Insurance news

• AM Best downgrades Greenlight Re to A-

  03-11-2016 23:01
  AM Best has punished hedge fund reinsurer Greenlight Re for its
  deteriorating underwriting results by downgrading its financial
  strength rating to A- from A and its credit ranking to a- from
  a.
  The ratings agency also downgraded the company's affiliate
  Greenlight Reinsurance Ireland to A- and the credit ratings of
  Cayman Islands-based parent Greenlight Capital Re to bbb- from
  bbb.
  In a statement, AM Best said the actions reflect Greenlight
  Re's "less favorable underwriting results in recent
  year
  
  Read more

• RSA 'relaxed' about large Q3 losses

  03-11-2016 21:12
  UK carrier RSA is comfortable with large losses incurred so far
  this year, despite breaching the modeled 8.5 percent of net earned
  premiums benchmark, according to CFO Scott Egan.
  Earlier today, RSA reported its nine-month interim results,
  which revealed that large losses for the year through September
  cost the carrier £411mn, representing 9 percent of net earned
  premiums.
  RSA had projected an 8.5 percent level, but Egan stressed that
  he, and the firm, remained unperturbed by the 0.5 point
  
  Read more

• Insurance Fraud Summit 2016: Fraud officers will be the first to use Blockchain technology

  03-11-2016 19:49
  
  Fraud officers are likely to be the first within the insurance industry to use Blockchain technology as this is the part of the insurance chain that is most used to collaboration.
  
  Read more

• Underwriters resist deeper mining reductions: Marsh

  03-11-2016 19:02
  The pace of rate reductions in the mining market is starting to
  slow as underwriters display signs of resistance to further cuts,
  according to Marsh.
  In the broker's Mining Market Update report for October, it
  said underwriters had started to "push back" against
  reduced prices after four years of soft market conditions, with
  property risks particularly subject to cuts.
  Falling rates, combined with declining insured sums and lower
  business interruption values due to commodity price drops, has led
  
  Read more

• Advertisement

• Federated National gets beat up on 3Q disappointment

  03-11-2016 19:02
  Investors pummeled shares of Florida insurer Federated National
  today after the company reported sharply lower third-quarter profit
  on rising expenses.
  The stock fell as much as 17 percent in early New York trading
  after the company's results missed Wall Street expectations for
  operating profit of $0.40 a share. Janney Montgomery Scott analyst
  Ryan Byrnes said the company's operating profit came to $0.05 a
  share, far below his $0.52 estimate.
  "The sharp increase in expenses was a surprise,"
  Byrn
  
  Read more

• Quarter of LGBT community think insurers do not care about them

  03-11-2016 17:46
  
  Almost a quarter of the LGBT community believe that insurers do not care about them.
  
  Read more

• Webinar: Attracting and retaining talent in broking

  03-11-2016 17:39
  
  How can the broking sector make talented graduates aware of the fulfilling and varied career opportunities the industry has to offer? This webinar explores whether brokers are doing enough to attract the highest calibre people and how they can develop and retain skilled candidates.
  
  Read more

• Brunel makes two acquisitions

  03-11-2016 17:31
  
  Bristol-based broker buys PI specialistsPinsure and PI4U.
  
  Read more

• Advertisement

• Q3 miss drives AIG down 5%

  03-11-2016 17:30
  Shares in AIG dropped 5 percent in early New York trading today
  following deterioration in the carrier's commercial insurance
  book during the third quarter.
  As of 9.50am Eastern time, AIG was trading down 4.95 percent to
  $57.55.
  After markets closed yesterday, AIG disclosed an earnings miss
  that also included a $622mn charge related to legacy structured
  settlements.
  At $1.00 per share, operating earnings were below the $1.21 a
  share forecast by Wall Street analysts, according to consensus
  estima
  
  Read more

• Gable administrator asks court to delay bankruptcy

  03-11-2016 17:30
  PwC has asked the Liechtenstein courts to delay bankruptcy
  proceedings at Gable Insurance to provide investors with a final
  opportunity to inject capital into the business.
  In a letter sent to the company's interested parties,
  obtained by The Insurance Insider,
  special administrator PwC said it had asked the courts to stall
  formal bankruptcy procedures at the beleaguered carrier until after
  a general meeting of shareholders on 11 November.
  However, PwC noted the court could decide to reject the
  
  Read more

• Insurance Fraud Summit 2016: Insurers must employer data analysts to tackle fraud

  03-11-2016 17:21
  
  As well as embracing technology insurers of the future must employ data analysts to deal with the data it produces or fraud will continue according to RSA’s head of fraud.
  
