AGCS sees 2018 profits double despite ‘relatively high’ claims

AGCS sees 2018 profits double despite ‘relatively high’ claims

AGCS sees 2018 profits double despite ‘relatively high’ claims

Allianz Global Corporate & Specialty’s (AGCS) profits more than doubled in 2018 to €282m and gross written premiums rose by 10% to €8.2bn, despite “relatively high” claims. The unit’s combined ratio improved to 101.5% in 2018 from 105.2% the previous year. But this is still higher than the group-wide P&C figure of 94% and above the 100 mark. AGCS said…

Allianz profits hit record high as P&C delivers strong results

Allianz profits hit record high as P&C delivers strong results

Allianz profits hit record high as P&C delivers strong results

Allianz has delivered a 4% increase in operating profit to €11.5bn for full-year 2018, driven by P&C business where profit was up 13% to €5.7bn. P&C business hit its target combined ratio of 94% in 2018, improved from 95.2% a year earlier. Its revenues were up 2.6% to €53.6bn. Allianz said P&C numbers were based on strong underwriting results and…

2018 nat cat losses deliver costliest back-to-back years for insurers

2018 nat cat losses deliver costliest back-to-back years for insurers

2018 nat cat losses deliver costliest back-to-back years for insurers

Insured nat cat losses were relatively high in 2018 as a series of events took their toll and helped deliver the costliest back-to-back years for insurers ever, according to analysis from reinsurers and brokers. Swiss Re estimates that global insured catastrophe losses totalled $79bn last year, the fourth highest it has recorded and above its ten-year average of $71bn. Natural…

Liberty moves into Italian casualty market for first time

Liberty moves into Italian casualty market for first time

Liberty moves into Italian casualty market for first time

Liberty Specialty Markets has entered the Italian casualty market for the first time, and recruited Paolo Pitton from Chubb to lead the venture. Antonio Sacchi, Liberty Specialty Markets’ general manager for Italy, said: “Since we launched in Italy in 2012, we’ve been steadily growing our presence, now reaching 35 people in our Milan office. We’re now adding a local underwriting…

P&C profit up 35% with Zurich on course to hit targets

P&C profit up 35% with Zurich on course to hit targets

P&C profit up 35% with Zurich on course to hit targets

Zurich has reported business operating profit up 20% to $4.6bn on the back of big P&C improvements, as the insurer enters the final year of a three-year plan on track to hit key financial targets. Underwriting improvements helped Zurich deliver a 35% rise in P&C business operating profit to $2.1bn last year, and a three-point improvement in the combined ratio…

Munich Re returns to strong profit in 2018 as ERGO performs well

Munich Re returns to strong profit in 2018 as ERGO performs well

Munich Re returns to strong profit in 2018 as ERGO performs well

Munich Re recorded €2.28bn profit last year, following 2017’s nat cat-hit €392m. The company’s numbers were boosted by primary business ERGO, which exceeded targets to book €412m of profit; and its reinsurance business, which recorded profit of €1.87bn – up from €120m in 2017. Munich re said ERGO put in a “very good operational performance” for the year, particularly in…

BGC completes Ed Broking buy

BGC completes Ed Broking buy

BGC completes Ed Broking buy

Broker BGC has completed the acquisition of Lloyd’s broker Ed Broking Group, which will now become part of BGC’s insurance division that was formed in 2017 with the acquisition of Besso Insurance Group. CEO of Ed Broking Steve Hearn will become head of BGC’s insurance division and report directly to Shaun Lynn, president of BGC Partners. Ed Broking will add…

Tokio Marine partners with insurtech for PI platform

Tokio Marine partners with insurtech for PI platform

Tokio Marine partners with insurtech for PI platform

Tokio Marine HCC has teamed up with insurtech startup Worry+Peace to launch an exclusive insurance platform for the professional indemnity needs of the Public Relations and Communications Association (PRCA), Europe’s largest PR professional organisation with more than 30,000 members. Combining expertise in technology and insurance, the new platform customises professional indemnity cover for a range of PR companies of all…

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