Articles
Insurance
Prior-year reserve releases, which have been supporting reinsurers’ profitability in the current soft market, are drying up at some reinsurers, which may help to increase rates, Munich Re chief financial officer Jörg Schneider. 9 May 2017
Insurance
US property and casualty insurers reported a $4.7 billion net underwriting loss in 2016, com-pared to an $8.9 billion net underwriting gain in 2015. Their net income after taxes dropped 25 percent to $42.6 billion from $56.8 billion the previous year. 9 May 2017
Insurance
Enstar, an insurance holding company that owns StarStone and Atrium, posted improved profits in the first quarter of 2017 though its net written premiums shrank as it warned on “challenging market conditions” in both underwriting and investing and “overcapacity in many markets for insurable risks”. 9 May 2017
Insurance
New York-based specialty personal lines insurance provider National General Holdings reported a fall in profits in the first quarter of 2017 as the combined ratio of its property/casualty operations deteriorated. 8 May 2017
Insurance
JLT Specialty USA, a US subsidiary of Jardine Lloyd Thompson Group, has expanded its environmental team with the appointment of Grant Nichols as senior vice president, based in Philadelphia. 8 May 2017
Insurance
If all US businesses had cyber insurance, over $5 billion a year would be lost to the insurance industry from cyber data exfiltration alone, according to catastrophe risk modelling firm RMS. 8 May 2017
Insurance
Marsh & McLennan Agency, the middle market agency subsidiary of Marsh, acquired employee benefits consulting firm Insurance Partners of Texas. The move follows the recent acquisition of Texas-based iaCONSULTING. 8 May 2017
Insurance
Insurance broker NFP has acquired Arizona-based property/casualty (P&C) firm McCullough Insurance Agency to further expand its presence in the Southwest market. 8 May 2017
Insurance
A $9.8 billion reinsurance deal with AIG and the UK’s Ogden discount rate change weighed on Berkshire Hathaway’s first quarter results. 8 May 2017
Insurance
Ratings agency AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of the US life/health subsidiaries of Netherland-based insurance group Aegon. 8 May 2017
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