Insurance news

• P&C slid to $6.6bn 2016 underwriting loss in US: Best

  13-05-2017 01:45
  Underwriting profitability disappeared from the US property and
  casualty industry last year as aggregate performance figures show
  carriers collectively fell to a $6.6bn loss following three
  money-making years, according to AM Best.
  Combined with sagging investment income the industry's
  aggregate net income dropped 24 percent to $41.8bn, the ratings
  company said. The collective underwriting loss in 2016 stemmed from
  evaporating favourable reserve development and catastrophe losses
  that surged to
  
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• Opinion: Is AIG fixable?

  13-05-2017 01:45
  The question will understandably have dominated the thoughts of
  any candidate approached to step into the hot seat vacated by
  outgoing CEO Peter Hancock.
  And if, as expected, Hamilton founder and CEO Brian Duperreault
  is confirmed in the position shortly, it would be natural to assume
  that his answer is a resounding "yes".
  Duperreault has been there and done that, turning around Marsh
  & McLennan after stepping into a crisis spawned by Eliot
  Spitzer when he was New York's attorney...
  
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• Kingstone profits climb to $1.5mn

  13-05-2017 01:45
  Recently-upgraded US regional insurer Kingstone saw profits more
  than triple to $1.5mn in the first quarter.
  The increase in operating profits was driven by an 11.7 point
  improvement in the carrier's combined ratio, which fell to 85.2
  percent.
  The Kingston, New York-based carrier said the reduction was the
  effect of a milder winter than in the previous year.
  Gross written premiums climbed by 13 percent to $26.1mn in the
  quarter.
  Last month, AM Best upgraded Kingstone's financial strength
  rating
  
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• Intact takes steps to finance OneBeacon deal

  13-05-2017 01:45
  Intact Financial plans to sell 6 million preferred shares to
  raise C$150mn ($109.5mn) to help finance its purchase of specialty
  insurer OneBeacon from White Mountains.
  The shares will be offered to the public at C$25 each through a
  syndicate led by CIBC Capital Markets. Intact plans to use the
  proceeds to help finance the $1.7bn OneBeacon transaction, the
  company said in a statement announcing the sale today.
  The offering of the securities, which will yield 5.2 percent per
  year, is...
  
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• Bermudians' profit cut 5% by cat, Ogden hits: S&P

  13-05-2017 01:45
  Bermuda's (re)insurers took a collective hit in the first
  quarter as the surprisingly-large Ogden rate adjustment and a surge
  in US catastrophe losses drove a nearly 5 percent drop in net
  income, Standard & Poor's (S&P) said in a report.
  Collectively the Bermudians' combined ratio deteriorated 3.3
  points to 94.0 percent, including a benefit of 2.7 points from
  reserve releases, 2.8 points less than in the first period of
  2016.
  Net premiums written inched up 0.4 percent to about $12.65bn,.
  
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• Farmers need insurance that is fit for purpose

  13-05-2017 00:46 via ft.com
  Farmers need affordable insurance to address the risks of climate-related losses
  
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