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Financial Management

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

    Al Medina buys Watania stake to access UAE 02 September 2014

    Takaful insurer Al Medina is partnering with MB UAE Investments to buy stakes in National Takaful Company (Watania)

  • Calliden profits rise as Steadfast deal looms 02 September 2014

    The board-supported deal, which is awaiting regulatory and shareholder approval, is worth 46.5 cents per share and values the Sydney-based company at about $105m.

  • CGSC tackles lowered rating 02 September 2014

    A deteriorating operating performance, causing Cooper Gay Swett & Crawford to have its rating downgraded, is being tackled with corrective actions.

  • TRS pulls back from small reinsurance investment 02 September 2014

    The Teachers’ Retirement System of the State of Illinois is reported to be pulling back from its small investment in reinsurance.

  • Helvetia earnings rise 01 September 2014

    Swiss insurer Helvetia, which is in the process of merging with Nationale Suisse, has recorded a strong set of first-half numbers

  • Prem Watsa's Fairfax to buy Pethealth for $100m 01 September 2014

    Fairfax is to acquire Ontario based pet insurer Pethealth in a deal worth approximately $100m, boosting its presence in the pet insurance market.

  • Steadfast to launch two underwriting agencies 01 September 2014

    According to reports, Steadfast chief executive officer, Robert Kelly, said there are still “one or two areas we would like to be involved in”, but that he expects to start agencies to fill these gaps organically.

  • August 2014

    AA's Jansen resigns 29 August 2014

    The chief executive of UK-based AA has resigned with immediate effect

  • Helvetia finalises Basler Austria takeover 29 August 2014

    Helvetia will finalise its takeover of Basler Austria on October 1, 2014, expanding Helvetia’s premium volume to roughly €400m.

  • JLT merges specialty business units 29 August 2014

    Insurance and reinsurance broker JLT has merged its specialty business with its Lloyd & Partners operation as well as expanded its US presence and made a number of management changes.

  • Several parties eye up SNS Reaal insurance 29 August 2014

    Several parties are interested in buying bailed out SNS Reaal's insurance arm when it goes on sale in September the company has said.

  • Baloise profit rises 28 August 2014

    Swiss insurer Baloise has recorded a growth in hincome and a rise in profits in H1 2014.

  • Fosun details insurance fund plans 28 August 2014

    Fosun International's senior executives have detailed how they plan to spend the cash generated by their insurance acquisitions.

  • Reinsurer H1 underwriting profits drop: Fitch 28 August 2014

    Non-life reinsurers saw their underwriting profits drop in the first half of 2014 Fitch reported with their 22 tracked reinsurers having an average combined ratio of 87.4% for the six months.

  • Santam earnings boosted by lower catastrophes 28 August 2014

    Fewer catastrophes have boosted the earnings of South African non-life insurer Santam as it revealed its earnings for the first six months of 2014.

  • Tranquilidade situation gets more complex 28 August 2014

    The planned sale of Portuguese insurer Tranquilidade could face legal challenges from bondholders in various parts of the old Espirito Santo group

  • WR Berkley reduces PI exposure 28 August 2014

    WR Berkley is to reduce several lines of its professional indemnity (PI) coverage and will end all business for independent financial advisors (IFAs).

  • Munich Re acquires Calliden 27 August 2014

    Munich Re is acquiring Australia's Calliden Insurance in a deal with broker Steadfast which should boost the German reinsurer's Australian insurance business.

  • PZU beats Q2 expectations 27 August 2014

    Poland's PZU has beaten market expectations iwth a strong second-quarter performance.

  • Uniqa reports H1 98.3% combined ratio 27 August 2014

    The Uniqa Group reported a 98.3% combined ratio for the first half of 2014 with earnings before tax rising 24.7% if the one-off sale of a hotel group for EUR51.1m is excluded.

  • AGCS Re Brazil launches Peru reinsurance 26 August 2014

    The Brazilian reinsurance arm of AGCS will be expanding its reinsurance business into Peru, covering some of the most complex risks in the Peruvian market.

