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Financial Management

  • December 2014

    XL Group confirms ‘stronger together’ Catlin bid 17 December 2014

    Dublin's XL Group has confirmed it is in talks to acquire Lloyd's largest insurer Catlin.

  • Fairfax buys up CEE operations from QBE 17 December 2014

    Canada's Fairfax Financial Holdings has agreed a deal to acquire QBE's insurance operations in the Czech Republic, Hungary and Slovakia.

  • Catlin confirms approach from XL Group 17 December 2014

    Catlin, Lloyd's biggest insurer, has confirmed it has received an approach from XL Group to create a leading global property and casualty re/insurer,

  • CGSC launches Cooper Gay Uruguay 17 December 2014

    Cooper Gay Swett & Crawford has launched a Uruguay arm with Maria Ferrari as its managing director.

  • Indonesia's rising affluence boosts 2015 outlook 17 December 2014

    Indonesia's 2015 insurance outlook is stable, according to Fitch, as it anticipates that growing middle classes to boost the non-life industry.

  • Anbang adds to overseas investments 16 December 2014

    China's Anbang Insurance Group has agreed to acquire the Belgian banking operation of Delta Lloyd in a €219m deal.

  • US P&C earnings to fall in 2015 16 December 2014

    Ratings agency Fitch predicts that the US property/casualty industry will remain profitable in 2015 although industry earnings will decline.

  • Tina Mallie joins Spencer Re 16 December 2014

    Tina Mallie has been appointed as the new CEO of Spencer Re, the reinsurance business of Spencer Capital.

  • BHSI launches policy for asset managers 16 December 2014

    Berkshire Hathaway Specialty Insurance has launched a new professional lines policy targeted at asset managers and investment funds.

  • Moody's downgrades Towergate's CFR to Caa3 15 December 2014

    Rating agency Moody's has downgraded UK-based Towergate's Corporate Family Rating by two notches.

  • Fitch downbeat on London Market 15 December 2014

    Rating agency Fitch has kept the UK non-life company market outlook at stable, but has pushed its fundamental outlook on the London market to negative.

  • New IDB owners seek Clal solution 15 December 2014

    The new owners of Clal Insurance are seeking ways to realize capital benefits from the insurer to benefit its indebted parent IDB

  • CATCo appoints new CFO 12 December 2014

    CATCo Investment Management has appointed a new chief financial officer following the resignation of Jason Bigg.

  • Asia-Pac credit cycle may be turning soft 12 December 2014

    The Asia Pacific credit cycle may be turning soft, S&P has warned, as economic prospects soften and debts build up.

  • RGA restructures organisation 11 December 2014

    Reinsurance Group of America has completed an organisational restructure dividing the company into four global organisations.

  • Willis Ireland completes IFG buy 11 December 2014

    Willis Ireland has completed its acquisition of several IFG Group pensions and financial advisory businesses.

  • S&P issues BHSI 'AA+' rating 11 December 2014

    This is the same rating currently assigned to other Berkshire insurance companies by S&P under the group methodology criteria. The outlook is stable.

  • UK’s FCA accused of devaluing insurers by billions 11 December 2014

    The UK’s financial watchdog has been accused of wiping billions from the value of major insurers by haphazardly announcing a probe into millions of pensions and investment policies.

  • US P&C insurers must be proactive 10 December 2014

    Consultancy Ernst & Young (E&Y) have urged US P&C insures to be proactive in 2015 in the face of pending regulatory change as well as other challenges.

  • Premium growth in Brazil to remain slow 10 December 2014

    To slow growth of premium in the Brazilian insurance market is likely to continue says ratings agency Fitch.

  • Chinese insurers hunt new capital: Fitch 10 December 2014

    Chinese non-life insurers are hunting new capital as a steady growth in sales across 2015 is anticipated by Fitch Ratings.

  • More negative than positive 2015 rating actions: S&P 10 December 2014

    More negative than positive rating action is expected in 2015 for European insurers, S&P has predicted.

