Insurance news

• Maiden and AmTrust slide extends to second day

  10-08-2017 22:54
  Maiden Holdings and AmTrust shares fell for a second day in New
  York trading today as the market continued to absorb the sister
  companies' second quarter results, released late Tuesday.
  Maiden dropped as much as 6.8 percent in mid-afternoon after
  tumbling almost 27 percent yesterday in heavy trading. The stock
  had dropped almost 56 percent this year through yesterday.
  AmTrust shares fell as much as 3.2 percent by mid-afternoon
  following yesterday's 10.5 percent dive to $14.23. The shares
  were do
  
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• Heritage plunges as investors digest Narragansett deal

  10-08-2017 22:54
  Heritage shares fell as much as 13.7 percent in New York trading
  today just days after the Floridian homeowners specialist announced
  a $250mn deal to buy Narragansett Bay.
  Late yesterday, the expansive insurer began a $125mn debt sale
  to help finance the acquisition. Heritage plans to pay $210mn in
  cash and $40mn in stock for the carrier.
  The carrier's stock was changing hands for $13.31 at
  yesterday's close, half a point higher than the previous
  day's close, before the deal...
  
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• Eli Global said to buy units of 'Ponzi' hit Beechwood

  10-08-2017 22:54
  Global Bankers Insurance Group, a subsidiary of conglomerate Eli
  Global, has been revealed as the buyer of Beechwood investment
  management units, while its Caymans-based reinsurance operation has
  been placed in receivership.
  Beechwood sold its Beechwood Bermuda Investment Holdings and
  Beechwood OMNIA units to the Eli Global division last week, sources
  have told Reuters. The Beechwood group, which reinsures life and
  annuity products, had about $2.4bn in assets at the end of
  2015.
  The group put it
  
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• Pru takes step in the right direction with M&G

  10-08-2017 21:31 via ft.com
  Decision to merge divisions could lift UK operating profits by a tenth
  
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• The Schinnerer Group wins Icat sale process

  10-08-2017 20:35
  Marsh's The Schinnerer Group has agreed to buy US property
  cat specialist Icat from the Paraline Group.
  The transaction, for undisclosed terms, relates to the
  Broomfield, Colorado-based managing general agency operation of
  Icat and its subsidiary, Boulder Claims.
  It does not include the tenancy rights Paraline owns in
  Lloyd's Syndicate 4242, although in a statement Schinnerer said
  Icat would retain its "strong relationship" with the
  Lloyd's vehicle, its associated Special Purpose Arrangement
  612
  
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• Hannover Re shares fall as Q2 profit fails to impress

  10-08-2017 20:35
  Shares in German reinsurer Hannover Re dropped almost 5 percent
  as investors appeared unimpressed with a consensus-beating
  EUR399.5mn ($469.3mn) operating profit in the second quarter.
  The stock fell about 4.9 percent to EUR103.75 as the market
  looked past the FX and investment-driven profit to focus on a
  deterioration in the reinsurer's underwriting results and an
  increase in reserves linked to the change in the UK's Ogden
  rate earlier this year.
  Underwriting profits in the property and casualt
  
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• Eli Global buys units of 'Ponzi' tainted Beechwood

  10-08-2017 20:35
  Global Bankers Insurance Group, a subsidiary of conglomerate Eli
  Global, has been revealed as the buyer of Beechwood investment
  management units, while its Caymans-based reinsurance operation has
  been placed in receivership.
  Beechwood sold its Beechwood Bermuda Investment Holdings and
  Beechwood OMNIA units to the Eli Global division last week, sources
  have told Reuters. The Beechwood group, which reinsures life and
  annuity products, had about $2.4bn in assets at the end of
  2015.
  The group put it
  
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• Ogden hit pushes ERS to H1 loss

  10-08-2017 17:54
  Lloyd's specialist motor syndicate ERS reported a trading loss
  of £13.0mn ($16.9mn) in the first half of this year after the
  change to the Ogden discount rate hit its bottom line.
  The loss is a stark reversal of the £7.3mn profit the
  carrier generated in H1 2016, and follows a £10.0mn hit to
  ERS's full-year 2016 results,revealed in February.ERS said that the H1 2017 Ogden charge related to the earning
  out of business written before the discount rate...
  
