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Insurance
Following its recent acquisition of UK-based expat insurer, Clements Worldwide, a provider of international insurance solutions, has said it is now seeking further growth, both organic and through more acquisitions. The company has also opened an office in Dubai. 14 March 2013
News
Munich Re, the biggest reinsurer in the world, has posted healthy profits for the business in 2012 on the back of what it described as its good risk management and underwriting discipline. And Nikolaus von Bomhard, the company’s chief executive, said he is optimistic for the company’s prospects in 2013. 13 March 2013
Insurance
A strong set of results announced by the private equity backed Nexus Group could set it on course to become the largest independent managing general agency (MGA) in the London Market. The group has expanded quickly since its formation in March 2010 through a series of mergers and acquisitions. 13 March 2013
Insurance
Novae Group has posted its 2012 results. It made a pre-tax profit of £49.3 million compared with a loss of £6 million last year, its gross written premiums decreasing to £612 million from £624 million in 2011. Its combined ratio for the year was 90.5 per cent, a big improvement on the 101.5 per cent it posted in 2011. “Three years ago we set out our objectives for driving up the returns of the group by re-engineering our business mix and by rigorously managing capital and costs. Three years on, this strategy has delivered a steadily improving group performance particularly in 2012 delivering a return on equity of 17.6 per cent,” said Matthew Fosh, group chief executive. 13 March 2013
Insurance
Canopius Group has posted strong full-year 2012 results achieving solid growth in both gross written premiums and its underwriting performance. 13 March 2013
Insurance
Bermuda-based MS Frontier Re has appointed a new president and CEO. Starting on April 1, Toshiya Naito will take over the role from Keiichi Nakajima who will return to Japan to take on new responsibilities within MS Frontier Re’s parent company. Naito is a 25-year veteran with Mitsui Sumitomo Insurance Company, the parent company and sole shareholder of MS Frontier Re. MS Frontier Group recently completed a reorganisation on January 1 which saw the closure of MS Frontier Re’s sister office in Dublin. 13 March 2013
Insurance
A mixture of growing insurance penetration into what is a rapidly developing market and government initiatives to secure greater financial protection against natural disasters mean Turkey holds many opportunities for re/insurers, especially for non-life players. 8 March 2013
News
Two of Europe’s biggest reinsurers – Hannover Re and SCOR – have posted solid results for 2012 benefiting from rate increases on the back of the heavy catastrophe losses of 2011 and a relatively benign loss environment in 2012. 7 March 2013
Insurance
Allianz Risk Transfer and Nephila Capital have finalized an agreement securing another three years of risk capacity for Nephila. Under the agreement, Allianz Risk Transfer will continue to assist Nephila in its natural catastrophe and weather risk strategies, providing specialized services, such as balance sheet access, non-recourse leverage and other flexibility that will continue to benefit Nephila’s investors. Nephila said the extension enhances its ability to offer its clients a portfolio of diversified and high quality investment alternatives while continuing to diversify Allianz Risk Transfer’s business lines. 6 March 2013
Insurance
Insurers in the UK were subjected to a record number of high-level inspections by the Financial Services Authority (FSA) last year despite the regulatory body saying it would be scrapping what is an intensive and time consuming process for companies. Some claim the increase in onsite inspections represented a regulatory backlash following the UK banks’ well documented failures. 6 March 2013
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