-
February 2012
Reinsurance organic revenue increased 4% due primarily to strong growth in capital market transactions and advisory business and modest growth in global facultative placements.
-
BB&T to acquire Crump Life Insurance Services and Crump Property & Casualty Insurance Services for $570m in cash.
-
The February 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
-
The insurance departments of California, Washington state and New York are to require insurers to respond to the Climate Risk Survey adopted in 2009 by the NAIC.
-
The American firm has reported a net loss of almost $60m for the final quarter of 2011, and a net loss of $99m for the full year.
-
US insurer Allstate has reported net income of $724m for the fourth quarter of 2011, up from $296m in the same period in 2010.
-
The German reinsurer says that rates increases at January 1 do not yet indicate a hardening market, although it expects further rises throughout subsequent renewals periods.
-
The US Supreme Court has refused to delay the implementation of a $104m judgement against Louisiana Citizens Property Insurance.
-
January 2012
Assurant purchases $130m catastrophe reinsurance coverage through Ibis Re II cat bond.
-
Ace’s fourth-quarter results include $155m of cat losses and a reserve charge for Ace’s run-off businesses including Brandywine, of $80m, of which $67m was a pre-tax addition to asbestos and environmental reserves.
-
Steven Lucas will now lead the development of Ace's Canadian business, reporting to David Brosnan.
-
The agency has downgraded FFVA’s ratings following significant underwriting losses in the first nine months of 2011.
-
The rating agency attributed the downgrades to uncertainties at Old Republic.
-
The company’s combined ratio for the quarter fell to 81.5%, while gross premiums written climbed 12% year on year to $164.26m.
-
The reinsurance broker estimates that the market for insurance loss warranties reached trading volumes of $6bn last year, an estimated 10% to 25% increase in trading.
-
US insurer WR Berkley has reported net income for the fourth quarter of 2011 of $118m, and says “confidence in the cyclical turn is becoming greater”.
-
The insurer has also completed a €2bn syndicated credit facility agreement with a group of banks, including BofA Merrill Lynch and Citigroup.
-
The agency has also revised the outlook to stable for Chartis US Insurance and the Lexington Insurance Pool.
-
As part of the acquisition deal, THB’s CEO Frank Murphy will take up an additional role as president of AmWINS’ International division.
-
Carl Beardmore is to work from BMS’ newly opened New York office as the firm seeks to strengthen its US operations.
-
Insurance trade associations settle foreign investment litigation with the California Department of Insurance.
-
The insurer’s net written premiums for the fourth quarter of 2011 increased to $3bn, while combined ratio declined to 89.9%.
-
The Lloyd's broker will “act as a vehicle to expand our international presence and leverage our strength worldwide,” says Kaufman’s CEO, Jay Kaufman.
-
Daniel Westbury brings more than 20 years of insurance experience serving in both brokers and carriers.
-
The insurer may move to “rebuild an international presence” and seek to expand its stake in AIA, said chairman Steve Miller.
-
These ratings reveal INS’ solid capitalisation, diversified operating strategy and its major position in Costa Rica.
-
The US insurer’s board has approved of a new share repurchase programme for up to $1.2bn of common stock.
-
Towers Watson’s new report reveals that the April 2010 drilling rig explosion and oil spill drove the 5.1% climb in the tort costs in 2010.
-
Airline insurers make a profit in 2011 - a result of the market's loss figure falling to $1.1bn from $2.1bn in 2010, says Aon Risk Solutions.
-
Comment: Guy Carpenter’s reinsurance renewals report included a handy checklist of the big themes facing the global insurance and reinsurance market this year. it is noticeable what themes don’t make the list, says Michael Loney, managing editor of Reactions.
-
A $420m asbestos ruling in favour of Travelers has been upheld by a New York appellate court.
-
David Brown will lead the newly formed specialty industry segment to serve fleet transportation firms
-
An exciting development for the aviation insurance market and plane spotters everywhere is the long awaited introduction of Boeing’s 787 Dreamliner family of airplanes into commercial use.
