Insurance news

• Universal beats despite 13% drop in earnings

  31-07-2017 23:57
  Universal Insurance Holdings' net income slimmed to $29.4mn
  in the second quarter on a premium base that swelled 8.9 percent
  partly driven by the insurer's crusade beyond its Florida
  heartland.
  But despite the 12.7 percent drop in net earnings compared to
  the same period last year, the $0.82 per share result still
  surpassed the expectations of two analysts surveyed by MarketWatch
  who forecast no more than $0.80 per share and no less than
  $0.73.
  Nonetheless, the carrier's chairman and CEO...
  
  Read more

• Marsh taps Jeatran to lead middle-market agency

  31-07-2017 23:57
  Marsh has elevated Bill Jeatran to lead its middle-market group
  as president, with Christina Mott named as COO, the company said
  today.
  Among his duties as president of Marsh & McLennan Agency
  LLC, Jeatran will focus on acquisitions, the New York-based company
  said. He succeeds Ben Allen in the role.
  Allen has left the company to join Annapolis, Maryland-based
  risk management agency iJet.
  Jeatran previously led the upper Midwest region for the agency.
  Earlier, he founded RJF Agencies in 1986
  
  Read more

• Greenlight Re beats as underwriting gain pares Q2 loss

  31-07-2017 23:57
  Greenlight Re narrowed its second-quarter losses to $35.5mn, or
  $0.96 a share, beating Wall Street's expectations for a larger
  loss in the period after its underwriting operations swung to a
  profit.
  The total return reinsurer affiliated with David Einhorn's
  New York-based Greenlight Capital hedge fund was expected to post a
  loss of $1.07 per share, the average of three estimates compiled by
  MarketWatch.
  The combined ratio improved to a profitable 98.5 percent from
  107.8 percent in the year-earli
  
  Read more

• CNA shares get a bounce from earnings beat

  31-07-2017 21:52
  Shares of CNA Financial climbed over 6 percent at midday in New
  York trading after the big property and casualty carrier beat Wall
  Street earnings estimates for the second quarter.
  CNA turned in an operating profit of $239mn or $0.88 per share
  compared with the $0.75 consensus estimate from six analysts
  compiled by MarketWatch.
  The company's shares rose as much as 6.1 percent to $52.35
  before retreating slightly in trading on the New York Stock
  Exchange.
  Profit jumped 19 percent...
  
  Read more

• Advertisement

• Earthquake cover rate picks up in California

  31-07-2017 19:55
  More than twice as many Golden State homeowners have signed up
  for earthquake insurance in the first six months of this year than
  normally buy California Earthquake Authority (CEA) coverage
  annually, the state-run carrier said today.
  The privately funded not-for-profit authority said it had a net
  gain of over 18,800 policies this year through last month, an
  increase of about 2 percent to 950,393 policies in force at the end
  of June. By comparison, the agency picked up over 52,000...
  
  Read more

• Argo promotes Kirby to head of managing agency

  31-07-2017 19:55
  Specialty (re)insurer Argo Group has filled a longstanding
  vacancy at the helm of Argo Managing Agency, while installing a new
  group head of its European and Asian operations.
  Argo said Dominic Kirby will replace David Harris as managing
  director of Argo Managing Agency, pending regulatory approval.
  News of Kirby's appointment comes 10 months after the
  company announced Harris would begin transitioning into thenew role of group head of performance.
  Harris has been running the carrier's Lloyd's m
  
  Read more

• Why Brits got the bug for holiday sickness scams

  31-07-2017 19:19
  British holidaymakers lead the world when it comes to false compensation claims – and now travel companies are fighting back. What has caused these nasty ‘gastroenteritis wars’ being fought across the Mediterranean?In October 2013, Sean and Caroline Bondarenko spent a week at the five-star Caldera Palace hotel in Crete. Then they returned home. Three years passed. According to reports, in September 2016, the pair then put in a personal injury claim against the hotel for food po
  
  Read more

• THB targets new markets with Botelho hire

  31-07-2017 18:17
  Specialist (re)insurance broker THB has hired Rodrigo Botelho to
  become director for its European division, effective from 1
  October.
  Botelho will be based in Amsterdam and will target new markets
  in the Portuguese-speaking countries of Africa.
  He joins from Universal Seguros in Angola, where he held the
  position of chief corporate business officer with responsibility
  for reinsurance.
  Botelho has previously held positions at Portuguese insurer
  Fidelidade Seguros and at Guy Carpenter.
  Joaquim Car
  
