HDI Global’s fire book restructure ahead of schedule at half-year stage

HDI Global’s fire book restructure ahead of schedule at half-year stage

HDI Global’s fire book restructure ahead of schedule at half-year stage

Torsten Leue, chairman of the board of management at Talanx, parent company of HDI Global and Hannover Re, said the ongoing restructure of the former’s fire book is ahead of schedule and “having the desired effect”, as he reported group second-quarter results. HDI Global delivered a small €14m underwriting profit in the second quarter of this year, compared with a…

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo expands into small business space in US and Mexico

Sompo International Holdings, the Bermuda-based specialty insurance and reinsurance arm of Japanese giant Sompo, has announced that its Sompo Global Risk Solutions (GRS) has formed a new team to offer insurance solutions to smaller businesses in the US and Mexico. It will also serve Sompo’s clients with operations in the two countries. Sompo International was created after the Japanese insurer…

Hannover Re posts healthy profits on the back of ‘long-overdue’ price rises

Hannover Re posts healthy profits on the back of ‘long-overdue’ price rises

Hannover Re posts healthy profits on the back of ‘long-overdue’ price rises

Hannover Re says price increases obtained during 1 June and 1 July renewals were in some cases “appreciable”, will continue in the second half and also helped deliver a healthy increase in both premiums and profits at the half-year stage. Gross written premium surged by 17.1% to €11bn. Net premium earned climbed by 12.1% to reach €9.4bn. The operating profit…

European commercial prices continue upward trend led by property: Marsh

European commercial prices continue upward trend led by property: Marsh

European commercial prices continue upward trend led by property: Marsh

Prices for continental European commercial insurance coverage increased for the third consecutive quarter, as average commercial insurance pricing rose nearly 6% globally in second-quarter 2019, according to global broker Marsh. The latest Global Insurance Market Index published by the broker reports the largest increase since the survey began in 2012, and the seventh consecutive quarter of average pricing increases in…

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Lloyd’s retraction supports strong price momentum in Asia and Pacific: Marsh

Asian commercial insurance prices rose by 3.5% in the second quarter of this year, following a 4% increase in the first quarter and the highest increase in five years, according to global broker Marsh. The broker says the recent traction by Lloyd’s has had an impact in both regions. Commercial insurance prices rocketed in the Pacific region by 18% in…

Rate increases and strong growth in US drive positive numbers for CNA

Rate increases and strong growth in US drive positive numbers for CNA

Rate increases and strong growth in US drive positive numbers for CNA

Chicago-based CNA Financial Corporation has announced its best half year for 12 years, and gross written premium growth of 10% in its core property and casualty business. The result was based on improving market conditions across the board and a strategic decision to focus growth on the US and pull back from international business. CNA also did not suffer unfavourable…

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh index records biggest quarterly insurance price rise of 6% in Q2

Marsh revealed during its second-quarter results call that average global commercial insurance prices rose nearly 6% in Q2. This is the biggest increase the firm’s Global Insurance Market Index has recorded since it began tracking in 2012, and marks the seventh consecutive quarter of rising prices. Marsh & McLennan Companies (MMC) president and CEO Dan Glaser told analysts the 6% jump follows…

Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo warns investors of Q2 earnings hit from reserve increases

Argo Group International, the Bermuda-based specialty insurance and reinsurance group, has announced that its results for the second quarter of 2019 will be hit by prior-year reserve increases in its London, Europe and Bermuda operations. Argo has faced a tough period in recent times as activist investor Voce Capital accused the insurer, and CEO Mark Watson in particular, of extravagant…

Insurers report further market hardening in early results

Insurers report further market hardening in early results

Insurers report further market hardening in early results

The first insurers reporting second-quarter and half-year results say rate increases are on the rise, with hardening conditions spreading to further lines and regions. The changing market in favour of insurers is helping many to deliver decent numbers. The firming market enabled Chubb to report another excellent set of quarterly and half-year results as it benefited from a “flight to…

Insured H1 nat cat losses of $20bn lowest since 2006: Aon

Insured H1 nat cat losses of $20bn lowest since 2006: Aon

Insured H1 nat cat losses of $20bn lowest since 2006: Aon

Insured nat cat losses of $20bn in the first half of this year were 26% below the 18-year average of $27bn and the lowest since 2006, according to an estimate by Aon’s Impact Forecasting. With £73bn of economic costs 22% lower than this century’s average, the half year has generated a protection gap percentage points above the mean average of…