Tag: Insurance Journal
Swiss Re Confirms Four Pillar’ Strategic Framework for Continued Growth
Swiss Re, at its annual Investors’ Day Conference, unveiled its strategic framework to “position the company strongly vis-à-vis current and future opportunities and challenges...
Zurich CEO Senn’s Departure May End Era of Generous Dividends
As Zurich Insurance Group AG begins the search for a chief executive officer, investors may need to prepare for more than a new face. An end...
Zurich Insurance Plans to Exit P&C Business in Middle East After Strategic Review
Zurich Insurance Group Plc said it will stop writing general insurance business in the Middle East at the end of month because of the “limited potential” for profitable...
AIG Reported Considering Sale of Blocks of Business to Narrow Focus
American International Group Inc., the insurer being pressured by activist investor Carl Icahn to boost returns, is considering the sale of blocks of life...
Cyber Attacks on Private Sector a Growing Corporate Credit Risk: Moody’s
Cyber attacks on the private sector are an increasingly important risk in corporate credit analysis, U.S. ratings agency Moody’s Investors Service said this week. The...
Emerging Markets Are Growth Engines for Re/Insurance Industry: Swiss Re Report
The global economy is expected to strengthen moderately next year, which will support insurance premium growth in most regions, according to Swiss Re’s latest...
Allianz Aims to Increase Premiums by $6.9 Billion Annually
Allianz SE, Europe’s largest insurer, aims to generate an additional 6.5 billion euros ($6.9 billion) in annual premiums as the company focuses on its...
Google Compare for Mortgages Launched in California, Other States to Follow
Google has official launched the newest addition to its suite of Google Compare products: mortgages. Google Compare for Mortgages was announced earlier this year, and...
U.S. to Pursue Covered Agreement with EU for Re/Insurers
The U.S. Treasury and U.S. Trade Representative announced plans on Friday to negotiate a covered agreement on insurance with the European Union, a move...
London Insurance Market Vulnerable to Major Cyber Attack: Xchanging Survey
Only one-third of insurers in the London market believes their firm could withstand a major cyber attack, and almost half felt they were underprepared,...
PartnerRe’s Shareholders Approve Acquisition by EXOR
PartnerRe Ltd. announced Thursday that its shareholders voted to approve the proposed acquisition of the company by EXOR at a special general meeting of...
Willis Weighs Increasing Offer for Towers Watson, Amid Opposition to Deal
Willis Group Holdings is considering increasing its offer for Towers Watson & Co after failing to muster enough shareholder support for its $18 billion...
Global Acts of Terrorism Cost $52.9 Billion in 2014 – Highest Price Since 9/11
In the wake of Friday’s massacre in Paris, a new report says the world is paying the highest price for terrorism since the 2001 attack on New York’s Twin...
History Shows Economies Are Resilient After Terrorist Attacks
The French economy has history on its side. From the attacks of September 11 to those on Spain in March 2004 and London in July...
Zurich Insurance Plans to Replace CEO Senn, Reports Swiss Magazine
Zurich Insurance Group AG is seeking to replace Chief Executive Officer Martin Senn after third-quarter losses forced it to abandon its bid for Britain’s RSA Insurance Group Plc, according...
Insurers Face Claims of $600 Million from Brazilian Mine Disaster: Sources
Insurers covering risks for a Brazilian mine where two dams burst last week, killing at least six people, could pay up to $600 million...
Supreme Court in Bind Over Insurer’s Right to Insured’s Damages Money
Which do the conservative justices hate more: personal-injury lawyers or interpreting a law loosely to expand the power of lower courts? That question was...
AXA to Buy Charter Ping An in Philippines, Eyeing P&C Growth Opportunities
AXA Philippines announced it will acquire 100 percent of Charter Ping An Insurance Corp. from GT Capital for 45 million euros ($48.3 million). The acquisition...
