Insurance news

• Matthew claims climb in Florida

  31-10-2016 22:43
  Claims tied to Hurricane Matthew, which brushed Florida almost a
  month ago, mounted again in the past week, Florida regulators
  reported today, placing the total value at $606mn as of late Friday
  (28 October).
  The biggest increase came in commercial property, where filing
  climbed 55 percent to 4,872 from 3,143 reported a week earlier.
  Roughly 84 percent of the claims remained open, while most of those
  already closed - 551 - resulted in no payment, according to the
  Florida Office...
  
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• Allied World beats Wall Street estimates with $55.2mn profit

  31-10-2016 22:43
  Allied World Assurance beat market expectations with a
  third-quarter profit of $0.62 a share even as its combined ratio
  weakened and underwriting income dropped almost 23 percent.
  Operating profit rose about 7.4 percent from last year's
  third-quarter to $55.2mn, or $0.62 a share. Analysts had estimated
  $0.60 a share, the average of eight forecasts collected by
  MarketWatch.com.
  Gross written premiums declined 3.2 percent to $730.2mn in the
  just-ended quarter, and net premiums earned fell an even
  
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• Customers' home insurance will not be 'invalidated' following Samsung recall

  31-10-2016 18:05
  
  Insurers have warned customers to respond to Samsung’s recall of Galaxy Note 7 devices but have assured them that their homes will still be covered in the event of a fire.
  
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• CNA shares climb 6% on results

  31-10-2016 17:17
  The markets have signalled their approval for CNA
  Financial's strong Q3 earnings beat as the shares climbed over
  6 percent in early trading in New York.
  The stock was trading at $37.04 as of 15:22 GMT, an increase of
  6.35 percent on yesterday's closing price after the company
  posted consensus-beating results prior to markets opening in New
  York.
  The insurer's third quarter earnings per share (EPS) of
  $1.15 were well ahead of the consensus $0.82 estimate, as net
  operating income...
  
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• Career development: Women in Finance Charter

  31-10-2016 15:53
  
  Insurers have been rallying around the Women in Finance Charter as a way of pushing for more women in senior roles.
  
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• Frankland to join Aon Benfield as UK CEO

  31-10-2016 15:39
  Guy Carpenter's Europe, Middle East and Africa CEO Nick
  Frankland will join arch rival Aon Benfield after seeing out his
  gardening leave, The Insurance Insider
  can reveal.
  Sources said that Frankland will become UK CEO at Aon Benfield
  in April next year, reporting to group CEO Eric Andersen.
  Earlier today The Insurance Insider
  revealed that Frankland had resigned from Guy Carpenter, after an
  internal memorandum was circulated this morning to the reinsurance
  broker's staff.
  At Aon Benfield Frankl
  
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• Enterprise deficit up to £96m

  31-10-2016 15:14
  
  Liquidator’s report for Gibraltar court reveals that insolvency level is worse than originally thought.
  
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• SSP reports rising profits

  31-10-2016 14:13
  
  Software house posts £16.6m profit before tax and increase in revenue for the year to 31 March 2016.
  
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• Zurich UK reveals GI claims paid figures for first time

  31-10-2016 14:03
  
  Zurich unveils what proportion of claims it paid in personal and commercial lines
  
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• Sciemus makes three hires

  31-10-2016 14:02
  London-headquartered data analytics and underwriting management
  firm Sciemus has recruited three new staff to its space and
  aviation, cyber and power teams.
  Phil Duffin joins as director of space and aviation from Willis
  Re, where he served as executive director for non-proportional and
  facultative reinsurance across all aerospace classes.
  Matthew Cook joins from consulting firm PwC as senior technical
  specialist in the power division, while Detica George Paraskeva, a
  former cyber security consu
  
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• McMellin and Tillenburg among XL Catlin departures

  31-10-2016 14:02
  XL Catlin's UK insurance CEO Andrew McMellin and its Europe,
  Middle East and Africa insurance CEO Ralf Tillenburg are set to
  leave the business, as group chief executive Mike McGavick moves to
  deliver promised synergies, The Insurance
  Insider can reveal.
  Last week (26 October) XL Catlin announced a restructure that
  will see the business organised into four segments: global lines,
  North American insurance, international insurance and global
  reinsurance - each under the leadership of a CEO.
  The ne
  
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• Matthew could have been $38bn event: Noonan

  31-10-2016 14:02
  A 30-mile westward movement in the track of Hurricane Matthew
  would have inflicted a $38bn loss on the (re)insurance industry,
  shocking the retro market and forcing a correction in US property
  cat reinsurance pricing, Validus CEO Ed Noonan has said.
  "That industry loss would have frozen up the retro market
  that we all depend on because their capital would be locked up well
  through year end," he told The Insurance
  Insider. This would have left reinsurers with a
  decision on...
  
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• FCA to consult on FSCS funding in November

  31-10-2016 13:37
  
  Regulator wants to explore how to improve affordability for firms without reducing consumer protections
  
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• Go Compare valued at £425m ahead of demerger

  31-10-2016 13:13
  
  Go Compare could have a value of up to £425m once it lists independently on the stock exchange, analysts believe.
  