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• Insurance Fraud Task Force calls on aggregators to use data sharing platforms

  10-08-2017 16:41
  The Insurance Fraud Task Force has recommended that aggregators utilise software to weed out application fraud.
  
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• Deloitte partner fined over legacy ERS reserving debacle

  10-08-2017 15:53
  Case over legacy ERS reserving debacle continues as Deloitte partner fined
  
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• Deloitte partner sanctioned over Lloyd’s insurer work

  10-08-2017 15:17 via ft.com
  James Rakow fined and reprimanded for advice provided to Equity Red Star
  
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• Prudential plans to merge UK businesses prompts sale speculation

  10-08-2017 14:19 via ft.com
  Insurer to combine life and asset management operations
  
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• Prudential plans to merge UK businesses prompt sale speculation

  10-08-2017 14:19 via ft.com
  Insurer to combine life and asset management operations
  
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• Prudential merger of UK businesses opens way to a sale

  10-08-2017 14:19 via ft.com
  Insurer to combine life and asset management operations
  
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• Novae recruits Cragg as COO

  10-08-2017 13:41
  London market carrier Novae has hired Adam Cragg as its new
  group chief operating officer.
  Cragg moves to the company from Beazley, where he previously
  served as head of operations for the UK and rest of the world,
  having joined in 2008 as business technology manager.
  He will report directly to Novae chief executive Matthew
  Fosh.
  The hire comes around a month after Bermudian carrier Axis
  Capital announced plans to acquire Novae for 700 pence per
  share.
  Investors had appeared...
  
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• Endurance helps Sompo increase Q1 profits by 39.8%

  10-08-2017 13:41
  Japanese (re)insurance giant Sompo Holdings saw its adjusted profit
  increase by almost 40 percent in its first full reporting quarter
  since acquiring Bermudian carrier Endurance.
  The overseas insurance division contributed 11.3bn yen ($100mn)
  to the total 52.7bn yen of profit generated by Sompo Holdings in
  the first quarter of its financial year. That marked an almost
  tripling of profits from its overseas division.
  Net written premiums in the overseas division more than doubled
  to 204.4bn yen at
  
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• H1 results: ERS pushed to loss by Ogden cut

  10-08-2017 13:34
  Lloyd’s motor insurer made loss in first half as it adapts to Ogden cut
  
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• Ogden pushes ERS to “disappointing” trading loss of £13m

  10-08-2017 13:05 via insuranceage.co.uk
  The COR was reported as 107.6% and GWP also fell as CEO says the results were driven by changes outside of the insurer’s control.
  
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• Gibraltar PCCs given permission to write third party business

  10-08-2017 12:59
  Gibraltar Protected Cell Companies will now be permitted to write third party insurance business.
  
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• Towergate Underwriting in international push with new MGA

  10-08-2017 12:43
  New Nordic business is first part of Towergate Underwriting international MGA
  
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• Trak Global reveals financing deal and restructure

  10-08-2017 12:41
  Track Global Group has secured a senior debt financing deal with HSBC and revealed a new group structure.
  
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• Brokerbility's Stutz and Mistry target MBO for 2024

  10-08-2017 12:41
  Duo will use the next 18 months to put a five year plan in place for the succession of their broker business.
  
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• ERS sees profits plummet 280% from Ogden hit

  10-08-2017 12:38
  ERS has seen a 280% fall in profits as the company suffered a hit from Ogden.
  
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• Towergate Underwriting launches Scandinavian MGA

  10-08-2017 12:26
  Towergate Underwriting has launched an international managing general agent for Scandinavia.
  
