First-quarter underwriting profit for private US P&C insurers

First-quarter underwriting profit for private US P&C insurers

First-quarter underwriting profit for private US P&C insurers

Private US property/casualty insurers recorded a net underwriting profit of $4.2bn in the first quarter of 2018, following underwriting losses for seven quarters in a row, according to Insurance Services Office (ISO) and the Property Casualty Insurers Association of America (PCI). The group of US insurers saw their net income after taxes more than double to $17.1bn in the first…

UK Brexit whitepaper ‘real blow’ for financial services, say representatives

UK Brexit whitepaper ‘real blow’ for financial services, say representatives

UK Brexit whitepaper ‘real blow’ for financial services, say representatives

Representatives of UK financial services have described new proposals put forward by their government for EU trade post-Brexit as a “real blow” that would restrict their ability to serve European customers. But wider business sectors, particularly those that deal with goods, have broadly welcomed the plans. The UK government published a Brexit whitepaper yesterday that lays out its hopes for…

Preparing for smooth sailing – whatever Brexit outcome is reached

Preparing for smooth sailing – whatever Brexit outcome is reached

Preparing for smooth sailing – whatever Brexit outcome is reached

As the UK Government sets out its desired future relationship with the EU and the negotiations move into their final phase in the coming months, it will come as no surprise that Brexit is a subject featuring more and more in our conversations with customers and distributors alike. Understandably, they want to know what the post-Brexit world will mean for…

No regulatory race to bottom after Brexit says FCA chair

No regulatory race to bottom after Brexit says FCA chair

No regulatory race to bottom after Brexit says FCA chair

UK insurers and banks do not want to see a regulatory race to the bottom after Brexit, chair of the Financial Conduct Authority (FCA) Charles Randell said this week. In his first major speech since becoming FCA chair in April, Mr Randall told a Reuters Newsmaker event that insurers and banks do not want to see regulation ripped up after…

Aon report reveals US cyber market growing and profitable in 2017

Aon report reveals US cyber market growing and profitable in 2017

Aon report reveals US cyber market growing and profitable in 2017

The US cyber insurance market continued to grow in 2017, with 170 US insurers reporting writing cyber insurance, compared to 140 in 2016, and 119 in 2015, according to Aon’s third edition of its US Cyber Market Update report. Aon says last year was an “unprecedented year” for ransomware attacks. Nevertheless, the 2017 US Cyber Insurance Profits and Performance report…

Insurers increasingly use reinsurance for earnings protection and volatility reduction

Insurers increasingly use reinsurance for earnings protection and volatility reduction

Insurers increasingly use reinsurance for earnings protection and volatility reduction

Risk appetite is increasingly central to insurers’ business decisions, according to Willis Towers Watson’s latest survey. The Global Reinsurance and Risk Appetite Survey Report 2017/2018 reveals that insurers are becoming less tolerant of missed earnings targets as a result of pressure from investors, and are increasingly turning to more sophisticated metrics, such as return on equity and economic capital. The…

Marsh appoints global head of cyber risk consulting

Marsh appoints global head of cyber risk consulting

Marsh appoints global head of cyber risk consulting

Kevin Richards has been appointed to the newly created role of global head of cyber risk consulting at Marsh. He will be based in Chicago and report to Michael Poulos, president of Marsh Risk Consulting and global head of client advisory services. Mr Richards will be responsible for leading the strategic development and delivery of Marsh’s cyber risk consulting business…

SCOR consolidates London operations and maintains push for ‘client-centricity’

SCOR consolidates London operations and maintains push for ‘client-centricity’

SCOR consolidates London operations and maintains push for ‘client-centricity’

Laurent Rousseau, recently appointed deputy-CEO of SCOR Global P&C, has made the next significant step in the French reinsurance group’s strategy to broaden and deepen its offering for the primary corporate and commercial insurance market through the consolidation of its specialty insurance platform in the London market. The London platform will now offer company (SCOR) paper, Lloyd’s paper or a…

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