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Financial Management

Month: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
  • April 2014

    Quindell threatens legal action 23 April 2014

    US shortseller Gotham City Research has said up to 80% of Quindell's profits are "suspect" and it is "little more than a country club".

  • Talanx lists on Warsaw Stock Exchange 23 April 2014

    Germany’s third-largest insurer began trading on the Warsaw stock exchange today at PLN120.00 (£23.58) per share.

  • Travelers profits up in Q1: Free to view 23 April 2014

    Traveler’s profits rose by 17% in Q1; net income was $1.05bn, from $896m in the previous year, in spite of increased catastrophe losses in the quarter.

  • Turkish insurance market flourishes in 2013 23 April 2014

    After four years of poor performance, the Turkish insurance market was bolstered in 2013 as it benefited from political stability and policies encouraging savings and insurance.

  • Aspen and Endurance continue to spar 21 April 2014

    Bermudian-based businesses Endurance and Aspen have continued their war of words over the Easter weekend as the pair argue what value the mooted deal offers shareholders.

  • Future Generali to keep insurance venture 21 April 2014

    Indian conglomerate Future Group, which in March last year announced plans to reduce its interests in non-life insurance group Future Generali, appears to have changed its mind about the divestment.

  • BaFin warns on low rates 20 April 2014

    Felix Hufeld of German regulator BaFin has warned that some large life assurers could be in difficulty if low interest rates persist for a long time.

  • Endurance takes another swipe at Aspen 18 April 2014

    Latest move comes after Aspen initiated a one-year shareholder rights plan with Endurance chief financial officer Michael McGuire accusing of Aspen of handing its shareholders a poison pill.

  • Hiscox offers web traffic cash incentive 17 April 2014

    Hiscox has teamed up with Commission Junction to offer affiliates revenue generating opportunities for bringing web traffic to its quote and buy website.

  • RSA sells Baltics and Polish operations 17 April 2014

    UK-based RSA Insurance has continued its sale of non-core assets with the divestment of three businesses in the Baltics and the leading direct motor insurer in Poland. The buyer is Poland-based PZU

  • Tech key in achieving higher profit targets 16 April 2014

    Technology and analytics will have a major role to play in the ability of insurers and reinsurers to reach the higher profitability markets many have had imposed upon them in light of low investment returns.

  • Aviva sells stake in S. Korean business 15 April 2014

    Aviva has sold its stake in its South Korean business as part of plans to focus on market where the insurer has a competitive advantage.

  • PZU reportedly bidding for RSA Lithuania arm 15 April 2014

    Polish insurer PZU has reportedly bid to buy RSA’s Lithuanian arm, Lietuvos draudimas, according to local press.

  • Tech uptake changing insurance forever 15 April 2014

    The uptake of new technological tools and a better grasp on how to analyse large and complex data sets means the traditional insurance and reinsurance markets look increasingly likely to have changed forever.

  • AIR strengthens with Guin promotion 14 April 2014

    Catastrophe modeller AIR has strengthened its market offering by handing Dr Jay Guin more responsibility at the firm.

  • Axa and Facebook partner in France 14 April 2014

    Axa has partnered with Facebook in France to boost its profile through marketing while Facebook starts building its relationship with major French companies.

  • Excess liquidity allows low interest rate profits 11 April 2014

    The industry could benefit from offering excess liquidity in a low interest rate environment instead of reducing the credit quality of their portfolios, JP Morgan has argued.

  • Nomura ups EPS estimate for US quartet 11 April 2014

    A benign first quarter for catastrophe activity as well as significant share buybacks have allowed Nomura to increase its earnings per share predictions for four US carriers.

  • Romania hurts Vienna result 11 April 2014

    Vienna Insurance Group booked a 2013 pre-tax gain of €355.1m, down 37% year on year, following adverse developments in Romania and Italy

  • Axa fails to collect thousands of premiums 10 April 2014

    Axa has failed to collect thousands of premiums in Ireland as new banking systems have not been established to meet EU regulation changes.

  • R&Q signs two new deals 10 April 2014

    Randall & Quilter has signed a reinsurance to close deal on 2011 YoA of syndicate 102, and taken on the liabilities of a captive cell from SEG

  • Warta upgraded by S&P 09 April 2014

    Standard & Poor's has upgraded Polish insurer Warta, citing the benefits of the becking o owner Talanx Group, and strong operating earnings.

  • Allianz plans Canada expansion 04 April 2014

    Allianz is planning a major expansion in Canada during 2014 with the German insurance giant targeting C$350m of premium by year end.

  • Marsh & McLennan buys Capstone insurance 04 April 2014

    Marsh & McLennan Agency has acquired Capstone Insurance Services, which will be merged into Marsh's Greenville, South Carolina, office.

  • Asta becomes Skuld's syndicate MGA 03 April 2014

    Third-party managing agent Asta has taken over the role as Skuld Syndicate 1897’s managing agent, succeeding R&Q Managing Agency.

