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Direct Insurance looks to Canopius’ Eldridge for strategy leader

News

People Moves

Direct Insurance looks to Canopius’ Eldridge for strategy leader

Lloyd’s broker Direct Insurance has appointed John Eldridge as chief strategy officer after a period of growth.

Thu 13 Feb 2020

Comment

Acrisure on the SME revolutionary road…

Changes at retail agent consolidator Acrisure which include a focus on cutting costs from the SME insurance transaction raise some intriguing possibilities…

Thu 13 Feb 2020

AIG in Q4 earnings beat as general insurance delivers full-year UW profit

News

Results

AIG in Q4 earnings beat as general insurance delivers full-year UW profit

CEO Brian Duperreault’s continuing efforts to transform AIG appear to be finally bearing fruit as the carrier’s fourth quarter results saw it deliver a consensus beating operating EPS of $1.03, boosted by a return to underwriting profit in its general insurance division that was bolstered by $153mn of favourable reserve development.

Thu 13 Feb 2020

TMK Syndicate 510 and 557 losses narrow for 2017 YoA

News

Results

TMK Syndicate 510 and 557 losses narrow for 2017 YoA

Tokio Marine Kiln has reduced loss forecasts for syndicates 510 and 557, which are expected to post losses of £26mn and £4.7mn respectively for the 2017 financial year, driven by positive back-year releases for the closed years of account.

Thu 13 Feb 2020

Bailey and Lowe warn Brussels on City access ‘punch-up’

News

Brexit

Bailey and Lowe warn Brussels on City access ‘punch-up’

The European Union and the U.K. should not allow politics to overshadow work to maintain regulatory equivalence following the expiry of the post-Brexit transition period at year-end and must avoid a “metaphorical punch-up” at all costs, the incoming governor of the Bank of England has warned.

Thu 13 Feb 2020

Lloyd’s broker W Denis takes Gallagher duo for finpro launch

News

People Moves

Lloyd’s broker W Denis takes Gallagher duo for finpro launch

Lloyd’s Broker W Denis Insurance Brokers has appointed Richard Bowdidge and John Walsh as directors of its newly formed financial and professional (finpro) risks division.

Thu 13 Feb 2020

News

Results

Lancashire shares climb after strong FY results

Shares in Lancashire Holdings were up 3.4 percent in early trading – having earlier climbed by 6 percent – as investors reacted to an impressive set of FY results, with profit before tax of $120mn “substantially stronger” than the consensus of $76mn, according to Nick Johnson of Numis.

Thu 13 Feb 2020

CNA names QBE’s Franzetti EVP of worldwide claim

News

People Moves

CNA names QBE’s Franzetti EVP of worldwide claim

US insurer CNA has named Daniel Franzetti as executive vice president of worldwide claim, effective 6 April 2020.

Thu 13 Feb 2020

Lancashire beats consensus with FY CR of 80.9% as cat bill halves

News

Results

Lancashire beats consensus with FY CR of 80.9% as cat bill halves

London-listed Lancashire has reported a strong 2019 pre-tax profit of $119.5mn, up from the $33.6mn it reported the previous year, as the carrier slashed its cat bill in half and best analysts’ expectations in the process.

Thu 13 Feb 2020

Zurich posts “in line” 2019 earnings with P&C combined ratio 96.4 percent

News

Results

Zurich posts “in line” 2019 earnings with P&C combined ratio 96.4 percent

Europe’s fifth largest insurance company Zurich said 2019 business operating profits climbed 16 percent with CEO Mario Greco praising the company’s “amazing journey” as it met its 2016-2019 financial targets.

Thu 13 Feb 2020

Analysis

Capital

Axis slashes PMLs and increases use of third party capital

Axis Capital has significantly cut its probable maximum loss (PML) for peak cat exposures and made increasing use of its growing third party capital platform as part of a wider repositioning of its portfolio to deliver stronger and more stable underwriting results.

Thu 13 Feb 2020

News

Retro

Mapfre Re avoids retro renewal price hikes despite “dependence”

Mapfre Re managed to avoid any major retrocession price increases at 1 January with the platform’s CEO Eduardo Pérez de Lema highlighting that his company’s counterparties have not faced a claim from his firm since 2011.

Thu 13 Feb 2020

A brave new world for Australia’s insurers?

Comment

Property catastrophe

A brave new world for Australia’s insurers?

IAG’s recent uplift of its perils assumptions suggests not so much a revision as a recalibration in response to weather-related claims in Australia.

Wed 12 Feb 2020

News

Argo to report $114mn Q4 underwriting loss

Argo Group International Holdings has said it expects to report a $114mn underwriting loss for the fourth quarter, including the impact of a $77mn increase to prior year reserves, as it also revealed expenses related to the departure of former CEO Mark Watson.

Wed 12 Feb 2020

Jury awards $21mn against Berkshire’s Cypress and trucking company

News

Commercial auto

Jury awards $21mn against Berkshire’s Cypress and trucking company

In the latest example of a nuclear verdict out of a US court, a Georgia jury has awarded a $21mn verdict against Cypress Insurance Company and its insured in a wrongful death suit.

Wed 12 Feb 2020

Private D&O insurers seek rate increases of up to 20%

News

Cyber

Private D&O insurers seek rate increases of up to 20%

Some private/non-profit insurers are seeking rate increases of up to 20 percent in 2020 but broker Gallagher believes rates on the whole are likely to be flat to up 10 percent.

Wed 12 Feb 2020