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February 2012
UK motor insurer's shares rise after renewing of reinsurance programme with Hannover Re, Mapfre Re, New Re and Swiss Re.
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BB&T to acquire Crump Life Insurance Services and Crump Property & Casualty Insurance Services for $570m in cash.
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The Bermudian reinsurer has announced Q4 results, including net income of $27.3m, a steep drop from 2010's figures.
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In spite of substantial cat losses, the German reinsurance giant has revealed a profit for both the full year and the final quarter of last year.
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January 1 renewals were “very heterogeneous”, said Munich Re, which also noted that it had pulled away from some business lines which "no longer met profitability requirements."
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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.
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January 2012
Assurant purchases $130m catastrophe reinsurance coverage through Ibis Re II cat bond.
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The agency has downgraded FFVA’s ratings following significant underwriting losses in the first nine months of 2011.
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John Stratton, who joins from Insurance Australia Group, will oversee Brit’s investment and asset management activities.
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The firm hopes to benefit from Fish’s specialist insurance services to people with disabilities on a broker basis.
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The rating agency attributed the downgrades to uncertainties at Old Republic.
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The insurer has named Chen Dai and John Moncavage as principal officer and political risk VP, respectively at the Singapore branch.
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The Bermudian insurer has also raised estimated exposure to Tohoku earthquake by $42.2m to a net loss estimate of $117.3m.
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The company’s combined ratio for the quarter fell to 81.5%, while gross premiums written climbed 12% year on year to $164.26m.
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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.
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The agency has also revised the outlook to stable for Chartis US Insurance and the Lexington Insurance Pool.
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The upgrade reflects Fuji’s favourable risk-adjusted capitalization and parental support from AIG for underwriting and strategic initiatives, said AM Best.
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As part of the acquisition deal, THB’s CEO Frank Murphy will take up an additional role as president of AmWINS’ International division.
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Carl Beardmore is to work from BMS’ newly opened New York office as the firm seeks to strengthen its US operations.
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The insurer’s net written premiums for the fourth quarter of 2011 increased to $3bn, while combined ratio declined to 89.9%.
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The re/insurer’s fourth quarter results will also include $31m in post-tax losses from its weather and energy risk management unit RenRe Energy Advisors.
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The rating revision reflects Generali's weakened capital adequacy and the constraints on its financial flexibility due to current market conditions.
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The insurer may move to “rebuild an international presence” and seek to expand its stake in AIA, said chairman Steve Miller.
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Gross premiums written for the year was around $1.9bn, while overall combined ratio reached around 98%, Alterra’s CEO Marston Becker says.
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These ratings reveal INS’ solid capitalisation, diversified operating strategy and its major position in Costa Rica.
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The US insurer’s board has approved of a new share repurchase programme for up to $1.2bn of common stock.
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The loss estimates include $27.9m from recent Thai floods, and increases of $17.1bn and $11.8bn to earthquakes in Japan and New Zealand, respectively.
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While non-life insurers' rating outlooks were stable in 2011, the outlook on long-term foreign- and local-currency IDRs was revised to negative.
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The new political risk and trade credit team is led by Joe Blenkinsopp, who is also the unit’s new deputy global head
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A spokesperson for Michel Barnier has denied reports that the Solvency II implementation could be pushed back by as much as two years.
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ArgoGlobal to target European D&O business.
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The insurer also expects Q4/2011 cat losses to reach $6.5m post-tax, mainly related to Thai floods.
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The revised outlook from stable to negative is a result of the company’s recent earnings volatility and increased exposure to higher-volatility assets.
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The ratings agency has placed PartnerRe’s ratings under negative review following the company’s loss estimates from the Thai floods,and Q4 results outlook.
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AM Best has kept QBE's 'A' financial strength rating, after the Australian insurer revised its guidance for post-tax profit for 2011.
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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.
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The company’s full year 2011 combined ratio declined 11.9 points to 105.1%, while operating income fell 54% to $1.39bn.
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The agency has upgraded the FSR and ICR of Arch Reinsurance and its affiliates to A+ (Superior) and “aa-”, respectively.
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The underwriter has purchased an initial 50% share in Anglo Underwriting with an option of buying the remaining stake by 2017.
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New AM Best analysis reveals that P&C impairments increased to 28 in 2011, while life/health impairments declined further.
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The total includes $15m from updated catastrophe estimates, the reinsurer said.