Russian Air Crash Bomb Theories Highlight Insider Threat to Aviation Security
The possibility that Islamic terrorists smuggled a bomb onto a Russian jet flying home from Egypt highlights a new area of worry for aviation...
AIG CEO to Employees: Expect Fewer Lifetime Jobs
American International Group Inc. Chief Executive Officer Peter Hancock, who is shrinking the company while fighting off an activist investor, told staff that they...
Munich Re Q3 Profit Declines 29% on Investment Earnings
Munich Re, the world’s biggest reinsurer, said third-quarter profit slumped 29 percent on a decline in earnings from investments. Net income declined to 520 million euros...
Allstate Profit Down in Q3 as Auto Claims Rise
Allstate Corp., the largest publicly traded U.S. car and home insurer, said third-quarter profit slipped 17 percent as claims rose and policy growth slowed...
Aegon, Transamerica’s Owner, Added to FSB’s List of 9 Too-Big-to-Fail Insurers
Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., has been added to a list of insurers deemed systemically important by global financial rule makers,...
Agent, Cyber-Educate Yourself and Your Clients
A recent report showing that cyber insurance premiums will grow globally from $2 billion annually to more than $20 billion over the next 10...
Aon’s Q3 2015 Net Income down 5%; 15% for 1st 9 Months
Aon plc’s third quarter and 1st 9 months 2015 Earnings report shows an overall decline in revenue and profits, compared to the same periods...
Swiss Re’s 1st 9 Months 2015 Consolidated Net Income up 12% at $3.659 Billion
Swiss Re reported consolidated net income of $3.659 billion, a 12 percent increase, for the first nine months of 2015, compared to $3.255 billion...
Marsh Says It’s On Track’ After Q3 Results
Marsh & McLennan Cos. Inc. reported $3.12 billion in consolidated revenue for the third quarter, a decline of about one percent compared to the...
Ace Group $5.3 Billion Bond to Help Finance $28.3 Billion Acquisition of Chubb
Ace Group on Tuesday announced a $5.3 billion four-part bond to help finance its acquisition of Chubb, Reuters reported this morning. The Chubb deal is...
PartnerRe’s Q3 Earnings Impacted by EXOR Acquisition, Difficult’ Market
As EXOR’s acquisition of Bermuda-based PartnerRe proceeds, it will be taking over a somewhat diminished company, as PartnerRe reported a net loss of $243.3...
Auto Insurance Market to Shrink 60% by 2040: KPMG
By the time today’s millennial insurance professionals are its top executives, the U.S. personal auto insurance industry will be a skeleton of its current...
Chubb Shareholders Approve Merger with Ace
The Chubb Corp. said its shareholders approved the previously announced $28.3 billion merger agreement with Ace Limited today. The proposal to approve the merger agreement received support...
ACE Q3 2015 Net Income Down 32.7% at $528 Million; Operating Income Up
ACE Group reported net income for the quarter ended September 30, 2015, of $1.62 per share, compared with $2.32 per share for the Q3...
P/C Insurers Posted $31B Profit for 2015 1st Half, Highest 1st-Half Income Since ’07
Private U.S. property/casualty insurers’ net income after taxes grew to $31.0 billion in the first half of 2015 from $26.0 billion in the first...
Climate Change Adds Billions to U.S. Hurricane Losses: Study
Climate change has added billions to the toll of hurricane strikes on the U.S., according to a study that challenges the prevailing scientific view...
XL’s Preliminary Loss Estimates for Tianjin-$100M, $30M for Others in Q3
XL Group plc announced that its preliminary loss estimates for the Tianjin disaster and other events in the third quarter of 2015 – pretax...
Reinsurers See Further Price Declines for 2016 in Wake of Mergers
The world’s largest reinsurers are anticipating even bigger price declines when policies are renewed in 2016 than envisaged a month ago as a flurry...
AIG to Sell Central American Operations to ASSA
ASSA Compañía Tenedora, S.A. and ASSA Compañía de Seguros (ASSA) will acquire 100 percent of American International Group’s Central American operations in El Salvador, Guatemala, Honduras and Panama...