-
Impact of RMS v11, exposure to severe losses and overall competitive pressures combined to move US P&C renewal rates up to 5%, says Towers Watson.
-
Rating agency says excess capital and good risk management give global reinsurers a cushion against 2011’s high catastrophe losses.
-
The company’s full year 2011 combined ratio declined 11.9 points to 105.1%, while operating income fell 54% to $1.39bn.
-
Aviation insurers are flying high after stellar results in 2011. But how long will it last?
-
Reinsurance CEO Jonathan Turner is to depart the firm following a restructure to bring together Brit’s reinsurance and global markets units.
-
US commercial insurance rates are expected to climb across many lines of business in 2012, continuing a trend that began in the second half of 2011, according to a report from Marsh.
-
US commercial property/casualty pricing rebounded in the fourth quarter of 2011, according to The Council of Insurance Agents & Brokers’ quarterly Commercial P/C Market Index Survey.
-
Insured losses from the recent storm that hit southeast US between January 21 and January 23 are expected to be well below $100m.
-
Interview: Eric Smith, CEO of Swiss Re Americas, tells Reactions his views on the January 1 2011 reinsurance renewals and what areas he sees opportunities for growth.
-
New AM Best analysis reveals that P&C impairments increased to 28 in 2011, while life/health impairments declined further.
-
Bob Benmosche, CEO of AIG said that he will quit the firm by 2015, adding that he wants to ensure the insurer’s bailout repayment during his tenure.
-
The insurer has named Aaron Diefenthaler as its new VP, CIO to oversee its investment strategy, policy and asset allocation.
-
High unemployment in the US and a sluggish economic recovery, among others, would drag the US workers’ comp industry, says S&P.
-
The rating actions reflect uncertainty over whether FSSI’s stock purchase agreement with Torus National Insurance will close as per expectations.
-
The agency withdrew the ratings of Harleysville-Atlantic Insurance and Harleysville Insurance Ohio following their merger.
-
INTERVIEW: Greg Case, CEO of Aon, believes that the insurance broker can help its customers manage their way through the tough global operating environment and rise to the challenge of new and complex risks by working on a more robust fact basis.
-
The property/casualty holding company has formed On Point Risk Solutions to offer P&C services to commercial property insurance carriers, reinsurers and self insureds.
-
The re/insurer’s new office will focus on the Ukrainian property and casualty insurance market .
-
Riley & Associates’ geographic presence will be “an excellent complement to our Southeastern Region's retail brokerage operation,” says CEO, Patrick Gallagher.
-
The deal, which is valued at around $70m, is expected to be complete in the second quarter.
-
Terry Rybicki and Ian Galloway have been named as entertainment distribution head and entertainment claims/risk head, respectively.
-
The agency has also assigned an ICR of “bbb+” to Farmers and Mechanics Fire and Casualty, with a stable outlook.
-
The insurer has appointed Munich Re America’s William Redington to lead the new professional liability reinsurance division.
-
The ratings reflect GHS’ recent underwriting losses, which led to major fall in its surplus.
-
A strong fourth-quarter for cat bonds has some predicting a “banner year" for the insurance-linked securities market in 2012. Includes full-year data for ILS issuance.
-
S&P rates new issuance from Embarcadero Re cat bond programme.
-
Shane McCaffrey will be responsible for Defense Base Act and Foreign Casualty insurance for US-based multinational firms.
-
The losses include around $72m from Thai floods and $33m from the February 2011 earthquake in New Zealand.
-
Stephen Dinsdale and Jerry Ruth will support Ace’s strategies to offer global property and liability solutions to the aerospace industry.
-
The new structure will improve Chartis’ consumer and commercial strategies implementation, says the firm.
-
There was plenty to consider at the 1/1 reinsurance renewals, such as near-record catastrophe losses and irksome risk modelling issues. Now that feedback is in from reinsurers, brokers and cedants, we try to make sense of it all.
