ratio to 96.3% (2015: 98%) as well as seeing a decrease in gross written premium for the first half of 2016.
  
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• Allianz UK first half profit rises 37%

  05-08-2016 15:30
  
  Insurer reports imrpoved commercial and personal underwriting performance
  
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• Allianz CEO Dye hails restructure "opportunities" on back of improved H1 results

  05-08-2016 15:30
  
  The Allianz UK business has recorded an improved profit and combined operating ratio for the first half of 2016, when compared to the same period last year.
  
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• Willis reports 1% organic growth for Q2

  05-08-2016 15:03
  Business in the Great Britain segment of Willis Towers Watson
  helped the broker generate 1 percent organic growth in Q2 2016,
  thanks to new business in P&C, facultative and financial lines.
  Western Europe and the international sectors also contributed to
  the growth, mainly driven by new business in Iberia and central
  Europe, the Middle East and Africa, but North America organic
  revenue declined slightly as a result of lower levels of new
  business.
  The Corporate Risk and Broking segment had..
  
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• Lloyd's expenses challenging business model: Watson

  05-08-2016 15:03
  High expenses on both commissions and compliance spending are
  challenging the viability of the Lloyd's business model,
  according to Argo Group CEO Mark Watson.
  Speaking on a second quarter earnings call, he said that while
  Argo's expense ratio had continued to improve year-on-year, the
  costs of doing business at Lloyd's and the broader London
  market were forcing carriers to look to other international
  platforms to grow their top line.
  Competition in the London market remained intense, with
  Argo'
  
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• Disciplined approach to underwriting will drive growth, says Esure’s Vann

  05-08-2016 14:40
  
  CEO of Esure Group Stuart Vann is targeting growth in the insurer’s portfolio, claiming that "now is the time to grow".
  
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• Next hearing in Das v Asplin and others set for 19th December

  05-08-2016 14:04
  
  Judge Alistair McCreath today set 19 December as the date for the next hearing of Das’s private criminal prosecution against former CEO Paul Asplin (pictured) and others.
  
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• Quizzical questions: 05 August 2016

  05-08-2016 13:59
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Fraudster shown up by damning CCTV footage

  05-08-2016 13:56
  
  A fraudulent carer has been caught out by CCTV footage after he falsely claimed to be in a car accident.
  
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• Suncorp buys new $230mn sideways cover

  05-08-2016 13:43
  Australasian giant Suncorp has tapped the reinsurance market for a
  new A$300mn ($230mn) aggregate programme.
  The programme will trigger above losses of A$460mn and cover
  claims of greater than A$5mn, and will reduce the carrier's
  earnings volatility.
  The move comes after natural hazard claims for Suncorp's
  2015-16 financial year came in A$60mn above its allowance,
  following two east coast storms in June that it expected to cost
  A$60mn-A$80mn.
  However, post-tax natural hazard claims of A$511mn we
  
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• Esure H1 profits down on weather losses

  05-08-2016 13:43
  Underlying profits before tax at UK-listed motor carrier Esure
  dropped 1.9 percent to £45.6mn ($59.9mn) in the first half of
  2016, as a deterioration in the loss ratio and adverse weather
  events affected its combined ratio.
  The measure worsened by 3.4 percentage points to 99.2 percent
  after being hit by £3.3mn of higher weather claims, which were
  only partially offset by £1.7mn of reserve releases.
  Esure said the result was largely driven by a number of adverse
  weather events,
  
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• Allstate slashes Florida cat limit

  05-08-2016 13:43
  Allstate has scaled back the catastrophe reinsurance limit for
  its Floridian exposures by $75mn for 2016/17.
  This year the carrier bought a $200mn excess $60mn cover to
  protect its portfolio once limit from state-backed reinsurer the
  Florida Hurricane Catastrophe Fund (FHCF) is exhausted.
  Last year, it had $275mn excess $66mn in place at this
  level.
  Allstate also reduced the limit placed below the FHCF cover,
  buying a $40mn excess $20mn first layer instead of the $51mn excess
  $15mn deal agreed..
  
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• Gocompare still has 'huge headroom for growth' - Esure boss Vann

  05-08-2016 13:37
  
  Esure boss Vann confident that home, motor and Gocompare will continue to do well 
  
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• Next hearing of Das/Asplin trial set for December

  05-08-2016 13:26
  
  Judge Alistair McCreath today set 19 December as the date for the next hearing of Das’s private criminal prosecution against former CEO Paul Asplin.
  
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• Next hearing of Das / Asplin trial set for December

  05-08-2016 13:26
  
  Judge Alistair McCreath today set 19 December as the date for the next hearing of Das’s private criminal prosecution against former CEO Paul Asplin.
  
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• New DAS/Asplin case hearing set for 19 December

  05-08-2016 13:02
  
  Court battle between legal expenses insurer and former chief executive continues
  
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• Voyager launches new online offering for homeowners with unspent convictions

  05-08-2016 12:41
  
  Voyager Insurance Services has launched a facility on its WEBroker online broker platform, giving access to its ‘Fresh Start’ home insurance product to nearly 1,000 brokers.
  
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• Esure's home COR hits 105% as adverse weather affects book

  05-08-2016 12:35
  
  Esure profit before tax dropped 1.9% to £45.6m (2015: £46.5m) and its overall combined operating ratio worsened 3.4 percentage points to 99.2% for the six months ended 30 June 2016 as adverse weather events impacted the insurer's home book.
  
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• Gocompare sees 22.3% growth in revenue on back of greater marketing spend

  05-08-2016 10:58
  
  Esure-owned aggregator Gocompare has recorded a 22.3% growth in revenue in the first half of 2016 compared to 2015 at £72.9m(H1 2015: £59.6m).
  