  • German life insurers’ capital steadily declining: Fitch 10 December 2014

    German life insurers have retained their negative outlook from Fitch Ratings as a challenging 2015 is predicted.

  • Xchanging cleared by CMA to buy Total Objects 09 December 2014

    The acquisition of Total Objects by financial services technology firm Xchanging, has been approved by the Competition and Markets Authority (CMA).

  • Pioneer underwriting as Lloyd’s coverholder in NYC 09 December 2014

    Pioneer’s special risk branch has commenced underwriting in New York after being approved as a Lloyd’s coverholder.

  • Confidence in London underwriting down: PwC 08 December 2014

    Underwriting confidence in the London insurance market is down and 40% of companies are at risk of merging, according to PwC.

  • Gallagher partners with Jiang Tai in China JV 08 December 2014

    Arthur J Gallagher and Jiang Tai Insurance Brokers are partnering to launch a Shanghai-based reinsurance and speciality business.

  • JLT buys Hayward Aviation for £27m 08 December 2014

    JLT has agreed to acquire specialist broker Hayward Aviation in a £27m deal from the troubled insurer, Towergate.

  • Dodd Frank disagreement holds up Tria deal 05 December 2014

    Disagreement between Democrats and Republicans over the Dodd Frank act is holding up the announcement of a deal to extend the Terrorism Risk Insurance Act (Tria)

  • Reinsurance outlook remains negative: Moody’s 05 December 2014

    The global reinsurance industry’s outlook remains negative said Moody’s. It predicts that the reinsurance industry will evolve further into a tiered market in 2015.

  • Beazley opens Dubai office 04 December 2014

    Beazley has opened an office in the Dubai International Financial Centre to be led by Crispin Hodges.

  • Stable outlooks for P&C and life insurance 04 December 2014

    Stable outlooks were given to the property and casualty and life insurance industries for 2015 by Moody’s.

  • JLT launches operations in India 03 December 2014

    UK broker Jardine Lloyd & Thompson (JLT) today launched operations in India in a joint venture called JLT Independent Insurance Brokers and has expressed an interesting in increasing its stake should a bill increasing FDI in India pass through parliament.

  • Chesnara CEO leaves as firm buys Dutch life insurer 03 December 2014

    Kettleborough will leave after a decade at the helm after the company acquired the assets of bankrupt financial services group DSB.

  • Autumn Statement 03 December 2014

    UK finance minister George Osborne will make UK nicer place for reinsurers.

  • Matrix launches two subsidiaries 03 December 2014

    Matrix Insurance & Reinsurance Brokers has launched two subsidiaries based in Turkey and South Africa.

  • Cowdery could sacrifice Aviva cash pay out 03 December 2014

    Friends Life Group founder, Clive Cowdery, may take Aviva paper rather than cash as part of the Aviva purchase of Friends Life

  • Global financial accounting must address weather risks: Royal Society 03 December 2014

    Global financial accounting and regulations should include extreme weather risks the Royal society has argued outlining several stress tests that it recommends financial institutions undertake.

  • Goldman-backed James River seeks $685m in IPO 03 December 2014

    Investors are offering 11 million shares for $22 to $24 apiece, the insurer said in a regulatory filing.

  • James River to launch $685m IPO 03 December 2014

    James River group Holdings is launching a $685m IPO, with stakeholders DE Shaw & Co and Goldman Sachs each offering 6.33 million shares.

  • Pimco Total Return Fund outflows slow to $9.5bn 02 December 2014

    Investment manager Pimco has seen capital leaving its flagship Total Return Fund decrease to $9.5bn in November.

  • First Nepalese reinsurer launched 02 December 2014

    Nepal’s first reinsurer has been formed from an ex-terror insurance pool as currently only 0.05% and 25% of aviation and fire reinsurance premiums, respectively, are retained in the country.