  • Allianz H1 APAC profits down slightly 26 August 2014

    Allianz produced good results for the first half of 2014, despite being slightly down in terms of revenue, operating profit and property and casualty gross written premiums.

  • Delta Lloyd may bid for SNS Reaal insurance ops 26 August 2014

    Netherlands-based Delta Lloyd, previously majority owned by Aviva, is eyeing SNS Reaal's insurance ops, a local report claims.

  • FBD H1 profit drops about €15.8m 26 August 2014

    FBD Group reports a €15.8m profit drop for 2014’s first half because as weather and car claims rise, but an analyst describes the stock as offering excellent upside potential.

  • Vienna profit rises in H1 26 August 2014

    Vienna Insurance Group has cut costs and said that it was on track to produce a profit in its Romanian business for full-year 2014, following a write off in 2013.

  • Delta Lloyd and RGA in longevity swap 22 August 2014

    The six-year longevity swap covers reserves of about €12bn, the Amsterdam-based company said in a statement today.

  • Scottish Re posts H1 $31.35m profit 22 August 2014

    Three-month period ended 30 June net income also hit profitability at $3.36m from an operating loss of $28.64m for the comparable three month period in 2013.

  • China nat cat risk to be shared 21 August 2014

    Under the planned system, the risk will be shared between the government, insurance and reinsurance firms and individuals, said Wang Zuji, vice chairman of China Insurance Regulatory Commission.

  • Ecclesiastical reports profit before tax of £18.4m 21 August 2014

    Ecclesiastical Insurance has reported profit before tax of £18.4m in its interim statement for the first half of the year.

  • RMS updates terror model 21 August 2014

    The enhanced terrorism model incorporates updates to event frequency to reflect new trends in terrorism including a decline in the frequency of macro-terrorism attacks.

  • Fitch upgrades Hannover Re to AA- 20 August 2014

    Fitch said in a note to the market that the "upgrade reflects Hannover Re's strengthened financial profile, including reduced financial leverage."

  • Mitsui Sumitomo to offer protection for small exporters 20 August 2014

    Japanese insurer Mitsui Sumitomo has announced that it will be offering small to medium sized exporters account receivables protection.

  • Outlook is positive for Swiss Re: Fitch 20 August 2014

    Fitch upgrades Swiss Re outlook to positive from Stable and affirms A+ rating for the Zurich based reinsurer.

  • Scor's outlook revised to positive 20 August 2014

    Scor’s outlook has been revised to positive from stable after it boosted its first half income to €256m from €189m in 2014’s first half.

  • Australian insurers hit by 1/6 price dip: Marsh 19 August 2014

    In a new report, Marsh said soft market dynamics are continuing to drive an abundance of capacity in the (re)insurance market while competition between the country’s direct insurers has become more pronounced.

  • Fosun in talks to buy Swiss Re's Aurora 19 August 2014

    Hong Kong based conglomerate Fosun International is in talks to acquire Swiss Re's US life insurance arm, Aurora National Life Assurance.

  • IAG profits jump 59% to $1.23bn 19 August 2014

    The Australian insurer reported a 10.6% increase in insurance profit to $1.58bn for the financial year ended 30 June 2014, up from $1.43bn year-on-year.

  • Philippines Q2 insurance profits drop 19 August 2014

    Dipping life insurance profits have reportedly knocked back industry profits in 2014’s second quarter.

  • QBE profits slump 18% in H1 19 August 2014

    Australia’s largest insurer has posted an 18% decline in profits in the first half of 2014 after a number of adverse weather events in the US.

  • Reactions readies itself for New York events 19 August 2014

    The Reactions team is busy preparing itself for two of its flagship events - the North America Re/Insurance Conference and the North America Awards Dinner - both of which will take place in September.

  • Talanx unit sets up Brazil operation 19 August 2014

    HDI-Gerling Industrie Versicherung, a unit of Hannover based insurer Talanx, has established an industrial insurance operation in Brazil.

  • Fosun takes 20% Ironshore stake 18 August 2014

    Hong Kong-listed Fosun is to buy a 20% stake in Bermuda's Ironsshore from existing shareholders.

