Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 25th of July 2017
December 28, 2012

Eagle Star risks transferred to RiverStone

by Gill Montia

Story link: Eagle Star risks transferred to RiverStone

Zurich and RiverStone have signed an agreement that transfers the benefits and risks of Eagle Star’s remaining general insurance portfolio as at July 1st, 2012. As a result, $273 million in undiscounted gross liabilities will transfer to RiverStone, predominantly US asbestos, pollution and health risks written from the mid-1940s to the mid-1980s. The transaction will […]



December 19, 2012

Hiscox – Superstorm Sandy claims £90m

by Gill Montia

Story link: Hiscox – Superstorm Sandy claims £90m

Hiscox has announced an estimate for the impact of Superstorm Sandy, which made landfall in the US on 29th October 2012. Net claims are expected to be in the region of £90 million based on an insured market loss of $20 billion. According to the specialist insurer, the estimate is within its overall budgeted loss […]



December 18, 2012

Aviva reaches settlement with Bankia

by Gill Montia

Story link: Aviva reaches settlement with Bankia

Aviva is to transfer its entire holding in Spanish joint venture, Aseval, to Bankia, for £494 million in cash. As a result of the settlement, Aviva and Bankia have applied to the Arbitration Court in Madrid to terminate the legal proceedings between the parties and issue an award which reflects the settlement agreed. The proceeds […]



Zurich’s Storm Sandy estimates hit $700m

by Gill Montia

Story link: Zurich’s Storm Sandy estimates hit $700m

Zurich Insurance Group has estimated aggregate claims net of reinsurance of around $700 million for Storm Sandy, which made landfall in the US on 29th October. The sum includes $40 million relating to Farmers Re regarding reinsurance cover provided to the Farmers Exchanges, which are managed but not owned by a subsidiary of Zurich. In […]



Groupama Insurance credit rating upgraded

by Gill Montia

Story link: Groupama Insurance credit rating upgraded

Following the completion of Ageas UK’s acquisition of Groupama Insurance Company in November, Standard & Poor’s has raised Groupama Insurance’s financial strength rating to BBB with a “stable outlook”. The ratings agency took a number of factors into consideration in making its decision including the company’s good competitive position, established and diversified broker base, strong […]



December 15, 2012

68% of insurers scale back Solvency II implementation

by Gill Montia

Story link: 68% of insurers scale back Solvency II implementation

New research from PricewaterhouseCoopers claims that the majority of insurers now expect Solvency II to fully come into force in 2016. Furthermore, 68% of insurers surveyed have scaled back their implementation programme with this in mind. Certainly, a delay in Solvency II 2014 reporting would be welcomed given that 58% of respondents won’t be ready […]



November 22, 2012

Prospect of global insurance accounting standard dims

by Gill Montia

Story link: Prospect of global insurance accounting standard dims

Swiss Re’s latest “Sigma” report takes a fresh look at the long-running debate over upgrading and harmonising insurance accounting practices. And a key conclusion of the study is that accounting reforms currently under consideration can contribute to more meaningful financial reporting in insurance, but probably need to be complemented with additional metrics that clearly and […]



November 19, 2012

Shareholder Spring “something of an illusion”

by Gill Montia

Story link: Shareholder Spring “something of an illusion”

2012’s “Shareholder Spring” was something of an illusion, according to KPMG’s latest guide to directors’ remuneration, which reveals that there has been less shareholder opposition on pay this year than last. According to the accountancy firm, only 10 companies in the FTSE-100 experienced significant levels of shareholder dissent on remuneration report votes in 2012, compared […]



November 15, 2012

Zurich reports weaker third quarter

by Richard Kilner

Story link: Zurich reports weaker third quarter

Zurich Insurance Group has reported its financial results for the first nine months and third quarter of 2012. In the first nine months of the year the firm reported a business operating profit of US$3.2bn and net income attributable to shareholders of US$2.7bn. This is a decline from the corresponding period last year, when the […]



Hurricane Sandy to have little impact on cat bond market

by Gill Montia

Story link: Hurricane Sandy to have little impact on cat bond market

Willis has declared that the impact of Hurricane Sandy on the catastrophe bond market is likely to be muted, based on current estimates. According to the broker, the scope and scale of the storm makes it unlikely that any bonds will be triggered solely by Sandy; however if losses mount and early estimates prove wrong, […]



