Insurance news

• WR Berkley modestly beats expectations for Q4

  31-01-2018 22:11
  Specialty (re)insurer WR Berkley modestly exceeded Wall Street
  expectations for the fourth quarter, posting operating results that
  came to $0.75 to $0.76 a share, analysts said.
  Berkley was expected to earn $0.73 per share, the consensus view
  based on 10 estimates compiled by S&P Global.
  Buckingham Research analyst Amit Kumar said the $0.75 per share
  performance modestly beat expectations while Janney Montgomery
  Scott analyst Larry Greenberg put the figure slightly higher, at
  $0.76 per share
  
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• Trubshaw and Martin top US property cat rankings

  31-01-2018 22:11
  Richard Trubshaw of Managing Agency Partners (MAP) has been
  voted the top US property catastrophe underwriter, according to
  The Insurance Insider's US property
  cat rankings for 2017.
  The MAP founding partner was identified as the leading
  underwriter for the class by around 8 percent of brokers who
  responded to the survey.
  The study, which was carried out by
  The Insurance Insider's rankings
  team, recorded responses from 427 participants in a bid to ensure
  the data is statistically significant.
  Th
  
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• Swiss Re Asia names external directors

  31-01-2018 22:11
  Swiss Re has named outside directors to the board of its new
  regional reinsurance headquarters in Singapore.
  The Swiss Re Asia board is chaired by Lim Siong Guan, former
  group president of GIC, and now adviser to the GIC group executive.
  Other directors include former Bank of Japan governor Masaaki
  Shirakawa and chairman of Hang Seng bank Raymond K F
  Ch'ien.
  The reinsurer has also appointed Urs Buchmann, vice chairman at
  Credit Suisse's Hong Kong branch and chief people officer...
  
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• Strong exits Securis following restructure

  31-01-2018 22:11
  Neil Strong, head of origination at Securis, has left the
  company following a significant management restructure.
  The new structure separates the underwriting and analytics
  functions from origination leadership, in a move the firm hopes
  will add "a further layer of independence to our overall
  investment process".
  Previously, Strong's role as global head of origination had
  encompassed oversight of analytics and underwriting functions.
  Paul Larrett now becomes chief underwriting officer (CUO) and
  
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• Safeonline calls off private equity talks

  31-01-2018 22:11
  Buy-in discussions between specialist cyber broker Safeonline
  and US private equity houses have been terminated, The
  Insurance Insider understands.
  This publicationrevealed in July that the London-based intermediary was in
  early-stage talks with private equity firms over a partial buy-in
  or potentially a full sale, although no bank had been appointed to
  run a formal process.The company had been looking to secure additional funding to
  position itself to take full advantage of the ever-increasing
  
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• Rash replaced as MS Amlin CFO

  31-01-2018 22:11
  John Worth has taken over from Chris Rash as chief financial
  officer of MS Amlin, The Insurance
  Insider understands.
  Rash was appointed to the position in August, however it is
  believed he has stepped aside for health reasons.
  Worth has held senior London market roles before, having worked
  as interim CFO at Hiscox from June 2015 to September 2016. He was
  previously group CFO of Aspen Insurance Holdings from 2012 to
  2014.
  He was most recently CFO of UK retail...
  
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• Opinion: Gender pay

  31-01-2018 22:11
  What is a government to do when the status quo becomes just too
  embarrassing, when Twitter seethes and the opposition gloats?
  Collect statistics, obviously.
  And so by early April UK companies with more than 250 employees
  will have spilled the beans on how much they are paying women
  compared with men.
  It's easy to dismiss the cross-industry endeavour as yet
  more futile data gathering, which primarily benefits the thriving
  industry that has developed around gender equality in business.
  The figures
  
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• Opinion: As good as it gets

  31-01-2018 22:11
  JLT Re's renewals commentary underlines how stubbornly high
  levels of capital are continuing to keep meaningful rate rises out
  of the grasp of reinsurers in most lines.
  The fact that a record year for catastrophe losses - which JLT
  Re put at $140bn - has fed through into only a 4.8 percent rise in
  the broker's global property cat rate-on-line (RoL) index is
  further evidence that despite the fighting talk, reinsurers were
  unable to stand their ground.
  That was particularly...
  
