Insurance news

• Endurance profits double ahead of acquisition

  04-11-2016 23:49
  Profits at Endurance more than doubled in the third quarter just
  a month after the Bermudian agreed to be acquired by big-three
  Japanese insurer Sompo.
  The John Charman-led carrier's operating profit jumped about
  54 percent to $102.8mn during the period, up from $47.6mn in the
  quarter last year.
  Gross premiums increased by 18.4 percent to $760.7mn, fueled by
  a significant uptick in business written by the group's
  insurance division.
  The carrier's combined ratio was 87.3 percent for the
  quarter,
  
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• Berkshire underwriting profits slide 34 percent

  04-11-2016 23:49
  Deteriorating performance at auto carrier Geico drove third
  quarter underwriting profits down by just over a third at Berkshire
  Hathaway's insurance operations.
  The investment conglomerate reported a net underwriting gain
  after tax of $272mn, down from $414mn in the same quarter last
  year.
  With net investment income from the insurance business climbing
  just 1.2 percent to $850mn, the operations were a drag on group
  results.
  While Berkshire reported operating profits up 7 percent to
  $4.85bn, at $
  
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• The Hanover climbs 5% after earnings beat

  04-11-2016 20:26
  Shares in The Hanover rose more than 5 percent in New York today
  following a significant earnings beat that saw profits climb on
  increased premium.
  After closing yesterday at $75.61 on the New York Stock
  Exchange, shares in the Worcester, Massachusetts-based insurer
  spiked as the market opened this morning and steadily crept up into
  early afternoon trading.
  Investors were apparently responding to The Hanover's third
  quarter results which surpassed Wall Street's expectations.
  The carrier reported
  
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• Liberty Mutual Q3 profits squeezed by cat losses

  04-11-2016 20:26
  Liberty Mutual Holding Company's operating profit dropped 34
  percent as catastrophe losses more than tripled and its combined
  ratio weakened.
  The insurer reported third-quarter pre-tax operating income of
  $479mn as catastrophe losses more than tripled from the 2015 third
  quarter to $258mn and it took a $50mn charge to bolster reserves
  for prior year asbestos claims.
  The impact contributed to the Boston-based carrier's
  combined ratio increasing 2.2 points to 97.8 percent.
  Excluding cat losses and
  
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• Willis drops 8% as investors punish growth decline

  04-11-2016 18:53
  Shares in Willis Towers Watson have plunged almost 7 percent after
  the firm fell to a net loss of $32mn for the third quarter of 2016,
  compared to $209mn of net income in the same period of last year.
  The stock had fallen 6.53 percent to $115.60 as of 17.06 GMT
  after the broker reported a second consecutive quarter of declining
  organic growth.
  The loss included $49mn of restructuring costs and $36mn of
  integration expenses, which drove the company to...
  
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• Tiernan named as Aviva UK CFO

  04-11-2016 18:53
  Patrick Tiernan, formerly chief operating officer at StarStone,
  has joined Aviva as CFO of its UK division, it was confirmed
  today.
  The Insurance Insider revealed in
  September that Tiernan had left Enstar's live underwriting
  platform for Aviva.
  Aviva said in a statement that Tiernan would replace Colm Holmes
  after he was appointed CEO of the UK general insurance (GI)
  business in June.
  Tiernan has been COO at StarStone since 2014. Before that he
  spent 10 years at Zurich, most recently...
  
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• Investments offset Third Point underwriting loss

  04-11-2016 18:53
  Hedge fund reinsurer Third Point Re has shrugged off
  deteriorating underwriting performance after a turnaround in its
  investment portfolio put the carrier back in the black for the
  third quarter.
  The Bermudian reported net income of $72.1mn for the period,
  marking a drastic improvement on the $195.7mn loss it posted in the
  third quarter of last year.
  The shift to profitability came in spite of a 3.7 percentage
  point deterioration in the reinsurer's combined ratio, which
  slid to 106.5 percent....
  
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• News analysis: Industry calls for action after whiplash reforms delayed

  04-11-2016 17:26 via insuranceage.co.uk
  
  Insurers promise they’re “not going quiet” as Ministry of Justice delays compensation reforms
  
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• DUAL chief executive heads for exit

  04-11-2016 17:23
  
  Underwriting agency DUAL to be run by regional management board
  
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• InsurTech Futures: PwC launches InsurTech academy

  04-11-2016 17:21
  
  The InsurTech Academy was established by think-tank Z/Yen and sponsored by PwC.
  