  • Insurers can withstand $100bn nat cat: Zurich 18 August 2014

    New capital means the industry is more robust and able to cope with what Zurich's general insurance chief Michael Kerner sees as a growing trend of large catastrophe losses caused by climate change, said Reuters.

  • Kenya’s CIC reports 67% H1 profit rise 18 August 2014

    In a statement to the market, the insurer said investment income jumped almost 300% to 138m shillings during the period.

  • Reinsurers move into APAC 18 August 2014

    The Asia Pacific region is increasingly popular for international reinsurers and start-up companies because of its growing market, Fitch Ratings said.

  • BP Marsh buys 5% Nexus share 15 August 2014

    BP Marsh has invested in a 5% share of Nexus, which BP Marsh hope to increase in the coming years.

  • CATCo posts strong 2014 to date 15 August 2014

    The London Stock Exchange’s listed retrocessional reinsurance linked investment fund, CATCo has had a positive first six months of the year.

  • China’s penetration to reach 5% by 2020 15 August 2014

    Chinese insurance penetration is expected to boom by 2020, with premium income to be one of the top two worldwide.

  • Film producers sue New York Marine 15 August 2014

    In the lawsuit filed with Los Angeles Superior Court, the production company, Film Allman, claimed that losses relating to a halt in production "are clearly covered under the policy that New York Marine issued in connection with 'Midnight Rider'" but that the insurer has "refused to pay the claim pursuant to an agreed-upon schedule.”

  • Munich Re's Ergo buys Greek bank 15 August 2014

    The sale is part of Piraeus Bank's restructuring plan, which aims at divesting non-core assets to bolster the lender's capital position.

  • Reinsurers face earnings volatility: S&P 15 August 2014

    Amplified earnings volatility faces global reinsurers according to S&P as the property catastrophe market continues to be competitive with excess capacity.

  • Rise in profit at Kenya Re 15 August 2014

    Kenya Re has booked a 6% rise in H1 profit.

  • Suncorp raises final dividend 15 August 2014

    Australian financial services group Suncorp has raised its ordinary dividend and its special dividend, following a strong contribution from General insurance in FY 2013/14

  • Danger in shift to specialty 14 August 2014

    Commercial lines and reinsurers underperformed the rest of the sector in Q2, turning analysts' sentiment even more firmly against them, reports KBW

  • Ghana’s insurance penetration drops 14 August 2014

    The level of insurance penetration in Ghana has dropped for the first time in almost a decade according to a new report.

  • India bill to increase foreign stakes is postponed 14 August 2014

    The delay in the legislation, pending since 2008, is hampering the expansion plans of insurers including AIG, Standard Life and MetLife.

  • QBE extends Swans football deal 14 August 2014

    QBE has extended its partnership with the Sydney Swans football team until 2019 but has warned that changes in functions may cause them to drop the deal.

  • Sampo raises its profits outlook due to low claims in H1 14 August 2014

    Finland’s Sampo has raised its outlook for insurance profits given a low claims environment.

  • Talanx maintains 10% ROE FY 2014 target 14 August 2014

    German insurance holding company Talanx has reported a 7% year on year decline in H1 group net income, to €381m, but has maintained its full-year target of 10% return on equity.

  • ABI expresses disappointment at L&G resignation 13 August 2014

    The Association of British Insurers (ABI) has expressed disappointment at the decision by Legal & General (L&G) to resign from the trade association.

  • Brit books gains in first H1 results since relisting 13 August 2014

    Brit Insurance is to pay out its first dividend since relisting as the company recorded strong profits and underwriting income in the first half of 2014.

  • Solvency II changes for securitisations 13 August 2014

    Changes in the capital charges for certain second-tier rated securitisations are likely to benefit southern European countries most, says Fitch

  • Write More, Write Less 13 August 2014

  • AJ Gallagher acquires two US firms 12 August 2014

    The Illinois-based broker has purchased Trip Mate, a full service travel firm and Caribbean-based Minvielle & Chastanet Insurance Brokers.

  • Aon launches simplified SII calculator 12 August 2014

    Aon has launched an easy to use Solvency calculator to help businesses navigate Pillar I’s standard formula calculation.