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The rating actions reflect uncertainty over whether FSSI’s stock purchase agreement with Torus National Insurance will close as per expectations.
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The revision reflects the Honk Kong based reinsurer’s deteriorated risk-adjusted capitalisation and global cat exposures, said the rating agency.
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The agency withdrew the ratings of Harleysville-Atlantic Insurance and Harleysville Insurance Ohio following their merger.
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Under the purchase agreement, Aon has an option to purchase the remaining shares in the future.
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The specialty insurer estimates its Q4 results will see $25m-$35m in pre-tax cat losses from the floods.
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The new offer by Carlson Capital-backed Barbican “offers no improvement on the earlier proposal,” Omega says.
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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.
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The re/insurer’s new office will focus on the Ukrainian property and casualty insurance market .
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Riley & Associates’ geographic presence will be “an excellent complement to our Southeastern Region's retail brokerage operation,” says CEO, Patrick Gallagher.
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The insurers are eyeing the non life units to expand its services in the fast growing Asian market.
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The Carlson Capital-backed insurer has asked Omega’s board to consider new offer that will create a “merger of equals.”
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The P&C re/insurer expects a post-tax operating loss of between $26m and $41m for the fourth quarter of 2011.
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The deal, which is valued at around $70m, is expected to be complete in the second quarter.
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The agency has also assigned an ICR of “bbb+” to Farmers and Mechanics Fire and Casualty, with a stable outlook.
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Alterra’s local reinsurance unit will be located in Rio de Janeiro and will be led by it Latin America CEO Carlos Caputo.
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The re/insurer’s loss estimations include around $30m from Thai floods largely those related to business interruption.
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The ratings reflect GHS’ recent underwriting losses, which led to major fall in its surplus.
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The insurer also announced an increase in catastrophe loss estimates from the first three quarters of 2011 of $48m.
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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.
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Companies must focus on new products and strategic growth opportunities to achieve profitability amidst ongoing economic challenges, according to Deloitte’s 2012 outlook report.
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S&P rates new issuance from Embarcadero Re cat bond programme.
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The losses include around $72m from Thai floods and $33m from the February 2011 earthquake in New Zealand.
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The new structure will improve Chartis’ consumer and commercial strategies implementation, says the firm.
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Zurich study finds that while companies have upped focus on enterprise risk management, strong risk aware culture is still a long way to go.
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The London based intermediary’s revenue has increased 21% to £87m during the year ended September 30, 2011.
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Moody’s analysis indicates that investment risk is likely to impact insurance ratings in the region over the next 12-18 months.
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The reinsurer expects to report an after-tax operating loss of between $130m and $150m for fourth quarter of 2011.
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Standard & Poor's has revised its ratings on several European insurers after previously lowering ratings for nine eurozone member countries.
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2011 natural catastrophe bond transactions - as of November 17
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AIA, which is partly owned by AIG, is reportedly considering purchasing ING's $6bn Asian insurance operations.
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The agency has assigned a negative ratings outlook following BancInsure’s unfavourable underwriting results over the last three years.
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Rating agency says Aon's move of its headquarters to London highlights international focus.
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The insurer has merged Pioneer General Insurance into American Contractors Indemnity in an attempt to make simplify its structure.
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Standard & Poor’s rates Ibis Re II catastrophe bond, which will provide US insurer Assurant with cover against US hurricanes.
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The agency has also affirmed the reinsurer’s B (Fair) FSR and has revised the ratings outlook to stable.
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The rating firm’s upgrade follows Selective Insurance’s recent takeover of Montpelier US Insurance.
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Though the country continues to attract foreign insurers, intense competition, and other factors could hamper profitability, says AM Best.
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Protectionist reinsurance markets, such as Brazil, limit global risk distribution through reinsurance, notes a coalition of reinsurance trade groups.
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Martin South will continue as chief executive of Marsh UK & Ireland until a successor is hired.
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The New York Federal Reserve Bank has reportedly received offers from Goldman Sachs for mortgage bonds acquired during the AIG bailout.
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UPA's John Uhl and Chris Palmer will join the management team in RSC's Bay Area office.
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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.
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Bermuda's Dah Sing Insurance’s business will be transferred to Dah Sing Insurance Company (1976) in Hong Kong.
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The Paris-based mutual insurer says it has received several “spontaneous expressions of interest for some of the more profitable parts of its business”.
