Insurance news

• Willis Towers Watson expands Global Finex team

  20-04-2017 22:38
  Willis Towers Watson has made five senior appointments to its
  Global Finex team, which spans the financial, executive and
  professional risk specialty group in the US and UK.
  London-based Jeremy Wall has been named chairman of Global Finex
  and head of Finex for all regions outside of North America, while
  Allison Barrett moves to global head of the Finex financial
  institutions team in New York.
  The intermediary's former chief operations officer for
  financial lines in Great Britain, Jonathan Brooke
  
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• More InsurTech MGAs could replace traditional players

  20-04-2017 22:38
  InsurTech start-ups could increasingly morph into underwriting
  vehicles where traditional carriers are slow to adopt the new
  technologies new entrants are bringing to the market.
  Pillar Technologies may provide an example, according to
  Insure.VC angel fund co-founder Chad Nitschke.
  Backed by an Insure.VC investment, Pillar developed sensors and
  software to capture data on construction sites, Nitschke said
  during a panel discussion this week at the Future of Insurance
  Symposium held by Axis Re an
  
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• FCA launches probe into five aviation brokers

  20-04-2017 22:38
  The Financial Conduct Authority (FCA) swooped on five aviation
  brokers in London simultaneously in the first week of April,
  seizing computers as part of a probe into the misuse of
  confidential client information, The Insurance
  Insider has learned.
  Multiple sources told this publication and sister publication
  Inside FAC that brokers Aon, JLT, Marsh and Willis Towers Watson
  are among the brokers that have been placed under investigation by
  the UK regulator.
  It is unclear at this stage if the FCA..
  
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• Claims on $1bn+ M&A deals increasing: AIG

  20-04-2017 22:38
  Almost a quarter of M&A insurance policies written on deals
  valued at more than $1bn between 2011 and 2015 resulted in a claim,
  according to AIG.
  In the carrier's Global M&A Insurance Claims Study,
  released today, it said 18 percent of all representation and
  warranty (R&W) policies it wrote in the period examined (2011
  to 2015) resulted in a claim.
  The jump was primarily due to a 7 percentage point increase in
  claims from policies written between 2011 and 2014...
  
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• Cat loss surprises put analysts on guard

  20-04-2017 22:38
  Travelers and Allstate became the latest US insurers to reveal
  higher-than-forecast cat losses today after unexpected inclement
  weather occurred towards the end of the first quarter.
  Travelers said earlier today that its first quarter operating
  profitfell by 12 percent year-on-year to $614mn, or $2.17 per share,
  which was $0.20 below consensus expectations on Wall Street.
  Analysts said above-forecast cat losses caused much of the
  shortfall.For its part, Allstate revealed it had overshot cat loss
  
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• AIG ticks higher on report it eyes Duperreault as CEO

  20-04-2017 22:38
  Shares of AIG climbed as much as 2.5 percent today after a
  report indicating Hamilton Insurance Group CEO Brian Duperreault
  could be in line for the top job at the giant insurer.
  Duperreault, whose name has surfaced previously as a candidate
  to replace retiring CEO Peter Hancock, once served as a deputy to
  Maurice "Hank" Greenberg, who built the New York-based
  company into the nation's biggest insurer.
  This publication reported Duperrault, who is 69 years old, to be
  among Hancock...
  
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• Trump policies could change US P&C buyer's market: Willis

  20-04-2017 17:42
  The US commercial insurance sector broadly remains a buyer's
  market as a surfeit of capacity has allowed it to absorb carrier
  consolidation and higher cat losses, according to Willis Towers
  Watson.
  But in its latest "Marketplace Realities" report, the
  broker suggested potential changes driven by external forces in
  Washington DC could alter the marketplace dynamics that have
  supported prolonged soft rating conditions.
  Willis Towers Watson North America's recently appointed head
  of broking, Joe Pe
  
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• Travelers misses consensus as releases slow

  20-04-2017 17:42
  US bellwether Travelers saw its operating or core income fall by
  12.0 percent year-on-year to $614mn in the first quarter,
  equivalent to $2.17 per diluted share, as it missed analyst
  expectations by 20 cents.
  The decrease was driven by a weaker underwriting performance as
  lower prior-year releases that included a $62mn Ogden impact
  combined with deteriorating underlying results and a modest
  increase in catastrophe losses.
  Keefe, Bruyette & Woods analyst Meyer Shields said he
  expected Travele
  
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• RLI stock vulnerable after earnings miss: JMP

  20-04-2017 17:42
  Analysts kept neutral ratings on specialty insurer RLI after a
  first quarter earnings miss, though at least one warned of a
  possible negative stock reaction.
  The carrier yesterday reported a 19 percent decrease in
  operating earnings to $19.4mn.
  It faced headwinds from escalating commercial auto claims, while
  its casualty unit posted a combined ratio of 106 percent.
  RLI's earnings per sharewere $0.44 in Q1, down from $0.54 last year and behind the
  analyst consensus prediction of $0.49.
  JMP Securi
  
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• RLI drops 7% on commercial auto-driven miss

  20-04-2017 17:42
  Shares in US carrier RLI dropped over 7 percent in early New
  York trading after it posted first-quarter earnings that missed
  Wall Street expectations.
  The stock traded as low as $53.95 just after the opening bell as
  investors reacted to a 19 percent fall in operating profit aftercommercial auto claims pushed the group's casualty division to
  an underwriting loss.The casualty unit reported a combined ratio of nearly 106
  percent, which the firm's chairman and CEO Jonathan Michael
  attributed...
  
