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Euro insurance stocks fall heavily as coronavirus sell-off continues

News

COVID-19

Euro insurance stocks fall heavily as coronavirus sell-off continues

European insurance stocks fell for a fourth consecutive day as the market tumult sparked by the growing coronavirus crisis sees European stocks follow Asia’s lead with heavy declines in morning trading.

Thu 27 Feb 2020

News

Munich Re authorises Eur1bn share buyback

Munich Re intends to buy back around 3.9 million of its shares for a maximum price of Eur1bn, ($1.1bn) beginning 30 April 2020 and finalising transactions before its annual general meeting (AGM) on 28 April 2021.

Thu 27 Feb 2020

HDI invests in SME cybersecurity start-up Enginsight

News

M&A

HDI invests in SME cybersecurity start-up Enginsight

HDI Group has taken a stake in cybersecurity start-up Enginsight, which focuses on automated protection against hacking, for an undisclosed sum.

Thu 27 Feb 2020

Thomas Miller America confirms Jarrett retirement as Kirchner steps up

News

People Moves

Thomas Miller America confirms Jarrett retirement as Kirchner steps up

Thomas Miller has confirmed the previously announced retirement of Mike Jarrett is now in effect, with Leo Kirchner succeeding him in the Americas CEO role.

Thu 27 Feb 2020

News

COVID-19

RSA shares up 3% on earnings beat

London-listed RSA saw its shares climb nearly 3 percent in early trading on Thursday after the insurance giant beat analyst expectations for 2019 after restructuring its international business.

Thu 27 Feb 2020

News

MAP automates compliance with Clausematch insurtech

Managing Agency Partners (MAP) – owner of Lloyd’s syndicates 2791 and 6103 – has employed the services of Lloyd’s Lab graduate Clausematch to manage all its policy and procedures documentation through a single platform.

Thu 27 Feb 2020

Scor top and bottom line swell in Q4 despite cat hit

News

Results

Scor top and bottom line swell in Q4 despite cat hit

French reinsurance powerhouse Scor has reported an uplift in gross written premium and operating profit in the fourth quarter of 2019 and at full year, despite suffering losses of Eur383mn ($417mn) from Japanese Typhoons Hagibis and Faxai.

Thu 27 Feb 2020

RSA operating profit increases by 15% as exit actions take effect

News

Results

RSA operating profit increases by 15% as exit actions take effect

The UK’s RSA saw operating profits increase by 15 percent in 2019 to some £597mn as its group combined ratio improved and the impact of exiting unprofitable areas of business under current CEO Stephen Hester continues to be felt.

Thu 27 Feb 2020

US commercial P&C insurance price increases accelerated in Q4: CIAB

News

Casualty

US commercial P&C insurance price increases accelerated in Q4: CIAB

Commercial P&C insurance premium prices in the US increased by an average of 7.5 percent in Q4 2019, accelerating from +6.2 percent in the third quarter, led by a 13.6 percent average rise in umbrella, according to the latest survey from The Council of Insurance Agents & Brokers.

Wed 26 Feb 2020

News

Commercial insurance

Argo downgraded by AM Best

AM Best has downgraded the financial strength ratings of a raft of Argo operating subsidiaries from A to A- with their long-term issuer credit ratings also cut from “a” to “a-” and the long-term ICRs of the Bermudian parent lowered from bbb to bbb-, among other actions.

Wed 26 Feb 2020

US retailer Heffernan close to acquiring London broker Prospect

News

M&A

US retailer Heffernan close to acquiring London broker Prospect

A Lloyd’s intermediary backed by US retail broker Heffernan Group is closing in on a deal to acquire London market broker Prospect Insurance Brokers (PIB), The Insurer can reveal.

Wed 26 Feb 2020

Worldwide Facilities hires leader for new Denver office

News

People Moves

Worldwide Facilities hires leader for new Denver office

US wholesale broker Worldwide Facilities has brought in professional, cyber and liability specialist Brad Foote to lead its new Denver, Colorado office.

Wed 26 Feb 2020

CNA promotes Miralles to CFO after Anderson resigns

News

People Moves

CNA promotes Miralles to CFO after Anderson resigns

CNA has appointed Al Miralles as executive vice president and chief financial officer, succeeding James Anderson who has resigned to pursue other opportunities.

Wed 26 Feb 2020

ProAssurance’s ratings cut after performance drops and Norcal deal

News

Liability

ProAssurance’s ratings cut after performance drops and Norcal deal

Medical malpractice specialist ProAssurance has seen its ratings downgraded by AM Best on the back of a deterioration in its operating performance as well as its planned $450mn acquisition of Norcal Group.

Wed 26 Feb 2020

Direct Insurance Group’s ConsiliumRe hires reinsurance head

News

People Moves

Direct Insurance Group’s ConsiliumRe hires reinsurance head

London’s ConsiliumRe has brought in Christian Warrener from RFIB as its new head of reinsurance, The Insurer has learned.

Wed 26 Feb 2020

News

Program

Nationwide and Generali tap $33bn program market with N2G launch

US carrier Nationwide and Italian insurance giant Generali have teamed up and launched a New Jersey-based joint venture to underwrite multinational program insurance for international commercial risks.

Wed 26 Feb 2020