  • Charles Taylor group CFO Soso resigns 03 April 2014

    Tito Soso has resigned as CFO for Charles Taylor. He will join an unnamed private equity firm in a senior leadership role shortly.

  • India rate drop pushes GIC to look abroad 03 April 2014

    Indian re/insurers have seen reinsurance prices dropping 20% which is causing the General Insurance Corporation of India (GIC) to look for more business abroad.

  • TransRe rated positive from stable 03 April 2014

    Transatlantic Reinsurance Co (TransRe) has had its rating revised to positive from stable after its 2013 results were at or near historic highs, according to AM Best.

  • Hancock Holding Co sells P&C arm 02 April 2014

    Hancock will retain its life and title insurance lines of business within Hancock and Whittney Insurance agencies.

  • Neal sets sights on 2014 profit for QBE 02 April 2014

    QBE chief executive John Neal has set his sights on boosting profits in 2014 after writedowns in its North American business last year left it nursing a significant loss.

  • Vienna Insurance Ukraine premium grows 16.2% 02 April 2014

    Double digit premium growth for Vienna Insurance’s Ukrainian arm defies concerns over political unrest harming insurers.

  • March 2014

    Alternative capital for casualty 31 March 2014

    Surplus property cat capacity is moving into the casualty sector making conditions softer, writes Garry Booth.

  • Fitch upgrades Mapfre 31 March 2014

    Rating agency Fitch has upgraded Mapfre, citing, among other things, its strong underwriting performance

  • Private equity firm invests in RSA 31 March 2014

    RSA Insurance welcomed a much-needed share price boost after private equity firm Cevian Capital invested in the troubled insurer.

  • Roundtable: Improving ERM 31 March 2014

    RMS-sponsored roundtable on ERM. Chris Munro hosts.

  • Watford Re ready to go 31 March 2014

    Watford Re, a joint venture of Arch Capital and Highbridge Capital Management, is ready to begin operations

  • Aviva Investors sells River Road unit 28 March 2014

    UK-based insurer Aviva is divesting its US River Road asset management business to Affiliated Managers Group (AMG).

  • Helios Underwriting buys Bernul for £800k 28 March 2014

    Helios Underwriting has made a £800k cash consideration deal to buy out Lloyd’s member Bernul to boost its capacity.

  • QBE and Cobalt make $50m capacity deal 28 March 2014

    Cobalt Underwriting has broadened its product offering after QBE provided the Shariah-compliant insurer with $50m of casualty capacity.

  • Scor signs life deal with Banco Sabadell 28 March 2014

    Scor Global Life has signed a VIF monetisation deal with an insurance subsidiary of Spain's Banco Sabadell

  • Xchanging launches Ipad claims app 27 March 2014

    The first Ipad app allowing people to provide claims agreement facilities directly has been launched by Xchanging today.

  • Lloyd’s makes £3.2bn 2013 profit 26 March 2014

    The Lloyd’s market has revealed its results for 2013, including a combined ratio of 86.8%.

  • Tawa splitting up, reveals $78.3m losses 26 March 2014

    Restructuring Tawa is to split following losing $38.2m on continuing operations and $40.1m on business in run-off, according to its preliminary results for 2013.

  • AIG Europe boosts combined ratio to 84% 25 March 2014

    AIG has managed to bolster its underwriting profit to £181m in 2013 after suffering a £32m loss in 2012.

  • Aviva sells Turkish insurance arm 25 March 2014

    Aviva is selling its Turkish general insurance branch to a private equity consortium with the deal expected to complete in the first half of 2014.

  • RSA launches £773m share sale 25 March 2014

    UK-based RSA Insurance Group has announced a £773m ($1.275bn) rights issue to raise capital for the insurer.

  • China faces risk of capital outflow: ING 24 March 2014

    Economists fear the massive implications associated with predicting a Chinese crisis for investment portfolios according to Maarten-Jan Bakkum, ING Investment Management.

  • Mexico multiple policy renewal boosts industry 24 March 2014

    Mexico’s insurance combined ratio improved to 104.5% in 2013 thanks to better operating costs control, combined with a stable claims ratio, Fitch has reported.

  • Talanx expects profit dip from €762m in 2013 24 March 2014

    Hannover Re-owned German insurer Talanx thinks its profit for 2014 will dip slightly from last year's figure.

  • Besso fined £315,000 for control failures 21 March 2014

    UK-based broker Besso has been fined £315,000 by the UK regulator Financial Conduct Authority for maintaining what the FCA called "a weak control environment" when it came to payments to third parties.

  • Ingosstrakh cuts Ukraine business 21 March 2014

    Russia-based insurer Ingosstrakh has cut back on the business offered in Ukraine by subsidiary INGO Ukraine, group president Alexander Grigoriev told journalists this week.

  • Canopius doubles profits for 2013 20 March 2014

    Lloyd's reinsurer Canopius has announced a record set of results for its tenth anniversary year of 2013. Reactions spoke with Michael Watson to learn more.