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• Management: The great wave of innovation

  04-11-2016 17:04
  
  The insurance sector has been slow to adopt the digital age, says Colin Dean, but that is changing fast
  
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• Insurance Fraud Summit 2016: Time for brokers and insurers to collaborate

  04-11-2016 17:04
  
  More needs to be done to enhance the collaboration between brokers and insurers when addressing policy holder fraud, as brokers currently feel alienated from discussions.
  
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• Opinion: Clear Insurance's Howard Lickens on acquisitions

  04-11-2016 17:00
  
  The value in values: Have the latest wave of consolidators forgotten the lessons of acquisitions past? Businesses should aim to please all stakeholders, says Howard Lickens
  
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• Aviva appoints Patrick Tiernan as CFO

  04-11-2016 16:59
  
  Aviva has appointed Patrick Tiernan as CFO of Aviva UK General Insurance.
  
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• Aviva names new UK GI finance head

  04-11-2016 16:44
  
  New hire fills gap left by Colm Holmes’s promotion
  
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• Aviva hires Patrick Tiernan as CFO

  04-11-2016 16:28
  
  Tiernan replaces Colm Holmes who took over the CEO role of the UK GI business in June.
  
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• Investments offset Third Point underwriting lossz

  04-11-2016 15:49
  Hedge fund reinsurer Third Point Re has shrugged off
  deteriorating underwriting performance after a turnaround in its
  investment portfolio put the carrier back in the black for the
  third quarter.
  The Bermudian reported net income of $72.1mn for the period,
  marking a drastic improvement on the $195.7mn loss it posted in the
  third quarter of last year.
  The shift to profitability came in spite of a 3.7 percentage
  point deterioration in the reinsurer's combined ratio, which
  slid to 106.5 percent....
  
  Read more

• What is wrong with the UK retail CEO role at Gallagher?

  04-11-2016 15:45
  
  Stuart Reid was the fifth UK retail CEO to depart A J Gallagher in as many years. So what is it about the role that causes such a short tenure?
  
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• Organic revenues slide 5% in key Willis insurance unit

  04-11-2016 14:04
  Organic growth at Willis Towers Watson's investment, risk and
  reinsurance segment contracted by 5 percent in the third quarter
  following a decline in the capital markets business.
  This was the second consecutive quarter the segment had reported
  a 5 percent decline in organic revenues.
  At a group level, Willis Towers Watson fell to a net loss of
  $32mn for the third quarter of 2016, compared to $209mn of net
  income in the same period of last year.
  The loss included...
  
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• Dual CEO Bains to exit in January

  04-11-2016 14:04
  Talbir Bains, the group CEO of Dual International, is to leave
  the business at the end of January, The Insurance
  Insider can reveal.
  Hyperion-owned Dual has passed through a period of tumult in
  recent months.
  Bains pushed through a major change programme and overhauled the
  senior management team as the managing general agent (MGA) looked
  to address administrative weaknesses that had come to the fore.
  A straight replacement for Bains has not been appointed.
  Instead, the business will be run...
  
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• AJG expands credit and political risk team

  04-11-2016 14:04
  AJ Gallagher (AJG) has appointed JLT's Rupert Boyle and Nick
  Ollerenshaw to its credit and political risks team, it announced
  today.
  Both executives were partners in JLT Specialty's political
  risk and credit division.
  At AJG, Boyle and Ollerenshaw have been made executive directors
  and will report to Mark Gubbins, managing director of the
  specialist structured credit and political risks practice.
  They will be based in London.
  Gubbins commented: "In the current geopolitical
  environment, structure
  
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• Brunel buys PI broker duo

  04-11-2016 13:17
  
  Professional indemnity specialist broker Brunel makes acquisitions
  
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• London market costs 'unsustainable' says Argo CEO

  04-11-2016 12:48
  
  The cost of doing business in the London Market is unsustainable, says Argo Group CEO Mark Watson.
  
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• Week in Post: Borne back ceaselessly into the past

  04-11-2016 12:41
  
  Halloween is now behind us, which means we’re now pitching irrevocably into Christmas season. The warbling of Maria Carey is already transforming supermarkets into no-go zones, and our inboxes are filling up with Christmas party invitations.
  
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• Video: TT Club outlines key trends in freight

  04-11-2016 12:28 via insuranceage.co.uk
  
  Episode two in the week long series reveals opportunities for brokers.
  
