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…

Randall & Quilter sells captive operations to Davies for $18.6m

Randall & Quilter sells captive operations to Davies for $18.6m

Randall & Quilter sells captive operations to Davies for $18.6m

Randall & Quilter Investment Holdings (R&Q) has sold its insurance services and captive management operations to Davies Group. The transaction involves the sale of the entire share capital of JMD Specialist Insurance Services Group and its subsidiaries, R&Quiem Limited, John Heath & Co. and AM Associates Insurance Services, as well as Randall & Quilter Bermuda and its Quest subsidiaries. R&Q…

Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain set to take pain out of global programmes

Blockchain technology, which has been shown to significantly reduce the administrative burden for risk managers designing multinational programmes and enhance service from insurers, is set to revolutionise this famously complicated area of insurance. A number of insurers have been testing blockchain technology, including its application for multinational insurance programmes. AIG’s development of blockchain technology in the multinational insurance space is…

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…

CNA Hardy names CEO of new Luxembourg subsidiary

CNA Hardy names CEO of new Luxembourg subsidiary

CNA Hardy names CEO of new Luxembourg subsidiary

Commercial insurer CNA Hardy has appointed Stuart Middleton as CEO of its new Luxembourg subsidiary. The appointment follows CNA Hardy’s announcement last June that it would establish a new European subsidiary to head off uncertainty over the UK’s decision to leave the European Union. It said Luxembourg provides an ideal base between its three offices in continental Europe. Mr Middleton,…

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.…

UK regulator aims to reduce Solvency II reporting burden

UK regulator aims to reduce Solvency II reporting burden

UK regulator aims to reduce Solvency II reporting burden

The UK’s Prudential Regulation Authority (PRA) has published a consultation paper (CP) proposing a number of regulatory changes it says are designed to reduce the reporting burden for Solvency II firms and mutuals, while maintaining the PRA’s ability to meet its statutory objectives and to supervise firms. The PRA says the CP is relevant to all UK Solvency II firms,…

AGCS appoints Lars Vissing as head of claims in London

AGCS appoints Lars Vissing as head of claims in London

AGCS appoints Lars Vissing as head of claims in London

Allianz Global Corporate and Specialty (AGCS) has appointed Lars Vissing as head of claims, regional unit, London. From a dual base in London and Copenhagen, Mr Vissing will lead AGCS’s claims teams in the UK, Ireland, Dubai, Russia, the Nordic region, Australia and New Zealand. Mr Vissing will begin the role in February 2018, succeeding Martin Henson who is to…

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