UK’s Aviva Seeks Smaller Acquisitions in Other Countries After Friends Life
Aviva Plc’s Chief Executive Officer Mark Wilson said the British insurer is looking for smaller acquisitions outside its home market as it continues to...
Air Accidents at All-Time Low, Despite MH17, Germanwings Crashes
As the spotlight falls on Dutch crash investigators and their high profile probe into the downing of a Malaysian airliner, air accident detectives worldwide...
PartnerRe Estimates China’s Tianjin Explosions to Cost Between $50m and $70M
PartnerRe Ltd. estimates that losses from the August explosion in China’s Port of Tianjin will be between $50 million and $70 million pre-tax and net of...
China Re Will Sell Almost Half of $2B IPO to Cornerstone Investors
China Reinsurance (Group) Corp., the nation’s biggest reinsurer, will sell about half of its as much as $2 billion Hong Kong initial public offering...
Towers Watson Shareholders Plan to Vote Against Merger with Willis: Sources
Stakeholders who own millions of shares in Towers Watson & Co. are planning to vote against the firm’s $8.7 billion merger with Willis Group Holdings...
Cyber & Reputation Risks Top List of CEO, Risk Manager Concerns: Marsh Survey
Cyber and IT-related risks top the list of what keeps CEOs and risk managers awake at night, according to the 2015 International Business Resiliency...
Now, Volkswagen’s Injury Reporting Being Questioned
Volkswagen AG reported death and injury claims at the lowest rate of any major automaker in the U.S. over the last decade. The numbers are...
AXIS to Close Australian Retail Operations, Cut 100 Jobs
AXIS Capital Holdings Limited announced it will wind down its retail insurance operations in Australia and continue to operate in the market via its...
Assessing First-Half P/C Insurance Results: A.M. Best
The property/casualty insurance industry is likely to post a third consecutive year of underwriting profits, considering its performance in the first half of the...
It’s a Tough Time for Reinsurers, but Their Defensive Strategies Are Working: S&P
It’s a tough time for reinsurers — “pricing is soft, regulators continue to raise the bar, capital is at record highs, competition is increasing,...
Crisis Services Top Insurers’ Cyber Claims Payouts; Average Claim at $674K
New claims costs data reveal a wide discrepancy on costs associated with cyber losses. More than $75.5 million has been spent on cyber claims losses...
Too-Big-to-Fail Insurers Face 10% Hike to Capital Requirements: Int’l Regulators
Global insurers with the greatest ties to the financial system would face an average increase of 10 percent to capital requirements under new standards...
If MetLife Is Tagged As Systemically Risky, Why Isn’t Berkshire Hathaway?
MetLife Inc., the insurer fighting the U.S. government’s decision to label it a potential threat to financial stability, wants to know why Warren Buffett’s...
Buffett Cuts Munich Re Shareholding, Responds to Reinsurance Downturn
Warren Buffett’s Berkshire Hathaway Inc. has cut its stake in Munich Re after lamenting a slump in the reinsurance business. Berkshire’s holding was lowered to 9.7 percent...
Medical Professional Insurer Market Prepped for Consolidation: Fitch
The medical professional liability insurance market continued its years-long decline in 2014 in terms of net written premium volume, hammered by forces including worsening...
Best Affirms A+’ Ratings of Hannover Re and Subs; Outlook Stable
A.M. Best has affirmed the financial strength rating (FSR) of ‘A+’ (Superior) and the issuer credit ratings (ICR) of “aa-” of Germany’s Hannover Rueck...
RSA’s Hester Expects More Bids After Zurich Abandons Takeover Offer
RSA Insurance Group Plc Chief Executive Officer Stephen Hester said the company will attract bids from other suitors afterZurich Insurance Group AG abandoned its 5.6 billion-pound ($8.7 billion) offer...