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• Meet the Leeds Expo panellists: Tony O’Gara

  10-08-2017 11:45
  Towergate’s regional MD talks about the broking landscape in the "biggest financial centre outside of London".
  
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• Zurich UK posts half year GI loss as Ogden hits

  10-08-2017 11:35
  The combined operating ratio (COR) deteriorated to 118.8%.
  
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• Zurich UK posts half year GI loss as Odgen hits

  10-08-2017 11:35 via insuranceage.co.uk
  The combined operating ratio (COR) deteriorated to 118.8%.
  
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• Zurich Q2 operating profit beats consensus by 10%

  10-08-2017 11:19
  Group business operating profit for the second quarter at Zurich
  jumped 13 percent year-on-year to $1.2bn, beating analyst consensus
  by 10 percent.
  Baader Helvea analyst Daniel Bischof said in a note this morning
  that the operating profit result was largely driven by a
  better-than-expected performance in the "other" and
  non-core segments of the business, which were $100mn ahead of
  consensus.
  This was driven by lower expenses and an in-force management
  benefit from a closed life book, he added.
  G
  
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• Opinion: US program appetite

  10-08-2017 11:19
  For some in the industry, the words "US program business"
  continue to provoke a negative reaction.
  They point to past casualties of over-zealous expansion such as
  QBE and the present day woes of AIG that drove a significant
  retrenchment from the sub-segment of the US P&C industry.
  They also highlight reinsurers that have bled as a result of
  supporting program insurers.
  But for every failed program or loss-struck insurer, there are
  plenty of other carriers in the space that have...
  
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• Hannover Re beats Q2 consensus as profits rise 17.3%

  10-08-2017 11:19
  Global reinsurer Hannover Re surpassed analysts'
  expectations with its Q2 results, released this morning, with its
  group operating profit up 17.3 percent year-on-year to EUR399.5mn,
  beating analysts' prediction of EUR386mn.
  Baader Helvea analyst Daniel Bischof attributed the beat to
  better than expected foreign exchange effects, and a higher
  investment income.
  Net investment income rose 2.1 percent to EUR386.5mn, and return
  on equity increased by 1.8 points to 12.1 percent.
  Group top line also r
  
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• Charles Taylor buys Criterion Adjustors

  10-08-2017 11:19
  The loss-adjusting arm of Charles Taylor has acquired the fine art,
  antiques and property loss adjuster Criterion Adjusters in a
  £13.1mn ($17.0mn) deal.
  In a statement today, Charles Taylor said Criterion, which is
  focused on the UK high net worth individual market, would provide
  "stable, repeatable" revenues.
  Charles Taylor said it had paid £5.3mn in cash for 100
  percent of the equity in the three corporate entities that make up
  Criterion: Criterion Adjusters, Criterion Surveyors an
  
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• H1 results: Zurich UK GI loss widens after fresh Ogden hit

  10-08-2017 11:18
  Zurich UK GI unit makes large loss in first half after Ogden and large claims
  
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• Zurich UK takes £182m battering from Ogden change

  10-08-2017 10:55
  Zurich UK took a £182.1m hit in H1 as a result of the change to the Ogden discount rate.
  
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• Zurich UK takes £181m battering from Ogden change

  10-08-2017 10:55
  Zurich UK took a £182.1m hit in H1 as a result of the change to the Ogden discount rate.
  
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• Charles Taylor buys HNW loss adjusting group Criterion

  10-08-2017 10:34 via insuranceage.co.uk
  The deal builds on CTA’s plan to grow its presence in specialist property and casualty loss adjusting markets.
  
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• Munich Re took Grenfell hit in second quarter

  10-08-2017 10:30
  Munich Re non-life profit drops amid competition-fuelled cut-backs
  
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• Charles Taylor enters UK high net worth adjusting with acquisition

  10-08-2017 09:27
  Charles Taylor buys UK high net worth loss adjuster
  
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• H1 results: Ogden hit eats into Zurich global GI profit

  10-08-2017 09:02
  Zurich global GI profit down following first quarter hit
  
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• H1 results: Ogden charge eats into Zurich global GI profit

  10-08-2017 09:02
  Zurich global GI profit down following first quarter hit
  
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• Zurich's first half global P&C profit falls 15%

  10-08-2017 07:23
  Swiss insurance giant Zurich saw a 15% fall in pre-tax P&C global profit in the first half of the year.
  
