Insurance news

• US commercial P&C rate slide regained pace in Q4: CIAB

  02-02-2017 21:29
  US commercial P&C rates softened by an average of 3.3
  percent in the fourth quarter, according to the latest survey from
  The Council of Agents & Brokers (CIAB).
  The decline represented a slight acceleration from the average
  3.2 percent decrease in Q3 2016 and meant that prices fell across
  small, medium and large accounts for the eighth quarter in a
  row.
  Competition continued to be fiercest for large accounts, with
  rates down 4.9 percent, followed by middle-market accounts at 3.8...
  
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• Insurers trade up on strong profits

  02-02-2017 21:29
  P&C carriers and brokers that reported their fourth quarter
  results late yesterday or early today received a positive reception
  from investors when markets opened in New York, with the exception
  of Allied World.
  Fairfax CEO Prem Watsa's latest takeover target missed
  analysts' consensus estimates as catastrophe losses eroded its
  combined ratio.
  The company's shares nudged down by 0.3 percent to $53.17 by
  mid-morning New York time, dipping below the $54 a share takeover
  price offered by Fairfa
  
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• Independent broker SSL weighs sale

  02-02-2017 18:51
  London market independent marine broker SSL has retained
  boutique corporate advisory firm Opus Corporate Finance to explore
  a sale of the business, The Insurance
  Insider understands.
  It is believed the process is in its early stages, but that the
  broker is seeking a trade buyer with the resources and will to help
  expand the business.
  The preferred buyer would be a broking house with private equity
  backing, sources said.
  Sources declined to speculate on a potential price, but recent
  sales...
  
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• Axis shares jump 5% following Q4 earnings beat

  02-02-2017 18:51
  Shares in Bermuda-based carrier Axis were up by 5.16 percent
  today to $67.9 at 15:44 GMT (10:44 ET) as investors reacted
  positively to the company's Q4 results.
  Axis has beaten earnings estimates for the fourth quarter, as
  the Bermudian joined compatriots RenaissanceRe and XL Group in
  surpassing Wall Street expectations.
  The carrier generated an operating profit of $101mn, down from
  the $120mn recorded in the prior-year period.
  But at $1.14 a share the performance was comfortably ahead of
  the $0
  
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• Allianz to take full ownership of Irish unit

  02-02-2017 18:51
  Allianz is to buy the outstanding shares in subsidiary Allianz
  Irish Life Holdings (AILH) to take full ownership of the company,
  the German insurer announced today.
  Allianz has agreed to acquire the remaining 33.5 percent stake
  for EUR160mn ($172mn) in cash, or EUR20.68 per share.
  Canada Life is the largest minority shareholder in AILH, with a
  30.4 percent stake, and has agreed to the offer, Allianz said. The
  other shareholders own 3.1 percent.
  AILH is the holding company for Allianz...
  
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• Passporting less likely after Brexit paper

  02-02-2017 18:45
  
  Long awaited document edges UK closer to abandoning passporting rights
  
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• Brexit white paper 'has done nothing'

  02-02-2017 18:45
  
  Long awaited document edges UK closer to abandoning passporting rights
  
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• Insurers react to ‘Trump’ travel ban claims

  02-02-2017 17:17
  
  Premium Content: Travel providers move to extend and simplify cover as confusion escalates
  
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• Marsh completes J Smith Lanier deal

  02-02-2017 16:20
  Marsh & McLennan Agency has completed its acquisition of J
  Smith Lanier & Co, a middle market US brokerage focused on
  insurance, risk management and employee benefits.
  Marsh said in a statement that Gaines Lanier, the CEO of the
  Georgia based intermediary, will stay on, along with chief
  operating officer Gary Ivey.
  The company has 600 staff across 21 offices in the southeastern
  US.
  J Smith Lanier has annual revenue of around $130mn and was
  founded in 1868.
  Marsh will...
  
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• Hannover Re increases outwards protection at 1.1

  02-02-2017 16:20
  Hannover Re increased its retro cover at 1 January with expanded
  use of its sidecar and a new retro cat cover, management said on a
  conference call today.
  CEO Ulrich Wallin and Jürgen Gräber, the executive
  board member who oversees P&C, said about 45 percent of its
  business was now protected by its K-Cessions retrocession sidecar,
  up from about 40 or 41 percent a year ago.
  For the first time since 2011 Hannover Re had availed itself of
  a EUR100mn...
  