Monte Carlo 2015: Reinsurers Reexamine How They Do Business
The annual Rendez-Vous de Septembre in Monte Carlo, Monaco traditionally focuses on one or two signatory concerns within the industry. This year, things were...
Allianz Teams with Volkswagen, Bayer and BASF in Anti-Hacking Venture
The German car giant that gave the world the Beetle may soon help you fend off cyber criminals. Volkswagen AG teamed with insurer Allianz SE, medical company...
Insurance Sector Struggles to Innovate: KPMG International Survey
While insurance executives overwhelmingly know that innovation will drive future competitive advantage and growth, most seem to be struggling to kindle the spark within...
Germany’s Talanx Invests in Renewable Energy to Counter Low Interest Rates
Talanx AG, the German insurance company buying into its first offshore wind farm, said it’s likely to purchase more renewable-energy assets. The insurer sees renewables as offering...
Reinsurance Execs at Rendez-Vous Question Recent High-Priced M&As
Global reinsurance executives who met in Monaco questioned whether a frenzy of mergers in Europe means buyers of Lloyd’s of London insurance companies are paying too...
Reinsurers Expect Continued Downward Pressure on Pricing During 2016
The world’s largest reinsurers and brokers see little relief in pricing in 2016 amid a relentless influx of alternative capital from pension funds and one of...
Lloyd’s of London H1 Profit Decreases 28% on Competitive Pressures
Lloyd’s of London insurance market posted a 28 percent drop in first-half pretax profit on Thursday and said pricing remained tough in a competitive...
U.S. Chinese Drywall Victims Face China’s Legal Wall of Immunity
More than a year after suing the Cabinet agency that oversees China’s biggest state-owned companies, lawyers for people who say their homes were ruined...
Amlin Deal Puts M&A Spotlight on 4 Remaining Publicly Traded Lloyd’s Insurers
Amlin Plc’s $5.3 billion takeover by a Japanese competitor has put the remaining four publicly traded Lloyd’s of London insurers in the spotlight for...
RSA to Sell Latin American Business to Suramericana
RSA Insurance Group plc, which received a takeover approach from Zurich Insurance Group AG, agreed to sell its Latin American operations to Suramericana SA for about 403 million...
Lloyd’s City Risk Index Shows $4.6 Trillion GDP at Risk in 301 Cities
In the first ever Lloyd’s City Risk Index, analyzes the economic output at risk (GDP at risk) in 301 major cities from 18 manmade...
A.M. Best: Reinsurance Sector Faces New Reality Shaped by Abundant Capacity
The reinsurance market is operating in a new reality of abundant capacity from traditional and alternative sources, low interest rates and thinner reinsurance margins,...
Study Says European Insurers’ Assets under Management Hit $11 Trillion
European insurers’ assets under management jumped 9.4 percent to €9.9 trillion ($11.15 trillion) in 2014 from a year earlier, trade body Insurance Europe said...
Reinsurance Price Drops Moderating? Yes and No, Say Rating Agencies
Two of the property/casualty insurance industry’s ratings entities – Fitch and Standard & Poor’s – do not see eye-to-eye on whether reinsurance price declines...
S&P: Reinsurance M&A Will Be Driven by Berkshire Hathaway Model
Reinsurance M&A activity should continue well into 2016 as competitive pressures continue unabated, Standard & Poor’s said in a new report. The ratings firm said that...
Willis Completes Acquisition of Taiwan’s Elite Risk Services
Willis Group Holdings plc has announced the completion of its acquisition of Elite Risk Services Limited of Taiwan. Willis said the deal is a ”significant...
Auto Losses Seen Cutting P/C Insurance Profits Until 2016
The property/casualty insurance industry has made money on its personal lines underwriting since 2013 but that is likely to change in 2015. At the...
Berkshire Insurance Units Slump in Q2
Warren Buffett’s Berkshire Hathaway Inc. posted second-quarter profit that missed analysts’ estimates because of higher claims costs at insurance units including Geico. Net income dropped...
