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UK insurers hit by negative discount rate change

Shares in UK listed insurers will be under pressure this morning after the Ministry of Justice confirmed a change to the personal injury discount rate to a level lower than the industry was expecting.

Mon 15 Jul 2019

Mid-year Texas surplus lines premium surges 13.4% as monthly records fall

News

Rates

Mid-year Texas surplus lines premium surges 13.4% as monthly records fall

There was further evidence of the buoyant US excess and surplus lines (E&S) market this week from Texas with the state reporting that premium had jumped 13.4 percent at the half-year stage to $3.48bn.

Fri 12 Jul 2019

Workers comp specialist Benchmark working with KBW on potential sale

News

M&A

Workers comp specialist Benchmark working with KBW on potential sale

The parent of US workers compensation program carrier Benchmark Insurance Company has retained investment bank KBW for a potential sale process, The Insurer can reveal.

Fri 12 Jul 2019

AM Best affirms AIG but warns of pressure if results don’t improve soon

News

Rating actions

AM Best affirms AIG but warns of pressure if results don’t improve soon

AM Best has praised the turnaround actions being taken by AIG’s management but said it remains uncertain when their intended benefits will be realized as it affirmed the ratings of the insurance giant.

Fri 12 Jul 2019

News

Slow moving Barry brings New Orleans flooding threat

As Barry churns towards a landfall at hurricane strength, the focus is on water rather than wind as the slow-moving storm brings long duration heavy rainfall and flood threat along the central Gulf Coast and inland through the lower Mississippi.

Fri 12 Jul 2019

EIOPA proposes streamlined Solvency II reporting

News

Legal/ Regulatory

EIOPA proposes streamlined Solvency II reporting

The European Insurance and Occupational Pension Authority (EIOPA) has embarked on a major consultation exercise which could see a substantive reduction and simplification of insurers’ Solvency II reporting requirements.

Fri 12 Jul 2019

News

Aviation

Aviation market tightens cover as Q2 claims burden builds

Aviation underwriters appear to be tightening the terms of cover in the context of a testing claims experience in the first half of 2019, according to Gallagher.

Fri 12 Jul 2019

Hiscox casualty re head departure latest in line of senior exits

News

People Moves

Hiscox casualty re head departure latest in line of senior exits

Hiscox head of casualty reinsurance Nicholas Pascall is the latest executive to depart the Lloyd’s blue-chip following a wave of defections and retirements at the carrier.

Fri 12 Jul 2019

News

Cyber

Lloyd’s not-so silent cyber clean up provides reinsurance opportunity

Co-founder and chief executive of cyber-focused InsurTech and MGA Envelop Risk, Jonathan Spry, applauds Lloyd’s mandate to eliminate non-affirmative or “silent” cyber risks from policies incepting from 1.1 next year and predicts it could provide a fillip for the nascent cyber reinsurance market…

Fri 12 Jul 2019

Aon names Ronda president of US Reinsurance Solutions

News

People Moves

Aon names Ronda president of US Reinsurance Solutions

Aon has promoted Tim Ronda to president of its US Reinsurance Solutions business, as chief executive of the division, George deMenocal, divides his responsibilities.

Fri 12 Jul 2019

News

Third Point Re adds TransRe’s Sinclair

Bermudian reinsurer Third Point Re has appointed Transatlantic Reinsurance Company’s David Sinclair as a senior vice president, as it continues to build out its participation in the specialty reinsurance space, The Insurer can reveal.

Fri 12 Jul 2019

News

Hiscox shares suffer after ominous trading update

Hiscox shares were down some 5 percent in early morning trading this morning after the carrier said it expects to deliver a profit before tax for the six months ended 30 June 2019 in the range of $150mn- $170mn, with some $40mn of reserve strengthening for prior year claims from Typhoon Jebi, Hurricane Michael and its risk excess book.

Fri 12 Jul 2019

Jebi creep will continue to impact 2019 results says Carletti

News

Losses

Jebi creep will continue to impact 2019 results says Carletti

Ongoing Jebi creep and growing signs of Michael deterioration could impact 2Q19 results and beyond, according to an industry overview put out this morning (12 July) by analyst Matthew Carletti at JMP Securities.

Fri 12 Jul 2019

Available limits per deal top $1bn for M&A insurance

News

M&A

Available limits per deal top $1bn for M&A insurance

Market capacity in the fast-growing transactional risk insurance segment has reached a level where limits in excess of $1bn are now available to cover individual deals, according to Marsh JLT Specialty.

Fri 12 Jul 2019

Downes steps away from Universal CEO role

News

People Moves

Downes steps away from Universal CEO role

Sean Downes is leaving his position as CEO of Universal Insurance Holdings at the end of this week, with current COO Stephen Donaghy replacing him in the position at the Florida homeowners insurer.

Thu 11 Jul 2019

California regulator warns insurers over quake cover “misinformation”

News

Earthquake

California regulator warns insurers over quake cover “misinformation”

California insurance commissioner Ricardo Lara is to send notice to insurers over what has been described as “misinformation” around quake cover that has led to confusion about an alleged “moratorium” on new policies being written.

Thu 11 Jul 2019