Gender pay gap – insurers must do better

Gender pay gap – insurers must do better

Gender pay gap – insurers must do better

Lloyd’s’ mean gender pay gap, the difference between the average pay for a male in the corporation compared with the average pay of a woman, is 27.7%. Lloyd’s released its gender balance figures in line with reporting requirements, and it relates to UK employees of the Corporation of Lloyd’s as at 5 April 2017. Lloyd’s market firms that have more…

Navigators’ post-Brexit strategy takes shape

Navigators’ post-Brexit strategy takes shape

Navigators’ post-Brexit strategy takes shape

To succeed as a global insurer, it is necessary to have underwriters on the ground in local markets, including Europe, according to Navigators Group president and CEO Stan Galanski. In a fourth-quarter earnings call, Mr Galanski said Navigators’ acquisition of Benelux insurers ASCO and BDM last year is part of a strategy to expand the US insurer’s specialty business in…

Nat cat claims take a bite out of 2017 profits at Brit

Nat cat claims take a bite out of 2017 profits at Brit

Nat cat claims take a bite out of 2017 profits at Brit

Specialty insurer Brit paid out $250m in natural catastrophe-related claims in 2017, producing a 112.4% combined ratio. CEO Matthew Wilson said the losses were in line with its expectations given the nature and scale of the events and Brit’s market share. Profit after tax was $21.5m for 2017, compared with $157.6m for 2016; gross written premiums totalled $2.06bn (2016: $1.91bn),…

UK brokers risk missing the Brexit boat, LIIBA warns

UK brokers risk missing the Brexit boat, LIIBA warns

UK brokers risk missing the Brexit boat, LIIBA warns

UK brokers that fail to finalise their Brexit plans risk not being ready to trade with underwriters’ new entities, which could result in disruption to their clients, trading partners and own businesses, according to the authors of a new report. Many might need to form a subsidiary company in the EU. The report, from the London and International Insurance Brokers’…

Arch Capital posts big profit increase at Q4

Arch Capital posts big profit increase at Q4

Arch Capital posts big profit increase at Q4

Arch Capital Group has bucked the market trend, posting a big increase in profits for the final quarter of 2017. The diversified Bermuda company said that 2017 fourth-quarter net income was $203.5m, compared with $62.4m in 2016; for the year ended 31 December 2017, the company reported net income of $566.5m, compared with $664.7m for 2016. Gross premiums written by…

Aspen’s O’Kane reflects on ‘dreadful’ year

Aspen’s O’Kane reflects on ‘dreadful’ year

Aspen’s O’Kane reflects on ‘dreadful’ year

Aspen CEO Chris O’Kane faced a tough call with stock analysts after what he described as “a dreadful quarter and a dreadful year” for the Bermuda insurer. Aspen posted a fourth-quarter net loss after tax of $184.9m, or $(3.25) per diluted ordinary share; the fourth-quarter combined ratio was 148% and the net operating loss, $186m. Mr O’Kane said Aspen’s results…

HIM puts a big dent in Talanx earnings

HIM puts a big dent in Talanx earnings

HIM puts a big dent in Talanx earnings

Talanx, Germany’s third-largest insurance group by premium income, posted net income of about €670m in the financial year 2017, compared with €907m for the previous year. The provisional earnings figures were in excess of the €650m outlook published in November. The group’s gross written premiums grew by about 6% to €33.1bn. Significant growth in premiums was posted by the reinsurance…

FCA chief says Brexit transition deal needed soon

FCA chief says Brexit transition deal needed soon

FCA chief says Brexit transition deal needed soon

A range of operational issues arising from Brexit will create financial stability risks and issues for both the UK and the European Union (EU) if they are not tackled soon, the chief executive of the Financial Conduct Authority (FCA) has warned. Speaking at the Future of the City dinner in London on Monday, Andrew Bailey said a transition deal must…

XL’s McGavick sees ‘broader market turn’ underway

XL’s McGavick sees ‘broader market turn’ underway

XL’s McGavick sees ‘broader market turn’ underway

More evidence of the growing momentum for a firming market was presented by XL Group CEO Mike McGavick in his fourth-quarter call with analysts, transcribed by Seeking Alpha. Commenting on the 1 January renewals, he pointed to broadly improving conditions of a 3.5% rate gain in insurance and 5% in reinsurance overall, with loss-affected accounts seeing double-digit strengthening. “At this…

Upward rate trend accelerating, says Chubb CEO Evan Greenberg

Upward rate trend accelerating, says Chubb CEO Evan Greenberg

Upward rate trend accelerating, says Chubb CEO Evan Greenberg

Chubb CEO Evan Greenberg reckons that the current insurance pricing trend is the best he has seen in the past few years for insurers. In a conference call with analysts this week, he said that a positive rate movement reported at the third-quarter 2017 stage accelerated month by month as the fourth quarter progressed. Prices firmed up in a number…

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