New chairman for Strategic Risk Solutions (Barbados)

New chairman for Strategic Risk Solutions (Barbados)

New chairman for Strategic Risk Solutions (Barbados)

Strategic Risk Solutions (SRS) has announced the retirement of Chris Evans, who has stepped down from the position of chairman of SRS (Barbados). Kirk Cyrus, who is currently SRS’ managing director in Barbados, has taken on the additional role of chairman as of 1 May,2021. “During the past year, Kirk has proven himself to be a key member of our…

Marsh expects market hardening to moderate throughout 2021

Marsh expects market hardening to moderate throughout 2021

Marsh expects market hardening to moderate throughout 2021

Marsh expects commercial insurance prices rises to continue to moderate throughout this year, after the pace of market hardening fell across all regions in the first quarter. According to the broker’s latest Global Insurance Market Index, global P&C insurance rates rose by an average 18% in Q1 2021. But although this is the 14th successive quarterly rise, it marks the…

EC pushes Aon-WTW decision into August

EC pushes Aon-WTW decision into August

EC pushes Aon-WTW decision into August

European competition regulators have pushed back their decision on Aon’s $30bn acquisition of Willis Towers Watson (WTW) into August, putting plans for a first half completion into further doubt. Aon and WTW put together a package of concessions to win regulatory approval in the EU, after concerns were raised about higher prices for commercial insurance buyers and negative effects on…

CNA ‘back to normal’ after cyberattack, with profits up in Q1

CNA ‘back to normal’ after cyberattack, with profits up in Q1

CNA ‘back to normal’ after cyberattack, with profits up in Q1

The ransomware attack on CNA Financial in late March took about three weeks to resolve but the insurer’s systems have been restored and no customer accounts were compromised due to the cyberattack, said CNA’s top executive. The insurer disconnected its systems after the attack and its corporate website was out of service for two weeks. Speaking on CNA’s quarterly earnings…

Swiss Re Corporate Solutions swings to profit as turnaround gathers pace

Swiss Re Corporate Solutions swings to profit as turnaround gathers pace

Swiss Re Corporate Solutions swings to profit as turnaround gathers pace

Swiss Re Corporate Solutions swung to a $96m net profit in the first quarter, from a loss of $166m in the prior-year period, and saw its combined ratio fall to 96% from 120.6% as fortunes continued to improve. Swiss Re said the numbers reflect a “continuation of the successful turnaround achieved in 2020 and the diminishing impact of Covid-19-related losses”.…

US D&O insurers face continuing u/w losses despite premium increases

US D&O insurers face continuing u/w losses despite premium increases

US D&O insurers face continuing u/w losses despite premium increases

Despite a major increase in premiums during the past two years, the US directors and officers (D&O) liability insurance sector is expected to see continuing underwriting losses over the near term, according to Fitch Ratings. The sector has seen a 67% cumulative increase in market premiums during the past two years, but Fitch said the market “has been disrupted by…

Mapfre Re and Global Risks turn profit as premiums rise

Mapfre Re and Global Risks turn profit as premiums rise

Mapfre Re and Global Risks turn profit as premiums rise

Mapfre Global Risks, which serves large corporate and multinational customers, delivered a net profit of €8m in the first quarter of 2021, from a loss of €8m in the same period last year. The unit also saw premiums move in the right direction too, rising 6.8% to €373m. Mapfre Re, which includes Global Risks, saw its combined ratio improve by…

Revenue rises 5% and income jumps 140% at WTW

Revenue rises 5% and income jumps 140% at WTW

Revenue rises 5% and income jumps 140% at WTW

Willis Towers Watson (WTW) reported a 5% increase in revenue to $2.59bn during the first quarter of 2021, driven by 10% growth in corporate risk and broking to $810m, and 24% growth in benefits delivery and administration. WTW’s income from operations increased 26% to $452m while net income rose 140% to $733m, excluding $24m of transaction and integration expenses related…