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The accreditation will help “open up new markets for us”, the company’s chairman said.
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The move towards a positive rating action reflects improved claims experience on business that Health Re ceded to Cayman-based Vitality Re.
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The insurer expects the decision to result in expenses of $90m-$110m.
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75% of P&C industry leaders expect profitability to improve in 2012, while 67% expect higher premium growth, according to new III study.
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The reduction from the Australian group reflects higher than expected catastrophe claims in 2011.
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The transaction primarily targets investors in the Asian market, the Swiss-based company said.
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The agency has assigned a stable outlook for the personal lines segment, while being sceptical over a long-term reversal in commercial market pricing.
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Edgewood’s Craig Routson and Brian Marx will join PSA to lead its new Risk Solutions Group
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The (re)insurer has aligned its property underwriting and engineering capabilities and has also added new engineering leaders globally.
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The general insurer has also been assigned an ICR of “a-” and a stable outlook by the agency.
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The insurer will combine Provident Insurance and MMA Insurance to operate as Covéa Insurance in the UK.
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The insurer will offer package, umbrella and auto policies to US agribusiness operations through MiniCo Insurance.
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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.
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The ratings actions follow the Atrium-managed syndicate’s merger into Lloyd's Syndicate 609.
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The insurance intermediary has acquired Argent Professional Insurance to solidify its professional liability units in the US.
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Total industry assets have reached $929bn, China’s insurance regulator said, adding that insurer have not completely adapted to changes in the external environment.
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The country's government has invested the additional amount to expand PT Asuransi Kredit capacity to provide insurance to small business credits.
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The White Mountains subsidiary has bought Bermudian reinsurer Old Lyme’s runoff loss reserve portfolio.
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The ratings agency has affirmed the ‘A-’ FSR and “a-” ICR for Asia Capital Reinsurance units and has also assigned a stable ratings outlook.
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The rating agency has also assigned an "a-" ICR to QBE Del Istmo Reinsurance, Del Istmo Assurance and Liffey Reinsurance.
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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.
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Associated Independent Agencies will now operate as part of Hub International's mountain states business.
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The Australian insurer said it expects reinsurance expenses of $722m-$743m for the financial year ended 30 June 2012.
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Ryan Specialty Group has bought underwriting manager Global Special Risks from Willis North America.
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The P&C insurer expects the newly acquired BTIS “to add in excess of $70m in premiums over the next year.”
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The French insurer has retained its number one spot spot, followed by Generali in the list of largest insurers by 2010 net premiums.
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Mike Taylor-West will operate from a new London office as private client & marine head.
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Capital Bauer’s geographic location will be a “significant addition” to the firm's New York footprint, says AJ Gallagher’s CEO.
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Fresh Start offers insurance to people who face problems in getting insurance as a result of criminal conviction
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The Dutch insurer has offloaded its operations in Latin America to Gruposura as part of plans to divest its insurance and investment management units.
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Jurie Erwee will serve as CEO of a combined enterprise to be known as Marsh Africa
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The ratings action follows QBE Insurance’s agreement to buy Optima Insurance through its Latin American subsidiary.
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Munich Re subsidiary American Modern has sold its life units American Modern Life and Southern Pioneer Life to Securian Financial.
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The ratings agency has revised the outlook on FSRs to stable from negative, while the outlook for the ICRs remains negative.
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The UK insurer has transferred US hurricanes and earthquakes, and European windstorm risks to the capital markets.
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The move is a part of the Chinese insurer’s restructuring process following substantial losses.
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The insurer's new Chinese website will provide comparison across policy benefits, price and services
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The US title insurer has sold 85% of its personal line business to WT Holdings for $119m.
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The ratings agency believes that the insurer’s earnings and coverage will be pressured by the continued low interest rate environment.
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The Belgian units will now be part of the European/Asian insurance business, which are being prepared for IPOs.
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The broker has merged its Italian operations with Marine & Aviation, a major Italian broker, taking a 25% stake in the new entity.
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The Berkshire Hathaway-owned Medical Protective has completed the acquisition of New Jersey based medical professional liability insurer Princeton.
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The US insurer’s operations will be funded by its parent firm to avoid capital levels failing to meet regulatory requirements.
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The changes to the intercompany reinsurance pooling agreement will be effective December 31, 2011.
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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.