Insurance news

• Trump orders first step toward Dodd-Frank overhaul

  03-02-2017 22:06
  A financial regulation rollback began to move forward in Washington
  today as President Donald Trump ordered a detailed review of the
  2010 law that created the Federal Insurance Office as well as
  agencies designed to rein in Wall Street and prevent another
  financial crisis.
  "We're going to be doing a big number on
  Dodd-Frank," Trump said about the law in comments to reporters
  at the White House on 30 January as he signed an order mandating a
  different regulatory overhaul....
  
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• The Hanover surges as analysts applaud reserve charge

  03-02-2017 19:27
  The Hanover's shares surged today after the company reported
  $174mn of unfavourable development on its reserves, erasing
  fourth-quarter profit, with analysts praising the move as a way to
  prepare for future earnings unencumbered by further
  adjustments.
  The stock climbed over 4.3 percent to $87.60 by 17:50 GMT.
  "A sizable amount of the charge is likely the result of
  management moving to a more conservative point within the range as
  it looks to put to bed the trend of domestic commercial...
  
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• Intesa remains coy on Generali takeover reports

  03-02-2017 19:27
  Italian bank Intesa Sanpaolo has said its mooted takeover of
  Generali remains a "case study" among the firm's
  other ongoing assessments.
  In a statement this morning prior to the release of the
  bank's results it reiterated its stance from 24 January that it
  was assessing "possible combinations".
  The statement followed a sharp hike in Generali shares
  yesterday, which rose almost 5 percent to EUR15.44 amid speculation
  over an imminent cash and shares bid by Intesa, before the stock
  retreated to...
  
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• In-depth - succession planning: Selling up not selling out

  03-02-2017 17:59
  
  Finding the right buyer is not just about getting the best price for your business
  
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• In-depth - succession planning: Buying in to buyouts

  03-02-2017 17:57
  
  When it comes to selling up and moving on, a management buyout could ensure a brokerage’s culture survives succession
  
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• In-depth - succession planning: Beyond succession

  03-02-2017 17:55
  
  Brokers should be able to rely on help from their insurer partners when it comes to succession planning, writes Phil Bayles
  
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• Market moves February 2017: New year, new start

  03-02-2017 17:52
  
  It’s a new year, but brokers continue on from last year’s trend of low activity in terms of people moves.
  
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• Strike Club renews 95% of membership

  03-02-2017 14:32
  The Shipowners' Mutual Strike Insurance Association Europe,
  known as the Strike Club, has reported that 95 percent of its
  members have renewed for the coming year.
  The mutual offers delay insurance coverage to ship operators to
  protect against strikes, port closures and breakdowns.
  The company said the claims environment had been relatively
  benign over the last two years.
  Strike Club has around 150 members and 3,300 ships on risk,
  according to the mutual's managing director Will Robinson.
  Robins
  
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• Portfolio shift points to loss ratio deterioration: Argenta

  03-02-2017 14:32
  Changes in carriers' portfolio mix in response to soft
  market conditions could lead to a faster deterioration in loss
  ratios on recent open years of account, according to Argenta
  Research.
  In its quarterly review, the Lloyd's members' agent said
  carriers had shifted away from reinsurance towards direct
  insurance, while increasing the proportion of liability business at
  the expense of shorter-tail lines.
  "Both of these trends alter the shape of the loss ratio
  development curves," Argenta wrote.
  "
  
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• Post February 2017: Power, assistance and accolades

  03-02-2017 14:14
  
  The 2017 Post Power List is revealed in the February issue.
  
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• Ping An overtakes Allianz as most powerful insurance brand

  03-02-2017 13:13
  
  Chinese insurer Ping An has overtaken Allianz as the world’s most powerful insurance brand.
  
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• UK motor premiums rise to record levels

  03-02-2017 12:39
  Rising personal injury claims and a doubling of the insurance
  premium tax rate pushed UK car insurance premiums to their highest
  recorded level in the fourth quarter of 2016.
  Data from the Association of British Insurers (ABI) shows that
  the average cost of private car insurance rose by 4.9 percent to
  £462 in the final three months of 2016 - the second highest
  quarterly increase on record.
  The ABI said that a doubling of the UK's insurance premium
  tax rate...
  