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• Official tally of California wildfire claims nears $12bn

  31-01-2018 22:11
  Claims stemming from the historic wildfires that swept
  California last year have risen to more than $11.79bn, the state
  said, and that excludes any related to mudslides that occurred
  following the Thomas fire in the Los Angeles-Santa Barbara
  area.
  Those mudslides damaged or destroyed over 400 homes in areas
  where the average home price is just over $1mn and are thought to
  have caused more than $100mn in losses.
  Earlier this week, Dave Jones, the Golden State insurance
  commissioner, formally...
  
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• Nephila sets up a new weather-risk transfer unit

  31-01-2018 22:11
  The parent of insurance-linked securities (ILS) manager Nephila
  Capital is expanding its businesses in the weather and
  environmental space with the creation of a specialty division
  called Nephila Climate (NCx).
  Started by Nephila Holdings, NCx is led by longtime Nephila
  Advisors managing director Barney Schauble as chairman and Nephila
  weather risk investment team head Richard Oduntan as CEO, the
  Bermuda-based holding company said today. Schauble is based in San
  Francisco.
  The new division is de
  
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• Marine and energy leads specialty reinsurance rate uplift: JLT Re

  31-01-2018 22:11
  Specialty reinsurance rates benefited from increased reinsurer
  resolve at 1 January, with third quarter catastrophe losses
  underscoring the marine and energy sector's exposure to natural
  catastrophe risks, according to JLT Re.
  In its Reinsurance Market Perspective report, the broker noted
  that risk-adjusted pricing for marine and energy moved into
  positive territory for the first time in four years.
  Rates rose by an average of 4.9 percent, and outcomes extending
  to a 12 percent increase. This ti
  
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• Lloyd's courts Belgium ahead of Brexit

  31-01-2018 22:11
  Belgian ambassador to the UK Rudolf Huygelen visited Lloyd's
  today as part of the Corporation's ongoing efforts to
  strengthen ties with the country ahead of the launch of the
  Lloyd's Brussels subsidiary.
  During his visit, Huygelen took a tour of the underwriting floor
  and had a private meeting with senior Lloyd's executives.
  The diplomat's visit to the London insurance market was
  scheduled to help the Belgium government gain a deeper
  understanding of how the market works and to help foster...
  
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• Greatest rate rises in loss-hit US cat, global fac and retro

  31-01-2018 22:11
  A continuing reinsurance capital surplus mitigated rate rises at
  1 January, with loss-hit US property cat, global direct and
  facultative (D&F) and property retrocession the only major
  classes posting increases comfortably into the double digits,
  according to JLT Re.
  The broker's Reinsurance Market Perspective report found
  rates for loss-affected US property cat business rose between 10
  percent and 20 percent, with pricing ranging from steady to up 5
  percent for loss-free programmes."Most rei
  
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• Chubb posts headline beat and pricing momentum

  31-01-2018 22:11
  Chubb reported a 16 percent increase in core operating earnings
  to $1.49bn for the fourth quarter as a $450mn on-time tax benefit
  helped offset $447mn of California wildfire-driven cat losses.
  At $3.17 a share, the headline profit number was ahead of the
  $2.72 generated in Q4 2016 and the $2.30 consensus forecast of 17
  analysts polled by S&P Global.
  However, stripping out unusual items - including the $0.96 a
  share one-time tax benefit -the operating performance was broadly
  in...
  
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• Chubb appoints Iberia head from Allianz

  31-01-2018 22:11
  Chubb has picked Ignacio Borja as its country president for Spain
  and Portugal.
  Borja moves from Colombia, where he was president and CEO of
  Allianz's local operation for more than eight years.
  He will report to Adam Clifford, who recently became Chubb's
  divisional president for continental Europe. Borja will work from
  Madrid.
  Before Allianz, Borja worked at Ace Latin America - now part of
  Chubb.
  He takes over from Veronique Brionne, who was appointed to the
  role of senior vice...
  
