Reserving
Catlin bolsters 2010 result with US$144m reserve releases
Catlin Group this morning reported a US$406m (£253m) pre tax profit before tax for 2010 (2009: US$603m).
AIG to strengthen Chartis balance sheet by $4.1bn after loss reserve review
Following completion of its annual comprehensive loss reserve review, AIG said today it expects to record a $4.1bn charge, net of $446m in discount and loss sensitive business premium adjustments, for the fourth quarter of 2010 to strengthen loss…
RBSI leaves door open for further reserving
Royal Bank of Scotland Insurance has not ruled out the need for further personal injury claims reserving after setting aside another £100m during the third quarter of the year.
RBS Insurance ramps up claims reserves by a further £100m in Q3
RBS Insurance today said it had set aside a further £100m for bodily injury claims reserves, largely relating to periodic payment orders. This follows the £320m established in respect of bodily injury in quarter two by the owner of Direct Line and…
Deloitte: motor loss could be worse than 2009
The motor insurance market is at a "turning point" according to Deloitte, which has predicted that the sector will make losses of £1bn in 2010.
Interview - Ian Foy: Return journey
After an antipodean adventure lasting 10 years, Insurance Australia Group's Ian Foy is back in Britain as UK CEO. He tells Jonathan Swift about the challenges he faces to turnaround the business and why IAG is here to stay.
Technology - Catastrophe claims: Reaching high expectations
Although insurers cannot consider catastrophe events routine, by using the latest technology they can make proactive claims management a reality, argues Laura Drabik.
IAG: 2011 to remain “challenging” in UK
Insurance Australia Group has predicted it will encounter further struggles in the UK market in 2011, as the insurer’s UK division aims to recover from a disappointing 2010.
Lloyd's insurer Chaucer H1 2010 result bolstered by £5.3m reserve releases
Chaucer has reported a profit before tax of £7m (30 June 2009: £17m) for the first six months of 2010 on gross written premiums of £493m (30 June 2009: £491m).
Lloyd's doubles actuarial resource as Solvency II looms
Managing agents at Lloyd’s have seen significant growth (49%) in actuarial resources over the last three years as the demands on managing agents from Solvency II develop, according to a new survey.
Lloyd's insurer Equity co-operating with FSA over investigation
Equity Red Star is reported to be under investigation by the Financial Services Authority over concerns about the impact of bodily injury claims on its balance sheet.
Fitch: "immature" Russian insurance sector impacted by weak capital adequcy
Russian insurers' ratings will continue to be constrained by the poor reserving and pricing risks that became apparent in 2009, as well as by the challenges of the current operating environment.
RBS Insurance records £253m loss in H1 2010
Royal Bank of Scotland's financial results show its insurance business in the first six months of 2010 was adversely impacted by a significant increase in bodily injury reserving, including adding £241m to reserves relating to prior years. In total RBSI…
Brit cuts UK private motor book by 60% as it reports £72.8m profit
Brit Insurance this morning reported that profit before tax excluding the effect of foreign exchange on non-monetary items increased by 12.2% to £72.8m for the first six months of 2010 (30 June 2009: £64.9m). It recorded a profit before tax of £77.5m (30…
Beazley sees significant gains in reinsurance and property in Q1
Beazley has reported a 195% increase in premiums to $438.2m in quarter one 2010 (Q1 2009: $368.9m). It added average rates decreased by 1%.
AIG: Bernstein erred in reserve-shortfall estimate
AIG told US regulator that Sanford C. Bernstein’s review of its claims-paying resources relied on faulty analysis.
Lloyd's hails record profit of £3.9bn for 2009
Lloyd's this morning announced a £3.9bn profit for 2009 (2008: £1.9bn), which it hailed as a "record results during challenging economic conditions".
Public Sector - Reserving: Emerging into the sun?
After the harsh winter, John O'Neill takes a look at the challenges facing local authorities in terms of reserving for future events. Is the outlook still bleak or is the sun on the horizon?
Beazley profits pass £100m and GWP hits a £1bn 2009
Beazley chief executive officer Andrew Horton said "our underwriters delivered again in 2009" as it reports improved profits.
White Mountains reports earnings jump
White Mountains Insurance Group, the Bermudian (re)insurer, reported fourth quarter net income of $100m, up from a net loss of $213m at the same time in 2008.
Inflation reservations
Any return to high rates of inflation would be a challenge to writers of long-tail reinsurance business, especially when it comes to reserving. New modelling techniques will help to cope with this uncertainty, says Andrew English of EMB
Chartis reserve warning on eve of rebrand
Analyst raises concerns over loss reserves
UK inflation rises
Consumer price inflation in the UK rises to 1.5%.