  Read more

• Insurance Fraud Summit 2016: Insurers must employ data analysts to tackle fraud

  03-11-2016 17:21
  
  As well as embracing technology insurers of the future must employ data analysts to deal with the data it produces or fraud will continue according to RSA’s head of fraud.
  
  Read more

• ABI calls for IPT freeze in Autumn Statement

  03-11-2016 17:09
  
  ABI warned that any further IPT hike could result in some people reducing or dropping their insurance cover completely.
  
  Read more

• News analysis: Outage aftermath sparks broker concerns

  03-11-2016 17:00
  
  In the wake of problems at SSP, many brokers are questioning their software providers’ robustness
  
  Read more

• Video: A broking minute with Simon Lancaster

  03-11-2016 16:59
  
  The principal of SJL Insurance Services takes on our broking minute challenge.
  
  Read more

• Insurance Fraud Summit 2016: Insurers should use Action Fraud as a way of addressing fraudulent claims

  03-11-2016 16:23
  
  Insurers can use fraud reporting platform Action Fraud in order to detect and measure fraudulent activity and eradicate it from the system.
  
  Read more

• Parliament must vote on Brexit, High Court rules

  03-11-2016 16:22
  
  Government is appealing to Supreme Court
  
  Read more

• RSA will cut costs by £250m by end of 2016

  03-11-2016 16:08
  
  RSA will complete £250m worth of savings in the business by the end of the year, the company’s CFO said.
  
  Read more

• Insurance Fraud Summit 2016: Insurers must refer cases to the SRA to tackle fraud ‘training camps’

  03-11-2016 16:05
  
  Insurers have been urged to submit referrals of regulatory breaches by legal entities to the Solicitors Regulatory Authority to tackle the scourge of legal fraud and 'training camps'.
  
  Read more

• Fraud Summit 2016: Insurers must refer cases to the SRA to tackle fraud ‘training camps’

  03-11-2016 16:05
  
  Insurers have been urged to submit referrals of regulatory breaches by legal entities to the Solicitors Regulatory Authority to tackle the scourge of legal fraud and 'training camps'.
  
  Read more

• Lancashire pre-tax profits rise in Q3 results

  03-11-2016 16:02
  
  Lancashire Holdings has reported a 30.4% increase in third quarter pre-tax profits, up to $42.9m (£34.4m) from $32.9m (£26.4m) for the same period last year.
  
  Read more

• RSA to create 200 new jobs in Peterborough office

  03-11-2016 15:47
  
  RSA has revealed it will be creating 200 new jobs in its Peterborough office over the next year.
  
  Read more

• Lancashire Q3 results prompt 8% share rise

  03-11-2016 15:30
  Shares in Lancashire surged by more than 8 percent during morning
  trading after the London-listed carrier posted a 30 percent
  increase in third quarter pre-tax profits to $42.9mn.
  The stock had risen by 8.11 percent to 766.5p at 12:40 UK time
  as investors signalled approval of consensus-beating profits
  following another low catastrophe quarter.
  Total expenses for the carrier improved from $104.8mn in Q3 2015
  to $82.4mn in the same period this year, following some $16.2mn of
  recoveries and a redu
  
  Read more

• How buying paint can wreck your car, and Facebook steps in to stop insurer

  03-11-2016 14:54
  
  Also, rising trend for developers to build leasehold houses, property price growth at a standstill and underground homes for sale Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
  Read more

• RSA creates 200 jobs in Peterborough

  03-11-2016 13:58
  
  The roles will be created over 12 months at its Peterborough contact centre.
  
