Insurance news

• Maiden shares plunge 10% after $120mn reserve charge

  15-02-2017 20:43
  Shares in Maiden Holdings plummeted by more than 10 percent today
  after the Bermuda-based reinsurer announced a $120mn charge related
  to commercial auto losses.
  The shares gave up as much as 10.6 percent to hit $16.85 before
  recovering to change hands at $17.02 at 5:54pm GMT.
  It followed a post-close profits warning yesterday (14 February)
  in which the reinsurer - which writes a significant quota share of
  AmTrust - announced that its fourth quarter results would include a
  provision to...
  
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• AIG lowers sights on 2017 targets

  15-02-2017 20:43
  AIG has revised down return on equity (ROE) and commercial
  insurance accident year loss ratio targets for 2017 that were key
  tenets of the turnaround strategy it launched early last year.
  And the shrinking insurer has also added caveats to its capital
  management plan, under which it had pledged to return $25bn to
  investors by the end of this year.
  The actions are a response to the company'smammoth $5.6bn fourth quarter reserve charge and the impact of its
  adverse...
  
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• Aviva UK embarks on executive reshuffle

  15-02-2017 18:10
  
  Aviva's UK CEO Andy Briggs has reshuffled his executive team following last month's business restructure.
  
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• Underlying business healthy at Ageas, says CEO Watson

  15-02-2017 18:00 via insuranceage.co.uk
  
  Insurer boss admits results have been dominated by three exceptional items.
  
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• Workers' comp drives AIG $5.6bn reserve charge

  15-02-2017 17:57
  US primary workers' compensation was the biggest line in
  AIG's fourth quarter reserve strengthening, with more than half
  of the deterioration coming from the accident years 2011-15.
  The US insurance giant announced a $5.6bn Q4 reserve charge last
  night, far greater than the $1.5bn-$3bn charge anticipated by
  analysts.
  The adverse development helped to send AIG to a $2.7bn loss for
  the fourth quarter.
  Slides published to accompany AIG's
  Q4 earnings call showed that $1.8bn of the $5.6bn reserve
  str
  
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• JLT Specialty hires cargo specialist White

  15-02-2017 17:57
  JLT Specialty USA has hired marine cargo specialist Jim White from
  Willis Towers Watson.
  White becomes a San Francisco-based senior vice president on
  JLT's global cargo team.
  His focus will be on "expanding cargo and stock throughput
  for the US business, including product design, market placement and
  servicing large complex risks", said JLT Specialty USA.
  White has more than 34 years' experience in the insurance
  industry. He spent just over eight years at Willis Towers Watson,
  where he was also.
  
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• AIG shares plunge over 9% at opening in New York

  15-02-2017 17:57
  AIG shares fell by more than 9 percent in early New York trading
  today to chop more than $5bn from the insurance giant's market
  value.
  It came the morning after the carrier announced a greater fourth
  quarter loss than anticipated and activist director John
  Paulson's hedge fund dumped almost half its AIG shares.
  The stock dropped as low as $60.60 a share from Tuesday's
  close at $66.89 after the company's results missed Wall Street
  expectations by a wide margin, with...
  
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• AIG activist board member Paulson cuts stake

  15-02-2017 17:57
  Hedge fund Paulson & Co has slashed its stake in global
  insurer AIG, divesting almost half of its holding in the fourth
  quarter.
  John Paulson, who heads up the eponymous hedge fund and has a
  seat on the AIG board, cut the firm's stake in the carrier by
  46 percent in the fourth quarter.
  Paulson and fellow activist Carl Icahn took major positions in
  AIG in 2015 before launching a public campaign to break up the
  business, arguing that it...
  
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• Aviva management team gets surprise reshuffle

  15-02-2017 17:45
  
  Andy Briggs restructures senior team with Colm Holmes to lead global corporate and specialty in addition to general insurance business but Phil Bayles remains broker lead.
  