AXA Enters Exclusive Negotiations to Sell Portuguese Operations
AXA announced it has entered exclusive negotiations with Ageas for the potential sale of AXA’s Portuguese operations. These operations include AXA’s entire stake in AXA Portugal...
RSA Reports 84% Jump in 1st Half Operating Profit
RSA Insurance Group plc, the subject of a potential takeover bid by Zurich Insurance Group AG, reported a jump in first-half profit that beat analyst estimates and restored...
Zurich Q2 Net Income Falls to $840M From $848M; CEO Weighs RSA Offer
Zurich Insurance Group AG, the Swiss firm considering a bid for the U.K.’s RSA Insurance Group plc, reported profit that missed analysts estimates as earnings dropped...
Malaysia Says Maintenance Records Prove Wing Part is from Flight MH370
Malaysia said on Thursday that paint color and maintenance-record matches prove that a piece of wing found on the shore of the French Island...
Munich Re Q2 Net Income Rises to $1.14 Billion on Lower Catastrophe Claims
Munich Re, the world’s biggest reinsurer, raised its full-year profit target after net income beat analyst estimates on lower catastrophe claims. The shares rose. Net...
Auto Claims Hit Allstate’s Q2 Results
Allstate Corp. reported net income fell to $355 million in the second quarter, down from $645 million, as the insurer coped with rising auto...
AIG Insurance Results Down in Q2; CEO Sees Opportunity in ACE-Chubb
American International Group Inc. (AIG) today reported net income of $1.8 billion for the quarter ended June 30, 2015, compared to $3.1 billion, for...
EXOR to Acquire PartnerRe After Scrapping Deal with AXIS
EXOR SpA, the Agnelli family’s investment company, agreed to buy PartnerRe Ltd. for about $6.9 billion in its biggest single acquisition in more than...
MetLife Defends Dual Roles for Retirement Brokers
MetLife Inc. said its dual roles of offering retirement products and advising customers are threatened by a U.S. Labor Department proposal that was designed to make...
Aon’s Q2 2015 Earnings Report: Total Revenue -4%; Net income -41%
Aon’s second quarter earnings report highlights some of the difficulties the re/insurance industry is experiencing. Total revenues from Aon’s combined sector activities decreased by...
PartnerRe Now Willing’ to Open Talks with EXOR: Sources
PartnerRe Ltd, the reinsurance company that has a $6.6 billion merger agreement with AXIS Capital Holdings, has indicated that it is now willing to...
AXIS Reports Q2 Net Income of $63M, Compared to $191M in Q2 2014
AXIS Capital Holdings Limited reported net income available to common shareholders for the second quarter of 2015 of $63 million, or $0.63 per diluted...
SCOR 2nd Quarter Net Income Rises 26% to $168 Million
SCOR SE, France’s largest reinsurer, said second-quarter profit rose 26 percent as the stronger dollar helped push up premium growth. Net income climbed to 152...
The Hartford’s Profit Up in Q2; CEO Addresses M&A Outlook
The Hartford reported core earnings of $389 million for the second quarter 2015, an increase of $245 million from $144 million in second quarter...
Zurich Insurance Considering Bid for UK’s RSA
Cash-rich Zurich Insurance is weighing a bid for British rival RSA Insurance Group which could top $8 billion and be the latest industry tie-up...
Chubb Reports Q2 Results
The Chubb Corp., which on June 30 agreed to be acquired by ACE Limited for $28 billion, reported net income in the second quarter of 2015...
Firms Interested in Driver Data Collected by Auto Insurers
The restaurants and doughnut shops that consumers pass on their commute would love to predict when they’ll be driving by. Their auto insurer may...
DUAL Acquires Oliva Underwriting, UK-based MGA
DUAL, the underwriting arm of the Hyperion Insurance Group, announced it has acquired Oliva Underwriting, the UK-based MGA specializing in property & casualty, contractor trades and marine...