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• Talbot launches nuclear terrorism Lloyd's consortium

  04-11-2016 12:15
  Talbot Underwriting has launched a Lloyd's consortium for
  nuclear, biological, chemical and radiological (NBCR) terrorism
  risks up to $50mn.
  The Validus-owned carrier leads the consortium, with capacity
  also provided by Ariel, Axis, Barbican, Brit and Liberty Specialty
  Markets.
  It is the only Lloyd's-led consortium for NBCR risks, and
  also provides cover for property damage, business interruption and
  liability.
  Steve Tebbutt, global practice leader for political violence at
  Talbot, commented: "T
  
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• RSA confirms £1bn legacy sell-off

  04-11-2016 12:15
  RSA yesterday confirmed it is exploring the sale or reinsurance of
  approximately £1bn ($1.2bn) in legacy exposures, as previously
  reported by The Insurance Insider.
  CEO Stephen Hester confirmed on an earnings conference call it
  was considering options for its legacy book, which contains
  significant asbestos exposures, according to Reuters.
  This publicationfirst reported in August that RSA had appointed PwC as an
  adviser in the disposal of £600mn of these total liabilities.In Septembe
  
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• Investments offset Third Point underwriting slump

  04-11-2016 12:15
  Hedge fund reinsurer Third Point Re has shrugged off deteriorating
  underwriting performance after a turnaround in its investment
  portfolio put the carrier back in the black for the third quarter.
  The Bermudian reported net income of $72.1mn for the period,
  marking a drastic improvement on the $195.7mn loss it posted in the
  third quarter of last year.
  The shift to profitability came in spite of a 3.7 percentage
  point deterioration in the reinsurer's combined ratio, which
  slid to 106.5 percent....
  
  Read more

• HCI profit jumps as cessions shrink in Q3

  04-11-2016 12:15
  HCI Group third quarter profit climbed 54 percent year-on-year
  as costs changed little and total revenue increased almost 14
  percent as the company ceded less premium.
  Net income rose to $11.3mn or $1.10 a share from about $7.4mn in
  Q3 2015, the Tampa, Florida-based homeowners' carrier said.
  Analysts had forecast earnings of $0.54 a share in the average
  of three estimates collected by MarketWatch.com.
  The insurer said its loss ratio declined to 40.9 percent from
  41.7 percent in the 2015...
  
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• Rebranded Cooper Gay launches ‘cyber academy’

  04-11-2016 12:04
  
  Ed develops three-stage risk awareness programme
  
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• Dashcam app looks for broker partners

  04-11-2016 11:58
  
  App provides accident report
  
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• Five reasons a Bluefin sale could see Axa avoiding more Trump moments

  04-11-2016 11:30
  
  The recent speculation that Marsh was in talks with Axa over a deal to buy its broking arm Bluefin has raised the very real possibility that one of the longest running insurance sagas of recent years could be over.
  
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• Five reasons a Bluefin sale could see Axa avoid another denial headache

  04-11-2016 11:30
  
  The recent speculation that Marsh was in talks with Axa over a deal to buy its broking arm Bluefin has raised the very real possibility that one of the longest running insurance sagas of recent years could be over.
  
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• Axa sees steady growth continue in Q3 2016

  04-11-2016 11:27
  
  Axa saw group total revenue grow by 1.3% in the UK and Ireland for the third quarter of 2016, up to £3.24bn from £3.2bn from the same period last year.
  
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• Small rise in revenue for Axa UK & Ireland

  04-11-2016 11:22
  
  Insurer posts 1% revenue rise for the first nine months of 2016.
  
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• Quizzical questions: 4 November 2016

  04-11-2016 10:53
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Price increases drive Axa P&C revenue hike

  04-11-2016 10:43
  Average price increases of approximately 3 percent helped
  Axa's P&C unit to report a 3 percent rise in revenue in the
  first nine months of 2016.
  Nine-month revenues in the segment rose to EUR25.4bn ($28.1bn)
  year-on-year, including EUR14.3mn of personal lines income and
  EUR10.9bn from commercial lines.
  Commercial lines prices increased approximately 2.4 percent,
  while personal lines reported average price hikes of 4.2
  percent.
  Commercial non-motor remained the single largest source of
  revenu
  
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• Federated National beaten up on Q3 disappointment

  04-11-2016 10:43
  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
  
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• Expenses under the spotlight: Maloney

  04-11-2016 10:43
  The (re)insurance industry is moving into a new phase where
  carriers' expenses will become the focus for many, according to
  Lancashire CEO Alex Maloney.
  Speaking to The Insurance Insider
  following the release of the Lloyd's (re)insurer's Q3
  results, Maloney noted that compressed margins were coming under
  more pressure, and that for many the only option would be to cut
  costs to improve financial performance.
  "The next stage for what will happen in our market is
  it's going to be all...
  