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• Esure warned Aviva digital product release will make life tougher

  05-08-2016 10:35
  
  Respected analyst assess Esure’s half year performance 
  
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• Allianz UK bounces back as Q2 profits rise 3.3%

  05-08-2016 10:05
  
  Direct home and motor exit shrinks book
  
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• Allianz UK bounces back as profits rise 3.3%

  05-08-2016 10:05
  
  Direct home and motor exit shrinks book
  
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• ​Esure suffers home underwriting loss amid June weather hit

  05-08-2016 09:40
  
  Esure grapples with June weather hit, lower reserves and dividend cut 
  
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• Cat losses weigh on P&C profits at Allianz

  05-08-2016 09:34
  Operating profit at Allianz's P&C division fell by 37
  percent to EUR1.1bn ($1.2bn) in Q2 2016, due to a strong increase
  in natural catastrophe claims.
  The combined ratio deteriorated by 2.9 points to 96.4 percent
  for the quarter, with the loss ratio deteriorating by 2.3 points to
  68.1 percent, and the expense ratio 0.6 points weaker at 28.4
  percent. Reserve releases contributed 6.5 points to the combined
  ratio.
  Natural catastrophes contributed 4.4 points to the loss ratio,
  compared with just
  
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• Weather events reduce Allianz's Q2 P&C global profits by 37%

  05-08-2016 09:34
  
  German giant Allianz's second quarter 2016 global property and casualty profits declined 37% to €1.1bn (£933m) compared with €1.75bn in Q2 2015.
  
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• RBS delays passing on Bank of England interest rate cut to borrowers

  05-08-2016 08:53
  
  Bailed-out bank risks row with BoE governor as it blames £2bn first-half loss on legal challenges Royal Bank of Scotland is yet to decide whether to pass on the Bank of England’s cut in interest rates to its borrowers in a move that risks a row with its governor, Mark Carney.As the 73%-taxpayer owned bank slumped to a £2bn half-year loss, the bank admitted it was still reviewing the implications of the historic rate cut to 0.25% which is expected to impede its ability to genera
  
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• RBS blames £2bn half-year loss on string of legal challenges

  05-08-2016 08:53
  
  Loss pinned largely on PPI mis-selling compensation as Bank warns Brexit uncertainty could further knock its businessRoyal Bank of Scotland has slumped to a £2bn loss in the first half of 2016 after taking a hit over a string of legal issues, including payment protection insurance mis-selling.The bank, 73% owned by taxpayers, also warned the EU referendum result could knock its business, which is being refocused on the UK and Ireland and scaled back from the 50 or so countries where it had
  
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• Blog: How to ensure outsourcing to the cloud meets data protection standards

  05-08-2016 08:00
  
  Insurers that want to outsource to the cloud need to make sure their service providers meet data protection standards.
  
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• Blog: Big Data and the future of insurance

  05-08-2016 08:00
  
  Big Data is a rather daunting subject for a lot of us working within the insurance industry but it draws in the crowds, as recently witnessed on Deloitte's rooftop, where a full audience braved the classic British weather to tackle the mighty subject by firing questions at a select panel.
  
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• Lockton’s Mapledown MGA hires chief executive

  05-08-2016 07:30
  
  Former WR Berkley Europe head joins MGA
  
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• Aviva’s Holmes pledges to support brokers amid direct growth

  05-08-2016 07:30
  
  Insurer will continue to invest in broker channel
  
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• Investments help offset underwriting loss at Third Point Re

  05-08-2016 01:28
  Third Point Re reported a significant increase in second quarter
  net profits but fell to an underwriting loss because of adverse
  development on auto, workers compensation and Florida homeowners
  business.
  The Bermudian generated net profit of $53.4mn, up from $15.7mn
  in the prior-year period, as investment income jumped from $38.6mn
  to $86.3mn.
  The company's Third Point LLC-management investment
  portfolio generated a 4.0 percent return in the second quarter and
  a further 2.6 percent in July, taki
  
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• Maiden profits flat as top line expands

  05-08-2016 00:15
  Maiden's bottom line remained exactly flat quarter-on-quarter,
  whilst it reported a modest 2.1 percent increase in gross written
  premiums.
  The Bermuda-based carrier reported net operating earnings of
  $28.4mn or $0.37 per diluted share for the second quarter, which is
  what it reported this time last year.
  Meanwhile top line grew to $688.3mn, up slightly from the
  $674.8mn it recorded for Q2 2015.
  The group's combined ratio showed modest improvement falling
  to 98.6 percent from the 99.2 percent it
  
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• Navigators beats despite Q2 cat burden

  05-08-2016 00:15
  Navigators reported a modest earnings beat despite a 61 percent
  drop in operating profits driven by second quarter cat losses.
  The Connecticut-based specialty insurer generated operating
  profits of $12.2mn, or $0.81 a share that were just ahead of Wall
  Street analysts' consensus forecasts of $0.79 a share.
  The quarter included $18.3mn of catastrophe losses as the
  carrier's international operations were adversely impacted by
  property claims that largely stemmed from the Fort McMurray
  wildfires in
  
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• Current and prior-year deterioration sends State Auto to operating loss

  05-08-2016 00:15
  State Auto followed up a first quarter earnings miss with a
  second quarter operating loss as its combined ratio deteriorated on
  accident year losses and prior-year adverse development.
  Underwriting returns slipped further into the red for the second
  quarter as the personal and commercial auto writer reported a 114.7
  percent combined ratio, a marked deterioration from the 106.1
  percent it reported for the same period last year.
  The carrier fell to a Q2 operating loss of $24.6mn, compared to
  the..
  
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