Insurance news

• Liberty Mutual falls to Q1 underwriting loss

  04-05-2017 21:52
  Liberty Mutual Insurance slid to a first-quarter underwriting
  loss reflecting severe weather events that helped drive down
  overall operating profit.
  The carrier revealed its combined ratio jumped 5.2 points to
  101.5 percent in the first quarter as it posted the results today,
  including 7.7 points from catastrophe losses.
  Net operating income plunged 65 percent to $144mn as cat losses
  leaped almost 68 percent to $639mn.
  The heightened cat loss figure resulted from severe wind and
  hail storms duri
  
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• MetLife warns of delay to $10bn consumer division spin-off

  04-05-2017 19:50 via ft.com
  Newly elected regulator is scrutinising ‘complex’ insurance deal
  
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• XL Catlin cargo head jumps ship to StarStone

  04-05-2017 19:06
  XL Catlin senior class underwriter for cargo Rod O'Malley
  has joined StarStone as the company's new head of cargo,
  The Insurance Insider can reveal.
  StarStone already writes a book of cargo business in London -
  with Henry Wood handling the account - but has identified it as an
  area for investment and growth.
  O'Malley moves to the carrier after three years as the most
  senior cargo underwriter at XL Catlin in London.
  Prior to that he spent four years as...
  
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• Willis shares spike on Q1 earnings

  04-05-2017 19:06
  Willis Towers Watson shares jumped 5.1 percent in New York
  trading today, as the company posted consensus-beating earnings per
  share of $3.71 in the first quarter.Analysts had predicted operating earnings per share of $3.35 for
  the quarter, according to MarketWatch data.
  Shares rose by 5.1 percent to $140.88 as of 12.20 Eastern Time.The investment, risk and reinsurance segment delivered organic
  growth of 5 percent, taking commissions and fees to $502mn.
  Operating income for the segment rose 11.6
  
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• RSA quarterly operating profits up 14% as premiums rise

  04-05-2017 18:54 via ft.com
  Slimmed-down insurer in better shape after three-year turnround programme
  
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• RSA: rising sun

  04-05-2017 17:34 via ft.com
  A boost to dividends would be the most tangible evidence of recovery
  
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• Sentiment survey Spring 2017: The results

  04-05-2017 16:21
  
  Discount rate cuts, regulation changes, FCA warnings and failing unrated providers were among the hot topics we quizzed brokers on in the latest Sentiment Survey.
  
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• InsurTech Futures: Lloyd’s of London fails to insure future with delay in technology take-up

  04-05-2017 16:15
  
  Inefficient processes and a lack of understanding and deployment of technological solutions are holding Lloyd's back, writes Daniel Golding, director of financial services at Baringa.
  
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• Biba rolls out leisure scheme with Jackson Lee Underwriting

  04-05-2017 16:04
  
  Trade body strikes second deal with firm following on from GAP insurance relationship.
  
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• Biba launches leisure scheme with Jackson Lee Underwriting

  04-05-2017 16:04
  
  Trade body strikes second deal with firm following on from GAP insurance relationship.
  
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• Former Google boss on insurtech: The UK can lead

  04-05-2017 15:55
  
  Dan Cobley, fintech investor and former Google boss, says bosses must expect disruption – or find themselves another job
  
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• Ex-Google boss on insurtech: The UK can lead

  04-05-2017 15:55
  
  Dan Cobley, fintech investor and former chief of Google UK, says bosses must expect disruption – or find themselves another job
  
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• Brits shy away from a place in the sun, plus it's the last day to spend old fivers

  04-05-2017 15:51
  
  Also, how whiplash is funding a £20bn gravy train, and our Consumer Champions lock horns with Bovis and NatWest
  Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• Willis beats forecasts as broking revenues climb

  04-05-2017 15:45
  Willis Towers Watson posted consensus-beating earnings per share
  of $3.71 in the first quarter as revenue in the company's
  (re)insurance units increased.
  Analysts had predicted operating earnings per share of $3.35 for
  the quarter, according to MarketWatch data.
  The investment, risk and reinsurance segment delivered organic
  growth of 5 percent, taking commissions and fees to $502mn.
  Operating income for the segment rose 11.6 percent year-on-year
  to $222mn.
  The corporate risk and broking division
  
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• Debate over saving NFIP heats up in Washington

  04-05-2017 15:45
  A National Flood Insurance Program (NFIP) reauthorisation bill
  introduced last week would severely inhibit private carriers by
  effectively barring them from covering property in the highest-risk
  zones and add fees and surcharges to any non-NFIP policy, critics
  say.
  The draft of the bill from senators Bill Cassidy, a Louisiana
  Republican, and Kristen Gillibrand, a Democrat from New York, would
  bar homeowners in high-risk flood zones from buying private cover
  instead of an NFIP policy, according t
  
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• AIG Europe falls to 2016 loss as combined ratio spikes

  04-05-2017 15:45
  AIG Europe ran up a pre-tax loss of £171mn ($221mn) in the
  year to 30 November, as its combined ratio took on 13.6 percentage
  points to hit 111.8 percent.
  The result compared with a profit of almost £409mn in the
  preceding 12 months.
  In the three months to 31 March 2017 profit collapsed from
  $205mn to $28mn, according to the first-quarter disclosure of its
  parent company.
  The 2016 financial year results, reported this morning by AIG
  Europe, showed a 3.0...
  
