The UK is facing a crisis of confidence in its insurance sector with insurers not being trusted to honour cyber security claims by a shocking 63 percent of organisations.
Novae Group, the specialist Lloyd’s insurance group, enjoyed solid growth in the first three months of 2014 in what it described as a challenging rating environment as it targeted more speciality classes of business.
Oxbridge Re Holdings, the Cayman Islands-based property/casualty reinsurer which completed a $26.9 million initial public offering recently, made a small profit in its first results as a public company.
Catlin Group posted very healthy growth in the first quarter of 2014 driven by its reinsurance book and international operations. While its CEO warned on softening rates in catastrophe-exposed lines, he said some hardening was occurring elsewhere.
Florida insurer Federated National (FedNet) has substantially increased the coverage it has purchased in the reinsurance while also doubling its retention.
Brit enjoyed some growth in the first quarter of 2013 driven by its direct insurance business. Its reinsurance unit, in contrast, shrunk slightly in what its CEO admitted remain difficult market conditions in property lines in particular.
Brit has acquired the renewal rights to QBE’s London-based dedicated Lloyd’s aviation business from 1 June, it has said in its first quarter results.
Tokio Millennium Re, the reinsurance subsidiary of Tokio Marine, posted solid growth and profits in 2013 driven by its expansion into non-catastrophe business. Its CEO warned of a tough year ahead for reinsurance but said its recent move to Zurich should open doors in Europe.
Syndicate Re, one of the largest run-off players at Lloyd's, has renamed its Lloyd’s legacy business RITC Syndicate Management, as Vibe Syndicate Management. It will start writing business from July.
Cunningham Lindsey has appointed Richard Ward as executive chairman of the board and Jane Tutoki as chief executive officer (CEO).