Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 26th of September 2018
July 31, 2012

PartnerRe returns to the black in H1

by Richard Kilner

Story link: PartnerRe returns to the black in H1

PartnerRe Ltd. has reported net income of $176.1m, equating to $2.50 per share, in the second quarter of 2012. This is a significant increase on the $124.2m (1.69 per share) the firm made in the corresponding period in the previous year, but is half the $360.1m (or $5.24 per share) it made in the first […]



CNA reports improved biannual profits

by Richard Kilner

Story link: CNA reports improved biannual profits

CNA Financial Corporation has reported that in the second quarter of 2012 it made net income of $166m, or $0.62 per share. This is a significant year-on-year increase from $124m, but is sharply down from the $250m ($0.93 per share) the firm made in Q1 2012. The firm also made a quarterly net operating income […]



Validus reports improved quarterly results

by Richard Kilner

Story link: Validus reports improved quarterly results

Validus Holdings, Ltd. has reported its financial results for the second quarter of 2012, including net income of $167.6m, equating to $1.62 per diluted common share. This is a substantial improvement on the $109.9m net income ($1.05 per diluted common share) that the firm made in the corresponding period last year. The second quarter was […]



July 30, 2012

LV= reports strong H1 life & protection sales

by Gill Montia

Story link: LV= reports strong H1 life & protection sales

LV= has reported strong life and pensions figures for the first half of 2012, with sales up 24% to £86 million on an APE basis (H1 2011: £69.3 million). Retirement business increased 25% with APE rising to £66.7 million (H1 2011: £53.5 million) and protection business saw 20% growth with APE at £16.1 million (H1 […]



Hiscox reports good H1 results

by Richard Kilner

Story link: Hiscox reports good H1 results

Hiscox has reported its interim results for the six months ended 30 June 2012, including pre-tax profits of £125.8m. This marks a welcome return to the black after the firm incurred a pre-tax loss of £85.6m in the first half of 2011, when the world saw an unprecedented level of natural disasters. Biannual gross written […]



Governments agree new tax compliance model

by Gill Montia

Story link: Governments agree new tax compliance model

The governments of France, Germany, Italy, Spain, the UK and the US have published a joint communiqué outlining a new model of tax compliance, relating in particular to the implementation of the US Foreign Account Tax Compliance Act (FATCA). According to HM Treasury, the model sets out a framework within which: 1. The legal barriers […]



July 29, 2012

Solvency II training for insurers’ boards inadequate

by Gill Montia

Story link: Solvency II training for insurers’ boards inadequate

The majority of insurers are not doing enough to bring their boards up to a suitable level of Solvency II understanding, according to KPMG, which points out that failings in this area are jeopardising insurers’ chances of gaining a competitive advantage and ensuring regulatory compliance. In a recent report, the accountancy firm claims that 80% […]



July 28, 2012

New rules for banks selling insurance in packaged accounts

by Gill Montia

Story link: New rules for banks selling insurance in packaged accounts

From 31st March 2013, banks and building societies selling packaged accounts will have to adhere to new rules just published by the Financial Services Authority (FSA). Around one in five UK adults have a packaged account, which is current account bundled up with a range of insurance policies and other features. The regulator wants to […]



July 27, 2012

Uninsured homes on the rise

by Richard Kilner

Story link: Uninsured homes on the rise

New research from The Co-operative Insurance has revealed that almost a fifth (18%) of UK adults lack home insurance and are therefore financially exposed to the risks of burglary and other hazards. The incidence of no insurance is twice as prevalent for the under 35s, 36% of whom lack it. More than half (52%) of […]



Council successfully prosecutes insurance fraudsters

by Gill Montia

Story link: Council successfully prosecutes insurance fraudsters

The London Borough of Havering has brought successful prosecutions for contempt of court against three people attempting insurance fraud. Marc Bowyer, of Rush Green, and James Jones, of Dagenham, both pleaded guilty at The Royal Courts of Justice earlier this week. In addition, Mr Bowyer’s father, Richard Bowyer, who denied any involvement in the scam, […]



