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U.S. property/casualty insurers fall to $4.7bn underwriting loss in 2016: ISO, PCI

12th May 2017

U.S. property/casualty (P/C) insurers recorded a $4.7 billion net underwriting loss in 2016 with a combined ratio of 100.7%, compared with an underwriting gain of $8.9 billion and a combined ratio of 97.8% a year earlier, as higher catastrophe losses and less favourable reserve development impacted profitability, according to ISO, ... Read the full article

HPS Investment Partners, MDP and Price Forbes merge UK business networks

12th May 2017

HPS Investment Partners (HPS) and Madison Dearborn Partners (MDP) have announced plans to merge their UK regional business networks. The merger will include most of the firm's existing general insurance investments, two recent acquisitions, and reinsurance broker Price Forbes. Autonet, Chase Templeton, Ryan Direct Group, Towergate Group and Price Forbes will join forces to ... Read the full article

Tokio Marine Kiln & MGAA partner to enhance UK’s delegated underwriting network

12th May 2017

International specialist insurer Tokio Marine Kiln (TMK) will become the principal sponsor of the Managing General Agents’ Association (MGAA), affirming its commitment and support for the delegated underwriting network in the UK. The size of the actual investment remains unclear, but the partnership will see TMK become the principal sponsor of the ... Read the full article

Bermudian reinsurers’ underwriting “still-rational” as challenges persist: S&P

12th May 2017

"Still-rational" underwriting practices across the Bermudian insurance and reinsurance sector so far in 2017 has helped the majority of firms manage the soft market cycle, but higher losses and the impact of the Ogden rate change dented the sector's profitability in Q1 2017, says Standard & Poor's (S&P). Global ratings agency ... Read the full article

IUA says London insurance business growth needs boost

12th May 2017

International Underwriting Association (IUA) Chief Executive Officer (CEO) Dave Matcham, has added his voice to concerned London industry players who say coming years will be crucial to strengthening London's long-term relationship with emerging markets of Asia and Latin America, after the 2017 London Matters report revealed the city's been falling ... Read the full article

Arch moves into Australian market for mortgage re/insurance risk

12th May 2017

Insurer and reinsurer Arch Capital Group's eased entry into the Australian market for mortgage re/insurance has impacted established reinsurance names, as the firm's capabilities in the marketplace begin to be tested. A recent article on macrobusiness.com.au via Banking Day, explores the entry of Arch Capital Group in the Australian mortgage ... Read the full article

Aon Risk Solutions hires Taylor Turney and Joe Clark

11th May 2017

Insurance and reinsurance broker Aon's international risk management division, Aon Risk Solutions, has announced the appointments of Taylor Turney and Joe Clark. Turney joins the firm from JLT Specialty where he served as Vice President (SVP), and joins Aon Risk Solutions as Director in its Los Angeles, U.S., office. In his new ... Read the full article

Lloyd’s Market Association calls for changes to methods for calculating Ogden rate

11th May 2017

The Lloyd’s Market Association (LMA) has called for major changes to the method for calculating the Personal Injury Discount Rate, used to determine the Ogden rate, claiming the Discount Rate being set by referring to Index Linked Gilts instead of balanced investment portfolios used by claimants, will lead to over-compensation. The LMA ... Read the full article

Rumours suggest AIG close to securing Hamilton’s Duperreault as CEO

11th May 2017

Rumours have been spreading across the global insurance and reinsurance industry that AIG is in the final stages of securing Brian Duperreault, founder and Chief Executive Officer (CEO) of Hamilton Insurance, as its new CEO. Analysts at Credit Suisse have commented on reports from the Wall Street Journal (WSJ) that insurance industry ... Read the full article

U.S. cyber insurance pays off despite high loss ratios in 2016: Aon Benfield

11th May 2017

Reinsurance broker Aon Benfield's cyber insurance update for 2016 showed U.S. cyber insurance as profitable despite it being a line of business with above average loss ratios. With cyber being the second top rated business risk throughout Europe and the U.S., the report shows insurers and reinsurers have made progress in leaps ... Read the full article

AGCS & Praedicat combine science with risk management to identify future liability risks

11th May 2017

Allianz Global Corporate & Specialty (AGCS) has collaborated with InsurTech firm Praedicat to utilise big data, advanced data analytics, and comprehensive predictive modelling techniques to better identify future catastrophe liability exposures. AGCS is the corporate insurance carrier of global insurer and reinsurer Allianz, and together with Los Angeles, U.S., domiciled InsurTech ... Read the full article

Catalina Holdings UK completes HFPI and DLM acquisition

11th May 2017

Catalina Holdings has announced that it's UK subsidiary has completed the acquisition of Hartford Financial Products International (HFPI) and Downlands Liability Management (DLM), from The Hartford Financial Services Group. The announcement comes after the insurer received Prudential Regulation Authority (PRA) and Bermuda Monetary Authority (BMA) approval to finalise the purchase. HFPI is a ... Read the full article

Barbican Insurance hires energy underwriter from XL Catlin

11th May 2017

Barbican Insurance has announced former XL Catlin energy class underwriter, Jacqueline Wiffen, as newly appointed class underwriter for upstream energy, with immediate effect. Wiffen, an insurance veteran with over 15 years industry experience, will report to Olivier Decombes, divisional head of energy, power and utilities, Barbican Insurance. Commenting on the appointment, Decombes said; "Jacqueline ... Read the full article

Market conditions could create significant challenges for insurance sector: BIBA

11th May 2017

The UK insurance industry must be cautious of the many challenges and pressures currently facing the sector, which have the potential to converge and materialise at the same time to create a "perfect storm of disruption," warns Steve White, Chief Executive Officer (CEO) of the British Insurance Brokers' Association (BIBA). Addressing ... Read the full article

Jason Hogg named leader of Aon Cyber Solutions and CEO of Stroz Friedberg

11th May 2017

Global insurance and reinsurance broker Aon has named Jason Hogg as the new Leader of Aon Cyber Solutions, and Chief Executive Officer (CEO) of Stroz Friedberg. Aon has announced a number of hires within its cyber division in recent times, and the appointment of Hogg from private equity firm, Tritium Partners, ... Read the full article

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