Insurance news

• Heritage shares gain leads most Floridians higher

  09-11-2016 23:17
  Heritage Insurance Holdings led most other Florida P&C carriers
  higher in New York trading today as its shares jumped as much as
  12.7 percent in response to lower hurricane-related losses than
  expected.
  In its third quarter earnings release yesterday, the Clearwater,
  Florida-based company said that Hurricane Hermine losses are
  expected to be about $4mn.
  The estimate was equivalent to just a third of the $12mn
  forecast by Keefe Bruyette & Woods analyst Arash Soleimani.
  In a note to invest
  
  Read more

• Names mark Cathedral down to a third of 2015 price

  09-11-2016 21:10
  Lloyd's Names have reacted to the recent upheaval at
  Lancashire's Cathedral platform by heavily marking down
  capacity on its Syndicate 2010.
  According to data from members agent Argenta, capacity on the
  syndicate traded hands in the second auction of the season for just
  19.90p per £1.
  That compared to an adjusted average 2015 price of 65.05p per
  £1, and the 29.76p average price per pound capacity in auction
  1 this year.
  The price was less than half what Canopius Syndicate...
  
  Read more

• US Matthew insured loss up to $5bn: Aon Benfield

  09-11-2016 18:58
  Public and private insured losses in the US from Hurricane
  Matthew could climb as high as $5bn, according to Aon
  Benfield's catastrophe modelling unit Impact Forecasting.
  In the company's latest Global Catastrophe Recap report, it
  said total economic damage in the US alone could hit $10bn, with
  much of the inland flood loss in North Carolina uninsured due to
  low take-up of the government-backed National Flood Insurance
  Program in the state.
  The storm also caused widespread damage in the Caribbea
  
  Read more

• Shares rise as insurers seen benefitting from Trump win

  09-11-2016 18:58
  Investors turned broadly positive on US insurers and related shares
  following Donald Trump's surprising victory in the US
  presidential election as prices rose for most of those tracked by
  the Insider 30.
  Only a few carriers remained down, including national P&C
  insurer Travelers. But the Hartford, Connecticut-based company had
  erased much of its loss by midday.
  XL Catlin, Navigators and AmTrust Financial joined AIG among the
  biggest gainers, with the three carriers rising nearly 2 percent
  wh
  
  Read more

• Advertisement

• Insurer stocks steady as markets react to Trump win

  09-11-2016 18:58
  An overnight plunge in futures fed into early New York trading
  today as investors reacted to Donald Trump's surprising victory
  in the US presidential election, with share prices falling for many
  carriers tracked by the Insider 30.
  Losses in early trading were slight for most, with national
  P&C carrier Travelers suffering the greatest decline with a
  loss of as much as 2 percent. Some shares registered gains, led by
  AIG's climb of up to 1.9 percent.
  The blue chip Dow...
  
  Read more

• Ebix shuts door on higher bid for Patriot National

  09-11-2016 18:58
  Tech services provider Ebix has closed off the possibility of
  making a higher bid for smaller rival Patriot National after
  terminating acquisition discussions on 6 November, it said in a
  statement today.
  Yesterday, Patriot National said its directors had rejected a
  $475mn offer from Ebix, describing the proposed sale as "not
  the best alternative to maximise value" for its
  shareholders.
  "Ebix is unable to comment on the Patriot National press
  release and the reasons for this development, given th
  
  Read more

• Acquisition market “alive again”

  09-11-2016 17:41
  
  Former Macquarie lending experts sees M&A increasing through 2017 as brokers seek to grow.
  
  Read more

• Lloyd's issues statement emphasising support for PPL

  09-11-2016 17:04
  The Corporation of Lloyd's has issued a declaration of
  support for the Placing Platform Limited (PPL).
  In a market bulletin sent out earlier today, global head of
  operations Joe Dainty said Lloyd's had been advised that some
  market practitioners remained "uncertain" on the
  Corporation's view as to whether electronic placement was
  acceptable.
  "Lloyd's is committed to modernisation in the London
  market and considers e-placement on the PPL to be a critical
  element of that modernisation.
  "Lloyd's wi
  
  Read more

• Advertisement

• Esure’s Vann: motor rate rises will continue

  09-11-2016 15:46
  
  Esure chief executive responds to criticism about strategy
  
  Read more

• Jubilee oil field operator expects further BI losses in 2017

  09-11-2016 15:06
  The operator of the loss-hit Jubilee oil field has said it
  expects further business interruption (BI) losses in 2017, as the
  damaged Kwame Nkrumah floating production, storage and
  offloading (FPSO) vessel is moored into its permanent position.
  In its November trading update released today, Tullow said the
  field would be shut down for up to 12 weeks as the vessel is
  spread-moored into its permanent and optimum heading position.
  The company said it expected to offset the loss of revenue...
  