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• Enterprise deficit nine times larger than predicted

  31-10-2016 13:11
  
  Failed Gibraltar insurer Enterprise had a total deficit of £96.4m, almost nine times more than the original estimate of £11m.
  
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• Brokers welcome FCA review on FSCS funding

  31-10-2016 13:09
  
  FCA chief Andrew Bailey has confirmed the regulator is examining how fees can be made more affordable.
  
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• Zurich UK publishes GI claims data

  31-10-2016 12:41 via insuranceage.co.uk
  
  Insurer says it has paid out £1bn in the first six months of 2016 with 70% of that going on general insurance claims.
  
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• CNA beats consensus as income surges

  31-10-2016 12:23
  CNA Financial reported a strong earnings beat for the third quarter
  with earnings per share (EPS) of $1.15 as net operating income
  jumped by 48 percent to $311mn.
  The performance was well above analyst consensus estimates of
  $0.82 EPS and a 49.4 percent increase on the prior-year figure.
  The P&C segment posted operating income of $329mn, up from
  $263mn for the same period in 2015, which the carrier said was due
  to improved net investment income that reflected greater limited...
  
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• Review: The art of high net worth

  31-10-2016 12:21
  
  Ecclesiastical Insurance Group Art & Private Client policy
  
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• Zurich paid out more than £1bn worth in claims during first half of 2016

  31-10-2016 12:16
  
  Zurich has paid more than £1bn in claims during the first half of 2016 with payout figures reaching higher than Axa.
  
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• Motor premiums continue to rise into third quarter

  31-10-2016 12:05
  
  The average comprehensive motor insurance premium has risen by 9% over the last year, according to the Association of British Insurers.
  
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• FCA to consult on making FSCS levy more affordable

  31-10-2016 12:02
  
  The financial services watchdog is looking to “improve affordability” for firms that contribute to the Financial Services Compensation Scheme.
  
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• Enterprise liquidator reveals extent of insurer’s insolvency

  31-10-2016 11:41
  
  Gibraltar insurer Enterprise’s collapse will affect tens of thousands of UK policyholders
  
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• IUA body to monitor emerging technology

  31-10-2016 11:36
  
  The International Underwriting Association is establishing a new focus group to assess the future impact technology will have on London underwriting.
  
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• Biba publishes demands ahead of Autumn Statement

  31-10-2016 11:17
  
  Trade body urges Chancellor of the Exchequer to consider a number of issues including IPT and Brexit.
  
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• Emea CEO Frankland exits Guy Carp

  31-10-2016 10:59
  Nick Frankland, Guy Carpenter's CEO of Europe, the Middle
  East and Africa, is leaving the broking house after more than a
  decade, ‎The Insurance Insider can
  reveal.
  An internal memo was circulated to staff this morning advising
  them of Frankland's departure, sources said.
  Frankland's departure is the first major personnel change at
  Guy Carpenter since CEO Peter Hearn took over the leadership six
  months ago.
  Hearn joined the firm after resigning from rival Willis Re in
  May 2015.
  It is...
  
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• Blenheim reassembles Cathedral team

  31-10-2016 10:59
  Newly-approved Lloyd's syndicate Blenheim has hired former
  Cathedral property active underwriter John Hamblin‎, the
  company said this morning.‎‎Hamblin will arrive at Peter Scales' new business in February
  2017, and will be joined by Cathedral property duo Mark Wilson and
  Simon King.‎Simon Dean will also join the property treaty team, while Nick
  Adams will work alongside King on the property direct and
  facultative account.‎‎Dean and Adams will begin working at the syndica
  
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• #Insagepeople: 31 October - 6 November 2016

  31-10-2016 10:08
  
  Keep up to date with all the latest people moves.
  
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• Insurer offers smart water leak detector to business customers

  31-10-2016 09:48
  
  The insurer is offering the product through its brokers
  
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• Opinion: Tony Cornell on equal opportunities

  31-10-2016 09:35 via insuranceage.co.uk
  
  Why do so few women get to the top? The Top 100 Independent Brokers supplement shows only two commercial lines brokers have women in charge. Tony Cornell asks why
  
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• News analysis: Consolidation continues apace

  31-10-2016 09:30
  
  Ongoing buyouts fuel speculation in the broking market
  
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• Two Gibraltar insurers to enter Irish motor market

  31-10-2016 09:27
  
  Capacity is being backed by Bermuda insurer Arch
  
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• ABI publishes Q3 motor premiums survey

  31-10-2016 09:25
  
  Vehicle repair costs and IPT are among factors affecting motor premiums 
  
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• ABI publishes Q3 motor premium survey

  31-10-2016 09:25
  
  Vehicle repair costs and IPT are among factors affecting motor premiums 
  
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• UK insurtech firm scores major investment from PE group

  31-10-2016 08:40
  
  Vast Visibility will use the investment to develop new digital solutions 
  
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• Broker launches wholesale division

  31-10-2016 08:37
  
  Facility has been designed over past four years
  
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• Hong Kong Insurance Awards 2016: The Winners

  31-10-2016 04:03
  
  Manulife and Prudential both won three awards at the Hong Kong Insurance Awards 2016.
  
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