Insurance news

• Cats send Everest to $668mn Q3 operating loss

  30-10-2017 22:39
  Preannounced cat losses of $1.2bn for Harvey, Irma, Maria and
  the Mexico City quake contributed to a third quarter operating loss
  of $667.6mn at Everest Re.
  The after-tax impact of $897.7mn, or $22.09 a share, was the key
  driver of the $16.43 a share operating loss for the period that was
  marginally worse than the $15.99 forecast from a consensus of 10
  analysts polled by MarketWatch.
  Although the burden of cat losses was less than some analysts
  had feared ahead...
  
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• Validus shares jump on BAML upgrade

  30-10-2017 19:18
  Shares in Validus were up by as much as 4 percent in intra-day
  trading today after Bank of America Merrill Lynch (BAML) analysts
  advised investors to start buying the stock.
  The stock price spiked to reach as much as $53.29 shortly after
  markets opened but settled a little below $53 later in the morning,
  up 2.8 percent at the time of writing.
  The movement followed an advisory to BAML clients upgrading
  Validus' stock to buy from neutral rating
  The investment...
  
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• Novae buy timely as London drives property rate growth: Benchimol

  30-10-2017 19:18
  The London market is driving a push for higher property rates,
  which is good timing for Axis after closing its purchase of Novae,
  according to the Bermudian's president and CEO Albert
  Benchimol.
  Speaking on an analysts' call to discuss third quarter
  results, Benchimol said the company did not expect a "sudden
  and dramatic" increase in prices across the board following
  the third quarter North Atlantic catastrophes, as was observed in
  2002 after the 9/11 terrorism losses.
  Instead, Axis predicted a
  
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• ABI hits out at FSCS fee proposals

  30-10-2017 17:33 via insuranceage.co.uk
  Biba says brokers should not be worse off and calls again for a separate funding class.
  
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• Insurers hit out at FSCS consultation

  30-10-2017 15:30
  The Association of British Insurers has hit back at proposals from the Financial Conduct Authority that insurers contribute towards costs of intermediary failure.
  
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• Lloyd's approves Apollo SPA 6133

  30-10-2017 15:24
  Lloyd's Franchise Board has granted managing agency Apollo
  in-principle approval to establish Special Purpose Arrangement
  (SPA) 6133, which will reinsure a portfolio of property catastrophe
  business underwritten into its main Syndicate 1969.
  The
  Insurance Insider understands that stamp capacity for
  the new venture is £35mn ($46mn), with support coming from
  both trade capital and Names.
  The decision to approve the new SPA follows a delay in the
  authorisation process earlier this month as Ll
  
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• Greenberg criticises 'protectionist' US insurers

  30-10-2017 15:24
  Chubb CEO Evan Greenberg has criticised "protectionist"
  lobbying by US insurers, saying they are acting to the detriment of
  consumers.
  On an analysts' call to discuss the Zurich-domiciled
  company's third quarter results, Greenberg lambasted what he
  referred to as "a lot of noise recently from protectionist US
  insurers".
  "They want to stop competition from foreign insurers who
  help keep rates down," he said.
  "US insurers claim they are suffering compared to foreign
  insurers because of tax laws. W
  
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• CNA reports $191mn Q3 cat loss but beats expectations

  30-10-2017 15:24
  Third quarter group operating income at CNA Financial fell 49
  percent year-on-year to $159mn as the US carrier disclosed a $191mn
  post-tax catastrophe loss.
  Operating earnings per share (EPS) came in at $0.58 to beat the
  analyst consensus of $0.51, as provided by Zacks.
  The catastrophe losses pushed up the P&C combined ratio by
  13.3 percentage points from Q3 last year to 103.7 percent.
  Cat losses accounted for 16.5 percentage points of the combined
  ratio, compared to just 1.0 point...
  
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• Aon to buy Henderson Insurance Broking

  30-10-2017 15:24
  Aon has agreed to buy Henderson Insurance Broking for an
  undisclosed sum as it builds its UK retail business.
  Leeds-based Henderson focuses on general insurance, health and
  benefits, and trade credit insurance, and counts large corporations
  as well as mid-market and SME businesses among its clients.
  Henderson, which employs 400 people across 16 offices mainly
  located in northern England, will be part of Aon Risk Solutions UK,
  which is led by CEO Julie Page.
  Aon said the purchase was &quo...
  
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• FCA publishes fresh FSCS consultation

  30-10-2017 13:24
  Regulator reveals proposals on moving protection intermediaries into the general insurance class, the Lloyd’s contribution, and fees to those dealing with unrated insurers.
  
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• Aon buys Henderson Insurance Broking Group

  30-10-2017 13:05
  Henderson to be part of Aon Risk Solutions UK.
  
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• Meet the Broker Apprentices 2017: Ryan Ruthven

  30-10-2017 12:15
  Find out who the final contestant in this year's competition is
  
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• US program growth outpaces wider market

  30-10-2017 12:04
  The US program sector has more than doubled in size since 2010 to
  reach premium volume of $36bn in 2016, according to trade body the
  Target Markets Program Administrators Association (TMPAA).
  The organisation's latest report said that premium revenue
  in the segment also climbed by 11.7 percent during the two years to
  2016.
  Meanwhile, growth of 5.3 percent last year was well ahead of the
  1.3 percent uptick in direct written premiums for the broader US
  commercial insurance industry, said...
  