  • Republicans call for Tria action 02 December 2014

    Forty-five Republican members of the House of Representatives have signed a letter to the Speaker of the House and the House Majority Leader calling for action on Tria extension, writes Sam Kerr.

  • Aviva publishes Friends Life takeover details 02 December 2014

    UK-based composite Aviva has published details of its planned takeover of Freinds Life

  • EU Insurers rapid action over stress tests 02 December 2014

    Insurers and supervisors are expected to respond rapidly to the European Union watchdog’s stress testing, it said yesterday.

  • Advantage makes move into Lloyd's 01 December 2014

    Advantage Property & Casualty Company SPC has become a corporate member of Lloyd's and teamed up with Hampden Agencies to enter the market.

  • No respite from insolvencies in 2015 01 December 2014

    The number of insolvencies is expected to remain high next year as economic growth around the world remains stymied, according to trade credit insurer Atradius.

  • Fairfax to acquire Malaysian insurer 01 December 2014

    Canada's Fairfax is to acquire the Malaysian general insurance business of MCIS.

  • China’s Ping An to sell $4.75bn shares 01 December 2014

    China’s Ping An Insurance Company is selling 594 million new shares to 10 investors at $62 per share.

  • Thailand insurance set to grow in 2015: Fitch 01 December 2014

    Thailand’s insurance industry is expected to grow steadily throughout 2015 as Phase 2 of regulatory reforms are rolled out.

  • Axa buys Nigeria's Assur Africa 01 December 2014

    Axa is acquiring Assur Africa, Nigeria’s fourth largest insurer, for €198m in cash as it looks to expand into the fast-growing African market.

  • November 2014

    Expect increase of reinsurance M&A 28 November 2014

    There will be increased reinsurance M&A Fitch Ratings predicts as reinsurers look to overcome excess capital and soft pricing.

  • R&Q completes acquisition of Accredited Holdings 27 November 2014

    Randall & Quilter is acquiring 100% of US-based Accredited Holdings in $25m deal.

  • RGA markets life securitisation 27 November 2014

    Reinsurance Group of America is marketing a life reinsurance embedded value securitisation that will generate an up-front ceding commission of $167.5m.

  • Aviva to exit US hedge fund 27 November 2014

    Aviva plans to exit its US hedge fund business it announced in a statement yesterday as part of the company scaling back its US exposures.

  • Gjensidige plans NOK 1.9bn brand and IT spend 27 November 2014

    Norway-based insurer Gjensidige reaffirmed its "ambitious financial targets" this week in London at a Capital Markets Day

  • Asia Insurance seeks to offer Takaful 26 November 2014

    Pakistani Asia Insurance Company may join the many that have started offering takaful insurance since new legislation has allowed traditional and takaful products to be offered side by side.

  • RenRe ratings under review after Platinum announcement 25 November 2014

    Ratings Agency AM Best has announced that it has placed its rating of Renaissance Re (RenRe) under review following its announcement that it is to purchase Platinum Underwriters.

  • Canadian market looks to invest in technology 24 November 2014

    A new survey from technology services firm Xchanging has found that a large proportion of the Canadian insurance market plans to invest in technology over the next year.

  • NT sells off GI operations to Allianz 24 November 2014

    The German insurer bought the insurance arm of Territory Insurance Office, while Adelaide-based People's Choice Credit Union bought its banking business, the government said.

  • Charles Taylor completes Nordea acquisition 24 November 2014

    Charles Taylor has completed its acquisition of Nordea Life & Pensions, which is expected to be modestly earnings enhancing.

  • Cowdery set for Friends Life windfall 24 November 2014

    Clive Cowdery, founder of two business ventures originally called Resolution, is set to reap a second windfall after Aviva announced an all-paper bid for Friends Life

  • Assurant's diverse business praised 21 November 2014

    AM Best as affirmed the diversity of Assurant Inc’s business offering but has expressed concern over the group’s exposure to natural catastrophes.

