XL Catlin appoints McMahon to head global property underwriting

XL Catlin appoints McMahon to head global property underwriting

XL Catlin appoints McMahon to head global property underwriting

XL Catlin has appointed Tim McMahon as global chief underwriting officer for property. Mr McMahon is currently head of energy, property, construction for the Asia-Pacific region and has worked at XL Catlin since 2011. In his new role at the company, Mr McMahon will be responsible for XL Catlin’s global property insurance underwriting and will join the firm’s global insurance…

Insurers face $1bn-plus bill for February cat losses

Insurers face $1bn-plus bill for February cat losses

Insurers face $1bn-plus bill for February cat losses

Five severe US weather events during February are set to land insurers with a bill of more than $1bn for the month, according to Aon Benfield’s Impact Forecasting. February closed with a series of 60 tornadoes that touched down in the midwest, southeast and mid-Atlantic, which are estimated to cause several hundred millions of dollars in claims. California recorded three…

Chubb strengthens UK & Ireland team

Chubb strengthens UK & Ireland team

Chubb strengthens UK & Ireland team

Chubb has created two new senior management roles for its UK and Ireland operations. Sara Mitchell is named head of the unit’s corporate division and Mark Roberts will become property and casualty chief underwriting officer. Ms Mitchell – who is currently vice president, speciality personal lines for Europe, Eurasia & Africa and Asia Pacific – will be responsible for Chubb’s…

Storm Egon losses to top €200m

Storm Egon losses to top €200m

Storm Egon losses to top €200m

Storm Egon, which hit parts of France and Germany last month, is estimated to cost insurers €212m, according to data from Zurich-based PERILS. The insurance industry loss database firm said the windstorm is the first to break the €200m mark for two years. The storm brought high winds, heavy rain and snowfall to northern and central France and central and…

AIG warns of mounting casualty loss trends as it reshapes book

AIG warns of mounting casualty loss trends as it reshapes book

AIG warns of mounting casualty loss trends as it reshapes book

AIG is dramatically reshaping its business mix after warning about market-wide issues with US casualty loss development and pricing. After posting an $849m loss for 2016 last week, AIG has given details of the trends behind its fourth quarter $5.6bn reserve addition, as well as some dramatic changes to its appetite for US casualty business. “Our $5.5bn reserve addition in…

AXA opens seismic risk research office in Italy

AXA opens seismic risk research office in Italy

AXA opens seismic risk research office in Italy

AXA Corporate Solutions’ risk management unit, AXA Matrix Risk Consultants, has opened a new natural catastrophe research and development office in Italy. The Center of Excellence for Seismic and Tsunami Risks will be based at the Federico II University in Naples. AXA Matrix Risk Consultants said the unit will develop new products for risk assessment and mitigation of natural disasters…

Marsh suggests market may be about to turn as rate decreases reduce

Marsh suggests market may be about to turn as rate decreases reduce

Marsh suggests market may be about to turn as rate decreases reduce

Global commercial insurance rates fell again in the last quarter of 2016 but, with reductions decreasing, Marsh believes the market may soon begin to harden. According to Marsh’s Global Insurance Market Index, a further fall in global commercial insurance rates at the end of last year made Q4 2016 the 15th consecutive quarter of price declines. However, the rate of…

Reserve charges see AIG post big loss

Reserve charges see AIG post big loss

Reserve charges see AIG post big loss

AIG has reported a large fourth-quarter and full-year loss, after taking a $5.6bn pre-tax charge for adverse prior-year reserve development in its commercial property and casualty business. The New York-based insurer posted a fourth-quarter 2016 net loss of $3bn, compared with a fourth-quarter 2015 loss of $1.8bn, when it posted a $3.6bn reserving charge. For the full year, AIG slid…

Insurers count weather losses for ‘active’ January

Insurers count weather losses for ‘active’ January

Insurers count weather losses for ‘active’ January

Winter storms in both Europe and the US made January 2017 one of the most active for global natural catastrophes in recent years, according to data from Aon Benfield’s Impact Forecasting unit, on releasing its Global Catastrophe Recap report. In Europe, high winds, snow and flooding brought by Windstorm Egon in mid-January caused an estimated insured loss of more than…

Chubb appoints Dmitriev to drive emerging market growth

Chubb appoints Dmitriev to drive emerging market growth

Chubb appoints Dmitriev to drive emerging market growth

Nikolay Dmitriev, Chubb’s regional managing director for Russia, CIS and Turkey, is to take on the additional role of regional director of property and casualty for Eurasia and Africa. Chubb said the appointment is in line with its strategy “to position itself for targeted growth in this important emerging region”. “Property and casualty risk is the bedrock of our business…

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