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• The Hartford beats consensus despite P&C deterioration

  03-02-2017 12:39
  The Hartford outperformed Wall Street expectations in the fourth
  quarter of last year despite deteriorating P&C underwriting
  results that included personal auto losses.
  The US insurer reported core operating earnings of $415mn that
  were down 7 percent from the $445mn generated in the same period of
  2015.
  At $1.08 a share, the performance compared favourably to a $0.93
  a share consensus of 18 analyst forecasts compiled by
  MarketWatch.com.
  The Connecticut-based company fell to a net loss of $8
  
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• Run-off deals to total EUR8bn in 2017: Darag

  03-02-2017 12:39
  Run-off specialist Darag is expecting EUR8bn ($8.6bn) of legacy
  deals in Europe in 2017 as companies look to address their back
  books for regulatory and capital efficiency reasons.
  In 2016, the European legacy market made EUR4.4bn of deals, not
  including those transactions where the value was undisclosed. There
  was also the first single EUR1bn transaction, Darag said.
  "For this year, once again, we foresee a new peak,"
  said Darag CEO Arndt Gossmann.
  "We expect the total volume of non-life run-of
  
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• Indian government seeks to raise $1.6bn from insurer IPOs

  03-02-2017 12:39
  The Indian government plans to raise 11,000 crore rupees
  ($1.6bn) by selling stakes in state-owned insurers as part of its
  broader divestment strategy.
  The government's 11,000 crore rupee target is designed to
  help it reach its steep divestment goal of 72,500 crore rupees by
  the next fiscal year.
  The Cabinet Committee on Economic Affairs has already agreed to
  a reduction in the government's stakes in New India Assurance,
  United India Insurance, Oriental Insurance, National Insurance and
  GIC Re f
  
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• Beazley committed to growth in 2017

  03-02-2017 12:39
  Beazley is to continue targeting growth this year, despite an
  expectation that rates will further decrease.
  Speaking at a press conference after the release of the
  London-listed carrier results this morning, chief underwriting
  officer Neil Maidment said that amid a more challenging background,
  Beazley expected to achieve moderate growth, in line with the 5 to
  10 percent target that it has had for the past couple of years.
  "The benefit of writing a diversified portfolio, apart from
  the smoothing
  
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• Beazley posts 3% pre-tax profit rise

  03-02-2017 11:36
  
  Insurer reports 6% GWP increase, but a slightly deteriorating COR for 2016.
  
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• New Beazley unit to look at insurtech opportunities

  03-02-2017 11:13
  
  Lloyd’s insurer’s chief operating officer to head new Beazley unit
  
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• Quizzical questions: 3 February 2017

  03-02-2017 10:50
  
  Test your knowledge of the week's news with our topical quiz.
  
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• US unit boosts Beazley's profits in 2016

  03-02-2017 10:22
  
  But higher brokerage and investment costs drove up Beazley combined operating ratio
  
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• Everest Insurance hires claims head

  03-02-2017 10:20
  Everest Re has appointed Megan Watt as head of claims at its
  insurance arm.
  Watt joins Everest Insurance from AIG, where she was most
  recently head of complex casualty claims for the carrier's
  P&C division.
  Prior to joining AIG in 2000, Watt pursued a legal career as a
  litigation associate at various firms specialising in insurance
  litigation, and ultimately became partner at Bollinger, Ruberry
  & Garvey.
  Based in New Jersey, Watt will report to Jonathan Zaffino,
  president of the North...
  
