Insurance news

• Florida workers' comp writes push for 20% rate hike

  17-08-2016 22:00
  Hundreds of US insurers have taken to the courts in Florida to
  seek a double-digit increase in workers' compensation rates in
  the state.
  A dispute over workers compensation rates in Florida came before
  the state regulator yesterday as insurers look to increase prices
  in the segment by 19.6 percent.
  The raise, proposed by the industry representative body the
  National Council on Compensation Insurance (NCCI), was spurred by
  an April Florida Supreme Court Ruling which held that limiting
  attorneys'
  
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• UGC deal prompts AM Best Arch review

  17-08-2016 20:55
  AM Best has placed several ratings of Bermudian carrier Arch
  Capital "under review with developing implications"
  following its deal to acquire AIG's mortgage insurance arm
  United Guaranty Corporation (UGC).
  The agency said that the A+ financial strength rating (FSR) and
  aa- issuer credit rating (ICR) of Arch Reinsurance and affiliates
  would be placed under review, in addition to the a- ICRs of Arch
  Capital Group and Arch's US business.
  AM Best said that it would monitor the deal over its...
  
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• Goldman Sachs puts $600mn Enstar stake up for sale

  17-08-2016 20:55
  Goldman Sachs' private equity arm has started to approach
  potential acquirers of its significant minority stake in New
  York-listed legacy-to-live carrier Enstar, The
  Insurance Insider can reveal.
  Goldman Sachs Private Equity Group had a 19 percent economic
  interest in Enstar as of 31 December, including warrants, which
  could be worth $600mn based upon the firm's current $3.13bn
  market capitalisation.
  The private equity firm bought into Enstar in April 2011,
  investing $291.6mn, and is now looking
  
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• Ford's driverless car to hit the road

  17-08-2016 18:04
  
  Ford’s driverless car has no steering wheel 
  
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• Avanti Travel Insurance launch new product for last-minute holidays

  17-08-2016 17:08
  
  Avanti Travel Insurance has launched a unique new product which aims to shorten the time taken to arrange travel insurance for last-minute travel.
  
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• Avanti launches last-minute travel insurance

  17-08-2016 17:08
  
  Avanti Travel Insurance has launched a product which aims to shorten the time taken to arrange travel insurance for last-minute travel.
  
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• PPO levels remain low, Aon survey reveals

  17-08-2016 16:31
  
  The volume of Periodic Payment Orders remains low, according to a motor insurance study published by Aon Benfield.
  
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• Aggregate catastrophe recoveries drop at QBE

  17-08-2016 15:37
  Australian (re)insurer QBE recovered fewer catastrophe claims
  under its global aggregate reinsurance programme in the first half
  of 2016 than in the same period last year.
  The carrier recorded a stable level of net catastrophe and large
  risk losses for the half year at $551mn, compared to $552mn in H1
  2015.
  It transferred a further $131mn of claims under the aggregate
  cover, down from $213mn in the first half of 2015.
  The carrier's largest losses stemmed from the Ecuador
  earthquake,...
  
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• QBE highlights broker commission issue

  17-08-2016 15:24
  
  Insurer saw a 58% drop in insurance profit for the first six months of the year to $81m.
  
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• Admiral hopes Brexit will bring changes to gender pricing

  17-08-2016 14:58
  
  Group chief exec Steven says gender pricing is ”unfair”
  
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• Sirius adds independent directors

  17-08-2016 14:14
  China Minsheng Investment (CMI) subsidiary Sirius has appointed
  Robert Friedman and Meyer Frucher to its board as independent
  directors, the company announced yesterday.
  Friedman previously served as chief investment officer of hedge
  fund sponsor Savannah-Baltimore Capital and the Franklin Templeton
  Mutual Series Funds.
  He will become a member of the company's finance committee
  and audit and risk management committee in addition to his role on
  the board.
  Frucher, vice chairman of Nasdaq Inc and
  
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• QBE flags data quality issue at broker facilities

  17-08-2016 14:14
  Richard Pryce, CEO of QBE European Operations, has highlighted
  his concerns over the quality of data entry at a number of broker
  facilities.
  Speaking at a media briefing following QBE Group's half-year
  results, which were published earlier this morning, Pryce said
  there was a "vast range" in terms of the quality of data
  entry provided by the facilities. "[What] you just have to do
  is pick your way through them," he added.
  He also hinted that he would be prepared...
  