  • Moody's downgrades Towergate 21 November 2014

    Rating agency Moody's has followed Fitch's decision to downgrade insurance broking and MGA business Towergate

  • New dividend policy at Delta Lloyd 21 November 2014

    Netherlands-based composite Delta Lloyd has adopted a new dividend policy

  • Fitch downgrades Towergate 20 November 2014

    Rating agency Fitch has downgraded the issuer default rating (IDR) of UK-based insurance services group Towergate, as well as placing the company on ratings watch negative (RWN).

  • Towergate in debt covenant talks 20 November 2014

    UK-based broking and MGA group Towergate, which has completed seven acquisitions this year, has warned that it faced uncertainties around whether its cash flows at the beginning of next year will be sufficient to service its debt payments as currently structured.

  • US GDP growth may shrink in Q4: Euler Hermes 19 November 2014

    The US’ third quarter 3.5% growth in GDP is likely to shrink to 3% in 2014’s fourth quarter, Euler Hermes has predicted.

  • Generali ahead of schedule on recovery plan 19 November 2014

    Italian insurer Generali is likely to achieve its 2015 recovery plan targets a year ahead of schedule, chief executive Mario Greco said today

  • Trans-cab pulls IPO after facing premium rise 19 November 2014

    The company, which had been looking to raise around S$114.2m ($88m), said it was cancelling the offering due to new information relating to its insurance premium flagged by its insurer soon after launching its public offer on November 12.

  • Hamilton to buy Sportscover and Kinetic 18 November 2014

    The holding company for property casualty reinsurer Hamilton Re and insurer Hamilton USA, together with Wild Goose Holdings, the holding company for the Sportscover group, will provide funds at Lloyd’s for the 2015 year of account.

  • Aon authorises $5bn share repurchase 17 November 2014

    Broker Aon has authorised a $5bn share repurchase programme adding to a $1.1bn programme the company had already authorised to buy back equity.

  • Xchanging NSW Workers' Comp contract in run off 17 November 2014

    Xchanging has been managing around 5% share of NSW's Workers' Compensation portfolio since 2010 under a contract that expires at the end of 2014.

  • Puerto Rico looks to insure debt offering 17 November 2014

    Puerto Rico is looking to insure a planned $2,9bn bond offering from its highways and transportation authority.

  • Aquiline takes stake in Beach & Associates 14 November 2014

    New York-based private equity firm Aquiline Capital Partners has purchased a majority stake in international independent broker Beach & Partners.

  • AJG acquires Illinois insurance agent 14 November 2014

    Broker Arthur J Gallagher has acquired Illinois based insurance agency Forker to help grow its construction sales.

  • Insurance dividends poised to rise in 2015: Nomura 14 November 2014

    Nomura analyst Cliff Gallant says that he expects quarterly dividends to rise as boards convene in early 2015.

  • Asset Managers back less liquidity for higher returns 14 November 2014

    Reactions in association with PineBridge Investments and BlackRock hosted a presentation and panel discussion in the Old Library at Lloyd's, where investment managers at insurers heard experts from the macro-economic, asset management, equity analyst and hedge-fund strategy sectors, discussing the challenges and opportunities facing investment managers today.

  • AM Best downgrades ratings of Farmers Fire 14 November 2014

    The rating’s agency said the downgrade primarily reflects Farmers Fire’s volatile operating results due to a “continuing unfavorable underwriting performance in conjunction with declining surplus” through the first nine month of 2014.

  • EU changes tack on insurer investments 14 November 2014

    COMMENT: The recent announcements from the EU on changes to capital requirements for certain asset backed-securities were more important for what they signified than for their intrinsic significance

  • UK and Bermuda reinsurers handed US boost 14 November 2014

    Reinsurers in the UK and Bermuda, as well as in three other jurisdictions, may soon be able to post lower collateral when operating in the US following recommendations from the National Association of Insurance Commissioners.

  • Munich Re’s diversification strategy praised 13 November 2014

    Ratings agency AM Best has praised the diversification strategy of Munich Re as it affirmed the reinsurance giant’s rating.

