Insurance company QBE has hired Robert James as property and casualty president for North America.
Participation in the ILS space from public entities will continue to grow as investment appetite from pension funds shows no signs of slowing.
Xchanging, the business process, procurement and technology services provider, achieved a year-on-year improvement in its financial performance, its 2013 results show. The company’s adjusted operating profit increased by 10.1 percent to £55.5 million for the year and its net cash increase by 56.4 percent to £120.1 million.
Many traditional reinsurers are “hedging their bets” by forming their own capital markets divisions to attract, manage and utilise capital from third-party sources, according to a report by Guy Carpenter looking at catastrophe bond activity in the fourth quarter of 2013.
Third Point Reinsurance posted a big increase in its profits in 2013 – its second full year in operation. John Berger, its chief executive, praised what the company had achieved in developing the systems underlying both the underwriting and investment sides of the business.
Allianz Group posted solid growth in its 2013 results and has forecast a stable operating profit in 2014 despite what it described as a politically and economically challenging environment.
RSA Insurance Group reported disappointing annual results against the backdrop of a rights issue, which it hopes will raise £775 million.
Insurance company ACE has hired Anders Mølbjerg Hofman-Bang as casualty manager in Denmark. He joins from AIG Denmark where he was casualty team leader.
Insurance group Alleghany Corporation posted solid 2013 results and specifically highlighted the strong performance of Transatlantic Re, the reinsurer acquired by Alleghany in 2012, which posted its best ever underwriting result.
Losses from the UK floods alone could cost Direct Line up to £110 million, despite annual estimates for major weather losses predicted at £80 million.