New Chubb Will Preserve Old Chubb’s Agency Culture, Says ACE’s Greenberg
The new company formed as a result of ACE Limited’s acquisition of The Chubb Corp. will continue the Chubb practices that have made it...
Insured Catastrophe Losses Fell 36% in First Half of 2015
Property/casualty insurers catastrophe losses in North America for the first-half of this year were down 36 percent to $8.1 billion from 2014’s total of...
How AIG Is Using Cyber Intelligence to Protect Property from Cyber Attacks
A three-hour shutdown of the New York Stock Exchange on the same day that a network failure halted all United Airlines flights in the U.S. had...
ACE Q2 Profit Climbs in First Earnings Report After Chubb Announcement
ACE Ltd., the insurer that agreed this month to acquire Chubb Corp., said second-quarter profit rose 21 percent as policy sales climbed. Net income increased to...
Travelers Q2 Profit Up 19% on Lower Catastrophe Costs
Travelers Cos., the only property/casualty insurer in the Dow Jones Industrial Average, said second-quarter profit advanced 19 percent as natural disaster costs dropped. Net income...
Japanese Insurers Eye More Acquisitions in U.S.
Japanese insurers including MS&AD Insurance Group Holdings Inc. and Sompo Japan Nipponkoa Insurance Inc. are seeking mergers with peers in the United States, as...
Progressive’s Move Into Homeowners Paying Off; Q2 Profit Up 24%
Progressive Corp., the fourth-largest U.S. auto insurer, said second-quarter profit rose 24 percent after an acquisition that pushed the company into homeowners coverage. Net income...
Q2 Cat Bonds Issuance Nearly $3 Billion: Aon Securities Report
Aon Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, has released its latest report –“Insurance-Linked Securities Second Quarter...
Willis to Acquire PMI Health Group, UK-Based Healthcare Adviser & Broker
Willis Group Holdings plc announced an agreement to acquire PMI Health Group (PMIHG), an independent healthcare adviser and broker in the UK. Willis said the...
QBE Selling Lender-Placed Insurance Business for $90M
QBE Insurance Group Ltd., Australia’s second-largest insurer by market value, agreed to sell its North American mortgage and lender services business to National General...
Allianz: Hedge Funds Are Opportunity for Insurance Industry, Not Threat
Chris Fischer Hirs, the head of Allianz SE’s specialty insurance business, said he welcomes the growing participation of Wall Street in the insurance industry as an opportunity, not...
Number of Food Recalls and their Costs are Increasing: Swiss Re Report
“Food manufacturers operate in a vast, globalized supply chain, where one mislabeled product or contaminated ingredient can cause sickness, death, multi-million dollar losses and...
Global Insured Cat Losses in First Half Are Below Long-Term Average: Munich Re
Overall losses and insured losses from natural catastrophes during the first half of 2015 were below long-term average values, according to a review of...
PartnerRe Weighs New Deal Terms with AXIS to Fend Off EXOR’s Rival Offer
PartnerRe Ltd., seeking to fend off a hostile $6.8 billion cash bid from EXOR SpA, is weighing whether it can arrange new terms with...
Cell Phone Notifications Drive More Distraction: Study
Driver distraction could happen even when the driver isn’t using their cell phone. That’s according to a new study by Florida State University that...
Munich Re’s ERGO May Cancel Purchase of Greek Insurer on Instability
Munich Re’s ERGO Insurance unit may cancel its planned 90.1 million euro ($100 million) acquisition of Greece’s ATE Insurance SA if the country doesn’t return to stability. “Depending...
Aon Benfield’s June Cat Report Highlights China Rains, Floods, U.S. Storms
Impact Forecasting, Aon Benfield’s catastrophe model development team, has released its latest edition of its monthly Global Catastrophe Recap report, which evaluates the impact...