  • ING raises $1.18bn from ING US shares 20 March 2014

    ING raised a hefty $1.18bn from selling shares as it loses its majority stake in ING US as the Dutch insurer plans to reduce core debt.

  • UK budget may cut annuity market by £15bn p/a 20 March 2014

    Life insurers focusing on annuities could be seriously threatened by the UK’s budget proposals, but diversified insurers like Aviva and Prudential are expected to absorb negative effects, Fitch said.

  • UK pensions overhaul is "overall positive" - Resolution 20 March 2014

    The UK Chancellor's contentious decision to remove requirements to buy annuities for a pension plan is an overall positive for the pensions market, Resolution argues.

  • JLT Towers Re merges Bermuda operations 18 March 2014

    JLT Tower Re is combining its two Bermudian branches following JLT Re’s acquisition of Towers Watson’s reinsurance broking arm.

  • Swiss discipline holds despite competition 18 March 2014

    A Fitch Ratings report says Swiss insurance market competition is tough but that insurers in the saturated market are still highly disciplined in their underwriting.

  • Income rises 5.4% at Hannover Re 11 March 2014

    German reinsurer Hannover Re has posted mixed results, but an improved bottom line, for 2013.

  • Convergence capital is an industry "emergency" 10 March 2014

    Alternative capital could double the industry's capital base, making the challenges faced by the traditional market an emergency, said Kai-Uwe Schanz, chairman of Dr Schanz, Alms & Company.

  • Ace adds private equity to M&A practice 07 March 2014

    Ace is expanding its M&A practice to include private equity, where Seth Gillston will be executive vice president, as Ace is seeing M&A activity pick up.

  • Ascot reports 2013 80.3% combined ratio 07 March 2014

    Ascot Underwriting made £79.9m profit before tax last year but the CEO warns that 2014 will be challenging.

  • Aviva 2013 profits grew 6% 06 March 2014

    Aviva is planning on using internal reinsurance more effectively as part of its plans to hit its £2.2bn targeted balance.

  • Aviva completes record longevity risk deal 06 March 2014

    Insurer Aviva has secured a £5bn longevity risk transaction for its UK staff pension scheme. Swiss Re and Scor are among the reinsurers involved.

  • Comment: The Singapore Sting 06 March 2014

    Singapore is prominent in insurance news these days, but Reactions' Garry Booth points out some of the problems that come with rapid growth.

  • JLT Re launches Argentina branch 06 March 2014

    JLT has launched a reinsurance branch in Argentina and has hired Matias Rosales to head up the operation.

  • Admiral ends 2013 with 7% profit rise 05 March 2014

    UK-based Admiral posted a record level of profit in 2013 despite rates in the market falling by around 13% during the year.

  • GCC market still attractive – Moody's 05 March 2014

    Rating agency Moody's Investors Service has issued a report on the Middle East's Gulf Cooperation Council (GCC) insurance market, saying that while rates are soft, the region's reinsurance market is predicted to grow.

  • London mkt spends £1bn on claims experts 05 March 2014

    The London market spends over £1bn on third party claims experts per year, Xchanging claims, after developing a platform to tackle the issue.

  • Novae doubles 2013 underwriting profit 05 March 2014

    Novae managed to grow its underwriting profit by 50% in 2013, which counteracted falling gross written premiums and investment income.

  • Scor boasts record profit for 2013 05 March 2014

    Reinsurance group Scor has revealed net income of €549m for 2013, while also growing its gross premium by nearly 8%.

  • Xchanging pilots 2nd industry platform 05 March 2014

    Xchanging is looking to launch an Insurance E-placing initiative, despite previous models in the US and UK have often failing or being slow to gain traction.

  • FM Global ups profit to $1bn 04 March 2014

    Mutual insurer FM Global has revealed a 77.7% combined ratio for its annual 2013 results.

  • Investec launches bond swap for duration risk 04 March 2014

    Aimed at general insurers and reinsurers, investment firm Investec's Impala bond programme looks to hedge duration risk in fixed income bond portfolios.

  • JLT 2013 pre-tax profits reach £154.6m 04 March 2014

    JLT’s pre-tax profits increased by 2%, with the Asia and employee benefits businesses showing the strongest growth.

  • Amlin boosts 2013 profits by 23.3% 03 March 2014

    Amlin made material changes to its reinsurance business in 2013 to compensate for lower catastrophe reinsurance margins.

  • Brit Insurance to float 03 March 2014

    A slimmed-down Brit Insurance is to return to the stockmarket after three years in private hands, during which the UK retail arm was sold off.

  • Clal sale still in doubt 03 March 2014

    The sale of Israeli insurer Clal has been postponed for another 30 days as the Insurance Supervisor awaits details on the Chinese purchasing consortium

  • Seven weeks to go until IDA 03 March 2014

    It is now just seven weeks until the Reactions and Acord-hosted Insurance and Data Analytics Summit 2014 opens in New York with delegates keen to discuss the latest technological innovations.

For more catastrophe reports, data and news, click through to the RMS/Reactions Catastrophe Centre.