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• Beazley shares surge as investment returns buoy profit

  03-02-2017 10:20
  Beazley reported an above-forecast 3 percent increase in
  full-year pre-tax profits to $293.2mn for 2016 as it surprised
  investors with a larger-than-expected special dividend.
  A benign claims experience, rising investment returns and higher
  reserve releases meant that profits easily surpassed analysts'
  expectations, based on the $260mn consensus forecast distributed by
  the company before the results.
  Investors reacted positively to the results, with Beazley's
  shares rising 9 percent to 445.20 pe
  
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• Ace founder Cox dies aged 84

  03-02-2017 10:20
  Ace founding chairman John Cox has died at the age of 84, Chubb
  announced today.
  Cox helped shape the modern P&C industry and was a key force in
  the creation of a company that just over a year ago closed the
  $29.5bn purchase of Chubb, whose name Ace took.
  Chubb chairman and CEO Evan Greenberg called Cox a "respected
  and accomplished industry leader of his generation".
  He added: "Those who knew and worked with John remember him
  giving generously of...
  
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• 2017 the year of innovation for insurance brokers?

  03-02-2017 10:15
  
  Pegasystems’ Tony Tarquini, explains what innovations brokers need to be grabbing on to this year.
  
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• Munich Re open to large acquisitions, says CFO

  03-02-2017 08:08
  
  Munich Re's chief financial officer Joerg Schneider has said the international reinsurance giant is open to making a large acquisition outside the reinsurance space.
  
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• Blog: How telematics can help buck winter claims trends

  03-02-2017 08:00
  
  Telematics data shows young drivers drive more carefully in winter than in summer. This type of insight can help insurers develop new rating factors.
  
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• Motor premiums at record high

  03-02-2017 07:30
  
  Motor premiums reached a record highest level in the fourth quarter of 2016
  
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• Validus beats in Q4 despite catastrophe hit

  03-02-2017 02:30
  Validus reported net operating income of $64.3mn for the fourth
  quarter, surpassing the expectations of Wall Street analysts
  despite notable claims from Hurricane Matthew and the earthquakes
  in New Zealand.
  For the same period in 2015, the Bermudian recorded profits of
  $105.4mn, which were boosted by higher reserve releases and a lack
  of cat activity.
  Operating income was $0.80 per share for the period, more than
  the $0.74 forecast by the analysts surveyed by MarketWatch.
  Gross written premiums
  
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• The Hartford beats despite P&C deterioration

  03-02-2017 02:30
  The Hartford outperformed Wall Street expectations despite
  deteriorating P&C underwriting results that included personal
  auto losses.
  The US insurer reported core operating earnings of $415mn that
  were down 7 percent from the $445mn generated in the prior-year
  period.
  At $1.08 a share, the performance compared favourably to a $0.93
  a share consensus of 18 analyst forecasts compiled by
  MarketWatch.com.
  The Connecticut-based company fell to a net loss of $81mn from
  net income of $421mn in the
  
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• Hanover's $174.1mn reserve move drives earnings miss

  03-02-2017 02:30
  The Hanover reported a $19.7mn operating loss for the fourth
  quarter, or $0.46 a share, missing the consensus earnings view of
  analysts as an unfavourable prior-year reserve adjustment drained
  $174.1mn from the period's pre-tax profit.
  Wall Street analysts had looked for operating earnings of $1.13
  a share, according to a MarketWatch.com compilation of six
  estimates.
  The insurer said the reserve development added 12.3 points to
  its fourth-quarter combined ratio, pushing it to 107.7 percent
  compa
  
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• BRE and Axa unveil flood proof house to encourage resilient repairs

  03-02-2017 02:05
  
  Watford-based building science centre BRE has developed a flood-resilient prototype home to show the most effective ways to protect properties against flood damage.
  
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• Motor premiums reach highest levels ever, says ABI

  03-02-2017 01:05
  
  Motor premiums hit their highest recorded levels last quarter and rose more than five times the rate of inflation in 2016.
  
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• Car insurance premiums at highest level ever, say insurers

  03-02-2017 01:01
  
  Association blames whiplash claims, repair bills and rise in insurance premium tax for rise at more than five times rate of inflationCar insurance premiums have hit their highest recorded levels ever and rose at more than five times the rate of inflation during 2016, according to the Association of British Insurers.Increases to insurance premium tax, increased repair costs and the rising costs of whiplash claims all conspired to send the average comprehensive policy to £462 in the last qua
  
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