  Read more

• Biba launches under-insurance guide for SMEs

  09-11-2016 14:27
  
  Customer focused edition follows on from guide for members issued in May.
  
  Read more

• Scor to start writing Indian business in April

  09-11-2016 12:55
  Scor expects to start writing onshore business in India as of 1
  April 2017 after it received second-round branch approval from the
  Insurance Regulatory and Development Authority of India (Irdai).
  The reinsurer has been granted R2 authorisation by the
  regulator, but will need R3 approval to establish the branch.
  Scor said its P&C division has strong business relationships
  in India, providing treaty and facultative solutions to its clients
  there. The firm is actively working with its clients t
  
  Read more

• Motor growth boosts Esure top line

  09-11-2016 12:55
  Third quarter gross written premiums (GWP) at UK-listed motor
  specialist Esure have climbed 15.2 percent year-on-year to
  £178.6mn ($221.4mn) after being bolstered by growth in its
  motor book.
  The company's motor top line surged by 18.4 percent
  year-on-year to £154.9mn as in-force policies in the segment
  rose from 1.49 million at the end of H1 to 1.53 million in Q3.
  However, home premiums deteriorated slightly in the quarter,
  falling by 2.0 percent to £23.7mn.
  Despite the drop,
  
  Read more

• Esure on track for full year growth says CEO

  09-11-2016 12:43
  
  Top-line growth remains on track for the full year following continued growth in Q3 says Esure CEO Stuart Vann.
  
  Read more

• Video: TT Club offers advice for brokers in the freight market

  09-11-2016 12:05
  
  TT Club's Brian Sullivan shares his top tips for brokers in part three of the series.
  
  Read more

• Bluefin buys Northern Alliance Brokers

  09-11-2016 11:17
  
  The broker was formerly a member of Willis Network.
  
  Read more

• Novae expects multi-million-pound Hurricane Matthew hit

  09-11-2016 11:14
  
  Lloyd’s insurer gives nine-month update
  
  Read more

• Bluefin acquires ex-Willis Network broker

  09-11-2016 11:07
  
  Purchase is Bluefin’s sixth acquisition of the year
  
  Read more

• Gallagher names Charles Crawford as UK operations director

  09-11-2016 11:03
  
  Arthur J Gallagher has appointed Charles Crawford as UK operations director, subject to regulatory approval.
  
  Read more

• Novae sees higher cat losses as GWP grows

  09-11-2016 10:57
  Lloyd's carrier Novae today warned heightened catastrophe
  activity would influence H2 underwriting results as it posted a
  15.8 percent growth in top line to £717.4mn ($889.3mn) for the
  first nine months of the year.
  In an interim trading update the company said it had been hit
  with losses including the Jubilee oil field, the SpaceX Amos 6
  satellite and two product recall events, in addition to a projected
  $10mn-$15mn loss from Hurricane Matthew.
  However, Novae said the losses would be...
  
  Read more

• Munich Re Q3 profit surges on low cats

  09-11-2016 10:57
  Munich Re today posted a 75 percent jump in third-quarter group
  operating profit to EUR1.01bn ($1.11bn), after a low level of cat
  losses helped double reinsurance profits year on year.
  Munich Re's group consolidated profit grew 30 percent to
  EUR684mn for the third quarter, however this was a 9 percent miss
  on consensus, Citi analyst Andrius Budnikas wrote in a note this
  morning.
  The miss was driven by a weaker group investment result and
  write-downs in primary insurance arm Ergo,...
  
