Insurance news

• RLI shares plunge 10% after Q3 miss

  20-10-2016 21:49
  Shares in RLI were trading down 10.5 percent at 1.29pm EDT today in
  New York as investors reacted nervously to a third quarter earnings
  miss and the company's first reserve deterioration in more than
  a decade.
  The shares crashed by as much as 13.8 percent, but had recovered
  to $60.87 at the time of writing.
  The sell-off came despite equity analysts suggesting adverse
  development on prior-year reserves was likely an aberration.
  Keefe Bruyette & Woods analyst Arash Soleimani said the...
  
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• Matthew losses could be as low as $2.5bn: RMS

  20-10-2016 21:49
  RMS has told its clients that it estimates US losses from Hurricane
  Matthew will be in the range $1.5bn-$5.0bn, with $1.0bn-$3.0bn of
  further insured claims in the Caribbean, The Insurance
  Insider can reveal.
  The two sets of figures imply a combined loss range of
  $2.5bn-$8.0bn, as loss estimates continue to belie the fears that
  rose as Matthew bore down on the US coast earlier this month.
  In a confidential client advisory the modelling company said
  that it had run 10...
  
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• Technology and driverless cars are not a threat to the industry, insurers say

  20-10-2016 18:16
  
  Insurance revenues are being driven down by advances in technology that will disrupt the industry and change the ways in which customers choose their premiums.
  
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• Tesla to fit all new vehicles with self-driving capability

  20-10-2016 17:41
  
  Tesla will fit the hardware needed for full self-driving capability into all new vehicles produced in its factory, including the Tesla Model 3.
  
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• Tesla to fit all new vehicles with self-driving capabiity

  20-10-2016 17:41
  
  Tesla will fit the hardware needed for full self-driving capability into all new vehicles produced in its factory, including the Tesla Model 3.
  
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• US insurer creates app for Amazon's smart speaker Echo

  20-10-2016 16:38
  
  Insurer wants to help customers understand insurance jargon 
  
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• Howden combines PI and GI divisions in the UK under one management team

  20-10-2016 16:36
  
  Simon Lakey becomes chairman and Chris Evans appointed CEO of Howden UK.
  
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• Asta receives approval to manage Verto Syndicate

  20-10-2016 16:23
  
  Third party Lloyd’s managing agent Asta has received and "in principle" approval from the Lloyd’s Franchise board to manage Verto Quota Share Syndicate.
  
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• Hyperion announces management changes to UK retail

  20-10-2016 16:04
  
  Broking group has created one single management structure
  
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• Hyperion announces further management changes to UK retail

  20-10-2016 16:04
  
  Broking group has created one single management structure
  
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• Travelers operating income slumps in Q3

  20-10-2016 15:11
  Travelers' operating income fell by a quarter in the three
  months to 30 September as a higher loss ratio and a $225mn asbestos
  charge caused pain and US P&C commercial price rises continued
  to slow.
  Operating earnings per share fell 18 percent year-on-year to
  $2.40 but beat the analysts' consensus of $2.38.
  The carrier, which is considered a bellwether for the wider US
  commercial insurance market, saw its key rating indices stay in
  positive territory on a nominal basis in...
  
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• Hampden to launch quota share syndicate Verto

  20-10-2016 15:11
  Hampden and Asta have secured in-principle approval from
  Lloyd's to launch a Names-backed quota share syndicate at 1
  January.
  Former Endurance executive Peter Mills will be active
  underwriter of Verto Syndicate 2689, which will look to write a
  series of quota share deals to provide capital to other Lloyd's
  businesses.
  The quota share syndicate was one of the ideas floated earlier
  this year by ReSolution Underwriting chairman Christopher Harman
  and Deloitte partner Ian Clark in a report on the fu
  
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• Junction founder steps down as Simply Business chair

  20-10-2016 14:53
  
  Simply Business has confirmed departure
  
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• Charles Taylor Adjusting director joins Crawford & Company

  20-10-2016 13:45
  
  New appointment key addition to cyber insurance offerings
  
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• Gen Re to enter Indian market

  20-10-2016 11:18
  Berkshire Hathaway subsidiary GenRe is likely to receive approval
  to establish an onshore operation in India which should be up in
  running next spring, according to CNBC.
  The television station reported that Gen Re was set to receive
  "first-level" approval to set up a branch by the end of
  the month, with 100 crore ($15.0mn) of capital, and "second
  level" approval expected by March 2017.
  It said operations would commence either at the end of the first
  quarter of calendar-year...
  
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• Stackhouse Poland buys Lucas Fettes

  20-10-2016 09:51
  
  The deal is set to be completed by the end of 2016.
  
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• Markel launches specialist cosmetic policy

  20-10-2016 09:30
  
  Insurer states the sector is often overlooked by the insurance market.
  
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• Arc Legal reveals suite of assistance products

  20-10-2016 09:20
  
  Cover includes personal accident, gadget insurance, replacement vehicle insurance, key protection, tools in transit and helmet and leathers insurance.
  
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• Five insurers probe blockchain

  20-10-2016 09:15
  
  Insurers join forces to assess blockchain’s value to industry
  
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• Shot insurer mistaken for drug dealer

  20-10-2016 08:59
  
  Robbers thought insurance executive was a drug dealer and shot him
  
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• Europe: Berating the ratings

  20-10-2016 08:00
  
  Fitch Ratings caused a stir when it criticised the Insurer Financial Strength ratings issued by one of its main rivals, AM Best.
  
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• Top 50 broker to buy broker Lucas Fettes

  20-10-2016 07:30
  
  Lucas Fettes reported a turnover of £16.3m in 2016
  
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• RLI misses on first prior-year reserve hit in a decade

  20-10-2016 02:24
  RLI opened the third quarter US P&C reporting season with an
  earnings miss, as profits were hit by a first prior-year reserve
  deterioration in more than a decade at the specialty insurer.
  The Peoria-based company generated operating earnings of $16.2mn
  that were down on the $31.0mn reported in the same quarter last
  year.
  At $0.37 a share they were also well below Wall Street
  analysts' consensus forecasts of $0.59 a share.
  RLI said underwriting profits dropped from $33.6mn in Q3...
  
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• Hinz resurfaces at Swiss Re

  20-10-2016 02:24
  Former head of underwriting and operations for Tokio Millennium Re
  Michael Hinz has resurfaced as head of casualty treaty for
  northeastern Europe at Swiss Re.
  The Insurance Insider revealed that the
  executive had left Tokio Millennium Re earlier this year however it
  was not known where he would reemerge.
  It is understood that Hinz will replace Manfred Neubert who is set
  to take early retirement from the Swiss reinsurance giant.
  Hinz is believed to have taken up the role earlier...
  
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• Assurant shares drop 8% on floods-driven profit warning

  20-10-2016 00:43
  Assurant warned third quarter operating profits will plunge as
  much as 48 percent mainly because of $32mn to $34mn in after-tax
  catastrophe losses tied to flooding in Louisiana.
  In a regulatory filing late yesterday, the company said there
  were no catastrophe losses in the comparable 2015 period.
  Assurant shares fell 8.4 percent to close at $83.65 in New York
  Stock Exchange trading, although it is still up 3.9 percent this
  year.
  Hurricane Matthew, which ravaged the Caribbean and parts of...
  
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