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• Guy Carpenter posts 3% organic growth

  02-02-2017 16:20
  Marsh & McLennan Companies (MMC)'s reinsurance arm Guy
  Carpenter reported 3 percent underlying revenue growth for the
  fourth quarter of 2016.
  The growth figures compared to 5 percent underlying revenue
  growth in Q4 2015, and flat revenue in Q3 2016.
  MMC disclosed adjusted earnings per share of $0.89, which
  compared to $0.71 in Q4 2015 and was ahead of the Bloomberg
  consensus forecast of $0.84.
  On a reported basis, revenue at Guy Carpenter was $222mn for the
  three months to...
  
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• Generali shares rise on Intesa bid hopes

  02-02-2017 16:20
  Shares in Generali rose sharply today amid speculation that
  potential acquirer Intesa Sanpaolo could soon push the button on a
  takeover offer.
  Intesa, which has banking, insurance and fund management
  operations, confirmed its interest in "possible
  combinations" with Generali in a statement on 24 January.
  Generali shares were up almost 3.3 percent at EUR15.17 at 2.14pm
  GMT, after hitting an early peak of more than EUR15.40.
  Shares in other European insurers and life insurers were mixed,
  with Alli
  
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• Brexit whitepaper confirms UK will negotiate for financial free trade

  02-02-2017 16:09
  
  The government’s Brexit whitepaper has reaffirmed Theresa May’s promise to negotiate the freest possible trade in financial services between the UK and the European Union.
  
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• Marsh parent’s 2016 broking profit jumps in ‘excellent’ year

  02-02-2017 13:46
  
  Revenue growth helps drive broking result at Marsh parent MMC
  
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• Networks snapshot 2017: Plug in to the network

  02-02-2017 13:45
  
  Insurance Age tests the network, AR and franchisor markets to find out what issues these growing sectors are expecting to face in the next 12 months
  
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• Towergate loses unit chief

  02-02-2017 13:40
  
  Broker says it is reviewing and consolidating its executive structure
  
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• Steve Wood to leave Paymentshield

  02-02-2017 13:40
  
  Kay Martin to take on reponsibility in addition to commercial director at Towergate.
  
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• Marsh parent reports rise in profit for 2016

  02-02-2017 13:35
  
  Revenue also up for the global broking group.
  
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• SME Now and the future: Hurdles to overcome

  02-02-2017 13:24
  
  Last year presented many challenges for brokers and 2017 could see even more, writes Edward Murray
  
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• Eastside Insurance Services moves to Applied Systems from SSP

  02-02-2017 13:24
  
  Broker signs on to Applied TAMCloud.
  
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• US tax reform will not change competition: McGavick

  02-02-2017 13:13
  XL Group CEO Mike McGavick has dismissed claims that potential
  US tax reform under President Donald Trump would result in
  "huge competitive disruption".
  On a conference call following the publication of the firm's
  Q4 results yesterday, McGavick said that while XL was
  "absolutely for" lowering tax rates in the US, the idea
  that new tax reform would vastly change the competitive landscape
  was "nonsense".
  "Running these companies isn't just about tax," he
  said. "Sure, we're thoughtful about it. We
  
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• Chubb promotes Parry to head of European claims

  02-02-2017 13:13
  Chubb has promoted UK claims director Steve Parry to head of claims
  for Europe, Eurasia and Africa.
  Parry, who has been head of UK and Ireland claims since 2012,
  joined Chubb in 2006 as head of property, energy and technical
  lines claims in Europe.
  He will remain in London, reporting to Jalil Rehman, chief
  business operations officer and executive vice president for
  Europe, and Andrew McBride, executive vice president of claims for
  overseas general insurance.
  Parry is taking over from...
  
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• Rebranded Cooper Gay makes senior hire from rival broker

  02-02-2017 13:08
  
  Appointment will help Ed, formerly know as Cooper Gay to achieve its M&A ambitions
  
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• Broker Network’s Finch buys Dorset firm

  02-02-2017 12:09
  
  Second deal of 2017 for Broker Network’s Finch
  
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• Middle Eastern carriers' ratings weaken in 2016: AM Best

  02-02-2017 11:20
  Ratings downgrades exceeded upgrades for Middle Eastern
  (re)insurers in 2016, according to AM Best.
  About 11.3 percent of ratings actions were downgrades, as
  pressures from weakening capital positions and worsening technical
  performance afflicted certain companies. Just 7.5 percent of
  ratings actions were upgrades.
  The agency also noted that as of 31 December, 12 percent of
  insurers and reinsurers had an issuer credit rating of
  "a", compared with 8 percent a year earlier. However, AM
  Best said t
  
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• Chubb names digital head

  02-02-2017 11:20
  Sean Ringsted has been appointed to the new position of executive
  vice president and chief digital officer for the Chubb group, the
  carrier announced yesterday.
  Ringsted is currently working at Chubb as chief risk officer and
  chief actuary. He will retain his role of chief risk officer
  alongside his new duties. Paul O'Connell, senior vice
  president, will succeed him as chief actuary.
  Ringsted was chief actuary of Ace prior to Ace's acquisition
  of Chubb in January 2016, having taking the...
  