  Read more

• Opinion: Allianz's Nick Hobbs on insurer relationships

  03-11-2016 13:57
  
  Commitment, trust and empathy: Local knowledge and working in close proximity to clients should help to build relationships between insurers and brokers, explains Nick Hobbs
  
  Read more

• SME Now and the future: Targeting terror

  03-11-2016 13:56
  
  Travel and terrorism insurance for employees is not just a perk for big multi-nationals, it is an often essential cover for small businesses too, explains Edward Murray
  
  Read more

• AmTrust profit falls 16% but beats consensus

  03-11-2016 13:48
  Third quarter operating earnings at AmTrust fell 16 percent
  year-on-year to $126.3mn, after a 14 percent increase in total
  expenses impacted the bottom line.
  Operating diluted earnings per share of $0.73 were down 18
  percent on the previous year but still narrowly beat the analyst
  consensus forecast of $0.71.
  Total expenses in the quarter hit $1.23bn as loss and loss
  adjustment expenses increased by 13 percent to $811.0mn for the
  period and acquisition costs and other underwriting expenses grew
  
  Read more

• Rocky start for Esure shares after Go Compare demerger

  03-11-2016 12:51
  
  Shares in UK insurer Esure plunged 28% on opening on Thursday following completion of its demerger with price comparison website Go Compare.
  
  Read more

• Esure shares fall after Go Compare demerger

  03-11-2016 12:51
  
  Shares in UK insurer Esure fell 28% on opening on Thursday following completion of its demerger with price comparison website Go Compare.
  
  Read more

• Profitability "ahead of expectations" says RSA

  03-11-2016 11:22
  
  Insurer posts rise in UK and Ireland net written premiums for the first nine months of the year.
  
  Read more

• Swiss Re beats consensus as core underwriting weakens

  03-11-2016 10:58
  Swiss Re reported third quarter net income of $1.18bn, down 16.1
  percent year-on-year, as underwriting profits in its P&C
  operations fell sharply.
  However, the global reinsurer's result was 22 percent ahead
  of consensus, as analysts modelled for weaker headline underwriting
  performance and were surprised by realised investment gains.
  The P&C combined ratio was 10.2 percentage points weaker at
  87.9 percent, as the loss ratio took on 8.9 points to reach 57.4
  percent and the expense ratio t
  
  Read more

• Dawson joins Lancashire as NED

  03-11-2016 10:58
  Lancashire has announced the appointment of market veteran Michael
  Dawson as a non-executive director.
  Dawson will sit as a member on Lancashire's nomination and
  corporate governance, remuneration, and underwriting and
  underwriting risk committees.
  With more than 35 years' experience in the industry, Dawson
  started his career at Lloyd's in 1979.
  He joined Cox Insurance in 1986, and was CEO of the firm between
  1995 and 2002. He was also active underwriter of Cox's and
  subsequently Chaucer's nucle
  
  Read more

• Go Compare lists on stock exchange

  03-11-2016 10:42
  
  Esure completes the demerger of the comparison site.
  
  Read more

• RSA to create hundreds of jobs in Peterborough

  03-11-2016 10:34
  
  RSA to expand contact centre over next 12 months
  
  Read more

• Some London jobs to go as ERS moves roles to Swansea

  03-11-2016 10:31
  
  Move is part of plans by insurer to hit mid-term COR target
  
  Read more

• 38 London jobs could go as ERS moves roles to Swansea

  03-11-2016 10:31
  
  Move is part of plans by insurer to hit mid-term COR target
  
  Read more

• Broker Apprentice 2016: Meet the teams – episode one

  03-11-2016 10:30
  
  The award winning online series returns and here’s your chance to see the new candidates in action for the first time as they pick their team names.
  
  Read more

• Midas replaces Enterprise in new capacity deal

  03-11-2016 10:21
  
  Midas signs a specialist motor capacity deal with Gibraltar-based insurer Mulsanne.
  
