Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo Group International, the Bermuda-based specialty insurance and reinsurance group, has announced that its results for the second quarter of 2019 will be hit by prior-year reserve increases in its London, Europe and Bermuda operations. Argo has faced a tough period in recent times as activist investor Voce Capital accused the insurer, and CEO Mark Watson in particular, of extravagant…

Insurers report further market hardening in early results

Insurers report further market hardening in early results

Insurers report further market hardening in early results

The first insurers reporting second-quarter and half-year results say rate increases are on the rise, with hardening conditions spreading to further lines and regions. The changing market in favour of insurers is helping many to deliver decent numbers. The firming market enabled Chubb to report another excellent set of quarterly and half-year results as it benefited from a “flight to…

Downstream energy insurance buyers faced ‘bruising’ Q2 rate hikes in two-paced market

Downstream energy insurance buyers faced ‘bruising’ Q2 rate hikes in two-paced market

Downstream energy insurance buyers faced ‘bruising’ Q2 rate hikes in two-paced market

Downstream energy buyers have been hit by “bruising” rate increases in the second quarter of this year, but those accessing the upstream market have incurred rises of no more than 2.5%, and in some cases none at all, according to the latest update from Marsh JLT Specialty. Median rate increases of 10% for downstream energy buyers during the first quarter…

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

NZ government to demand big hike in cover bought by oil and gas operators

Offshore oil and gas companies that operate off the shores of New Zealand will be required to hold higher levels of insurance to ensure they can cover the cost of environmental damage, under proposed new rules announced by associate minister for transport Julie Anne Genter. The New Zealand Cabinet has agreed to consult on increasing the amount of insurance that…

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Two further torpedo attacks on oil tankers in the Gulf of Oman that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk management…

Gently down the stream: How international insurance programmes can help manage large and evolving energy risks

Gently down the stream: How international insurance programmes can help manage large and evolving energy risks

Gently down the stream: How international insurance programmes can help manage large and evolving energy risks

From natural catastrophe to cyber, the downstream energy sector grapples with some large and evolving risks. Todd Wilhelm, regional product leader for energy, property and construction for Asia-Pacific at AXA XL, explains how these risks can be managed and transferred through international insurance programmes. What trends are you seeing in the management and transfer of downstream energy risk? While it…

Capacity shrinks in ‘bleak’ downstream market: Willis

Capacity shrinks in ‘bleak’ downstream market: Willis

Capacity shrinks in ‘bleak’ downstream market: Willis

Downstream energy buyers face tightening insurer capacity for the first time since the 2001 Twin Towers attack in New York, according to Willis Towers Watson’s Energy Market Review 2019. Coupled with heavy losses, rate increases are persisting as “the fight to survive for some insurers is now entering a decisive phase”, it adds…

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh execs seek to allay risk manager concerns over JLT deal

Marsh executives have sought to allay risk manager concerns that the JLT acquisition will lead to a lack of focus, loss of talent and seriously harm competition in the sector. Speaking the day after the deal completed, they said the combined company will redouble efforts to put clients at the centre of its thinking and decision-makers close to the front line of risk…

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