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• ACR completes Malaysia and takaful subsidiary acquisitions

  02-02-2017 11:20
  Asia Capital Re (ACR) has taken full ownership of its Malaysian
  and takaful subsidiaries, it announced today.
  ACR previously held a 30 percent stake in ACR Malaysia and had a
  20 percent holding in ACR Re Takaful.
  The acquisitions mean the Kuala Lumpur- and Bahrain-based
  entities will now operate as wholly owned subsidiaries of ACR.
  Group CEO Hans-Peter Gerhardt commented: "At this juncture
  of ACR's evolution and in response to the anticipated long-term
  development of our industry, we see the...
  
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• Public bodies forced to self-insure due to government cost cutting

  02-02-2017 11:09
  
  The government is pushing public bodies to dramatically cut their commercial insurance costs, a Post investigation can reveal.
  
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• Around the world of insurance

  02-02-2017 10:58
  
  Premium content: Insurance stories from around the world
  
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• Finch Group buys County Insurance Services

  02-02-2017 10:54
  
  The deal with the Dorset broker is Finch’s second acquisition of 2017.
  
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• Thames Underwriting revamps sports club and property owners products

  02-02-2017 10:50
  
  MGA expands underwriting capacity as it widens appetite for business and revises rating structure.
  
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• Zurich looks internally to fill key UK commercial roles

  02-02-2017 10:48
  
  One key UK role still vacant as Zurich UK restructure continues
  
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• XL profits fall in 2016

  02-02-2017 10:27
  
  CEO confirms it was an “undoubtedly” challenging year.
  
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• Video: A broking minute with Richard Salt

  02-02-2017 10:00
  
  The managing director of Bell & Co takes on our broking minute challenge.
  
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• Hannover Re lifts full-year forecast

  02-02-2017 09:43
  Global reinsurer Hannover Re has lifted its 2017 net income
  forecast to more than EUR1bn ($1.1bn) from more than EUR950mn,
  while noting that global market conditions remain challenging.
  In a statement released this morning the company also said it
  expected premiums to rise in the low single-digit percentage range
  for 2017, up from the stable or slightly lower 2017 premiums it
  forecast in November.
  It said the higher level of expected income was due to the
  closing of several financial...
  
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• Post Power List 2017: Kevin Spencer

  02-02-2017 08:04
  
  Group CEO, Markerstudy
  
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• Post Power List 2017: Huw Evans

  02-02-2017 08:02
  
  Director general, Association of British Insurers
  
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• Post Power List 2017 – bubbling under: Charles Franks

  02-02-2017 08:01
  
  Group CEO, Tokio Marine Kiln
  
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• Post Power List 2017: Tulsi Naidu

  02-02-2017 08:00
  
  Incoming UK CEO, Zurich Insurance
  
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• Post Power List 2017: Theresa May

  02-02-2017 08:00
  
  Prime Minister and leader of the Conservative Party
  
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• Post Power List 2017: Stephen Hester

  02-02-2017 08:00
  
  Group CEO, RSA
  
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• Post Power List 2017: Sian Fisher

  02-02-2017 08:00
  
  CEO, Chartered Insurance Institute
  
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• Post Power List 2017: Richard Pryce

  02-02-2017 08:00
  
  CEO, QBE European Operations
  
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• Post Power List 2017: Peter Blanc

  02-02-2017 08:00
  
  Group CEO, Aston Scott
  
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• Post Power List 2017: Paul Jardine

  02-02-2017 08:00
  
  UK CEO, XL Catlin
  
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• Post Power List 2017: Paul Geddes

  02-02-2017 08:00
  
  CEO, Direct Line
  
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• Post Power List 2017: Oliver Feix

  02-02-2017 08:00
  
  Managing director, HPS Investment Partners
  
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• Post Power List 2017: Michel Barnier

  02-02-2017 08:00
  
  Chief Brexit negotiator at the European Commission
  
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• Post Power List 2017: Matthew Donaldson

  02-02-2017 08:00
  
  CEO, BGL Group
  
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• Post Power List 2017: Jon Dye

  02-02-2017 08:00
  
  CEO, Allianz Insurance UK
  
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