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• Munich Re predicts global insurance premium growth

  20-04-2017 17:42
  Global primary insurance premiums will increase by almost 3.0
  percent on average over the next two years as a return to growth in
  Western Europe and a pick-up in several emerging markets more than
  offsets slower expansion in China, according to Munich Re.
  The reinsurer said global premium growth will be little changed
  at about 2.9 percent this year before rising to 3.0 percent next
  year, after adjusting for inflation. That compares with
  inflation-adjusted premium growth of 2.9 percent in...
  
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• Allstate cat losses spike on Texas hailstorm

  20-04-2017 17:42
  US insurer Allstate suffered pre-tax catastrophe losses of $781mn
  in the first quarter, exacerbated by an extreme hailstorm in Texas.
  The figure is more than double Allstate's catastrophe losses
  of $303mn in the fourth quarter of 2016.
  Allstate recorded 28 cat loss events with an estimated cost of
  $777mn over Q1, and also reported unfavourable reserve re-estimates
  for prior-year cat losses that added to the total for the
  period.
  The worst event wasa hailstorm in northern Texas in late...
  
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• Allianz invests in Lemonade

  20-04-2017 17:42
  Allianz has taken a minority stake in high-profile InsurTech
  start-up Lemonade, with the German carrier promising to accelerate
  the firm's expansion in the US and internationally.
  The backer didn't say how much it invested or specify the
  size of its stake. Before the latest injection Lemonade had raised
  at least $60mn in three equity funding rounds since December
  2015.
  Allianz chief digital officer Solmaz Altin said in a statement
  today: "We follow the InsurTech space closely and globally,
  and h
  
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• ABI welcomes government decision to shelve whiplash reforms

  20-04-2017 16:50
  
  Government has decided to shelve whiplash reforms after it dropped the Prisons and courts Bill which contains the changes
  
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• Report: Insurance Census 2017- the face of insurance

  20-04-2017 15:24
  
  Insurance, like many financial services sectors, has a reputation for being pale, stale and male.
  
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• Government abandons whiplash reforms

  20-04-2017 14:45
  
  Future of whiplash reforms uncertain as government drops bill ahead of general election
  
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• Whiplash reform shelved in light of general election

  20-04-2017 13:41
  
  The government's proposed whiplash reform has been kicked into the long grass as a result of the general election.
  
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• Driverless cars law stalled by general election

  20-04-2017 13:30
  The government’s driverless cars bill will have to be reintroduced from scratch in the next parliament after the general election.
  
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• Gibraltar regulator hires inspectors for Enterprise probe

  20-04-2017 13:18
  
  GFSC also sets up special Enterprise probe committee
  
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• Hiscox CUO sells £1.2m shares

  20-04-2017 13:09
  
  Richard Watson, the chief underwriting officer at Hiscox, has sold a total of £1.2m of shares in the company.
  
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• XL Catlin lifts US terror limit

  20-04-2017 12:52
  XL Catlin has increased its US terrorism coverage limit by a
  quarter to $250mn, amid a global increase in political violence
  incidents.
  The insurer's standalone terrorism product aims to plug gaps
  in the standard US government political violence coverage offered
  by the 2002 Terrorism Risk Insurance Program, which was
  reauthorised by President Obama in 2015.
  The XL Catlin product includes bodily injury liability
  insurance, with options to add coverage for the prospect of
  chemical or nuclear attac
  
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• Reinsurance returns 'delicately poised': Vickers

  20-04-2017 12:52
  The global reinsurance market's returns are "delicately
  poised" despite a seemingly robust reported return on equity
  (RoE), according to Willis Re International chairman James
  Vickers.
  Speaking to The Insurance Insider on
  the release of the broker's Reinsurance Market Report for 2016,
  Vickers said that, adjusted for normalised cat losses and stripping
  out reserve releases, the market's underlying RoE had dropped
  from 5.6 percent in 2014 to 3.3 percent last year.
  The subset of global reinsurers i
  
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• R&Q profits leap on legacy deals

  20-04-2017 12:52
  Pre-tax profit at insurance holding company Randall &
  Quilter (R&Q) rose more than three-fold to £8.5mn
  ($10.8mn) in 2016, aided by improving investment returns and a
  successful run of legacy deals.
  The company, which is Aim-listed and runs Syndicate 1991, had an
  investment return of 2.7 percent over the year, compared with 1.1
  percent in 2015.
  Its return on equity rose to 13.5 percent, up from 4.4 percent
  in 2015.
  Reserve releases for the company's run-off portfolio fell by
  £
  
