Intelligent Insurer News

A no deal Brexit could create a surge in businesses with no insurance, as small and medium sized enterprises warn of cashflow problems, according to an online poll from Premium Credit, a UK finance company.

Liberty Specialty Markets (LSM), a part of Liberty Mutual Insurance Group, has entered the casualty market in Italy for the first time, recruiting Paolo Pitton to lead the initiative.

Howden, the retail broking arm of Hyperion Insurance Group, is acquiring a strategic stake in Malene Insurance Brokers, a leading Malaysian independent niche broker in the energy and power sector, and a specialist in takaful insurance, which complies with Sharia law. The company is also purchasing the remaining 51 percent of shares in CIMB Howden.

Mergers and acquisitions grew 9 percent in the global insurance sector in 2018 as insurers looked to increase their access to customers and innovation, and benefit from greater scale, according to a Clyde & Co report out today (Monday 11 February).

US insurer Allstate Corporation said its strategy to grow its personal protection market share, including the acquisition of InfoArmo, is working as it reported its 2018 year end results.

Bermuda-based RenaissanceRe Holdings (RenRe) has appointed Cythnia Trudell to serve as an independent director of the company, following the retirement of Edward Zore.

Channel Syndicate 2015 at Lloyd’s has hired active underwriter Nick Forti from Brit syndicate 2988 as the company is looking to expand its London market profile as a specialist insurer.

Multiple winter storms and extreme cold driven by the polar vortex in January led to a billion-dollar economic cost in the United States, according to the Aon catastrophe report.

Beazley CEO highlights growth in US business and rise in gross premiums written in 2018 results despite depressed earnings as challenging market conditions take their toll.

Catastrophe losses drove a net loss of $147 million at Bermuda-based Aspen Insurance Holdings, which is to be acquired by alternative investment manager Apollo in a $2.6 billion deal signed in August 2018.

Bermuda-based White Mountains Insurance Group reported a "tough fourth quarter" with $141 million comprehensive loss attributable to common shareholders across its portfolio of businesses. This compares with a profit of $23 million for the same period in 2017.

Willis Towers Watson celebrate "outstanding finish to a strong year" as CEO highlights healthy revenue growth in 2018 results.

Non-life insurance and investment specialist Randall & Quilter Investment Holdings (R&Q) raised gross proceeds of approximately £100 million to support the development of its programme management business, and assist in maintaining the AM Best credit and financial strength ratings of the accredited companies.

Lloyd's re/insurance broker RFIB Group has appointed Joseph Stanoch as a managing director of RFIB Americas.

Zurich Insurance Group has proposed to elect two new executives - Michael Halbherr and Barry Stowe - to the group’s board of directors at its upcoming annual general meeting.

Property/casualty insurer Chubb has appointed Peter Graswinckel as segment leader for major accounts in Continental Europe.

AXIS Re, the reinsurance business segment of Bermuda-based AXIS Capital Holdings, has expanded its strategic partners business with the appointment of Daniel Osterrieder as strategic account executive for North America.

Autonomous vehicles will transform many industries sooner than we think, and the implications for insurers are profound and complex. In the second of two articles about driverless cars Intelligent Insurer looks in more detail at the possible consequences for the motor insurance market.

Spanish re/insurer Mapfre revealed a drop of almost 25 percent in its net earnings for 2018 as the company was affected by the cost of catastrophic events and currency depreciation.

Zurich’s group CEO Mario Greco states he is confident in the company’s performance despite year end results showing a slight dip in net income for 2018.