  • Markel grows trade credit division in Singapore 13 November 2014

    Markel International appoints Linda Naili to its trade credit division in Sigapore, strengthening its presence in the region.

  • Warning hits FBD share price 13 November 2014

    Irish insurer FBD suffered a 20% fall in its share price yesterday after cutting its profit forecast significantly.

  • Talanx investment returns help bottom line 13 November 2014

    German insurance holding group Talanx has maintained its €700m profit target, and is looking to make a similar amount in 2015

  • R&Q 2014 profits to be below expectations 13 November 2014

    US asbestos related claims, low investment income and disappointing trading from its US insurance services arm are expected to knock Randall & Quilter’s 2014 pre-tax profits.

  • Catlin reports 11% rise in GWP 13 November 2014

    Net premiums earned during the first 9 months increased by 6% to $3.08bn with underlying growth calculated to be 3%.

  • Cathay acquires Conning 12 November 2014

    Asian financial holdings company Cathay has acquired insurance investment management company Conning, from Aquiline.

  • AM best praises Barbados's conservative Harmony 12 November 2014

    Ratings agency have praised the conservative nature of Harmony General Insurance Company’s reinsurance programme as it affirmed the insurer’s rating.

  • Nelson promotes Lloyd’s local Indian presence 12 November 2014

    If Lloyd’s had a local presence in India it could not only boost the Indian insurance industry but that in turn could contribute to the nation’s GDP and economic strength, John Nelson, Lloyd’s chairman, said yesterday.

  • Crabel Re established in Bermuda on Multi-Strat platform 12 November 2014

    LA based asset manager Crabel Capital has launched a reinsurance entity, Crabel Re, which will operate as part of the Multi-Strat platform.

  • Convergence Quarterly 12 November 2014

    During the 12 months to June 30, 13 new sponsors obtained risk protection, a record number. By the half-way point of 2014 there were $22.4bn worth of bonds on risk, up $4.6bn on the position 12 months previously.

  • AM Best revises outlook to neg for Century Casualty 12 November 2014

    The ratings agency said the revised outlook reflects Century Casualty’s unfavorable underwriting results year-to-date in 2014 and challenges the company faces to improve near term results.

  • Charles Taylor reports overall steady performance 12 November 2014

    Charles Taylor is on track to meet board expectations, but its Adjusting Services arm has suffered from a lack of global insured losses in 2014.

  • Pimco could withstand $300-350bn of outflows over 2 years 11 November 2014

    Allianz owned bond manager Pacific Investment Management Co (Pimco) could withstand $300-$350bn worth of outflows over the next two years according to Morningstar.

  • Oxbridge Re Q3 combined ratio of 29% 11 November 2014

    Gulf Coast reinsurer Oxbridge Re has managed to boost its third quarter net income to $1.4m from $0.47m in the prior year quarter after increasing its premium income.

  • Enstar reports $26.4m Q3 consolidated net earnings 11 November 2014

    Enstar’s third quarter consolidated earnings were down from the prior year quarter at $26.4m but the nine month earnings were up at $107.8m.

  • Arch acquires Resource Underwriting Pacific 11 November 2014

    Melbourne-based Resource Underwriting Pacific is the latest acquisition of Arch Insurance Europe as it plans to expand in Australia.

  • Allied World hires Neil Lightbown 10 November 2014

    Neil Lightbown has been named as Allied World’s Chief Underwriting Officer for its Global Markets segment.

  • Markel signs Elephant agreement 10 November 2014

    Specialty insurer Markel has told Reactions that its deal with motor insurer Elephant is part of a strategy of building strategic partnerships that allows it to compete with the large personal lines insurers.

  • Kiln and TME rebrand 10 November 2014

    Kiln and Tokio Marine Europe have formally rebranded as Tokio Marine Kiln, based in 20 Fenchurch St, better known as the Walkie Talkie.

