Insurance news

• SSL sale pulled after Ed talks end

  03-08-2017 20:08
  Independent London market broker SSL has called off a sale process
  after it failed to agree terms with high bidder Ed, The
  Insurance Insider can reveal.
  Although a binding offer is not believed to have been submitted,
  it is understood that Ed's indicative bid was around £10mn
  upfront, with a five-year earn-out period that could have pushed
  the valuation substantially higher.
  Sources indicated numerous other parties, including
  AssuredPartners and Besso acquirer BGC Partners, also expressed
  
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• IGI outlook revised to positive by AM Best

  03-08-2017 20:08
  AM Best has improved International General's credit outlook
  from stable to positive on the basis of the carrier's strong
  operating performance and risk management system improvements.
  The ratings agency said the Dubai-based insurer, known as IGI,
  had demonstrated "commitment to prudent risk selection with a
  focus on profitability over top-line growth" and the
  willingness to take remedial action on under-performing
  business.
  IGI's financial strength and long-term issuer credit ratings
  were affirm
  
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• Citizens offloads 50,000 more policies

  03-08-2017 20:08
  Florida regulators have approved the take-out of 50,000 Citizens
  personal residential and coastal account policies by local insurers
  Safepoint and Southern Oak.
  During the 17 October take-out period, Tampa-based Safepoint
  will remove up to 35,000 policies, of which 20,000 are personal
  residential, 10,000 are multiperil coastal accounts and 5,000
  provide wind-only coastal cover, state Office of Insurance
  Regulation documents show.
  Southern Oak, based in Jacksonville, has been approved to
  transfer
  
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• Cincinnati Financial jumps on Q2 beat

  03-08-2017 20:08
  Cincinnati Financial shares rose as much as 5.7 percent in early
  New York trading after the insurer beat Wall Street earnings
  estimates late yesterday, posting an operating profit of $0.64 per
  share as its P&C underwriting combined ratio improved.
  The result was fully 39.1 percent ahead of the analyst consensus
  reported by Zacks Equity Research, and 12.2 percent ahead of the
  corresponding period last year.
  Cincinnati Financial shares shot up to as high as $81.58 at the
  opening of trading...
  
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• Axa earnings boosted by property and casualty business

  03-08-2017 17:20
  Insurer says focus on cover for SMEs has allowed it to escape the worst of the price pressure
  
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• Ogden consultation response delayed

  03-08-2017 17:16
  Ministry of Justice says no firm date for publication of Ogden consultation response
  
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• Chubb names Savvas UK and Ireland PI head

  03-08-2017 15:49
  Global P&C carrier Chubb has promoted Chris Savvas to head of
  its professional indemnity operation in the UK and Ireland.
  He will report to Grant Cairns, the company's financial
  lines manager for the region, and will be based in London.
  Savvas previously served as a senior underwriter for PI
  risks.
  He joined the company from QBE in December 2016, where he led
  the Middle East and North Africa PI portfolio from Dubai.
  Before that he spent seven years at Travelers...
  
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• H1 results: Willis broking profit grows despite flat revenues

  03-08-2017 15:45
  Willis broking profit grows in first half and second quarter
  
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• Holmes praises Aviva’s UK GI organic growth

  03-08-2017 15:38
  The UK GI chief says brokers were key to achieving growth in first half of 2017 along with investment into digital.
  
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• Willis Towers Watson fee income flat in Q2

  03-08-2017 13:24
  Commissions and fee income at Willis Towers Watson's
  investment, risk and reinsurance arm increased by 3 percent on an
  organic basis to $383mn in the second quarter as the broker
  undershot analyst earnings expectations.
  Adjusted diluted earnings per share (EPS) for the quarter were
  $1.45, below Wall Street consensus estimates of $1.52, according to
  MarketWatch data.
  In the investment, risk and reinsurance arm the underlying
  growth was offset by a 3 percent negative FX currency impact. In Q1
  the
  
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• The Hanover tops Wall Street estimates as Chaucer soars

  03-08-2017 13:24
  The Hanover breezed past Wall Street estimates for the second
  quarter, posting operating profit of $1.69 per share as it booked
  an improvement in its ex-cat combined ratio, growth in personal
  lines and a nearly sixfold increase in pre-tax income at
  Chaucer.
  Analysts had forecast earnings of $1.58 a share, the average of
  five projections compiled by MarketWatch.
  Profit at Lloyd's arm Chaucer surged to $29.7mn during the
  quarter, as its combined ratio strengthened by 12.2 points to 91.0
  percent,..
  
