News – Page 105
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NewsLessons from the Super League fiasco
The backlash against the Super League is a “perfect example” of how to destroy trust and reputation in the blink of an eye - BCI
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NewsD&O market is ‘absolutely brutal’ and ‘in a world of pain’ as a result of hard market
Directors’ and officers’ (D&O) insurance is heavily exposed to the current hard market, with industry commentators describing conditions for this line of business as “absolutely brutal” and “in a world of pain” due to “capacity constriction”.
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NewsQIC Group net profit jumps 210% to QR205mn in Q1
Mena region’s leading insurer Qatar Insurance Company (QIC) reported robust results with a net profit of QR205mn for the first quarter of 2021 compared to a loss of QR186mn in Q1, 2020.
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NewsChubb Q1 P&C net premiums up 9.7% combined ratio 91.8%
Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “Chubb had another very good quarter with excellent commercial premium revenue growth globally, double-digit renewal rate change in our commercial P&C businesses, and further expansion of our underwriting margins.
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NewsMarsh Q1 Risk & Insurance revenue up 8% Guy Carpenter up 7%
Dan Glaser, President and CEO, said: “Marsh McLennan had an outstanding first quarter. We delivered strong growth in underlying revenue and adjusted earnings, and generated meaningful adjusted operating margin expansion in both Risk & Insurance Services and Consulting. Our total revenue grew 9%, with underlying revenue growth of 6%. Adjusted ...
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NewsTo protect businesses from pandemic risk, governments need to be ‘insurers of last resort’: new Geneva Association report
Coverage for pandemic business continuity risks with meaningful limits will therefore remain unavailable from the private insurance market due to prohibitively high capital requirements.
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People & OpinionAxis Re hires Lisa Hancock
In her new role, she will underwrite Lloyd’s Casualty treaty business, with responsibilities to support existing partnerships as well as assessing growth opportunities.
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NewsEverest Re estimates catastrophe losses of $260m
Bermudian-based Everest said it is estimating pre-tax net catastrophe losses for the first quarter of $213 million in its reinsurance segment, and $47 million in its insurance segment for a total of $260 million.
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People & OpinionDAC Beachcroft continues international insurance drive with leading D&O partner hire in Madrid
International law firm DAC Beachcroft is pleased to announce that one of Spain’s leading insurance litigators, Pablo Guillén, has been appointed as a partner in the firm’s Global Insurance practice in Madrid.
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Fairfax Asia will not raise 35.35 cents cash offer for Singapore Reinsurance
Singapore Reinsurance on Tuesday (April 20) said offeror Fairfax Asia does not intend to increase its 35.35 cents offer price “under any circumstances whatsoever”.
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NewsWarehouse risks in an age of e-commerce
How a surge in demand for warehouse storage may leave firms exposed to facilities which rely on sub-standard levels of risk protection
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NewsRansomware costs to reach $20 billion in 2021
Only 40% of organisations report having adequate remote work strategies to manage the risks associated with WFH, finds Aon cyber report
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NewsBrexit: Over 440 financial firms have relocated
Study finds over £900 billion in bank assets and £100 billion in insurance funds have been moved from the UK to the EU
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NewsCyber: Critical industries bombarded during pandemic
As firms scaled-up cloud computing during lockdown, they did not always scale up their security processes at the same rate
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NewsAllianz reveals £65.8m worth of insurance fraud in 2020
Allianz Insurance, part of the Allianz Group, detected a record-breaking £65.8m worth of insurance fraud in 2020 as it took on claims’ farmers, rogue loss assessors and organised crime.
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NewsReport quantifies reputational impact of ‘grey swans’
In over 10% of crises in recent years - including COVID-19, 9/11 and the GFC - more than 50% of shareholder value was destroyed
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NewsAon launches innovative industry collaboration to protect global COVID-19 vaccine shipments
Aon has introduced a new solution, through broad industry collaboration, that will provide supply chain protection for global COVID-19 vaccine shipments.
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NewsAxis estimates first quarter catastrophe losses
The company is set to release its first-quarter results after the close of financial markets on April 28.
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People & OpinionArgus appoints Costas Miranthis and Garrett Curran to its board
David Brown, chairman of Argus, said: “I am very pleased to welcome Costas and Garrett to the Argus board. They bring a wealth of experience as well as expertise in the re/insurance and financial services sectors.
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News
United Insurance Holdings announces estimated current year cat losses incurred during the first Q
United Insurance Holdings Corp. today announced estimated current year catastrophe losses incurred during the first quarter ending March 31, 2021 of approximately $24 million before income taxes (approximately $19 million after tax), net of expected reinsurance recoveries. The Company’s first quarter catastrophe losses included claims from Winter Storm Uri, seven ...