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• Gallagher boosts speciality lines with new appointments

  04-11-2016 10:39
  
  Arthur J Gallagher has appointed Rupert Boyle and Nick Ollerenshaw as executive directors.
  
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• Broker Apprentice 2016: Thoughts on the team names and more – video blog 1

  04-11-2016 10:30
  
  The two teams have chosen their names as the new series kicks off. What did the judges and contestants make of it all?
  
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• AXA UK & Ireland GI revenues up only slightly

  04-11-2016 10:01
  
  AXA points to ‘disciplined growth’ overall
  
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• Esure shares recover some ground after Gocompare demerger

  04-11-2016 09:32
  
  Gocompare demerger revalues former parent’s share price
  
  Read more

• Egan: RSA’s ‘major surgery’ is complete

  04-11-2016 07:30
  
  But RSA finance chief expects further changes and job cuts
  
  Read more

• Travelers would gain from E&S acquisition: KBW

  04-11-2016 02:17
  US insurance giant Travelers would benefit from buying a domestic
  E&S carrier, according to Keefe, Bruyette & Woods analyst
  Meyer Shields.
  The company does have an E&S presence through subsidiaries
  that include Northfield Insurance and Northland Casualty, but is a
  relatively modest player in the space.
  Indeed, according to AM Best data for 2015, as a group the
  insurer only ranked number 25 in the top 50 E&S writers, with
  just $385.8mn of direct written premiums.
  In a note after..
  
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• Schinnerer expands builders risk program

  04-11-2016 02:17
  Marsh's underwriting management arm Victor O Schinnerer has
  expanded its builders risk program to include commercial
  construction and commercial and residential remodeling.
  The expanded program is being underwritten by US insurer
  Navigators and provides cover to owners and builders of commercial
  and residential buildings under construction.
  The program includes 16 additional coverages, with debris
  removal, ordinance of law, expediting expenses, soft costs and
  pollutant clean up and removal all a
  
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• Fairfax suffers in Q3 as investments sour

  04-11-2016 02:17
  Investment results all but wiped out third-quarter profits at
  Fairfax Financial Holdings, which reported late today that it lost
  over a half-billion dollars on equity hedging.
  Operating profit climbed 9.2 percent to $284.6mn. But that gain
  was hammered by the company's pre-tax net investment loss of
  $199.5mn. In the year-earlier period, Fairfax posted a pre-tax net
  investment profit of $425.6mn.
  Fairfax cited volatility in equity prices and price fluctuations
  in derivatives linked to the US Cons
  
  Read more

• Argo E&S top line up 6% in Q3

  04-11-2016 02:17
  Argo Group demonstrated solid growth in its E&S division in
  the third quarter, with top line growth of 6 percent that it said
  was driven by its casualty and environmental units.
  The Bermudian said the businesses had benefited from new
  technologies to "better analyze and select risk".
  "As we continue making investments in these areas, we
  expect to see the benefit reflected across more of this segment
  over the coming quarters," said the carrier's CEO Mark
  Watson on an earnings...
  
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• Arch backs American Specialty program

  04-11-2016 02:17
  Arch is providing its A+ insurance paper to American Specialty
  Insurance and Risk Services for customized programs for the sports,
  recreation and entertainment industries.
  In a statement, Arch P&C programs senior vice president Mark
  Lange said the Brown & Brown division is a "recognized
  leader" in the space, and fits the profile of the
  "top-tier program administrators" highly valued by the
  Bermudian (re)insurer.
  American Specialty president Drew Smith said the exclusive
  underwriting part
  
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• The Hanover's profits climb 9% in Q3

  04-11-2016 00:45
  The Hanover Insurance Group saw operating profit increase by 8.9
  percent to $78.6mn in the third quarter despite dwindling gains in
  its largest division.
  The carrier, which owns Lloyd's syndicate Chaucer, grew its
  top line by 4.3 percent to $1.25bn as its combined ratio improved
  by 0.7 point to 94.2 percent.
  Operating profit climbed to $78.6mn, or $1.83 a share, the
  Worcester, Massachusetts-based company said.
  The results beat the $1.38 a share consensus view of six
  analysts compiled by MarketWa
  
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