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• Reinsurers shield Suncorp from brunt of cat losses

  03-08-2017 13:24
  Suncorp's Australian insurance operation lifted net profits
  by 30 percent to A$723mn ($574mn) in the year to 30 June 2017, as
  recoveries from its aggregate reinsurance programme smoothed out
  earnings volatility.
  However, profits in the carrier's New Zealand division fell
  by almost A$100mn to A$82mn year-on-year, due to Kaikoura
  earthquake claims and reinstatement premium expenses, as well as
  Canterbury loss deterioration.
  It spent A$1.2bn on reinsurance in the past financial year. This
  was up A$
  
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• PCS tracking Turkish storm losses

  03-08-2017 13:24
  Property Claim Services (PCS) is tracking two storms that hit
  Turkey in July as catastrophe events after local media reported
  substantial insured losses.
  Torrential rains on 27 July left the capital Istanbul under
  water, while hail damaged at least one jet aircraft.
  PCS has not yet given any loss estimates for the storms, but the
  Turkish publication Hurriyet Daily News reported
  that the 18 July event alonecost insurers 200mn Turkish lira ($57mn).
  When losses tracked by the Turkish media...
  
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• Aviva GI underwriting result benefits from low losses

  03-08-2017 13:24
  Operating profit at Aviva's general insurance (GI) and
  health unit increased by 25 percent to £417mn ($551mn) in the
  first half, as the GI underwriting result jumped 50 percent on the
  previous year.
  The GI underwriting result increased to £244mn, driven by
  an improvement in normalised accident-year combined ratios across
  all regions and benign weather in the UK and Europe, Aviva
  said.
  The low level of weather losses more than offset heightened
  catastrophe costs and modest levels of a
  
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• More innovation to come from Axa as it looks towards driverless cars

  03-08-2017 13:22
  Axa has said it will be looking to increase its involvement with insurtech and ‘lead the way’ on driverless cars, following recent insurtech partnerships.
  
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• Blanc hails "strong performance" at Axa UK

  03-08-2017 13:17 via insuranceage.co.uk
  Group CEO reports growth in commercial lines and healthcare, while personal lines remains "more difficult".
  
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• Aviva signs 10-year distribution deal with HSBC

  03-08-2017 12:51
  Bancassurance tie-up to generate hundreds of millions of pounds of premiums, insurer says
  
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• Ogden change sees Esure's reinsurance costs rise by a third

  03-08-2017 12:18
  The change to the Ogden discount rate added a third to the cost of Esure’s reinsurance, company results have revealed.
  
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• InsurTech Futures: iGO4 partners with CDL to launch lifestyle portfolio

  03-08-2017 12:02
  The proposition will be brought to market later this year.
  
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• Allianz in talks to buy stake in LV’s general insurance unit

  03-08-2017 11:53
  Deal could value business at about £1bn and give German insurer a bigger UK presence
  
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• Axa reports reduction in COR and improvement in underwriting profit in H1

  03-08-2017 11:47
  Axa has reported an improvement in its underwriting profit and a reduction in its combined operating ratio, which fell to 97.7% in the first half of 2017 from 98.2% in the same period last year.
  
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• LV confirms talks with Allianz over GI stake sale

  03-08-2017 11:34
  LV has confirmed that it is in discussions with Allianz regarding a potential sale of a significant minority stake in the insurer’s GI operation.
  
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• H1 results: Esure hails ‘excellent half’ as profits jump

  03-08-2017 11:27
  Profits jump at Esure despite home underwriting loss
  
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• Axa UK posts 5% revenue growth

  03-08-2017 11:20 via insuranceage.co.uk
  COR improves to 97.7%.
  