Twitter, Facebook, YouTube Must Report Terrorist Activity: Senate Bill
Social media operators such as Twitter, Facebook and YouTube would have to notify federal authorities of online “terrorist activity,” according to the text of...
AXIS & PartnerRe Consider Sweetening $6.2B Merger Agreement: Sources
Reinsurers AXIS Capital Holdings Ltd and PartnerRe Ltd are considering tweaking their $6.2 billion merger agreement in a bid to fend off a $6.8 billion offer...
U.S. Power Grid Attack Could Cause $1 Trillion Economic, $70 Billion Insurance Losses: Lloyd’s...
A cyber attack on the U.S. power grid in the Northeast would have far-reaching implications including the loss of lives, economic losses of as...
PartnerRe’s Ex-CEO: Shareholders Should Vote Against AXIS Merger Plan
PartnerRe Ltd.’s former Chief Executive Officer Patrick Thiele said the reinsurer’s shareholders should vote against a planned merger with AXIS Capital Holdings Ltd. and...
BP Settlement Doesn’t Cover Claims by Insurers, Banks, Casinos and Others
BP Plc’s record $18.7 billion settlement ended government claims over the 2010 Gulf of Mexico oil spill, leaving numerous smaller private lawsuits to be mopped up. While...
Regulatory Review of Aetna’s Humana Deal Could Affect Other Insurer Deals
Aetna Inc.’s $37 billion deal to buy smaller health insurer Humana Inc. will face rigorous scrutiny from U.S. regulators, which antitrust experts said could...
BP to Pay $18.7B Over 18 Years to Settle Spill Claims with 5 States,...
BP Plc has agreed to a preliminary deal in which it will pay a record $18.7 billion to settle claims by five Gulf states...
Reinsurance Industry Faces an Uncertain Future as Time Moves on
It’s around two months until the annual Reinsurance Rendezvous in Monte Carlo, where the reinsurers, brokers, carriers, lawyers, accountants and cat modelers discuss the...
ACE to Acquire Chubb in $28.3 Billion Deal
In a major transaction, ACE Limited has agreed to acquire The Chubb Corp. for $28.3 billion in cash and stock. The two firms said the...
Willis Group, Towers Watson Agree to $18 Billion Merger
Global reinsurance and insurance broker Willis Group Holdings and professional services and analytics firm Towers Watson have agreed to an all-stock merger of equals...
Supreme Court Upholds Obamacare Tax Subsidies
The U.S. Supreme Court today upheld the tax subsidies for health insureds across the country including those in states without their own health exchanges that use...
Supreme Court Opinion To Have No Effect on Health Insurers: S&P
Today’s Supreme Court opinion upholding current tax subsidies under the Affordable Care Act (ACA) will not have any impact on rated U.S. not-for-profit and for-profit health...
Lloyd’s Stops Insuring Marijuana Firms Due to U.S. Law Conflicts
Lloyd’s of London has stopped insuring marijuana industry firms of any kind due to conflicts between federal and state laws over their legality. In a...
RSA’s Former Irish Boss Wins $1.4M on Sledgehammer’ Ouster: Tribunal
RSA Insurance Group plc’s former Irish head was awarded 1.25 million euros ($1.4 million), as a tribunal said the company destroyed his reputation amid a scandal...
Why Cigna Rejected $47 Billion Bid by Anthem
Cigna Corp. rejected Anthem Inc.’s $47 billion takeover bid, saying it was inadequate, not in the best interests of shareholders and that Anthem’s management...
Allstate Estimates May Catastrophe Losses at $178M
The Allstate Corp. has estimated its catastrophe losses in the U.S. for the month of May 2015 of $178 million before tax from eight...
Insurers Unprepared for Self-Driving Car Disruption: KPMG
The majority of property/casualty insurers do not expect autonomous or self-driving vehicles to have a real impact on their auto insurance business for another...