  Read more

• Indian carrier ITI Re targeting January start

  09-11-2016 10:57
  ITI Re, India's first home-grown private sector reinsurer, is
  looking to launch by January 2017 with 500 crore rupees ($75mn) of
  capital.
  Speaking to The Insurance Insider, chief operating officer R
  Raghavan said that the (re)insurer expected to be capitalised by
  the end of this month, clearing the way for it to obtain the R3
  level of approval and begin writing at the beginning of next
  year.
  "It'll be touch and go as far as the January renewals
  are concerned...
  
  Read more

• Charles Crawford appointed Gallagher operations director

  09-11-2016 10:37
  
  Crawford takes on some of Michael Rea’s responsibilities after he became retail CEO role following Stuart Reid’s departure.
  
  Read more

• Bluefin Underwriting adds two schemes to PowerPlace

  09-11-2016 10:25
  
  MGA and Open GI enter new partnership
  
  Read more

• Esure reports 15.9% rise in Q3 gross written premiums

  09-11-2016 10:18
  
  Esure Group has reported a 15.9% rise in gross written premiums for the first nine months of 2016.
  
  Read more

• Open GI partners with Bluefin to expand trading platform

  09-11-2016 09:56
  
  Two schemes added to PowerPlace.
  
  Read more

• Gallagher names UK operations head to support Rea

  09-11-2016 09:31
  
  Hire follows Rea’s appointment as UK retail chief executive
  
  Read more

• Esure chief predicts further growth as GWP jumps

  09-11-2016 08:59
  
  Esure reports growth in both motor and home business
  
  Read more

• Top 50 Insurers 2016: Gap narrows between top two

  09-11-2016 08:22
  
  Definitive ranking of UK-based insurer unveiled
  
  Read more

• Top 50 Insurers 2016: In profit – for now

  09-11-2016 08:08
  
  S&P Global Market Intelligence data gives insight into state of market
  
  Read more

• BGL's Gary Duggan on perspective and partnership in Zambia

  09-11-2016 08:00
  
  A charity trip provided some useful insights into leadership
  
  Read more

• A minor shunt that brought my credit rating crashing down

  09-11-2016 08:00
  
  I thought the claim was all settled, then I was told a county court judgment had been made against meI was involved in a minor shunt while driving more than two years ago. It was my fault so I notified my insurer, NatWest, and was told it would settle with the other driver’s insurer. Months later, I received a letter informing me a county court judgment (CCJ) had been made against me for an unpaid insurance claim of £10,000. This was the first I had heard about the debt or the court
  
  Read more

• Run-off and StarStone drive Enstar profit surge

  09-11-2016 01:10
  Enstar Group reported net earnings that more than trebled on the
  back of a much higher contribution from its core non-life legacy
  arm and the continued turnaround of its StarStone live underwriting
  unit.
  The performance of the two divisions helped offset lower profits
  at Lloyd's carrier Atrium.
  Net earnings attributable to Enstar Group jumped from $49.0mn in
  Q3 2015 to $156.0mn in the current reporting period.
  The results included a contribution from the Bermudian's
  non-life run-off segment that
  
  Read more

• Patriot National rejects $475mn Ebix bid

  09-11-2016 01:10
  Patriot National, a software provider to the property and
  casualty sector, has rejected a $475mn unsolicited takeover bid
  from its larger rival Ebix.
  The offer is "not the best alternative to maximise value
  for Patriot National's shareholders", the company said in
  a statement about why it turned down the approach.
  A special committee that had been set up to evaluate the deal
  continues to explore "other more attractive offers" and
  "all opportunities for value creation", the software
  provider said
  
  Read more

• Heritage profits sink as Hermine exacts $4mn toll

  09-11-2016 01:10
  Profit fell at Heritage Insurance Holdings as hurricane-related
  losses helped weaken the Florida insurer's third quarter
  financial performance.
  Pre-tax profit fell 33 percent to $18.6mn from $27.7mn in the
  year-earlier period, the Clearwater, Florida-based company said
  late today. Heritage said earnings per share fell to $0.37 from
  $0.55.
  The results beat the average $0.36 a share estimate of six
  analysts collected by MarketWatch.com.
  Despite a 23 percent gain in net premiums earned, Heritage sa
  
  Read more

Follow @Insurance_UKnws on Twitter!