Zurich launches new digital tool to support global programmes

Zurich launches new digital tool to support global programmes

Zurich launches new digital tool to support global programmes

Zurich Insurance Group has launched its new Zurich Global Program Support (GPS) tool, designed to simplify the process of structuring international insurance programmes for large multinational businesses and support them in the management of their programmes. Zurich GPS is a further development of Zurich’s multinational insurance application. According to Zurich, the tool “provides businesses with valuable information to assist the…

AXA XL falls to €1.4bn loss and takes cover for adverse reserve development

AXA XL falls to €1.4bn loss and takes cover for adverse reserve development

AXA XL falls to €1.4bn loss and takes cover for adverse reserve development

AXA XL posted a €1.4bn underlying earning loss in 2020, from profits of €507m a year earlier, as Covid-19 and nat cat claims saw its combined ratio hit 112.2%. In full-year results, AXA XL also announced that it has entered into an adverse development cover (ADC) agreement with Enstar to provide up to $900m of protection against long-tail lines reserves…

Munich Re profit drops 55% but ERGO bolsters numbers

Munich Re profit drops 55% but ERGO bolsters numbers

Munich Re profit drops 55% but ERGO bolsters numbers

Munich Re reported a 55% fall in net profit last year to €1.2bn despite 18% growth in ERGO’s contribution to €517m, as the group was struck by €3.4bn of Covid-19 losses. The group’s reinsurance business saw profit drop 69% to €694m in 2020, as the bulk of the group’s heavy Covid-19 losses hit the unit, with primary insurer ERGO reporting…

Market hardening to slow in 2021 as new capital takes effect

Market hardening to slow in 2021 as new capital takes effect

Market hardening to slow in 2021 as new capital takes effect

The global commercial insurance market is expected to harden further this year, but with latest figures suggesting rate increases have plateaued in certain lines and geographies, experts predict the pace of change will slow as new capital improves the outlook for buyers. Aon says in its latest Global Market Insights report that although the market will continue to harden, $20bn…

London and Bermuda attract capital as insurance rates harden

London and Bermuda attract capital as insurance rates harden

London and Bermuda attract capital as insurance rates harden

Perceived improvements in pricing and conditions, together with the desire to bolster balance sheets in in the face of uncertainty around Covid-19-related losses, underpinned much of the capital raising activity seen in 2020, according to AM Best. Capital constraints in local markets are leading to more business flowing to wholesale markets, such as London and Bermuda. Private equity, industry capital…

MGAs advised to focus on data quality as capacity dwindles

MGAs advised to focus on data quality as capacity dwindles

MGAs advised to focus on data quality as capacity dwindles

Reduced capital availability, rising rates and more disciplined underwriting are seen as a return to reality in the wider insurance and reinsurance market. But the collective belt tightening is proving to be a little uncomfortable for some in the managing general agency (MGA) sector, based on discussion at a recent webinar hosted by the London-based Managing General Agents Association (MGAA).…

Eiopa’s capital loading plans could risk insurability of nat cat risk, warns Fitch

Eiopa’s capital loading plans could risk insurability of nat cat risk, warns Fitch

Eiopa’s capital loading plans could risk insurability of nat cat risk, warns Fitch

The European Insurance and Occupational Pensions Authority’s (Eiopa) plans to impose capital charges for insurers’ exposure to nat cat risk could affect pricing and the insurability of such risks, warns Fitch. A final report from Eiopa on its proposal is expected in the next few months. Fitch says EU regulators are aware and concerned about climate change risk facing the…

Pressure intensifies on Lloyd’s to exit coal sector as Brit quits Carmichael

Pressure intensifies on Lloyd’s to exit coal sector as Brit quits Carmichael

Pressure intensifies on Lloyd’s to exit coal sector as Brit quits Carmichael

The coalition of NGOs formed to try and force the insurance industry to stop insuring the coal industry has claimed another victory by announcing that leading Lloyd’s insurer Brit has committed to never directly insure the controversial Carmichael Coal Project in Australia or renew insurance involving any associated aspects of the project. The NGOs operating under the banner Insure Our…

Scor P&C delivers 98.7% Q4 CR with 2020 Covid losses pegged at €284m

Scor P&C delivers 98.7% Q4 CR with 2020 Covid losses pegged at €284m

Scor P&C delivers 98.7% Q4 CR with 2020 Covid losses pegged at €284m

Scor P&C delivered a respectable combined ratio of 100.2% last year despite posting Covid-19 losses of €284m, as its parent group saw net income fall 45% to €234m after an improvement of 370% in Q4 to €99m. The P&C business saw its combined ratio improve fall by just over ten percentage points to 98.7% in the fourth quarter. Its yearly…

New specialist London market broker Fenchurch and Partners launches

New specialist London market broker Fenchurch and Partners launches

New specialist London market broker Fenchurch and Partners launches

Fenchurch and Partners, a new specialist broker with a focus on US, Canadian, and European P&C lines, including catastrophe property, trucking, binding authorities, parametric covers, and accident and health, has been launched in London. David Price, a former divisional director of Endeavour, has launched Fenchurch and Partners, an appointed representative of Bennett Gould & Partners (Dorset). He said the aim…

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