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• Icahn hopeful of further AIG sales

  17-08-2016 14:14
  Activist investor Carl Icahn has said he hopes AIG will continue
  to divest assets following its $3.4bn sale of mortgage insurer
  United Guaranty Corporation (UGC) earlier this week (15
  August).
  Speaking during an interview with Bloomberg TV yesterday, Icahn
  highlighted underperforming legacy assets and the Japanese portions
  of the company's life business as potential targets for
  divestment.
  He commented: "Legacy assets did not make as much money as
  other insurance companies; they should be sold.
  
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• QBE could set up post-Brexit EU entity ‘before 2018’

  17-08-2016 14:03
  
  QBE could set up a legal entity in Europe before the end of next year if a decision over passporting rights has not yet been made.
  
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• QBE Europe exits one of its biggest accounts

  17-08-2016 13:25
  
  Chief executive Richard Pryce outlines stance on unprofitable business
  
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• Neon hires political violence head

  17-08-2016 13:06
  Neon has appointed Gregg McPhee to the newly created role of
  head of political violence.
  McPhee, who starts at Neon on 1 October, was previously a senior
  worldwide property broker at THB, where he developed several
  terrorism facilities.
  Prior to THB, he held senior roles within the terrorism space at
  BMS Group, Benfield, RFIB and Alexander Forbes.
  In his new role, McPhee will lead Neon's existing political
  violence team and report to chief underwriting officer Darren
  Lednor.
  Neon CEO Martin...
  
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• Covéa unveils retail and salons package product

  17-08-2016 12:39
  
  Insurer confirms new offering is first in a series of new online products.
  
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• Admiral CEO sees 'no material difference' following Brexit despite dramatic drop in solvency ratio

  17-08-2016 12:39
  
  Admiral CEO David Stevens today said that Brexit will make no material difference to the insurer, despite the group seeing a significant drop in its solvency ratio following the out vote.
  
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• Admiral CEO predicts 'no material difference' following Brexit despite dramatic drop in solvency ratio

  17-08-2016 12:39
  
  Admiral CEO David Stevens today said that Brexit will make no material difference to the insurer, despite the group seeing a significant drop in its solvency ratio following the out vote.
  
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• Lorega plans growth with £2.75m Clydesdale funding

  17-08-2016 12:37
  
  The MGA said it secured the funding to strengthen its capital structure and support additional growth.
  
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• QBE’s Richard Pryce makes Brexit passporting plea

  17-08-2016 12:33
  
  QBE Europe chief executive airs frustration about post Brexit passporting
  
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• Clydesdale Bank confirms 'appetite' to assist MGA's as Lorega lands £2.75m funding package

  17-08-2016 12:19
  
  Lorega has secured a £2.75m funding package from Clydesdale Bank’s specialist and acquisition finance team for "additional growth".
  
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• Sompo Canopius hires Asia heavyweight Newman

  17-08-2016 12:05
  Sompo Canopius has made a statement of intent in Asia with the
  hire of Catlin alumnus Mark Newman as CEO of its Asia Pacific,
  Middle East and North Africa business.
  Newman was previously XL Catlin's head of Asia and deputy
  chief executive for the Asia Pacific region. Before XL's
  acquisition of Catlin, he was CEO of Asia Pacific for the
  London-listed insurer.
  Sompo Canopius said Newman's appointment was part of a focus
  on expanding and improving the carrier's Singapore insurance...
  
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• AM Best releases new version of ILS ratings manual

  17-08-2016 12:05
  AM Best has published an updated version of Best's
  Insurance-Linked Securities & Structures Methodology (BILSM)
  which outlines how the
  agency rates insurance-linked securities and structures.
  The new version contains minor changes following a public
  comment period that closed in June.
  The BILSM includes information on key rating considerations for
  the ILS sector, and risk modelling and surveillance the company
  undertakes before issuing a rating.
  As well as releasing the latest edition of BIL
  
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• Admiral share price dives despite hitting forecasts

  17-08-2016 12:05
  Shares in UK motor specialist Admiral fell more than 8 percent
  in early trading this morning, despite the carrier reporting a 3.9
  percent increase in its first-half group pre-tax profits to
  £193.3mn ($250.3mn).
  Admiral's share price tumbled by 8.71 percent to 2,056p
  following the results.
  While profits were in line with forecasts, Shore Capital analyst
  Eamon Flanagan pointed to concerns around the company's
  Solvency II capital ratio.
  "We expect most attention to focus on the fall in
  Admira
  
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• Profits soar at Confused

  17-08-2016 11:18
  
  Owner Admiral reports rises in revenue, profit and UK car insurance customers for the first half of 2016.
  