  • Gen Re and Gable sign reinsurance deal 12 August 2014

    Gen Re is partnering with European insurer, Gable, to become a reinsurance partner.

  • US Pru signs another longevity deal 12 August 2014

    US Prudential has signed its fourth longevity swap deal, acquiring some of the longevity risk currently held by UK-based assurer Rothesay Life.

  • China Re could float in Hong Kong 11 August 2014

    China Reinsurance Corp will float on the Hong Kong Market in an initial public offering (IPO) according to the Wall Street Journal.

  • Kane issues two cat bonds 11 August 2014

    Kane SAC has unveiled two cat bond issuances to add to the five it has already placed since August 2013.

  • Catlin doubles H1 profits 08 August 2014

    Catlin reports doubled profits in the first half of 2014; with strong investment returns and improved catastrophe results.

  • H1 net income down at Third Point 08 August 2014

    Third Point Re saw a decline in net income for the first half, affected by lower investment returns.

  • Hannover Re and Axa sign longevity swap 08 August 2014

    French insurer Axa has shifted €750m of longevity risk to Hannover Re in a landmark French deal.

  • Transamerica to rebrand insurance units 08 August 2014

    Tansamerica is rebranding and merging some of its insurance units to strengthen its brand.

  • Weather claims slam RSA Ireland H1 profits 08 August 2014

    Poor weather in the first quarter of the year, including heavy storm damage and flooding, contributed to a tough first half of 2014 for the insurer which yesterday reported interim underwriting losses for its Irish business of £64m (€80.6m).

  • AJ Gallagher acquires Denman Consulting Services 07 August 2014

    Founded in 1987, Denman Consulting Services offers employee benefit brokerage and consulting services throughout the western US.

  • Arig Q2 profits hit by subcontinental claims 07 August 2014

    The Bahrain-based insurer suffered a series of claims relating to Indian losses as well as negative impact from Re-Takaful interest.

  • Aviva H1 operating profit £1,052m 07 August 2014

    Aviva has grown its new business in the first half of 2014 by 9% to £453m, with Poland, Turkey and Asia growing by 54%.

  • Von Bomhard warns on rates 07 August 2014

    Munich Re chief executive Nikolaus von Bomhard has declared himself astounded at some companies' strategy for growth at the current point in insurance cycle

  • Zurich reports Q2 net profit of $837m 07 August 2014

    First half global operating profits rose to $2.6bn, up 15% year-on-year while second quarter operating profits also rose, up 32% to $1.2bn.

  • Ageas UK reports 100.7% H1 combined ratio 06 August 2014

    Ageas UK has reported strong profits for the first half of 2014 and is jointly acquiring UBI Assicurazioni with BNP Paribas Cardif in a €75m deal.

  • AIG acquires Ageas Protect from Ageas Group 06 August 2014

    AIG is acquiring Ageas’ UK life insurer, Ageas protect, in a £181m deal expected to close in 2014’s fourth quarter.

  • Hannover Re sees H1 GWP and net income contract 06 August 2014

    The German reinsurer's group GWP contracted 2.2% in the first half to €7.1bn, down from €7.2bn the previous comparable period.

  • Strong performance from Swiss Re P&C 06 August 2014

    Swiss Re has genearated a stronger year on year performance in Q2, although it said that there are hurdles to overcome in Life & Health Reinsurance

  • AIA to grant MH17 payments 05 August 2014

    AIA’s Berhad has guaranteed that it will pay ex-gratia payments to the next-of-kin of MH17 passengers who are customers of the company, regardless of the special restrictions.

  • Fairfax Bombshell 05 August 2014

  • Greenlight Re reports GWP fall for Q2 05 August 2014

    The firm reported gross written premiums of $33.7m, compared to $135.2m in the second quarter of 2013, as well as net earned premiums of $87.9m, a decrease from $133.0m reported in the prior-year period.

  • Heritage reports Q2 net income decline 05 August 2014

    The firm reported gross written premiums had more than doubled to $44.3m in the second quarter, compared to $21.6m in the same period in 2013.