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• Tropical Storm Philippe bears down on US northeast

  30-10-2017 12:04
  Tropical Storm Philippe brought strong winds and heavy rain to
  the US northeast overnight, leaving many without power, according
  to reports.
  CNN reported more than 250,000 in the northeast were left
  without electricity after high winds brought down power lines.
  Philippe is expected to bring average rainfall totals of 4-6
  inches, and up to 10 inches in isolated areas of the Northeast and
  New England, the news service reported.
  JLT Re said in a cat alert that hurricane-force gusts were...
  
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• Talanx warns on Q3 loss after EUR900mn in cat claims

  30-10-2017 12:04
  Talanx has warned it will post a Q3 group net loss of around
  EUR20mn ($23mn), following an expected EUR900mn of losses for
  hurricanes Harvey, Irma and Maria, and the earthquakes in
  Mexico.
  The losses bring the group's total large losses for the nine
  months to 30 September to more than EUR1.2bn, after reinsurance and
  retrocessions.
  The company also warned that an "unusual accumulation"
  of claims in its industrial lines business, primarily in foreign
  property insurance, would push the division to.
  
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• Retro writer Markel CatCo reloads with $1.8bn

  30-10-2017 12:04
  Retro writer Markel CatCo has raised more than $1.8bn of
  capital, which it said would be enough to fund its 1 January
  renewing portfolio.
  The firm said that this meant the manager would be able to fund
  all of its 1 January renewing portfolio, as well as meeting a
  portion of increased demand for cover.
  It said both existing and new investors had participated in the
  fundraising, which is continuing via its publicly listed
  Reinsurance Opportunities Fund until the end...
  
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• Opinion: Getting the message across

  30-10-2017 12:04
  One is the brash one, prone to sailing close to the wind, with a
  bit of a gambling habit.
  The other is quieter, has problems communicating, but is
  essentially a good egg.
  But Master Brash has grabbed all the attention, almost
  bankrupted his parents and forced them to put both offspring on a
  very tight leash.
  Now a family rift is looming and everyone's worried about
  how it will affect the rakish rule-breaker - his mild-mannered
  sibling doesn't get much...
  
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• ACR-Shenzhen deal collapses as all parties walk away

  30-10-2017 12:04
  Asia Capital Re (ACR)'s $1bn sale to Shenzhen Qianhai Financial
  Holdings and Shenzhen Investment Holdings will not now go ahead
  after all parties agreed to walk away, The Insurance
  Insider can reveal.
  According to market sources, while ACR had completed all of the
  requirements to complete the deal, its potential buyers were forced
  to re-seek approvals by the Chinese government following a number
  of personnel changes at the companies and at a political level.
  As a result, ACR's potential buyers..
  
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• Wrisk crowdfunds half a million in under five days

  30-10-2017 11:29
  Wrisk has hit its £500,000 crowdfunding target in under five days.
  
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• IPT raises £4.8bn a year

  30-10-2017 10:53
  ABI calls on government to cease this tax “raid on the responsible” and say no to further rises as report highlights lack of consumer awareness about the tax.
  
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• IPT raising £4.8bn a year

  30-10-2017 10:49
  Insurance Premium Tax is raising £4.8bn a year, or £179 per household, new research has found.
  
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• RFIB opens Singapore hub

  30-10-2017 08:35
  Lloyd's (re)insurance broker RFIB has launched operations in
  Singapore to further its presence in Asia, it announced today.
  RFIB's Singapore office will be based in Raffles Place, the
  centre of Singapore's financial district.
  Marine and other specialty reinsurance classes will be core to
  RFIB's proposition in the region, Richard Johnston, managing
  director of international operations, said.
  Asia represents a "key growth area" for RFIB, he
  added.
  RFIB CEO Dennis Mahoney added: "We do not want to
  
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• R&Q agrees ProSight Lloyd's run-off deal

  30-10-2017 08:35
  R&Q has reached agreement with ProSight Specialty Insurance
  to take over the management of obligations for the defunct
  Syndicate 1110.
  The Insurance Insider first revealed
  in August that R&Q was in exclusive
  discussions with the carrier on a deal.In a statement today, R&Q said it would take over the
  day-to-day claims handling of Syndicate 1110, and will acquire a
  100 percent shareholding of the ProSight corporate members;
  ProSight Specialty (TSMC) Limited and ProSight Specialty (ECUC
  
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• Spotlight: ADAS webinar: Negotiating the potholes of automated driving

  30-10-2017 07:00
  A panel of motor experts discussed the challenges of repairing cars equipped with Advanced Driver Assistance Systems, at a webinar organised by Post in association with Auto Windscreens.
  
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• Spotlight: ADAS: Safety first

  30-10-2017 07:00
  Rupert Armitage, managing director of Auto Windscreens, argues Advanced Driver Assistance Systems need to be recalibrated by manufacturers, and not the aftermarket
  
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• Blog: LV's Sue Jones on her fraud-fighting career

  30-10-2017 07:00
  Sue Jones, head of general insurance fraud strategy at LV, explains how fraud became an industry focus.
  
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• German regulator seeks Brexit plans from UK-based insurers

  30-10-2017 06:01
  BaFin warns loss of passporting rights would mean an end to their business in Germany
  
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• Hong Kong Insurance Awards 2017: the winners

  30-10-2017 03:36
  AIA, FWD and Prudential led the way at the Hong Kong Insurance Awards unveiled on 26 October at the Intercontinental Hotel, Tsim Sha Tsui.
  
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