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• Briggs makes his mark with Aviva UK team shuffle

  15-02-2017 16:38
  
  More changes for Aviva UK team following combination of general, life and health insurance under Andy Briggs
  
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• Davies Group exec sees Enterprise Act 'nerves'

  15-02-2017 15:27
  A top executive at outsourced claims handler Davies Group has
  noted widespread uncertainty among insurers ahead of the
  implementation of UK legislation that could penalise them for the
  late payment of claims.
  Mark Grocott, who is property managing director and chief
  technology officer at Davies, was speaking to The
  Insurance Insider before the 4 May introduction of
  the Enterprise Act.
  The new law will make insurers liable for additional losses if
  claims aren't settled within a "reasonable" perio
  
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• AIG reserve charge points to slower RoE growth

  15-02-2017 15:27
  AIG will probably take longer to achieve its target of a low-60s
  core loss ratio in its commercial business, and therefore its key 9
  percent return on equity (RoE) target, following its $5.6bn fourth
  quarter reserve charge, according to Morgan Stanley analysts.
  The giant adverse reserve development, which was far greater
  than the approximate $1.5bn-$3bn charge anticipated by analysts,helped send AIG to a $2.79bn loss for the fourth quarter.Following the insurer's retroactive reinsurance agreemen
  
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• Soft US P&C market may extend for years: Barclays

  15-02-2017 13:27
  The US property and casualty market may be years from an
  inflection point at which the current "soft" market
  hardens and commercial pricing trends improve, Barclays analyst Jay
  Gelb noted.
  Using a measure of underwriting cash flow, Gelb showed in a
  report that the industry is still cash-flow positive for commercial
  underwriting. The positive flow peaked in 2014.
  But, he said, "the trend appears to be
  deteriorating".
  Even so, Gelb noted that periods of negative cash flow can
  persist for...
  
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• Opinion: Lloyd's booze ban

  15-02-2017 13:27
  "Fancy a beer or two over lunch?"
  A question quite often posed at offices in the London market,
  and amongst the staff of the Corporation of Lloyd's.
  Over the last week it has taken on a more political edge after
  the Corporation sent an internal memo to its 800 staff asking them
  to refrain from drinking alcohol during working hours.
  The suggested prohibition follows an analysis of grievance and
  disciplinary cases over the last two years that found around half...
  
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• Arig swings into black for 2016

  15-02-2017 13:27
  Bahrain reinsurer Arab Insurance Group (Arig) swung into the black
  in 2016 as its underwriting operations returned to profit and
  investment income rose.
  Bahrain- and Dubai-listed Arig did not disclose full fourth
  quarter figures but said it made a net profit in that period of
  $5.8mn, compared with a net loss of $5.8mn a year earlier. Fourth
  quarter gross written premiums more than doubled from $7.8mn to
  $18mn, it added.
  For the full year, Arig made a net profit of...
  
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• CDL confirms it’s on track to deliver automated solution for FCA prescribed wording

  15-02-2017 12:51
  
  Implementing updates for regulatory changes is a “well-trodden” path says commercial director.
  
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• ILS market hits $75bn in 2016, says WCMA

  15-02-2017 12:49
  
  Non-life insurance-linked securities grew to $75bn (£60bn) in 2016 overcoming a tough operating environment, according to Willis Capital Markets & Advisory.
  
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• Enstar continues legacy push with $1.2bn RSA deal

  15-02-2017 11:02
  Enstar has agreed yet another $1bn+ legacy deal as it continues a
  multi-billion dollar acquisition drive that has spanned more than
  12 months.
  The carrier announced last week (8 February) that it hadstruck an agreement with RSA to reinsure a legacy UK
  employers' liability (EL) book with gross reserves of
  £957mn ($1.2bn).The announcement ended a long and convoluted auction.
  The legacy market had long known that RSA was looking to bring
  its UK back book to finality. The...
  
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• Catlin and Lord Davies shortlisted for Lloyd's chairman

  15-02-2017 11:02
  Former UK trade minister Lord Davies and XL Catlin deputy executive
  chairman Stephen Catlin are on the shortlist for the Lloyd's
  chairmanship as the decision goes down to the wire, The
  Insurance Insider has learned.
  No recommendation has yet been made by the Nominations Committee
  to the Council of Lloyd's, but some senior sources suspect that
  an emergency Council meeting will be convened this week to make a
  final decision.
  However, the processhas been subject to significant delays already....
  
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• Arcus Syndicate 1856 names syndicate manager

  15-02-2017 11:02
  Arcus Syndicate 1856 said it has appointed Gary Delaney as
  syndicate manager, with immediate effect.
  Delaney, a former class of business deputy executive at
  Lloyd's, will support active underwriter Nicky Payne in running
  the syndicate's underwriting operations. He will report to
  Rajiv Punja, head of Arcus Syndicate.
  At Lloyd's, Delaney worked with the underwriting performance
  department and the Performance Management Directorate (PMD) to
  monitor all business classes across the market.
  He joined
  
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• Woman arrested by IFED detectives after allegedly faking her own death

  15-02-2017 10:39
  
  A 45-year-old woman has been arrested by detectives from the Insurance Fraud Enforcement Department after allegedly faking her own death to make a £140,000 false life insurance claim.
  