  • BP Marsh's Dunbar resigns after 20 years 10 November 2014

    Natasha Dunbar has resigned from BP Marsh with immediate effect after working for the company for 20 years.

  • AM Best praises China Re’s support of China market 07 November 2014

    Ratings agency AM Best has praised the role that China Re has played in supporting the development of the Chinese reinsurance market as it affirmed the company’s ratings.

  • Third Point Re Q3 $6m net loss 07 November 2014

    Third Point Re’s CEO described its third quarter net loss as “disappointing” after drops in investment income.

  • Ping An shares halted ahead of share offering 07 November 2014

    China's securities regulator said on Sunday it had given Ping An the nod to sell up to 625.9m shares, which would be valued at HK$38.5bn at the stock's last traded price of HK$61.50.

  • Allianz Q3 profits rise despite Pimco woes 07 November 2014

    Operating profit at the asset-management unit, which includes Pimco and Allianz Global Investors, fell 5% to €694m.

  • Kilimanjaro Re cat bond to grow by 43% 07 November 2014

    Everest Re’s cat bond Kilimanjaro Re (Series 2014-2) is growing from offering $350m of reinsurance to $500m for US and Canadian earthquake risks.

  • Zurich confident despite profit drop 06 November 2014

    George Quinn, the chief financial officer at Zurich, has said that the insurer is still confident of an attractive dividend despite a greater than expected fall in profits.

  • Commercial rates continue slow slide: Market Scout 06 November 2014

    As we approach the end of hurricane season commercial rates are seeing increased pressure, says Market Scout, with property ‘casualty lines experiencing a 1% rise in October.

  • Markel shareholder income drops in Q3 06 November 2014

    Markel's income to shareholders has $107.9m in the third quarter compared to the prior year quarter.

  • Zurich confident despite Q3 profit drop 06 November 2014

    George Quinn, the chief financial officer at Zurich, has said that the insurer is still confident of dealing with market headwinds despite a greater than expected fall in profits.

  • AIG Q3 results beat analyst expectations 05 November 2014

    Chief executive officer Peter Hancock, who only took the reins from Ben Benmosche on September 1, said the company remains "disciplined in our approach to balancing growth, profitability, and risk."

  • Hyperion and RK Harrison begin merger talks 05 November 2014

    The landmark deal would create the largest independent, employee-owned insurance intermediary group in the world, with projected annual revenues approaching £400m ($640m) and with close to 3,000 employees in 100 offices across 37 countries.

  • PICC plans to raise HK$6.13bn in rights issue 05 November 2014

    China’s PICC Property & Casualty Co is raising capital from discounted rights issue as Chinese insurers grapple with domestic securities investments becoming less beneficial.

  • Strong Q3 from Ageas 05 November 2014

    Belgium-based insurer Ageas has reported an insurance net profit of €597m for the first nine months of the year, up from €497m in the same period last year. For Q3 the insurance net profit was €239m, up from €168m.

  • Catalina to buy PXRE 04 November 2014

    Run-off specialist Catalina has agreed to buy PXRE from Tawa Associates for $11m cash

  • JLT says Q3 in line with expectations 04 November 2014

    Broker Jardine Lloyd Thompson has called market conditions "challenging", but said that for 2014 it was trading broadly in line with expectations.

  • Marsh to expand analytics platform 04 November 2014

    Broker Marsh has announced the rapid expansion of its analytics model in an attempt to provide a more holistic approach to its data analytics.

  • Aon Benfield revenue declines 03 November 2014

    Reinsurance broker Aon Benfield has recorded a slight year on year decline in income for the third quarter.

  • APAC 2014 cat bond limits double 03 November 2014

    Asia Pacific cat bond limits have more than doubled in 2014 but reinsurance premiums are down, Guy Carpenter said.

17 Dec 2014

In this week's Reactions the Review
RSA restructures organisation
Aviation exposures to exceed $1trn by 2020
Why Tria authorisation failed in the Senate
Final stretch for India Insurance Bill


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