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• Chinese government mulls purchase of Anbang stake

  31-01-2018 22:11
  A unit of China's sovereign wealth fund, Central Huijin
  Investment, has held preliminary talks about buying a stake in
  Anbang Insurance Group.
  Discussions have taken place as the Chinese government seeks to
  broker the sale of an undetermined portion of the business,
  according to reports by Bloomberg.
  Anbang, which has come under the spotlight following a number of
  high-profile attempted foreign acquisitions, is controlled by a
  number of companies with ties to chairman Wu Xiaohui.
  The company has
  
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• Blue Capital net loss estimated at $43.2mn

  31-01-2018 22:11
  Bermuda-based Blue Capital Reinsurance Holdings reported a net
  loss of $43.2mn for 2017, following catastrophes in the third and
  fourth quarters.
  Losses for the full year were pegged at $77.9mn, with the fourth
  quarter hit estimated at $7.5mn as a result of the California
  wildfires and additional losses related to the third quarter
  hurricanes.
  The losses took the year's total expenses to $92.6mn, which
  turned the $49.4mn of revenue into a net loss of $43.2mn for the
  year.
  The company...
  
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• Blockchain could replace ageing claims system: Khoury-Haq

  31-01-2018 22:11
  Lloyd's chief operating officer Shirine Khoury-Haq has said
  the Target Operating Model (Tom) is considering using blockchain
  technology to make claims more efficient, as revamping claims
  processing moves up the modernisation agenda.
  Speaking to an audience of claims professionals at a London
  Market Claims Council event hosted by The Insurance
  Insider, Khoury-Haq said: "One of the key
  technologies we are looking at is distributed ledger - or
  blockchain - technology, which in other industries has
  
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• Berkley: US competition to hit reinsurers

  31-01-2018 22:11
  Fierce competition in the US market could force Berkley Re America
  to shrink again in 2018, according to the carrier's chairman.
  Speaking on a fourth quarter results call, WR Berkley chairman
  Bill Berkley said increasing competition meant the company was
  likely to turn to other markets for growth in its reinsurance
  business.
  "The division of the business has shrunk and, again, we
  think that in the aggregate it might shrink a bit more during
  2018," the executive said.
  The company...
  
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• 2018 rate rises will not be enough: S&P

  31-01-2018 22:11
  Despite recognising that positive pricing conditions will be in
  play for 2018, rating agency S&P Global Ratings said any
  upwards correction of rates is not likely to be enough to ease
  pressures on carriers.
  In a report last week, the firm said rate increases this year
  were likely to be sub-par as excess capital continues to undermine
  underwriting discipline.
  And after a year in which the industry's balance sheet
  weathered record cat losses, the rating agency predicted that it
  would...
  
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• Subprime US car lenders fall on bad debts

  31-01-2018 21:19
  Santander Consumer and Credit Acceptance raise concerns about blue-collar America
  
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• Claims job losses due to fewer cases and digitalisation, says Allianz’s Gibson

  31-01-2018 18:01 via insuranceage.co.uk
  Boss says the latest cut is last in claims for the foreseeable future.
  
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• InsurTech Futures: New platform to support the broker market, says Fraser Edmond

  31-01-2018 17:38 via insuranceage.co.uk
  Former Aviva broker distribution director says the platform will use broker data to connect brokers and insurers.
  
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• “Business as usual” for brokers amid LV and Allianz redundancy risk

  31-01-2018 16:49 via insuranceage.co.uk
  400 people could be laid off at both insurers following the “game-changing” transfer of personal lines to LV and commercial lines to Allianz.
  
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• Eighty claims people at risk at Allianz

  31-01-2018 15:42 via insuranceage.co.uk
  Job losses in addition to 400 potential redundancies caused by Allianz/LV merger.
  
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• Allianz to make up to 80 further redundancies in claims restructure

  31-01-2018 15:24
  Allianz is placing a further 80 jobs at risk of redundancy amid a restructure of its claims operation.
  
