News
London is 'open for business' to Brazil says IUA's Matcham
International Underwriting Association CEO Dave Matcham has encouraged Brazilian customers to do business with London after changes to reinsurance regulation in the country have made it easier for clients there to access the London Market.
Tokio Marine Kiln appoints Paul Culham as group CUO
Tokio Marine Kiln has appointed Paul Culham as group chief underwriting officer with effect from 1 April 2016, subject to regulatory approval.
James Gerry appointed as MGAA chair
The Managing General Agents’ Association has elected James Gerry as chairman following the first meeting of its new board on Monday.
Dale Underwriting takes Marketform's medical malpractice business
Lloyd's underwriter Marketform has stopped writing international medical malpractice business and transferred its book of business to Dale Underwriting Partners.
Zurich's Spencer links climate risks with economic growth in Asia-Pacific
Stuart Spencer, general insurance Asia-Pacific CEO at Zurich, warns the Asia-Pacific region could face a "perfect storm" if it fails to understand the full impacts of climate change.
Ping An's profits climbed 38% in 2015
Chinese financial services giant Ping An has reported a 38% rise in profits in 2015 to 54.2bn yuan (£5.88bn) compared with 39.3bn yuan in 2014.
Two 'manageable' issues holding up Flood Re PRA authorisation three weeks from launch, CEO McCafferty admits
Flood Re still has two obstacles to overcome before it is granted authorisation by the Prudential Regulation Authority - despite only being three weeks away from its proposed launch date (4 April).
Continuity for Aviva and brokers key as CFO Holmes takes on UKGI top job
The internal appointment of Colm Holmes to take over the Aviva UK general insurance reins from Maurice Tulloch has been billed as good news for brokers by commentators both insider and outside the insurer.
IPT rise would not have ‘significant impact’ on Hastings
A speculated insurance premium tax hike in the 16 March Budget would not disadvantage Hastings Insurance Group due to the company’s high market share from comparison websites, according to its chief financial officer, but customers would be worse off.
Helvetia COR improves but IFRS profit down 21% due to “accounting effects”
Swiss-based Helvetia Group saw its IFRS after tax result fall to SFr309m (£220m) (2014: SFr393m) but there was an improvement in its combined operating ratio to 92.1% (2014: 93.5%) and other profit metrics.
Admin fee transparency in the spotlight as insurers report 2015 results
Insurers' reporting of administration fees and non-risk income came under scrutiny in the 2015 full-year results reporting period as firms' balance sheets were dominated by commercial flood losses.
Munich Re CEO to step down
Nikolaus von Bomhard will depart as CEO of reinsurer Munich Re in April 2017, with his role to be filled by Joachim Wenning.
Cyber criminals increasingly moving from privacy breaches to extortion
Increasingly sophisticated malware and ransomware attacks are rising to the top of the cyber threat list, with industry cyber experts predicting a surge in ransomware incidents in 2016.
#Postpeople 15 -21 March
All the latest insurance industry market moves between 15 and 21 March 2016 in full and in one place.
Concern expressed as 'rigorous' SIMR adds pressure on senior roles
Insurers have welcomed the launch of the Senior Insurance Managers Regime, however, there remains uncertainty as to what extent top ranking employees will be impacted.
Storms cost L&G £15m as GI operating profit drops
Legal & General paid £15m of claims related to the December 2015 storms as its general insurance operating profit reduced to £51m (£59m) for the year ended 31 December 2015.
Hastings sees GWP rise 27% as it announces first dividend
Hastings has reported a 27% increase in gross written premiums to £614.9m (2014: £483.4m) for the 12 months ended 31 December 2015 and expects to pay shareholders a maiden dividend of 2.2p per share.
Sompo Canopius hires from Chaucer for Asia head of engineering
Global specialty insurer Sompo Canopius has hired Wah Chuang Ng to become head of engineering for its Asia operations.
Ageas settles Fortis legal claims for €1.2bn
Ageas, the insurer spun out of banking group Fortis, yesterday agreed a settlement of €1.2bn (£934m) for outstanding legal claims from the 2007 and 2008 financial crisis.
CII apprenticeships up by 50% since 2013
Technical insurance apprenticeships at the Chartered Insurance Institute have increased by 50% since 2013.
O'Roarke confident broker division will return to profit
Bad weather, claims inflation and the distribution of large losses were the drivers of LV's general insurance broker division reporting a loss in 2015, but GI managing director John O'Roarke is confident that segment will make a return to profit.
Over-50s worst hit from motor premium hike
Those over the age of 50 are being worst hit from the rise in motor insurance, according to insurance market researcher Consumer Intelligence.
Lloyd's underwrites first blockchain solution for sharing economy
The first blockchain insurance product for the sharing economy - underwritten at Lloyd's - has launched.
Post Digital Insurance Collective: Aviva CDO Brem - digital needs its own P&L to make it a board room reality
To succeed in the digital space insurer boards need to have the "guts" to make it a strategic priority, pull capital in from elsewhere to prove it, give it its own profit and loss "teeth" and build a few icons to underline a commitment to the cause.