July 26, 2012

ACE reports mixed results

by Richard Kilner

Story link: ACE reports mixed results

ACE Limited has reported its financial results for the quarter ended 30 June 2012, including net income of $328m. This is a 45% decline from the $594m of the corresponding period last year, with net income per share dropping from $1.74 to $0.96. However, biannual net income increased by 54%, from $844m to $1,301m with […]



Aspen reports improved Q2 and H1 results

by Richard Kilner

Story link: Aspen reports improved Q2 and H1 results

Aspen Insurance Holdings Limited has reported its financial results for the second quarter and first half of 2012. Net income after tax increased dramatically for the quarter, rising from $9.1m in Q2 2011 to $84.6m in Q2 2012 (equating to a rise in diluted net income per share from $0.05 to $1.03). Quarterly gross written […]



Lancashire reports drop in Q2 profits

by Richard Kilner

Story link: Lancashire reports drop in Q2 profits

Lancashire Holdings Limited has reported its financial results for the second quarter and first half of 2012. Quarterly pre-tax profits declined from $91m to $60.6m but biannual pre-tax profits rose from $99.4m to $107.1m. Profits after tax in the three months ended 30 June 2012 fell from $88.9m in 2011 to $58.5m in 2012. However, […]



JLT lifts the lid on solicitors’ PI

by Gill Montia

Story link: JLT lifts the lid on solicitors’ PI

JLT Specialty (JLT) has launched a buyers’ guide to solicitors’ professional indemnity (PI) insurance. The five-step guide covers risk assessment criteria, the insurance supply chain and the impact of business planning on premiums. Readers are also invited to explore the purchasing process within the context of broader market conditions. JLT Specialty partner, Mike Perry, comments: […]



Insurance-linked securities issuance breaches $2bn

by Gill Montia

Story link: Insurance-linked securities issuance breaches $2bn

In its latest review of the insurance-linked securities (ILS) market, Aon Benfield reports that catastrophe bond issuance for the second quarter of 2012 reached $2.1 billion, compared with $1.5 billion of deals brought to market during the previous three months. A total of seven transactions closed during Q2 2012, featuring both new and repeat sponsors, […]



July 25, 2012

Catlin appoints US CEO

by Richard Kilner

Story link: Catlin appoints US CEO

International specialty property/casualty insurer and reinsurer Catlin Group Limited has announced the appointment of Andrew McMellin to the post of Catlin US chief executive officer. McMellin, presently the firm’s deputy chief underwriting officer, will assume his new position on 1 September and retain his seat upon the Catlin Group Executive Committee. Catlin US has its […]



July 24, 2012

Henderson acquires Arlington Financial Ltd

by Brian Turner

Story link: Henderson acquires Arlington Financial Ltd

Henderson Insurance Brokers Teesside has expanded its business portfolio with the acquisition of one of the North East’s leading firms of independent financial advisors. Arlington, which handles the finances of many wealthy North East individuals and businesses with a portfolio in excess of £100 million for both individual and business clients, will now be known […]



FSA fines former commercial broker £472,000

by Gill Montia

Story link: FSA fines former commercial broker £472,000

The Financial Services Authority (FSA) has banned and fined a former commercial insurance broker who used clients’ insurance premiums to fund his business. Stephen Goodwin, a former partner of Goodwin Best based in Bury, Lancashire, has been fined £471,846 for his failings and has been prohibited from working in regulated financial services. Between 2008 and […]



RSA partners John Lewis Insurance

by Gill Montia

Story link: RSA partners John Lewis Insurance

RSA has been appointed to provide pet, wedding & event and home insurance for John Lewis Insurance, following a competitive tendering process. The insurer will begin underwriting wedding & event and pet products from today and home insurance from January 2013. RSA personal lines managing director, Mark Christer, comments: “John Lewis Partnership is deservedly one […]



Strategic shift for catastrophe reinsurance market

by Gill Montia

Story link: Strategic shift for catastrophe reinsurance market

The catastrophe reinsurance market may be on the cusp of a strategic shift, with third party capital providers set to take on increasing amounts of peak catastrophe risk. According to Willis Capital Markets & Advisory’s (WCMA) latest insurance-linked securities update, private unlisted vehicles and growing specialist independent catastrophe risk funds will take an increasing share […]