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• Up to 400 redundancies from LV/Allianz deal

  31-01-2018 14:30
  260 people in the LV commercial broker and claims division are at risk alongside 140 people from Allianz’s UK personal lines business.
  
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• LV prepares to overcome ‘challenges’ with re-entry to home market

  31-01-2018 14:30
  LV has acknowledged it faces “challenges” in making profitable the home portfolio it acquired as a result of the Allianz personal lines merger.
  
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• 400 jobs at risk following LV and Allianz merger

  31-01-2018 14:30
  Up to 400 employees at LV and Allianz face losing their jobs as a result of the companies’ strategic partnership.
  
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• EC report recommends adapting Solvency II

  31-01-2018 13:25
  The European Commission and Insurance Europe have welcomed a report that suggests adapting Solvency II to facilitate sustainable investment.
  
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• Chubb sees income drop in Q4 despite US tax reform gains

  31-01-2018 13:22
  Chubb reported net income for the fourth quarter ended December 31, 2017 of $1.53bn, a drop from the $1.61bn reported for the same quarter the previous year.
  
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• Aston Scott Group reveals final set of results before Lark merger

  31-01-2018 13:12 via insuranceage.co.uk
  Profits are up at the consolidator as it looks to make more acquisitions.
  
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• Broker Apprentice 2017: Meet the winner

  31-01-2018 13:11 via insuranceage.co.uk
  Insurance Age catches up with Luke Perkins of Leicester-headquartered BHIB, the winner of The Broker Apprentice 2017
  
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• Chubb GWP grows but profits drop in 2017

  31-01-2018 13:07 via insuranceage.co.uk
  Overseas general insurance division posts rise in net written premiums but COR worsens.
  
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• The Headline Makers - February 2018

  31-01-2018 12:46 via insuranceage.co.uk
  The hottest stories on www.insuranceage.co.uk, the month in numbers and quotes from the biggest news stories of the month
  
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• Five insurers reveal by how much industry women are underpaid

  31-01-2018 12:08
  Five insurers have revealed by how much women are underpaid in their organisations compared to men.
  
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• Editor's letter - February 2018

  31-01-2018 12:08 via insuranceage.co.uk
  A big appetite for 2018: Two deals highlight the desire for acquisitions remains strong
  
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• Cyber threat growing quicker than claims data: IUA

  31-01-2018 11:31
  A rapid growth in cyber threats has posed a challenge to the industry in acquiring claims data, the International Underwriting Association has warned.
  
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• Analysis: Sustainable insurance - in it for the long run

  31-01-2018 11:05
  European insurers are gearing their investment strategies towards sustainable ventures.
  
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• London market training goes international

  31-01-2018 11:00
  The London Market Association will begin offering a range of technical programmes and courses internationally.
  
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• Blockchain-driven insurtech completes $1m funding round led by insurance executives

  31-01-2018 10:31
  Insurtech firm Inzura has completed a $1 million funding round led by senior industry figures.
  
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• Interview: ABC Investors - Bunker, Cassidy, Castle, Horton and O’Roarke

  31-01-2018 07:00
  With their restrictive covenants expiring at the end of 2017, the former LV general insurance management are now free to re-enter the market. Jonathan Swift speaks to the quintet about their new consortium ABC Investors, digital innovation and what it would take for them to do it again
  
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• Editor's comment: An explosive start to the year

  31-01-2018 07:00
  I started this year in style watching the fireworks over Sleeping Beauty’s castle at Disneyland Paris. Looking at January’s headlines the insurance industry has also started this year with a bang.
  
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• Ireland: Financial Services

  31-01-2018 05:03
  Robust economic growth is lifting the country’s financial sector, but as Brexit approaches, outsiders are sceptical about how much business Dublin can win from London
  
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• Ireland’s growing economy encourages savers

  31-01-2018 05:00
  The nation’s GDP growth is helping lift volume and profits, but the savings gap remains wide
  
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