November 14, 2012

Willis and Allianz complete electronic accounting link

by Gill Montia

Story link: Willis and Allianz complete electronic accounting link

Willis’ London-based operations and Allianz Global Corporate & Specialty (AGCS) have successfully launched a full electronic accounting process between the two companies, using the current (2010.2) ACORD data standard and exchanging messages via TMEL (The Message Exchange Limited). The move forms part of a continuation in the adoption of e-Accounting in the London Market. Both […]



November 12, 2012

Actuaries launch training modules for micro-insurers

by Gill Montia

Story link: Actuaries launch training modules for micro-insurers

The Institute and Faculty of Actuaries has launched a suite of actuarial training modules aimed at helping businesses that provide micro-insurance in the developing world. The models, which are spreadsheet based, should help micro-insurers run their businesses on sound actuarial principles as they contain clear processes for setting premium rates and calculating reserves and risk […]



November 8, 2012

Lancashire Q3 and 9M profits on the rise

by Richard Kilner

Story link: Lancashire Q3 and 9M profits on the rise

Lancashire Holdings Limited has reported its financial results for the third quarter and first nine months of 2012. Quarterly return on equity rose from 3.6% to 5.7%, with 9M return on equity up from 10.4% in the corresponding period last year to 13.2%. In Q3 gross written premiums fell from $142.9m to $113.5m, and net […]



Swiss Re reports rising Q3 profits

by Richard Kilner

Story link: Swiss Re reports rising Q3 profits

Swiss Re has reported its financial results for the third quarter of 2012. In Q3 the firm made a net income of US$2.2bn, up dramatically from the US$1.3bn of the corresponding period last year. The quarterly net income was even more substantially improved from the preceding quarter, when Swiss Re made just US$83m (largely due […]



November 7, 2012

Munich Re reports strong 9M results

by Richard Kilner

Story link: Munich Re reports strong 9M results

Munich Re has reassessed its expected profits for 2012, and now believes that it will make more than previously estimated. In the first nine months of the year they made a profit of €2.7bn, enormously improved on the €80m of 9M 2011. Over the full course of 2012 the firm is now predicting that it […]



Ageas UK achieves record profits

by Richard Kilner

Story link: Ageas UK achieves record profits

Ageas UK has reported its financial results for the first nine months of 2012, during which it made pre-tax profits of £106.7m. This is 36.4% more than the £78.3m of the corresponding period last year, and is a new record for the firm. It also follows biannual pre-tax profits of £64.1m, an 81% rise from […]



Swiss Re combines hurricane and mortality in new bond issuance

by Gill Montia

Story link: Swiss Re combines hurricane and mortality in new bond issuance

Swiss Re has obtained $200 million in coverage against North Atlantic hurricane and UK extreme mortality risk through a new bond issuance. The reinsurer’s Mythen Re programme is the first to combine hurricane and mortality, and the notes will run until the end of 2016, giving Swiss Re five years of protection for the life […]



November 6, 2012

MMC reports rising profits

by Richard Kilner

Story link: MMC reports rising profits

Marsh & McLennan Companies, Inc. (MMC) has reported that in the third quarter of 2012 it made consolidated revenue of $2.8bn, a 1% year-on-year rise. Quarterly income from continuing operations was $246m, equating to $0.43 per share, nearly double the $133m ($0.23 per share) of the corresponding period last year. Net income was $241m, up […]



XL reports strong profits in Q3

by Richard Kilner

Story link: XL reports strong profits in Q3

XL Group plc has reported its financial results for the third quarter of 2012, during which it made net income of $171.9m. This is approximately fourfold the $42.4m that the firm made during the corresponding period last year, but is down a quarter on the $221.2m it made in Q2 2012. Net income per share […]



November 5, 2012

SCOR places twofold cat bond

by Gill Montia

Story link: SCOR places twofold cat bond

Property, casualty and life reinsurer, SCOR, has successfully placed a new catastrophe bond. Atlas Reinsurance VII Limited is an Irish reinsurance vehicle that will provide the group with protection of $60 million against US hurricanes and earthquakes and €130 million against European windstorms. The risk period extends from 1st January 2013 to 31st December 2015. […]