News
Swiss Re's first half profit falls 35% as Cyclone Debbie costs reach $360m
Global reinsurance giant Swiss Re saw powerful Cyclone Debbie contribute towards a 35% fall in profit in the first half of 2017 while gross written premiums declined by over $1.5bn (£1.14bn).
Allianz to buy 49% of LV GI for £500m
Allianz will buy 49% of LV’s general insurance business as part of a long-term partnership which will see the creation of the UK's third largest personal lines insurer.
Brit's profits fall in first half
UK-based Brit Insurance's investment returns have hit profits in the first half of the year.
Gallagher expands in Canada with Quebec purchase
International broker Arthur J Gallagher has bought its first broker in Quebec.
More innovation to come from Axa as it looks towards driverless cars
Axa has said it will be looking to increase its involvement with insurtech and ‘lead the way’ on driverless cars, following recent insurtech partnerships.
Ogden change sees Esure's reinsurance costs rise by a third
The change to the Ogden discount rate added a third to the cost of Esure’s reinsurance, company results have revealed.
LSM launches fine art and specie in the Netherlands
Liberty Specialty Markets is to begin underwriting fine art and specie in the Netherlands.
Axa reports reduction in COR and improvement in underwriting profit in H1
Axa has reported an improvement in its underwriting profit and a reduction in its combined operating ratio which fell to 97.7% in the first half of 2017 from 98.2% in the same period last year.
LV confirms talks with Allianz over GI stake sale
LV has confirmed that it is in discussions with Allianz regarding a potential sale of a significant minority stake in the insurer’s GI operation.
Aviva sees profit grow and COR improve in H1
Aviva’s general insurance and health division grew its operating profit by 25% over H1 2017, up to £417m from £334m for the same period last year.
Germany spurs Axa's first half global P&C results
Paris-headquartered insurer Axa's 2017 P&C results for the first half were buoyed by strong performances in Germany, its EMEA-LatAm business and Axa Corporate Solutions.
Esure's profit leaps 44.6% in H1
Esure saw its profit before tax from continuing operations rise 44.6% in H1 2017, to £45.1m from 31.2m for the same period last year.
AIG's global commercial premiums fell 15% in Q2
US global insurance giant AIG posted a 102.7% combined operating ratio for commercial lines in the second quarter.
Suncorp's FY insurance profits climb 30% in Australia; drop 55% in New Zealand
Brisbane-headquartered financial services group Suncorp saw mixed results in its two key insurance markets for the full year ending 30 June.
Lemonade expands to fourth state since launching
Lemonade has launched its Artificial Intelligence-driven insurance product in New Jersey, making the state the fourth that it has expanded into.
Inga Beale elected CII president
Inga Beale has been elected the 121st president of the Chartered Insurance Institute at the professional body’s Annual General Meeting held in London today.
Novae and Axis boards give acquisition the green light
The boards of Novae and Axis have agreed the terms of sale that will see the Bermuda-based reinsurer take over the Lloyd’s carrier.
Ed goes live with new trading platform to complement PPL
London market broker Ed is rolling out its own digital trading platform that will complement Lloyd’s payment placement platform.
Open GI completes acqusition of Transactor
Open GI has completed its transaction of rival software house Transactor Global Solutions.
Kanye West sues Lloyd's syndicates for $10m over cancelled tour dates
Kanye West is suing numerous Lloyd’s syndicates for $10m over the artist’s cancelled tour.
Penny Black's Social World - August 2017
Daring to believe, running to achieve and a video to bereave
Novae makes £14m loss before tax in H1
In its first set of results since being acquired by Axis, Novae has revealed that its combined operating ratio deteriorated 5.9% over the past year, from 95.7% to 101.6% in H1 2017.
RSA UK underwriting profits fall by £59m in H1
Insurance giant RSA saw its underwriting profit take a £59m hit from the impact of the Ogden discount rate and other losses in H1, compared to the same period last year.
QBE to repay millions in Australia following add-on review
Australian giant QBE will repay customers A$15.9m (£9.6m) following a review of add-on insurance sales by the Australian Securities and Investments Commission.