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• AGCS hires Talbot's Massie as energy underwriter

  04-05-2017 15:45
  Allianz Global Corporate & Specialty (AGCS) has appointed
  former Talbot underwriter Zoe Massie as an offshore energy
  underwriter.
  Massie will be based in London and report to Tracey Hunt, who is
  AGCS regional head of energy in London.
  Massie began her insurance career at Talbot in 2010, where she
  worked for about six years, most recently as an underwriter of
  insurance and reinsurance for oil and gas companies in the London
  and the international market.
  In a statement Hunt said...
  
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• Ogden and large claims push AIG Europe to huge loss

  04-05-2017 14:05
  
  AIG Europe reports loss and high COR for 2016
  
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• AIG Europe COR soars to 111.8% in 2016

  04-05-2017 13:57
  
  Insurer reports pre-tax loss of £171.1m for the year but flags improved figures for first quarter of 2017.
  
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• Halo to offer car hire excess insurance to Italian market

  04-05-2017 13:51
  
  Insurtech broker Halo Insurance Services has expanded into the Italian market by offering car hire excess insurance policies.
  
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• Swiss Re quarterly profits hit by Cyclone Debbie

  04-05-2017 13:49 via ft.com
  Gross written premiums at Swiss reinsurer falls 10.5% as pricing pressure intensifies
  
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• HSBC: off the scale

  04-05-2017 12:44 via ft.com
  Asia-focused bank provides a paradox for investors
  
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• Lancashire Holdings sees GWP fall in the first quarter

  04-05-2017 11:28
  
  Lancashire Holdings saw a 22% drop in net operating profit in the first quarter of 2017, down to $25.2m (£19.56m) from $32.4m for the same period in the previous year.
  
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• PIB appoints Ignite for personal lines software

  04-05-2017 11:25
  
  The system does not replace Acturis across the business but will be used for high volume, personal lines web business.
  
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• PIB chooses Ignite as its broking systems provider

  04-05-2017 11:23
  
  PIB has chosen software provider Ignite as its broking systems provider for its personal lines business.
  
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• UKBA: Award win gives added credibility

  04-05-2017 11:22
  
  Pedalcover Managing director Darren Thomas says it's nice to have recognition following 2016 Broker start-up of the Year award win.
  
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• Beazley to open Barcelona office in Europe expansion

  04-05-2017 11:09
  
  Beazley has launched its Europe expansion with the opening of a Barcelona office.
  
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• RSA reports £40mn Q1 Ogden hit

  04-05-2017 11:08
  UK insurer RSA said operating profit was "strong" and
  ahead of expectations during a quarter in which it took a
  £40mn ($51.7mn) net charge related to the change in the Ogden
  discount rate.
  In a quarterly trading statement, RSA said the Ogden hit was
  "more than offset by positive reserve development elsewhere in
  the group".
  "As a result, prior year profits were in line with our
  expectations overall," it said.
  The carrier gave no group profit figures.
  In the statement,...
  
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• Opinion: Covered agreement talks

  04-05-2017 11:08
  Crafting the "covered agreement" took over two years.
  Tossing it away could take just a few more months.
  That would be a shame, yet it could well happen if the present
  administration dithers too long over whether to support it.
  That is the consensus view represented by Michael Sapnar, the
  president and CEO of Transatlantic Reinsurance and past chairman of
  the Reinsurance Association of America, who testified on Tuesday
  before the US Senate's banking committee on behalf of a number...
  
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• Lancashire profit rises as top line shrinks

  04-05-2017 11:08
  First-quarter pre-tax profit at London market carrier Lancashire
  rose 8.3 percent year-on-year to $28.7mn as the company ceded more
  premium to reinsurers.Lancashire's profit compared with a consensus expectation
  that the carrier would earn $29.2mn.Gross written premiums (GWP) fell almost 15 percent to $196.5mn
  year-on-year, which chief financial officer (CFO) Elaine Whelan
  attributed to both pricing and exposure reductions and "the
  timing of renewal of longer term deals" in the property and
  ener
  
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• Esure top line increases by 24.1% in Q1

  04-05-2017 11:08
  UK-listed motor specialist Esure has reported a 24.1 percent
  increase in gross written premiums for the first quarter thanks to
  growth in its motor book.
  The top line rose to £187.4mn ($242.1mn) in the first
  quarter of the year, driven by a 29 percent increase in motor
  business but partially offset by a 4.5 percent drop in home
  policies.
  The group indicated it was on track to reach 3 million policies
  by 2020 and to "deliver results at the more...
  
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• Debbie pushes Swiss Re P&C net profit down 45%

  04-05-2017 11:08
  First-quarter P&C reinsurance net profit at Swiss Re plunged
  45 percent to $321mn, after the segment took a $320mn hit from
  Cyclone Debbie.
  However, the P&C net profit figure easily beat the analyst
  consensus of $282mn.
  The $320mn Debbie loss from the P&C segment combined with a
  $30mn loss from Corporate Solutions to make a group loss of $350mn
  related to Debbie, as previously disclosed by Swiss Re.
  The P&C combined ratio deteriorated by 2.3 percentage points
  to 95.6 percent,...
  