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• Aviva sees profit grow and COR improve in H1

  03-08-2017 11:13
  Aviva’s general insurance and health division grew its operating profit by 25% over H1 2017, up to £417m from £334m for the same period last year.
  
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• Opinion: NatGen and Wells Fargo

  03-08-2017 10:47
  National General may have seen Balboa as a bargain when it acquired
  the lender-placed insurance business from QBE in late 2015.
  After all, the New York insurer was topay just $90mn for operations QBE spent $700mn to acquire just
  four years earlier, when the lucrative business was booking about
  $1.3bn in annual premiums. But it appears that the bargain-basement
  price should have sent up a red flag.
  With the eruption last week of thelatest scandal involving Wells Fargo,...
  
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• Axa Corporate Solutions returns to underwriting profit

  03-08-2017 10:47
  Pre-tax underlying earnings at Axa Corporate Solutions nearly
  doubled to EUR104mn ($123mn) as the commercial insurance unit swung
  back to underwriting profit.
  In the first half of 2016, Axa Corporate Solutions had reported
  EUR53mn in pre-tax underlying earnings.
  The French carrier's commercial insurance division returned
  to underwriting profit, with the unit's combined ratio
  improving by 2.8 percentage points to 99.2 percent.
  The Axa Corporate Solutions all accident year loss ratio
  improved by 4
  
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• Allianz in talks over minority stake in LV= GI business

  03-08-2017 10:47
  Mutual insurer LV= has confirmed it is in discussions with
  Allianz over a sale of a "significant minority stake" in
  its general insurance business.
  In a statement today, LV= said the discussions were ongoing,
  with no certainty a deal would be agreed or what the terms of the
  transaction would be.
  The statement was made in response to an earlier Sky News report
  that a deal between the two firms, which would value the LV=
  division at approximately £1.0bn ($1.3bn),...
  
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• LV in talks with Allianz on GI stake sale

  03-08-2017 10:41
  Provider confirms advanced talks with Allianz on "significant minority stake" in the business.
  
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• GWP grows to £393.3m at Esure

  03-08-2017 10:11
  Profit before tax also increases 44.6% for the first half of 2017.
  
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• Germany spurs Axa's first half global P&C results

  03-08-2017 09:44
  Paris-headquartered insurer Axa's 2017 P&C results for the first half were buoyed by strong performances in Germany, its EMEA-LatAm business and Axa Corporate Solutions.
  
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• LV= in talks on GI stake sale to Allianz

  03-08-2017 09:33
  LV= in talks on GI stake sale to Allianz
  
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• Aviva GI profits grow and COR improves

  03-08-2017 09:28 via insuranceage.co.uk
  Aviva UK & Ireland also reports 17% growth in operating profit to £259m as net written premiums go up and digital investment pays off.
  
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• Esure's profit leaps 44.6% in H1

  03-08-2017 09:27
  Esure saw its profit before tax from continuing operations rise 44.6% in H1 2017, to £45.1m from 31.2m for the same period last year.
  
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• Esure reveals Ogden-fuelled reinsurance rate increase

  03-08-2017 09:24
  Esure details reinsurance rate increase after 1 July renewals
  
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• H1 results: AXA UK underwriting profit rises

  03-08-2017 09:06
  COR falls as AXA UK underwriting profit improves
  
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• NatGen faces subpoena over Wells Fargo insurance scandal

  03-08-2017 08:33
  National General is facing a subpoena from New York State
  regulators over its role in the latest scandal to hit Wells Fargo.
  The carrier provided lender-placed insurance policies at the
  heart of the blow up involving hundreds of thousands of borrowers
  nationwide who financed vehicles through the big San
  Francisco-based bank.
  Responding to revelations of the latest Wells Fargo scandallast week, the New York-based insurer has said it complied with
  all relevant rules and regulations involving the b
  
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• H1 results: Improved underwriting boosts Aviva UK GI profit

  03-08-2017 08:30
  Aviva UK GI profit rises as COR improves
  
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• Aviva and HSBC in ten year tie up

  03-08-2017 08:20
  Aviva and HSBC agreed a ten year distribution deal
  
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• More Than sent me contradictory letters – and said I was six years old