  • Moody’s upgrades Colombian insurer 05 August 2014

    Moody’s has announced that it has upgraded the ratings of Colombian insurance group Suramericana - part of Grupo Sura conglomerate.

  • Novae reports H1 89% underwriting improvement 05 August 2014

    Novae has reported a strong first half for 2014 with an impressive claims ratio at 49% and combined ratio of 91%.

  • Steadfast partners with reinsurance broking business 05 August 2014

    Steadfast Re will be the only Australian owned reinsurance broker supporting Australian and New Zealand insurers, and it will have the endorsement of Steadfast and an international reinsurer broker Beach & Associates.

  • Al Medina buys Watania stake to access UAE 02 August 2014

    Takaful insurer Al Medina is partnering with MB UAE Investments to buy stakes in National Takaful Company (Watania)

  • Calliden profits rise as Steadfast deal looms 02 August 2014

    The board-supported deal, which is awaiting regulatory and shareholder approval, is worth 46.5 cents per share and values the Sydney-based company at about $105m.

  • Arch uses more retrocession 01 August 2014

    Bermudian re/insurer Arch Capital used more retrocession in its reinsurance business in Q2, keeping reinsurance NWP roughly flat, although GWP increased.

  • Axa H1 profits rise 22% 01 August 2014

    Axa’s chairman and chief executive officer Henri de Castries said the Paris-based insurer had “the best ever first half for AXA” as underlying earnings figures rose 11% to €2.8bn, driven by strong increases in all business lines.

  • Co-operators reports $58.1m Q2 income 01 August 2014

    Canadian Co-operators General Insurance has reported a $58.1m second quarter net income and a combined ratio of 93.9%.

  • Direct Line H1 profits hit by weather claims 01 August 2014

    Operating profits fell to £249.1m from £286.6m in the first half of 2013, which the insurer said reflected higher weather claims and lower prior-year reserve releases of £218.0m (H1 2013: £239.2 m).

  • Euler Hermes reports 73.1% H1 combined ratio 01 August 2014

    Euler Hermes’ net earned premiums were €529.3m for 2014’s second quarter, despite lower turnover in the Americas, France and Germany.

  • Fairfax posts Q2 profit 01 August 2014

    Fairfax has posted substantial profits in the second quarter of 2013, recording net income of $363.7m, compared with a net loss of $157.8m in Q2 2013.

  • Insurers can withstand $100bn nat cat: Zurich 01 August 2014

    New capital means the industry is more robust and able to cope with what Zurich's general insurance chief Michael Kerner sees as a growing trend of large catastrophe losses caused by climate change, said Reuters.

  • Ping An Insurance posts 19% H1 profit rise 01 August 2014

    Total investment income fell 12% even as net investment income, comprised mainly of interest and dividends, climbed 23%.

  • Serbian insurer’s license revoked 01 August 2014

    Serbian insurer Takovo Osiguranje has had its license revoked and a motion filed for its bankruptcy at the Commercial Court in Kragujevac.

  • July 2014

    Allstate profits up 49% in Q2 31 July 2014

    American home and auto giant Allstate has recorded a 49% rise in profits in the second quarter of 2014 compared with the same period last year.

  • ERS turns profit for the first time in 5 years 31 July 2014

    The double A-rated Lloyd's MGA, which runs motor Syndicate 218, reported a second quarter profit of £1.2m, a £25m improvement on the same period in 2013.

  • Fairfax Asia buys 78% stake in Sri Lanka insurer 31 July 2014

    The Asian subsidiary of Canada's Fairfax is to buy a majority stake in the non-life part of Sri Lankan insurer Union Assurance.

  • Generali Q2 profits hit by Swiss bank sale loss 31 July 2014

    Europe’s third largest insurer by market value saw its net income fall to €417m from €478m in the comparable period in 2013.

  • Xchanging revenue down by £65.6m 31 July 2014

    Following a divestment, business services provider Xchanging has reported a significant drop in year on year net revenue for its half year results.

27Aug 2014

In this week's issue:
New reinsurers planned
Is NY ready for RNAC?
Fitch upbeat on reinsurers
Lac-Megantic report released

View issue

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