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• Opinion: Seeking youth

  20-04-2017 12:52
  There is no shortage of reasons given for why the insurance
  industry foresees a significant talent shortage just a few years
  down the road.
  Some blame mistrust of business and finance by millennials, who
  may have seen family members struggle during the financial crisis
  and subsequent recession. And others say attracting the best
  prospects depends on offering a nurturing culture that encourages
  learning.
  Others point to a lack of familiarity with insurance among young
  people, who associate the in
  
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• Concord Specialty names M&A lawyer as EVP

  20-04-2017 12:52
  Ryan Specialty Group-owned managing general agent (MGA) Concord
  Specialty Risk has appointed a merger and acquisitions lawyer as
  executive vice president.
  James Grayer has joined the transactional risk underwriter from
  law firm Kramer Levin Naftalis & Frankel.
  Concord's services include loss mitigation evaluation and
  protection against potential regulatory enforcement, lawsuit and
  tax issues.
  Grayer will work from New York and oversee the MGA's
  representations and warranties division.
  He com
  
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• Insurance Cares: Driving positive change in helping the vulnerable

  20-04-2017 12:07
  
  Aviva's Rahul Gumber, part of the CII New Generation Group which compiled the report into vulnerable customers, shares his thoughts.
  
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• AIG unveils large Ogden rate hit

  20-04-2017 11:40
  
  Ogden rate hit to affect troubled insurer’s first quarter results
  
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• R&Q triples pre-tax profits in 2016

  20-04-2017 11:20
  
  Bermudan insurance investor R&Q tripled pre-tax profits in 2016 to £8.5m from £2.8m in the previous year.
  
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• R&Q triples its profit and plots further non-core asset sales

  20-04-2017 11:00
  
  Chief executive highlights ‘exciting growth potential’ as R&Q triples its profit
  
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• Lorica claims first trading profit for 2017

  20-04-2017 10:41
  
  Broker highlights 4% rise in turnover.
  
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• AIG to take $100m hit from Ogden change

  20-04-2017 10:36
  
  AIG expects to record a $100m (£77.9m) hit to its Q1 2017 pre-tax profits as a result of the cut to the Ogden discount rate.
  
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• Vienna Insurance Group doubles profits in 2016

  20-04-2017 09:38
  
  Austrian Insurer Vienna Insurance Group has reported profits before tax of €407m (£340.7m) for 2016.
  
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• Trade voice: CILA'S Malcolm Hyde on business ethics

  20-04-2017 08:00
  
  Business ethics has become increasingly important in recent years for many reasons, including increased stakeholder scrutiny.  This is not surprising in the light of financial institutions’ scandals, the MPs’ expenses scandal and perhaps the influence of social media opening up companies and institutions to the increased immediacy of public judgement. Malcolm Hyde, executive director of the Chartered Institute of Loss Adjusters discusses.
  
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• State Auto warns of $34mn in Q1 cat losses

  20-04-2017 03:30
  State Auto Financial has warned that its first-quarter results
  will reflect around $34mn in net catastrophe losses.
  The regional property and casualty player based in Columbus,
  Ohio said today that 13 events during the period had contributed to
  the bill.
  Storm losses were widespread across the Ohio Valley region,
  South Carolina, Texas, Mississippi and Georgia.
  The worst of the losses stemmed from five wind and hail storms
  that struck in March and cost around $27mn.
  State Auto said that just...
  
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• RLI misses as commercial auto weighs on profit

  20-04-2017 03:30
  Specialty insurer RLI Corp posted a drop in first-quarter
  operating earnings of 19 percent as commercial auto claims pushed
  the group's largest division to an underwriting loss.
  RLI's casualty unit reported a nearly 106 percent combined
  ratio, which the firm's chairman and CEO Jonathan Michael put
  down to "some lingering effects from elevated commercial auto
  loss experience".
  The segment reported a $6.9mn underwriting loss on gross written
  premium of $126.8mn
  The deterioration put pressure on RL
  
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• Casserley takes role at PE house Warburg Pincus

  20-04-2017 03:30
  Ex-Willis CEO Dominic Casserley, who left the broking giant
  after overseeing its merger with Towers Watson, has taken a role at
  private-equity firm Warburg Pincus, The Insurance
  Insider understands.
  The former McKinsey & Company director has accepted a
  position as a senior adviser, which could be an indication that
  Warburg Pincus, with $44bn of PE assets under management, is
  looking to ramp up investment in the insurance industry.
  The firm has flirted with the sector in recent years, most
  re
  
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• AIG sets $40mn Nico gain, $100mn Ogden charge for Q1

  20-04-2017 03:30
  AIG will report a $40mn first-quarter benefit reflecting a
  portion of a nominal pre-tax deferred gain of $2.6bn that resulted
  from its retroactive reserve reinsurance deal with Berkshire
  Hathaway's National Indemnity Company (Nico), announced in
  January.
  The $40mn represents the addition to pre-tax operating income
  for the quarter from amortizing the deferred gain, the company said
  today. The amortization period started 3 February when the deal
  officially closed.
  The amount will be reported unde
  
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