Insurers urged to step up collaborative effort to find NDBI solutions

Insurers urged to step up collaborative effort to find NDBI solutions

Insurers urged to step up collaborative effort to find NDBI solutions

Risk management experts have called on the insurance industry to join a collaborative effort to deliver fit-for-purpose business interruption (BI) solutions and help companies build resilience to future events. Speaking during Commercial Risk’s recent virtual claims conference, Francoise Carli, president and co-founder of risk management consultancy Zakubo Consulting, said Covid-19 has laid bare that many BI polices, including some non-damage…

Munich Re profit up 166% to €589m as ERGO performs well

Munich Re profit up 166% to €589m as ERGO performs well

Munich Re profit up 166% to €589m as ERGO performs well

Munich Re said strong results at its ERGO primary insurance unit and rate increases on reinsurance renewals pushed the group to a profit of €589m for the first quarter of 2021. Lower Covid-19 losses doubled Munich Re’s operating result to €798m, with reinsurance accounting for €558m and ERGO €240m. Munich Re’s CFO Christoph Jurecka said the group is on track…

SRS makes key appointments to new Guernsey office

SRS makes key appointments to new Guernsey office

SRS makes key appointments to new Guernsey office

Strategic Risk Solutions (SRS) has made two key appointments to its newly established office in Guernsey. Elyse Dandeker has been appointed to the position of director of accounting services, and Stephen Nash has been appointed to the position of director of insurance services. Ms Dandeker will join SRS on 7 June 2021, while Mr Nash will join later in the…

New chairman for Corant Global’s Bermuda operations

New chairman for Corant Global’s Bermuda operations

New chairman for Corant Global’s Bermuda operations

Paul Scope has been appointed as chairman of Corant Global’s Bermuda operations with immediate effect. He will work alongside Chris Bonard, CEO of Corant Bermuda and Ed Broking Bermuda, and John Turner, chairman of Ed Broking Bermuda. Steve Hearn, Corant CEO, said: “Since 2019 we have bolstered our capabilities in Bermuda through our bespoke offering, combined with our investment in…

DAC Beachcroft appointed to Zurich’s APAC legal panel

DAC Beachcroft appointed to Zurich’s APAC legal panel

DAC Beachcroft appointed to Zurich’s APAC legal panel

DAC Beachcroft has been appointed to Zurich Insurance Group’s new large and complex claims legal panel for the Asia-Pacific (APAC) region. The appointment follows a successful proposition submitted jointly with leading Asia-Pacific insurance law firm Wotton + Kearney in Australia and New Zealand, with which DAC Beachcroft has worked closely for several years. James Morris, chairman of DAC Beachcroft’s claims…

Rate rises help Hiscox London Market deliver strong GWP growth

Rate rises help Hiscox London Market deliver strong GWP growth

Rate rises help Hiscox London Market deliver strong GWP growth

Hiscox London Market saw gross written premiums increase 9.3% in Q1 on the back of 13% rate rises across its portfolio. Higher premiums of $304m were helped by double-digit growth in 11 out of 17 lines. The year-on-year rate increases in the first quarter come on top of “significant” rate increases during the past three years, the company said. The…

Property cat bond issuance falls in Q1

Property cat bond issuance falls in Q1

Property cat bond issuance falls in Q1

Property catastrophe bond limit placed in the first quarter of 2021 declined by 31.5% to $2.57bn compared to the same period last year, according to a report from Aon Securities. This year’s first quarter, however, was still the third-highest Q1 issuance of the past ten years. As first reported in Business Insurance, first-quarter issuance consisted of nine P&C transactions by…

Hannover Re’s P&C net income up 30% with much improved underwriting result

Hannover Re’s P&C net income up 30% with much improved underwriting result

Hannover Re’s P&C net income up 30% with much improved underwriting result

Hannover Re’s P&C business saw net income jump 30% to €270m in Q1, as a much improved underwriting result and lower combined ratio boosted numbers. The P&C underwriting result was up substantially to €147m from €7m, with the combined ratio hitting 96.2%, from 99.8% in the first quarter of last year. Operating profit rose 6% to €324m. Major P&C losses…

Europe’s insurers call for EU’s VAT directive to be reformed

Europe’s insurers call for EU’s VAT directive to be reformed

Europe’s insurers call for EU’s VAT directive to be reformed

Insurance Europe is asking for the EU’s VAT directive to be reformed, calling it outdated and not correctly applicable to modern financial services. This puts the sector at a disadvantage compared to other sectors and it should be reformed to reduce hidden VAT and to increase the possibilities for VAT to be reclaimed by financial companies in general, and insurers…

Strong renewal rates at AXA XL push revenues up 4% in Q1

Strong renewal rates at AXA XL push revenues up 4% in Q1

Strong renewal rates at AXA XL push revenues up 4% in Q1

AXA XL’s revenues were up 4% in the first quarter of 2021, with rates rising 11% across the portfolio and renewal rates up 15% in insurance and 11% in reinsurance. The unit helped AXA Group grow revenue by 2% to €30.7bn in Q1 on a comparable basis, with commercial lines revenue up 4% to €11.6bn helped by the strong rate…