  Read more

• Advertisement

• Storm Emily to strike Florida overnight

  31-07-2017 18:17
  Central parts of the Florida peninsula are expected to face heavy
  rain overnight as Tropical Storm Emily makes its way across the
  state.
  The National Hurricane Center (NHC) warned that Emily was
  expected to produce rainfall of 2 to 4 inches along the west coast
  of central Florida.
  The storm system strengthened quickly today and was upgraded to
  a named tropical storm in the early morning US time as its maximum
  sustained winds reached nearly 45mph (75km/h).
  The NHC said...
  
  Read more

• Opinion: Entrepreneurialism at Lloyd's

  31-07-2017 18:17
  Lloyd's has got a fair amount of flak recently for not doing
  enough to encourage entrepreneurialism on Lime Street.
  There are some observers who think that with its increasingly
  draconian capital-setting and the gold-plating of regulation the
  Corporation makes it difficult to get anything other than a
  corporate offshoot going at Lloyd's.
  And Lloyd's underwriters with something of an
  entrepreneurial streak have plenty of other options to flex their
  start-up wings - whether it be a standalone MGA
  
  Read more

• Noonan optimistic on Lloyd's performance drive

  31-07-2017 18:17
  Validus CEO Ed Noonan said he was encouraged by Lloyd's drive
  to improve syndicates' underwriting performance as he reported
  that premium rates at the Bermudian carrier's Talbot unit had
  fallen sharply this year.
  "The first thing I would say is that all the conversations
  we have had with Lloyd's itself and the new franchise director
  give us a bit of optimism," he revealed on a second quarter
  conference call.
  "They have changed the planning process this year, they
  have changed...
  
  Read more

• Lower cats help CNA earnings beat

  31-07-2017 18:17
  Fewer and less severe catastrophe losses helped US carrier CNA
  Financial beat second quarter earnings forecasts, as the company
  reported operating earnings per share (EPS) of $0.88, equating to
  net operating income of $239mn.
  The EPS figure was higher than the $0.75 consensus estimate from
  Wall Street analysts, according to data collated by MarketWatch,
  while operating income was up 19 percent on the prior-year
  period.
  CNA's combined ratio improved by 3.9 percentage points to
  93.5 percent in the
  
  Read more

• Liberty leaps into bloodstock

  31-07-2017 18:17
  Liberty Specialty Markets has moved into the equine and livestock
  market, recruiting Julian Bowen-Rees from Markel to lead the
  division.
  Virginia-based Bowen-Rees has been joined in London by Emma
  Leslie-Miller, who moves to Liberty from Brit as an
  underwriter.
  Markel bloodstock underwriter Jeremy Chappell will join Liberty
  from Markel in early 2018 to run the equine unit's London
  market operation.
  In a statement, Liberty said the bloodstock unit would
  underwrite livestock mortality, liability a
  
  Read more

• JLT Re names Gray to cyber treaty team

  31-07-2017 18:17
  London-based intermediary JLT Re has recruited Ben Gray as a
  partner in its London and International markets team focusing on
  cyber treaty placements.
  Gray joins the broker from Ed, where he served as a cyber treaty
  broker. Prior to that he dealt with direct cyber business at Marsh.
  He will be based in the company's head office in London.
  Bill Bennett, head of JLT Re's London & International
  Markets division, commented: "We have seen growing demand for
  our cyber-related services,...
  
  Read more

• Hiscox drops 4% after Q2 results

  31-07-2017 18:17
  Shares in London market carrier Hiscox have fallen over 4 percent
  after the company's second quarter results raised concerns over
  its near-term outlook.
  The stock was trading down 4.2 percent at 1,296 pence as of 14:58
  in London as markets reacted to a near-50 percent year-on-year
  decrease in first-half profits to £102.6mn ($134.7mn).
  The result was dented by a negative currency impact of
  £30.9mn, but still managed to exceed analyst expectations.
  However, UBS analysts warned outlook
  
  Read more

• Fosun chairman backs China overseas M&A crackdown: report

  31-07-2017 18:17
  Fosun International chairman Guo Guangchang has thrown his
  weight behind an "essential and timely" push for stricter
  oversight of overseas M&A deals by Chinese authorities,
  according to a report.
  In a post on Fosun's official page on Chinese social network
  WeChat, Guo said the restrictions were necessary to stymie the
  spread of risky investment practices and regulate the current
  financial "chaos", Reuters reported.
  He said: "This can certainly eradicate a significant amount
  of irrational inv
  
  Read more

• Ogden decision to be published on Thursday

  31-07-2017 16:55 via insuranceage.co.uk
  The government's response follows the consultation on how the discount rate should be set in the future.
  