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• Insurance United Against Dementia: How JLT Specialty is building a strategic partnership with Alzheimer's Society

  10-08-2017 07:00
  As Insurance United Against Dementia looks to build on the momentum of its association with the British Insurance Awards, Jonathan Swift spoke to JLT Specialty about its tie up with IUAD's charity partner Alzheimer's Society.
  
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• Blog: A dozen UK and European insurtech start-ups to watch in 2017 and beyond – part two

  10-08-2017 07:00
  In preparation for Post's Digital Insurance World event, here are six more insurtech start-ups to watch.
  
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• Allianz's Axel Theis on why insurers can look ahead with confidence

  10-08-2017 07:00
  Axel Theis, Allianz SE board member, global insurance lines and anglo markets, explains why premiums are tipped to grow over the next decade.
  
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• Third Point Re's Berger gives up another top role

  10-08-2017 01:36
  Total return reinsurer Third Point Re's founder and chairman
  John Berger has relinquished the role of CEO in the Bermudian's
  US unit after stepping down from the same position in the parent
  enterprise earlier this year.
  Berger ceded the US job to Robert Bredahl, who also succeeded
  him as CEO of the parent company in March. Berger, who was 64 years
  old in March, had been the head of the US unit since March
  2015.
  Third Point Re cited "succession...
  
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• CNA's refund debacle bill more than triples to $96mn

  10-08-2017 01:36
  CNA has revealed that the cost of refunding customers after an
  overcharging scandal is set to more than triple to $96mn.
  The problems first came to light in the insurer's 2016
  results when the Chicago-based company reported $30mn in refunds but warned that the figure
  could grow.
  Subsequently, the company has blamed errors in its
  "automated rating processes" for the issue and warned
  that it was "reasonably possible" the snafu would lead to
  fines and penalties.
  In a statement to...
  
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• Atlantic hurricane season outlook worsens at NOAA

  10-08-2017 01:36
  Forecasters at the National Oceanic and Atmospheric
  Administration revised their outlook for the Atlantic hurricane
  season, predicting more storm activity - including major hurricanes
  - than the meteorologists expected in May.
  Now the forecasters at the agency known as NOAA say this season,
  which began in June and runs through November, may be the worst
  since 2010 in terms storm frequency. And they said conditions in
  the Pacific Ocean which affect storm intensity are more conducive
  to the format
  
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• AmTrust and Maiden shares plunge on Q2 earnings

  10-08-2017 01:36
  Shares in US carrier AmTrust and sister company Maiden Holdings
  dropped today in New York trading, after the firms released their
  second quarter results late yesterday.
  AmTrust shares fell 10.5 percent to $14.23 while Maiden plunged
  almost 27 percent to $7.72 in heavy trading.
  Wall Street analysts had predicted Maiden would post a profit of
  $0.38 per share, according to estimates collected by
  MarketWatch.
  Instead Maiden generated an operating loss of $12.5mn, or $0.14
  per share, as its combined
  
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• Heritage pays 2.1x book on Narragansett growth outlook

  10-08-2017 01:36
  Heritage's deal to buy Narragansett Bay for $250mn brings to
  an end a lengthy pursuit of the Northeast-focused homeowners
  specialist that began in 2014, shortly after the Floridian
  completed its IPO.
  And while the 2.1x book multiple being paid to land its second
  key strategic acquisition might be viewed as rich in some quarters,
  Heritage chairman and CEO Bruce Lucas believes the price offers
  value because of the "huge" potential upside and
  synergies that are "off the chart".
  He told...
  
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