Lloyd’s CFO John Parry to quit for new challenge

Lloyd’s CFO John Parry to quit for new challenge

Lloyd’s CFO John Parry to quit for new challenge

Lloyd’s is on the lookout for a new chief financial officer following John Parry’s decision to leave the corporation after 17 years. A chartered accountant, Mr Parry joined Lloyd’s in 2001 and was appointed CFO in 2014; he is a member of both Lloyd’s board and executive committee. His responsibilities include financial reporting for the corporation and the market, capital…

No broad-based market turn, says Arch’s Grandisson

No broad-based market turn, says Arch’s Grandisson

No broad-based market turn, says Arch’s Grandisson

Market conditions for global insurers are only improving slightly, according to Arch Capital’s new CEO Marc Grandisson. Speaking to analysts in a Q1 results call this week, Mr Grandisson said market conditions are stable to slightly improving in the P&C arena. Mr Grandisson said: “Operating margins expanded slightly in insurance in the first quarter while the interest rate environment had…

CNA CEO Robusto trumpets 2% Q1 rate increase

CNA CEO Robusto trumpets 2% Q1 rate increase

CNA CEO Robusto trumpets 2% Q1 rate increase

CNA CEO Dino Robusto said his underwriters achieved an overall rate increase of 2% in the first quarter of 2018, “our highest achievement in over two years”. In a presentation to analysts, recorded by Seeking Alpha, Mr Robusto said CNA is “ fully committed to walking away from accounts when we cannot get our required terms and conditions”, adding “And…

Sompo International gets S&P rating upgrade with ‘strong’ ERM

Sompo International gets S&P rating upgrade with ‘strong’ ERM

Sompo International gets S&P rating upgrade with ‘strong’ ERM

Sompo International Holdings, the Bermuda-based specialty insurer, announced today that Standard & Poor’s Global Ratings (S&P) raised the financial strength ratings on SIH’s core operating companies to A+ from A. At the same time, Sompo Holdings Inc received notice from S&P that it has raised the assessment of the Sompo Holdings Group’s (Sompo) enterprise risk management (ERM) to ‘Strong’ from…

Mapfre global risks premium income wilts at Q1

Mapfre global risks premium income wilts at Q1

Mapfre global risks premium income wilts at Q1

Revenues fell 7.6% at Mapfre to €7.3bn at the Q1 stage, on the back of premiums worth €6.2bn, down 7.2%. Net earnings came to €187m (-9.3%). The Eurasia regional area produced premiums of €541m (-7.8%) in the first quarter, affected by the significant depreciation of the Turkish lira, which has fallen by 16.1% during the past year. Turkey contributed €151m,…

JLT restructures for specialty lines growth in 2018

JLT restructures for specialty lines growth in 2018

JLT restructures for specialty lines growth in 2018

Most classes of reinsurance and specialty lines saw a moderation or end to price reductions at the recent renewals, according to global broker JLT. Describing conditions as a traders’ market, JLT said there is not a consistent pattern, with increases generally limited to areas and sectors where heavy losses had occurred last year. JLT itself has embarked on what it…

Acquisitions boost business at AXIS Capital

Acquisitions boost business at AXIS Capital

Acquisitions boost business at AXIS Capital

AXIS Capital’s first-quarter results were boosted by the acquisition of Novae Group, which closed in October last year. Gross premiums written increased by $751m, or 39%, to $2.7bn, with an increase of 62% in the insurance segment, primarily attributable to the acquisition of Novae, and an increase of 30% in the reinsurance segment. The insurance segment increase included gross premiums…

Political events a big worry for global insurers – Goldman Sachs survey

Political events a big worry for global insurers – Goldman Sachs survey

Political events a big worry for global insurers – Goldman Sachs survey

Global insurers are more pessimistic about the current investment environment than they were a year ago, according to a survey by Goldman Sachs Asset Management. The survey found insurers feel investment opportunities have deteriorated year on year, with half of insurers saying they felt opportunities are getting worse, up from 36% last year. In response, more respondents (17%, up from…

EIOPA sets out its supervisory convergence plan for 2018-2019

EIOPA sets out its supervisory convergence plan for 2018-2019

EIOPA sets out its supervisory convergence plan for 2018-2019

The European Insurance and Occupational Pensions Authority (EIOPA) has published its supervisory convergence plan for 2018-2019, focusing on the implementation of Solvency II and conduct of business supervision. EIOPA defined three priority areas: the implementation of the common supervisory culture and new supervisory tools; risks to the internal market and the avoidance of supervisory arbitrage; and the supervision of emerging…

Munich Re would welcome a long-term investor – Wenning

Munich Re would welcome a long-term investor – Wenning

Munich Re would welcome a long-term investor – Wenning

Munich Re’s CEO Joachim Wenning would be happy for a long-term investor to take a significant stake in the company. In an interview with the Reuters news agency, Mr Wenning said “in principle, we would welcome an anchor investor”, noting that Warren Buffett’s Berkshire Hathaway once held 12%-13% of Munich Re. But the CEO’s comments, coming ahead of the global…

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