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• QBE Europe profits fall sharply

  17-08-2016 11:07
  
  Australian insurer sets out reasons for decline
  
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• Admiral blames low interest rates for drop in solvency ratio

  17-08-2016 11:00
  
  FTSE 100 insurance firm says lower interest rates had increased the value of liabilities for claimsAdmiral shares have fallen after the car insurer said low interest rates following the vote to leave the EU had weakened its capital strength, though it said its financial position remained strong.Announcing results for the first half of 2016, Admiral said lower interest rates had increased the value of liabilities for claims and reduced its capital compared with liabilities.Continue reading...
  
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• Newman swaps XL Catlin for Sompo Canopius in Singapore

  17-08-2016 10:47
  
  Mark Newman, former head of Asia at XL Catlin, has joined Sompo Canopius as its CEO Asia-Pacific, Middle East and North Africa.
  
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• QBE sees profits almost halve in H1

  17-08-2016 10:39
  Australia-headquartered insurer QBE recorded a 41.7 percent fall
  in pre-tax profits for the first half of the year, taking the total
  to $347mn.
  The drop primarily reflected an adverse discount rate adjustment
  of $283mn compared with a benefit of $45mn in the prior-year
  period.
  Risk-free rates in all of the group's major currencies fell
  significantly, but especially sterling and euro, with euro
  risk-free rates now negative.
  The currency weighted average risk-free rate (excluding the
  Argentine pes
  
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• Iordanou to hand CEO role to Grandisson in 2018

  17-08-2016 10:39
  Arch chairman and CEO Dinos Iordanou will step down in March
  2018, he announced yesterday.
  During an analyst call discussing the Bermudian firm's
  takeover of United Guaranty Corporation (UGC), Iordanou said
  current president and chief operating officer Marc Grandisson would
  take over the reins as CEO in March 2018.
  It has long been known Grandisson would succeed Iordanou, who
  has been CEO since 2003.
  Iordanou will remain as chairman and take on an advisory role at
  Arch - as former...
  
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• Video: FCA study into the sale of add-ons

  17-08-2016 10:17
  
  This infographic illustrates the main details of the FCA’s study into the sale of general insurance add-ons.
  
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• Admiral solvency ratio drop and Brexit warning ‘worrying’

  17-08-2016 09:41
  
  Decline in motor insurer’s solvency ratio in first half concerns analyst
  
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• QBE sees profits almost half in H1

  17-08-2016 09:31
  Australian-headquartered insurer QBE recorded a 41.7 percent fall
  in pre-tax profits for the first half of the year, taking the total
  to $347mn.
  The drop primarily reflected an adverse discount rate adjustment
  of $283mn compared with a benefit of $45mn in the prior period.
  Risk-free rates in all of the group's major currencies fell
  significantly but especially sterling and euro, with euro risk-free
  rates now negative.
  The currency weighted average risk-free rate (excluding the
  Argentine peso) us
  
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• Admiral UK car profit grows despite reserve hit

  17-08-2016 09:20
  
  Motor insurer reports positive first half results
  
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• Admiral increases overseas' car customers by 44% in first half

  17-08-2016 08:53
  
  Admiral's CEO David Stevens has hailed the strength of the business as he unveiled his first results since taking on the top job.
  
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• Admiral increases overseas' car customers by 20% in first half

  17-08-2016 08:53
  
  Admiral's CEO David Stevens has hailed the strength of the business as he unveiled his first results since taking on the top job.
  
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• Blog: Riots and claims, five years after the London unrest

  17-08-2016 08:00
  
  When the ‘Black Lives Matter' protests on 5 August brought West London traffic to a standstill and cut off the M4 corridor into Heathrow Airport, one couldn't help thinking of the simmering social tensions that led to widespread rioting five years ago.
  
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• QBE's first half profits fall 46%; Australia and New Zealand CEO exits

  17-08-2016 04:28
  
  Australian giant QBE's 2016 first half after tax global profits declined 46% to $265m (£203m)compared with $488m in the same period last year.
  
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