-
2011 natural catastrophe bond transactions - as of November 17
-
AIA, which is partly owned by AIG, is reportedly considering purchasing ING's $6bn Asian insurance operations.
-
The agency has assigned a negative ratings outlook following BancInsure’s unfavourable underwriting results over the last three years.
-
Rating agency says Aon's move of its headquarters to London highlights international focus.
-
The insurer has merged Pioneer General Insurance into American Contractors Indemnity in an attempt to make simplify its structure.
-
Standard & Poor’s rates Ibis Re II catastrophe bond, which will provide US insurer Assurant with cover against US hurricanes.
-
The ILS market enjoyed a strong end to 2011, with nearly $2bn-worth of new deals in the fourth quarter. But concerns are rising in Europe over the underlying collateral solutions used in cat bonds, according to a new Aon Benfield report.
-
The enhanced coverage will help oil and gas well operators adapt to more responsibility thrust on them for equipment loss or damage.
-
The rating firm’s upgrade follows Selective Insurance’s recent takeover of Montpelier US Insurance.
-
Juliene Conway will replace Eleanor Barnard, present chief distribution, sales and marketing officer, who will be stepping down.
-
Protectionist reinsurance markets, such as Brazil, limit global risk distribution through reinsurance, notes a coalition of reinsurance trade groups.
-
Vincent Marrot will be responsible for delivery of risk engineering products for the broker’s energy practice.
-
The New York Federal Reserve Bank has reportedly received offers from Goldman Sachs for mortgage bonds acquired during the AIG bailout.
-
UPA's John Uhl and Chris Palmer will join the management team in RSC's Bay Area office.
-
The re/insurer has appointed Markel’s Michael Gramm to manage its new excess auto product line.
-
Aon – the largest reinsurance broker in the world, and the second largest insurance brokerage – has moved its corporate headquarters from Chicago to the City of London.
-
Chartis CRO Samir Shah believes risk management is a basis for competition and not for policing the company.
-
The move towards a positive rating action reflects improved claims experience on business that Health Re ceded to Cayman-based Vitality Re.
-
Richard Sheldon will be responsible for leading a team of environmental specialists in driving growth
-
Increased impacts to insurers’ investment income due to low interest rates cited as major cause of rate increases.
-
The insurer expects the decision to result in expenses of $90m-$110m.
-
75% of P&C industry leaders expect profitability to improve in 2012, while 67% expect higher premium growth, according to new III study.
-
The reduction from the Australian group reflects higher than expected catastrophe claims in 2011.
-
Scott Wallace has decided to quit the Florida state-backed insurer, but plans to remain until April for a smooth transition.
-
The World Economic Forum has reported the economic and social turmoil have become major risks at the start of 2012, with technology and regulation also proving concerns.
-
Catastrophes resulted in about $107bn in insured losses during 2011, second only to $120bn in 2005, says Aon Benfield’s annual catastrophe report.
-
The agency has assigned a stable outlook for the personal lines segment, while being sceptical over a long-term reversal in commercial market pricing.
-
Joseph Waked, the new chief executive, said that he intends to double the US company’s revenues over the next five years.
-
Data: AM Best data reveals world's largest insurance companies by assets and net premiums.
-
Sarah Brien and Alex Hardy have joined the division as senior underwriter and underwriter, respectively.
-
ANALYSIS: A report on January renewals from reinsurance broker Guy Carpenter says after a costly year of Asian catastrophes in supposed “cold spots”, capital levels have recovered but cat rates are sharply up at renewal.
-
Edgewood’s Craig Routson and Brian Marx will join PSA to lead its new Risk Solutions Group
-
The renewals were orderly but deals took longer than usual, says Swiss Re America’s CEO at a conference, while FM Global’s CEO says property will start to look more like casualty because supply chain issues are making the tail longer.
-
The ratings agency has upgraded the insurer’s FSR to A- (Excellent) and ICR to "a-" with a stable outlook to the ratings.
