Reinsurance underwriting cycle turns but modest price rises, says Fitch

Reinsurance underwriting cycle turns but modest price rises, says Fitch

Reinsurance underwriting cycle turns but modest price rises, says Fitch

The reinsurance underwriting cycle may finally have turned, but price rises look modest, according to Fitch Ratings, suggesting that the cycle may have become flatter. The ratings agency noted that rates for property catastrophe reinsurance increased at 1 January 2018, according to recent reports from brokers, which is the first rise since 2013. But despite large catastrophe losses in 2017,…

Beazley sees sharp rise in combined ratio for 2017

Beazley sees sharp rise in combined ratio for 2017

Beazley sees sharp rise in combined ratio for 2017

London-based specialty insurance group Beazley plc expects to report a combined ratio of 99% for the year ended 31 December 2017, compared with 89% for 2016. In its post-close trading update ahead of the 2017 full-year results announcement on 8 February 2018, Beazley said the group expects to report an investment return of 2.9% for the year on average invested…

Third-quarter results show catastrophes not a capital event – Best

Third-quarter results show catastrophes not a capital event – Best

Third-quarter results show catastrophes not a capital event – Best

Despite the fact that total industry losses from the third-quarter 2017 catastrophes may be upwards of $90bn, and significantly impacted earnings, the spate of hurricanes is unlikely to constitute a capital event for most insurance and reinsurance companies. This is according to an AM Best report that starts to measure the true impact of Hurricanes Harvey, Irma and Maria (HIM)…

International Programme News’ predictions for 2018

International Programme News’ predictions for 2018

International Programme News’ predictions for 2018

As an aid to global risk and insurance managers, to help them through the dark days of January, Insurance Programme News brings you its predictions for 2018. While every care has been taken in preparing and publishing these predictions, IPN cannot accept responsibility for the accuracy of these predictions. Nor should anyone rely on these predictions for business decisions. Unless…

New report examines insurers’ readiness for IFRS 17

New report examines insurers’ readiness for IFRS 17

New report examines insurers’ readiness for IFRS 17

A Global IFRS 17 Readiness Assessment (GIRA) report has been published by Aptitude Software to assist chief financial officers (CFOs) and their finance teams in addressing IFRS 17. Aptitude’s GIRA report includes data from 240 insurance companies of all sizes from around the world, including those with gross written premiums of more than $50bn and life and non-life insurance companies.…

JLT Specialty appoints global CEO

JLT Specialty appoints global CEO

JLT Specialty appoints global CEO

Lucy Clarke has been appointed as chief executive of Jardine Lloyd Thompson Group’s worldwide insurance broking activities, with the title global CEO of JLT Specialty. JLT said her remit covers all the group’s business activities except reinsurance broking and employee benefits and reports to the group CEO, Dominic Burke. Ms Clarke will take up her new role from the beginning…

Vermont and Arizona report captive growth in 2017

Vermont and Arizona report captive growth in 2017

Vermont and Arizona report captive growth in 2017

Vermont licensed 24 new captives in 2017, while Arizona issued 11 captive licences last year. The Vermont Department of Financial Regulation reported that 24 new captive licences were issued in 2017, bringing Vermont’s total to 1,112, with 566 active captive insurance companies. The new captives were made up of 11 pure captives, five sponsored captives, three risk retention groups, three…

Strategic Risk Solutions Europe appoints associate director

Strategic Risk Solutions Europe appoints associate director

Strategic Risk Solutions Europe appoints associate director

Strategic Risk Solutions Europe (SRS Europe) has appointed Annette Heaney as associate director and head of finance, Europe, to support the firm’s expansion into various European captive domiciles and focus on the captive management client services delivery platform. She joins SRS Europe from Marsh Captive Management Dublin, where she spent more than ten years as account manager serving large and…

Pioneer launches Latin American hub based in Mexico City

Pioneer launches Latin American hub based in Mexico City

Pioneer launches Latin American hub based in Mexico City

Pioneer Underwriters has launched its Latin American business with the opening of a regional hub in Mexico City. Pioneer said the move “is consistent with group strategy to access local business that is placed in local markets and will be complementary to Pioneer’s well-established international facultative underwriting operations in London”. Subject to relevant regulatory approval, the team will initially target…

Supporting the business traveller

Supporting the business traveller

Supporting the business traveller

Employees of multinational firms are no strangers to the needs and demands of business travel, whether it be sales teams, IT teams, or senior managers. While most business travellers are generally pretty savvy, it is hard to prepare for every scenario. In the event of an incident when travelling, employees want to be sure that they are properly cared for…

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