  Read more

• Go Compare lists independently on stock market

  03-11-2016 09:51
  
  Esure has completed the demerger of Go Compare from the group.
  
  Read more

• Stock market debut reveals Gocompare value

  03-11-2016 09:43
  
  Price comparison site starts trading after demerger for Esure
  
  Read more

• Swiss Re bests consensus as core underwriting weakens

  03-11-2016 09:25
  Swiss Re reported third quarter net income of $1.18bn, down 16.1
  percent year-on-year, as underwriting profits in its P&C
  operations fell sharply.
  However, the global reinsurer's result was 22 percent ahead
  of consensus, as analysts modelled for weaker headline underwriting
  performance and were surprised by realised investment gains.
  The P&C combined ratio was 10.2 percentage points weaker at
  87.9 percent, as the loss ratio took on 8.9 points to reach 57.4
  percent and the expense ratio t
  
  Read more

• Scandinavia boosts RSA 9-month premium

  03-11-2016 09:25
  RSA's core group net written premiums (NWP) grew 6 percent
  in the nine months to 30 September to £4.56bn ($5.60bn),
  driven by growth in Scandinavia.Scandinavian NWP grew 6 percent to £1.34bn.RSA saw growth across personal and commercial lines in Sweden,
  while Danish premiums dropped due to a marine portfolio transfer to
  the UK and the non-renewal of a large multi-year energy deal, the
  firm said.NWP in Canada grew 1 percent to £1.03bn, while premium
  growth in the...
  
  Read more

• Maiden grows top and bottom line

  03-11-2016 09:25
  Bermudian Maiden saw profits and gross written premium increase in
  the third quarter despite what its CEO described as an
  "increasingly challenging operating environment with
  intensifying competition".
  Net operating earnings increased by 17.7 percent to $30.2mn, or
  $0.39 per share narrowly missing Wall Street's expectations of
  $0.40, according to a survey by MarketWatch.
  Meanwhile, GWP increased by 12.5 percent to $706.9mn for the
  third quarter.
  Maiden's combined ratio improved by 1.1 point to 9
  
  Read more

• Lancashire profits rise 30% amid low loss quarter

  03-11-2016 09:25
  London-listed Lancashire saw pre-tax profits increase by more than
  30 percent to $42.9mn for Q3 2016, following another low
  catastrophe quarter.
  The pre-tax profit was significantly ahead of analyst consensus
  of $33.7mn.
  Total expenses for the carrier improved from $104.8mn in Q3 2015
  to $82.4mn in the same period this year, following some $16.2mn of
  recoveries and a reduction in net insurance acquisition
  expenses.
  The combined ratio for the third quarter deteriorated by 3.6
  points to 73.8 perce
  
  Read more

• Batchelor to fill in as GC Emea head

  03-11-2016 09:25
  Marsh vice chairman David Batchelor will oversee sister company Guy
  Carpenter's Emea business on an interim basis following the
  departure of Nick Frankland earlier this week, The
  Insurance Insider can reveal.
  The reinsurance broker's CEO Peter Hearn is understood to
  have written to all staff yesterday (2 November) saying that
  Batchelor had agreed to take the position, guiding the business
  through a transition period into early 2017.
  The communication highlighted the fact that the executive is a
  
  Read more

• RSA on track to meet 2016 profit expectations

  03-11-2016 09:20
  
  UK-headquartered insurer RSA saw overall net premiums rise 6% on an underlying basis in the first nine months of 2016 compared with the same period last year.
  
  Read more

• AIG returns to profit in third quarter

  03-11-2016 09:08
  
  But year-to-date result is sharply down
  
  Read more

• RSA UK premiums grow modestly despite personal dip

  03-11-2016 08:35
  
  Commercial premium income grows, but personal lines shrinks
  
  Read more

• AIG reports £500m exposure for accident victims

  03-11-2016 08:07
  
  In its third quarter 2016 results global insurer AIG has been impacted by rising payouts to accident victims for US policies written prior to 2010.
  
  Read more

Follow @Insurance_UKnws on Twitter!