Hamilton reshuffle sees O’Donohoe step down

Hamilton reshuffle sees O’Donohoe step down

Hamilton reshuffle sees O’Donohoe step down

Bermuda-based Hamilton Insurance Group has announced that Dermot O’Donohoe is leaving his position as CEO of Hamilton at Lloyd’s. Peter Barrett, former chairman of Lloyd’s insurance broker Bell & Clements, has been appointed to the newly created position of global head, specialty insurance. Additionally, Christi Garber, former tax director of the Americas at Validus Group, has been appointed to the…

Mapfre Global Risks rating withdrawn after restructure

Mapfre Global Risks rating withdrawn after restructure

Mapfre Global Risks rating withdrawn after restructure

AM Best has withdrawn the financial strength rating of A (excellent) and the long-term issuer credit rating of A+ of Mapfre Global Risks, the corporate risk unit of Spanish insurance group Mapfre. The withdrawal follows the authorisation by Spain’s Ministry of Economy and Finance for the total spinoff of Mapfre GR in favour of Mapfre España, Compañía de Seguros y…

Lloyd’s sees rate increases with ‘newfound discipline’, says AXIS Capital

Lloyd’s sees rate increases with ‘newfound discipline’, says AXIS Capital

Lloyd’s sees rate increases with ‘newfound discipline’, says AXIS Capital

Rate increases of between 100% and 300% were seen at Lloyd’s at the 1 January renewals in some lines, according to Albert Benchimol, chief executive of AXIS Capital. AXIS is a top ten insurer at Lloyd’s, following its acquisition of Novae in 2017. Speaking in a call with analysts transcribed by Seeking Alpha, Mr Benchimol said pricing was strong in…

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,…

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