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• AM Best places OneBeacon under review with positive implications

  04-05-2017 11:08
  Ratings agency AM Best has placed OneBeacon's financial
  strength rating of A under review with positive implications
  following the carrier's acquisition by Intact Financial.
  In an update after the deal was announced on Tuesday (2 May), AM
  Best said the positive implications reflected the "potential
  financial and operational benefits" of Intact's higher
  credit and issuer ratings.
  The agency also placed White Mountains' long-term issuer
  credit rating of a under review with developing implications,
  
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• 'Terrific' underwriter Lancashire touted for a sale amid strong results

  04-05-2017 11:08
  
  Lancashire could be next Lloyd’s player to go for sale amid strong first quarter results 
  
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• 'Terrific' underwriter Lancashire sale touted amid strong results

  04-05-2017 11:08
  
  Lancashire sale could be next amid strong first quarter results 
  
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• Esure scales back home insurance growth due to 'challenging conditions'

  04-05-2017 10:55
  
  Esure has decreased its home book by 4.5% as a result of "challenging" market conditions.
  
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• Broker Network-backed Finch Group buys Taylor Beaumont

  04-05-2017 10:34
  
  The Broker Network regional partner bought the Southampton-based business for an undisclosed sum.
  
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• Broker Network’s Finch buys commercial broker

  04-05-2017 10:25
  
  Commercial broker deal adds more than £5m GWP
  
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• RSA reports £40m Ogden charge

  04-05-2017 10:10
  
  RSA has reported a £40m net charge due to the change in the recent Ogden rate and a growth in its premium income in Q1 2017.
  
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• Ogden hits AIG commercial underwriting performance

  04-05-2017 09:59
  
  AIG commercial underwriting performance dips but company returns to profit
  
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• Esure cuts back home business in Q1

  04-05-2017 09:06
  
  Motor drives growth as Esure cuts back home business
  
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• RSA reveals Ogden hit and UK growth in Q1

  04-05-2017 08:26
  
  UK GWP up as RSA reveals Ogden hit
  
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• In Depth: Insurtech gold rush

  04-05-2017 08:00
  
  Reinsurers are injecting more money into start-ups to get a foothold in insurtech - and the disruptors are welcoming the investment from these flexible partners.
  
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• Finishing line in sight for the IPID

  04-05-2017 08:00
  
  Although many who voted for Brexit may have hoped otherwise, leaving the European Union will not enable the UK insurance community to turn a blind eye to the insurance regulations dreamed up by those famously unelected bureaucrats in Brussels. Although the UK will no longer have to comply with EU legislation, it will still have to demonstrate it is maintaining at least the same standards in order to sustain its position as the number one insurance market. 
  
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• Editor's comment: Surprise!

  04-05-2017 08:00
  
  I probably wouldn’t make a very good insurer or broker as I love a good surprise and I deal quite well with change.
  
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• QBE to apply for European license outside the UK

  04-05-2017 07:47
  
  Australian giant QBE is planning to apply for a European passporting license outside of the UK as a result of Brexit.
  
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• QBE to apply for European licence outside the UK

  04-05-2017 07:47
  
  Australian giant QBE is planning to apply for a European passporting license outside of the UK as a result of Brexit.
  
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• White Mountains up more than 5% on OneBeacon sale

  04-05-2017 06:50
  White Mountains shares rose in early trading in New York today
  after it snared a $1.7bn agreement to sell specialty business
  OneBeacon to Canada's Intact.
  The Bermuda-based company secured a 1.65x multiple of book value
  for the business and said the disposal of its 75.7 percent stake
  would generate gross proceeds of $1.3bn, while lifting its adjusted
  book value per share by $107.
  By 10:09am EST time the stock was up 5.0 percent at $891.98.
  The sale to Intact values...
  
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• The Hanover misses as cat losses eat into profit

  04-05-2017 06:50
  The Hanover reported much lower first-quarter earnings than Wall
  Street analysts had expected as cat losses more than doubled and
  squeezed out a significant portion of operating profit.
  Excluding catastrophe losses, the Worcester, Massachusetts-based
  carrier said its combined ratio was "in line" with the
  2016 first quarter, at 92.4 percent.
  But cats added 5.1 points and drove the combined ratio to 99.5
  percent, while operating profit slid 43 percent to $40.8mn in the
  latest period.
  The $0.95 a s
  
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• PartnerRe profit survives $35mn Ogden hit

  04-05-2017 06:50
  PartnerRe clocked a $44mn operating profit for the first quarter
  of 2017, matching the results for the same period last year despite
  taking a $35mn charge related to the UK government's
  controversial move in February to change the way some personal
  injury payments are calculated.
  Total revenue in the Exor-owned carrier's non-life division
  fell by 11 percent to $1.12bn after a number of policies were
  cancelled or not renewed as well as an increase in premiums ceded
  and a change...
  
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