  03-08-2017 08:00
  After giving my year of birth as 2010, it also said I’d been without car cover for two daysI received two letters on the same day from my car insurer More Than, both bearing the same date of eight days previously. One said my policy was cancelled; the other declared it would automatically renew. Both gave my date of birth as 11 November 2010, indicating that I was just six years old.Because the £709 premium had been taken from my account two days after the date on the letters, I assu
  
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• Blog: How to get rid of legacy systems

  03-08-2017 07:00
  Insurers are aware of the hurdles associated with replacing legacy systems. But there are ways to make it a smooth and beneficial transition, as listed by Grzegorz Podlesny, senior manager at Sollers Consulting.
  
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• Insurance — a vital component of financial planning

  03-08-2017 06:01
  50 per cent of people know someone who suffered a serious injury or illness
  
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• AIG's global commercial premiums fell 15% in Q2

  03-08-2017 05:13
  US global insurance giant AIG posted a 102.7% combined operating ratio for commercial lines in the second quarter.
  
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• Suncorp's FY insurance profits climb 30% in Australia; drop 55% in New Zealand

  03-08-2017 04:06
  Brisbane-headquartered financial services group Suncorp saw mixed results in its two key insurance markets for the full year ending 30 June.
  
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• Third Point Re posts gains on investing, underwriting

  03-08-2017 01:53
  Another strong investment quarter and an improved underwriting
  showing pushed Third Point Re's second quarter net income up 40
  percent to $74.6mn.
  At $0.71 per share, the total return carrier's earnings were
  just ahead of the $0.70 consensus of six analysts polled by
  MarketWatch.
  The Bermudian, whose investment funds are managed ion New York
  by Dan Loeb's Third Point LLC hedge fund, reported an
  investment return of 4.5 percent, compared to 4.0 percent in Q2
  2016.
  Third Point Re president...
  
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• The Hanover tops Street estimates as Chaucer soars

  03-08-2017 01:53
  The Hanover breezed past Wall Street estimates for its second
  quarter results, posting operating profit of $1.69 per share as its
  ex-catastrophe combined ratio improved, personal lines growth drove
  gains in net premiums written and its Chaucer unit produced a
  nearly sixfold increase in pre-tax income.
  Analysts had forecast $1.58 a share, the average of five
  projections compiled by MarketWatch.
  Profit at its Chaucer unit surged to $29.7mn during the
  just-ended period as its combined ratio strengt
  
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• HCI beats despite AOB hit in Florida

  03-08-2017 01:53
  Florida homeowners specialist HCI Group revealed a 36 percent
  uptick in second quarter net income to $9.5mn even as losses
  rose.
  The $0.93 per share result exceeded the expectations of five
  analysts surveyed by MarketWatch whose forecasts averaged $0.87 per
  share.
  The Tampa, Florida-based firm outperformed despite a 5.3 percent
  increase in losses and loss adjustment expenses to $27.7mn driven
  by reserve strengthening amidst an increase in litigation over
  assignment of benefits issues.
  While the
  
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• Assurant shares drop following earnings report

  03-08-2017 01:53
  Assurant shares dropped 2.3 percent today after the specialty
  carrier reported a decline in second quarter revenue and a
  weakening combined ratio in its largest segment.
  The stock fell as low as $100.88 before recovering almost half
  of its losses to close at $103.84 in New York Stock Exchange
  trading.
  After markets closed yesterday, the New York-based insurer
  posted results that beat Wall Street earnings estimates, citing the
  absence of catastrophe losses and reduced corporate expenses.
  The spec
  
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• AIG beats despite commercial insurance drag

  03-08-2017 01:53
  AIG reported an increase in second quarter operating profit and
  a comfortable beat of Wall Street forecasts in its first reporting
  period with new president and CEO Brian Duperreault at the
  helm.
  Profit climbed 10 percent to $1.45bn at the group level, or
  $1.53 a share, comfortably ahead of the $1.15 a share reported in
  the prior-year period and the $1.20 consensus of 20 analysts polled
  by MarketWatch.
  But pre-tax profit in commercial insurance dropped 24 percent to
  $716mn, as...
  
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