-
In a bid to improve its commercial and consumer business strategies, the insurer has appointed Murli Buluswar as chief science officer
-
Michael Mahaffey, CRO of Nationwide, is chairman of the recently formed North American CRO Council. Here he explains to Garry Booth how the Council will work for its members.
-
Jonathan Greenway has succeeded Jim Lauerman as president of HCC’s aircraft owners coverage unit Avemco Insurance.
-
The insurer will offer package, umbrella and auto policies to US agribusiness operations through MiniCo Insurance.
-
The rating agency has maintained its stable outlook for the global reinsurance industry, but suggested that pricing may be moving upward across all business classes.
-
The insurance intermediary has acquired Argent Professional Insurance to solidify its professional liability units in the US.
-
It has been a long time coming – but the chief risk officer role seems to have finally, quietly come of age, says Reactions' contributing editor Garry Booth.
-
The influence of the chief risk officer is spreading through the insurance industry, says Axel Lehmann, chief risk officer of Zurich Financial Services Group and chairman of the CRO Forum
-
COMMENT: Policymaker and big businesses still have a lot to learn about resilience, judging from the findings of a new report from Chatham House, says Reactions contributing editor Garry Booth.
-
ANALYSIS: An Aon Benfield report suggests that overhaul of cat models in 2011 “missed” the mark, Florida will seek added reinsurance, and reinsurers remain well capitalised – managing an aggregate profit for 2011.
-
Rod Fisher will be based at FM Global’s Johnston, Rhode Island corporate offices.
-
Associated Independent Agencies will now operate as part of Hub International's mountain states business.
-
Ryan Specialty Group has bought underwriting manager Global Special Risks from Willis North America.
-
The P&C insurer expects the newly acquired BTIS “to add in excess of $70m in premiums over the next year.”
-
The US insurer’s travel coverage products will be underwritten by Pennsylvania based underwriter Old Republic.
-
One percent increase in composite US property/casualty rates “further supports our findings that the soft market cycle has ended”, says MarketScout.
-
The broker’s North American executive risks practice will now operate under the name Finex North America.
-
The world’s biggest reinsurer estimated global insured losses at $105bn, above the $101bn level of cat claims in 2005, the next most damaging year.
-
Capital Bauer’s geographic location will be a “significant addition” to the firm's New York footprint, says AJ Gallagher’s CEO.
-
The organisation will look to “redefine the ‘risk manager’ and their responsibilities” in 2012, Deborah Luthi said.
-
Munich Re subsidiary American Modern has sold its life units American Modern Life and Southern Pioneer Life to Securian Financial.
-
The ratings agency has revised the outlook on FSRs to stable from negative, while the outlook for the ICRs remains negative.
-
The December 2011/January 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
-
The US title insurer has sold 85% of its personal line business to WT Holdings for $119m.
-
The ratings agency believes that the insurer’s earnings and coverage will be pressured by the continued low interest rate environment.
-
The Berkshire Hathaway-owned Medical Protective has completed the acquisition of New Jersey based medical professional liability insurer Princeton.
-
The US insurer’s operations will be funded by its parent firm to avoid capital levels failing to meet regulatory requirements.
-
Reinsurance market rates have “increased by meaningful amounts” over the past six months, says a report from US reinsurance broker Holborn.
-
Brian Boornazian, chief executive of Bermudian reinsurer Aspen Re, says the market turn is neither “classic”, nor “dramatic”, and that rates at renewal are still no higher than 1999 prices.
-
Gwen Fuller-McGriff will act as director of South Carolina's insurance department following David Black’s resignation.
-
The changes to the intercompany reinsurance pooling agreement will be effective December 31, 2011.
-
P&C insurers’ nine-month combined ratio deteriorated to 109.9%, while net underwriting losses grew to $34.9bn, says PCI.
-
A report from rating agency Moody’s says the US insurance market still has reserve redundancy on aggregate but that capital is deficient for the most recent accident years.