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• Ageas UK results hammered by Q4 2016 loss

  15-02-2017 10:18 via insuranceage.co.uk
  
  Insurer drops from €29.5m annual profit in UK for 2015 to €56m loss.
  
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• Lloyd's introduces booze ban

  15-02-2017 10:13
  
  New rule forbids employees to drink between 9am and 5pm every Monday to Friday.
  
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• Ageas UK results ‘disappointing’ after discount rate hit

  15-02-2017 09:25
  
  Discount rate hit pushes Ageas UK to full-year loss
  
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• AIG suffers $3bn Q4 loss

  15-02-2017 09:20 via insuranceage.co.uk
  
  Commercial insurance COR for last three months of 2016 hits 241.6%.
  
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• Century offers two liability lines

  15-02-2017 09:15
  
  The MGA has expanded its range to include liability and environmental impairment liability.
  
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• Swiss Re Corporate Solutions appoints global claims head

  15-02-2017 09:01
  Swiss Re has promoted Jim George to the role of global head of
  claims at its Corporate Solutions unit.
  George succeeds Nicola Parton, who becomes head of primary lead
  strategy and client engagement. He also joins Swiss Re Corporate
  Solutions' management and business management committees.
  George, a trained lawyer, previously served as head of North
  America claims at Swiss Re Corporate Solutions. Since joining the
  company in 1995 he has held various claims management and
  leadership roles.
  Swiss R
  
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• Soft US P&C market may extend years: Barclays

  15-02-2017 09:01
  The US property and casualty market may be years from an
  inflection point at which the current "soft" market
  hardens and commercial pricing trends improve, Barclays analyst Jay
  Gelb noted.
  Using a measure of underwriting cash flow, Gelb showed in a
  report that the industry is still cash-flow positive for commercial
  underwriting. The positive flow peaked in 2014.
  But, he said, "the trend appears to be
  deteriorating".
  Even so, Gelb noted that periods of negative cash flow can
  persist for...
  
  Read more

• Huge reserve hike pushes AIG to multi-billion-dollar loss

  15-02-2017 08:45
  
  Restructuring insurer’s full year result hit after multi-billion-dollar loss in Q4
  
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• Catastrophe bonds: A good year for disaster

  15-02-2017 08:00
  
  Catastrophe bonds were invented in the early 1990s to help insurance companies mitigate the risk of major disasters. With storms brewing both politically and environmentally, can the catastrophe bond market open new doors to insurers in 2017?
  
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• AIG suffers $3bn Q4 loss and 241.6% commercial COR

  15-02-2017 03:57
  
  Global insurance giant AIG saw losses widen in Q4 2016 following a $5.6bn (£4.5bn) pre-tax charge to boost its reserves for prior year commercial claims.
  
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• Maiden's commercial auto losses force a $120mn charge

  15-02-2017 02:11
  Bermuda-based reinsurer Maiden, which has a significant quota
  share with AmTrust, bolstered reserves by around $120mn in the
  fourth quarter mainly to adjust for commercial auto losses over
  four years through 2014.
  The charge included a provision to strengthen reserves and cover
  adverse development that was realised in the final three months of
  2016, Maiden said in a statement issued after markets closed today
  and before it reports fourth-quarter results later this month.
  The charge "primarily" s
  
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• Kingstone raises $30mn proceeds from offering

  15-02-2017 02:11
  Kingstone Companies raised final net proceeds of $30.2mn from its
  recent share issue after underwriters exercised their purchase
  option at the public offering price of $12.00.
  As previously reported, the Kingston, New York-based insurer
  will use funds raised to contribute capital to its operating
  subsidiary Kingstone Insurance as it seeks a ratings upgrade from
  AM Best.http://www.insuranceinsider.com/kingstone-targets-ratings-upgrade-with-30mn-capital-raise
  The northeast US-focused multi-line P&
  
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• Huge reserve charge drops AIG to $2.8bn Q4 loss

  15-02-2017 00:20
  AIG took a giant $5.6bn fourth-quarter reserve charge that helped
  send it to a $2.79bn loss for the period, the insurer said today.
  Markets responded negatively to the release, with AIG shares
  down about 4.5 percent in after-hours trading in New York.
  With the ink only recently dried on the insurer's
  retroactive reinsurance agreement with National Indemnity, 80
  percent, or $4.2bn, of total 2016 adverse development of $5.3bn
  will be passed on to the Berkshire Hathaway subsidiary known as
  Nico....
  
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