Risk managers believe the hardening market is a time for captives to really show their value, according to Commercial Risk Europe’s Captives Report 2020 – Captives: Next Generation. “When the market is hardening, this is a signal that risk managers can use to better sell the use of captives in their setup,” said Francoise Carli, Zakubo Consulting, and former vice-president,…
Aon’s revenues, including those at its Commercial Risk Solutions business, are more or less flat this quarter and year to date, with profits up a touch at group level. Aon recorded flat revenues of $2.4bn in Q3. Commercial Risk Solutions saw revenues fall by 1% to $1.bn. Its organic revenue was up 2%, buoyed by Asia. Aon said Commercial Risk…
Swiss Re Corporate Solutions fell to a $323m nine-month loss as Covid-19 cost $678m, but its parent group was keen to stress that the turnaround at its primary insurance unit is “gathering momentum” and underlying results show improvement. Meanwhile, Swiss Re group posted a $691m let loss for the first nine months of this year, although it reduced its deficit…
Willis Towers Watson (WTW) reported a 1% revenue increase for Q3 to $2bn, which added to a total pot of $6.6bn, and an increase of 4%, for nine months. WTW said the Covid-19 pandemic weighed on its revenues in Q3, which were down 1% for organic business. It expects this impact to last for the rest of this year. WTW…
Major ratings agencies Moody’s, Fitch and Standard & Poor’s (S&P) have placed AIG’s ratings under review following the group’s announcement that it will split its life and non-life business in two. AM Best, meanwhile, has affirmed both AIG’s debt and financial strength ratings. AIG said this week it plans to split off its life and retirement business from P&C operations.…
Chubb’s CEO Evan Greenberg says commercial insurance market hardening spread to more lines and territories in the third quarter and he believes there remains a way to go before the cycle’s peak is reached. Speaking during Chubb’s third-quarter results call, Mr Greenberg said the insurer continued to experience a “strong and continuously improving” commercial P&C pricing environment in Q3. He…
Moody’s Investors Service has said the three leading trade credit insurers will remain resilient in 2020, despite a coronavirus-related drop in revenue and rise in claims. The ratings agency said that Atradius, Coface and Euler Hermes have been helped by wide economic stimulus from governments as well as direct support, but will face higher claims in the months ahead as…
The current US insurance marketplace is driven by the need for underwriters to make a profit from underwriting as opposed to relying on investment income, according to Gallagher. In a new study, Fall 2020 US Market Conditions Report, Gallagher states: “Carriers remain intensely focused on underwriting discipline, ensuring they secure the right terms and pricing on certain lines of coverage…
Swiss Re Corporate Solutions is set to provide access to its International Programme Administration (IPA) platform and network services to German insurer Württembergische Versicherung. Swiss Re Corporate Solutions has signed a memorandum of understanding with Württembergische Versicherung to configure its IPA platform for its first insurer in Germany. Swiss Re Corporate Solutions said the collaboration enables Württembergische Versicherung to pursue…
AXA XL’s decision to become the latest insurer to withdraw from London’s directors and officers (D&O) market will leave a capacity gap and add further pressure in a key market for many large corporates. AXA XL recently announced it is pulling out of the London market for management liability and financial institutions business. The company will no longer write these…