  Read more

• Elite took regulator to court in lead up to closure

  31-07-2017 16:30
  Elite took Gibraltar’s insurance watchdog to court in the lead up to its closure, it has emerged.
  
  Read more

• Elite challenged Gibraltar regulator in court

  31-07-2017 16:30
  The insurer, which recently stopped writing new business, challenged regulatory interventions by the Gibraltar Financial Services Commission.
  
  Read more

• Ogden decision to be unveiled this week

  31-07-2017 15:37
  The government’s response to the Ogden discount rate consultation will be published on Thursday.
  
  Read more

• Elite closure followed court battle with regulator

  31-07-2017 15:34
  GFSC reveals court battle and concerns about reserving in run-up to Elite closure
  
  Read more

• Retail insurance helps Hiscox weather tough times

  31-07-2017 14:34
  Wholesale market has been suffering from falling prices for many years
  
  Read more

• Allianz UK targets double digit growth with construction overhaul

  31-07-2017 13:55
  Insurer hoping for double digit growth in construction book with revamped offering
  
  Read more

• GDPR to boost UK cyber insurance take up, says Hiscox CEO

  31-07-2017 13:47
  Incoming European data regulations will drive demand for cyber insurance in the UK, according to Hiscox’s CEO.
  
  Read more

• Hiscox sees strong growth in the broker channel, says Langan

  31-07-2017 13:01 via insuranceage.co.uk
  Hiscox CEO "very pleased" with insurer's financial results for the first half of 2017.
  
  Read more

• Allianz unveils construction proposition for brokers

  31-07-2017 12:51
  A dedicated team of underwriters has been created to assist brokers as part of the enhanced proposition.
  
  Read more

• QuestGates buys specialist loss adjuster

  31-07-2017 12:19
  Specialist loss adjuster will keep its name, management team and staff post acquisition
  
  Read more

• ANZ chief embraces Bowie in search for culture shift

  31-07-2017 11:58
  Mission statement with smiley face and child art aims to fix tarnished image
  
  Read more

• Markerstudy launches HNW scheme

  31-07-2017 11:33
  New offering to cover prestige motor vehicles including classic cars and motorhomes.
  
  Read more

• Whiplash crackdown laws under threat amid new court ruling, says lawyer

  31-07-2017 10:57
  Whiplash crackdown under threat from Supreme Court ruling
  
  Read more

• Blog: Travel insurance alone doesn't cut it for corporate clients

  31-07-2017 10:45
  Corporate clients want travel insurance and travel risk management in the same place, says Chris Knight, head of corporate services at Cega.
  
  Read more

• Analysis: Killer cars

  31-07-2017 10:45
  How is the industry reacting to emerging terror trends?
  
  Read more

• Liberty enters equine and livestock market

  31-07-2017 10:39 via insuranceage.co.uk
  The insurer is establishing underwriting teams in London and the cover will include everything from horses to pandas.
  
  Read more

• Hiscox posts rising GWP but falling profit for H1 2017

  31-07-2017 10:39 via insuranceage.co.uk
  Provider's COR also deteriorated in the first half of the year.
  
  Read more

• H1 results: Hiscox profit hit by foreign exchange losses

  31-07-2017 10:36
  £30.9m of foreign exchange losses eat into Hiscox profit for first half
  
  Read more

• Hiscox sees profit and GWP rise in H1

  31-07-2017 10:22
  Hiscox saw its gross written premiums increase to £1.45bn in H1, a 13% rise on the same period last year.
  
  Read more

• Premium Choice teams up with ONE Pro Group on cycle insurance

  31-07-2017 09:34
  Broker says partnership aims to redefine insurance for cyclists.
  
  Read more

• Tranquillo promoted at FM Global

  31-07-2017 04:42
  Stefano Tranquillo, FM Global's senior vice president and regional manager Asia-Pacific, has been promoted.
  
  Read more

Follow @Insurance_UKnws on Twitter!