Allianz to Boost Clean-Energy Investments; Eyes U.S. Wind Market
Allianz SE is boosting its investments in clean-energy in the coming years and is looking to enter the U.S. wind market. The insurer’s Allianz Deutschland...
Mobile App Data Flaw Leaves Billions’ of Records at Risk: Security Researchers
Security researchers have uncovered a flaw in the way thousands of popular mobile applications store data online, leaving users’ personal information, including passwords, addresses,...
Marsh Study Reveals Many UK Firms Fail to Adequately Assess Cyber Threats
Many UK firms are failing to adequately assess their customers and trading partners for cyber risk, and are more vulnerable to cyber attacks themselves...
Judge Rules for Greenberg in Suit Against AIG Bailout But Nixes Damages
The U.S. set illegal terms in demanding American International Group Inc. stock for an $85 billion bailout during the financial crisis, but that doesn’t...
Google Receives Patent on Drones for Emergency Medical Services
Google Inc. received a patent on the use of drones to provide emergency medical service. Patent 9,051,043, issued June 9, covers the use of unmanned...
Yangtze Ship Disaster Insurance Payout Estimated at $14.9 Million
China’s insurance regulator estimates the payout in the fatal Yangtze cruise ship capsizing last week, which killed more than 400 people, at around 92.5...
Cyber Security – a Fast Growing Emerging Risk’ for Companies – S&P Reports
“For corporate borrowers, as well as Standard & Poor’s Ratings Services’ assessment of credit quality, cyber risk is a growing source of concern, given...
Report: 4.5 Million Homes in 13 States at Extreme Wildfire Risk
A report issued today shows 4.5 million U.S. homes at high or extreme risk of wildfire as the multi-year drought continues. The report’s author said...
Tokio Marine to Buy HCC for $7.5B in Biggest Ever Deal by Japanese Insurer
Tokio Marine Holdings Inc. agreed to buy HCC Insurance Holdings Inc. for about $7.5 billion in the biggest acquisition by a Japanese insurer, stepping...
HSBC to Cut Up to 50,000 Jobs; Targets Growth of Asia Insurance Business
By Lawrence White and Steve Slater | June 9, 2015 HSBC pledged a new era of higher dividends on Tuesday, laying out plans to slash...
Bermuda Court Rules in Favor of PartnerRe in EXOR Litigation
The Supreme Court of Bermuda has denied EXOR’s request to obtain shareholder information from PartnerRe, the reinsurer that is seeking to merge with AXIS...
Price Declines Slow on June U.S. Reinsurance Renewals: Guy Carpenter
After two years of price decreases averaging 15 percent on U.S. property catastrophe placements, risk-adjusted pricing moderated at the most recent June renewals. Reinsurance broker...
May U.S. Storm, Tornado Claims over $1Bn: Aon Benfield/Impact Forecasting
Impact Forecasting, Aon Benfield’s catastrophe model development team, has released its latest Global Catastrophe Recap report for the month of May. The report highlights...
Brexit’ a Major Political Risk for UK Insurers: ABI Chief Exec
The risk of a British exit from the European Union is causing major political uncertainty for the insurance industry, the chief executive of...
A.M. Best: London Market Insurers Face Challenges; Balance Sheets Strong
Trading conditions are difficult in the London market as insurers contend with changing buying habits, an influx of alternative capital and global economic uncertainty,...
Drone Industry Development Backed by Plentiful Insurance Capacity: Marsh Report
The rapid development of the unmanned aerial systems (UAS/drone) industry is underpinned by the insurance market’s willingness to provide cover for the deployment of...
Willis Completes 85% Stake Buy in UK Wholesale Broker Miller
Willis Group Holdings announced that following receipt of all necessary regulatory approvals, it has completed its investment in Miller Insurance Services LLP, thereby creating a major London...
Insurer PZU Seeks to Create Top Polish Bank after $431 Million Deal
PZU SA, Poland’s biggest insurer, is in talks to buy two banks to form one of the nation’s largest lending groups after agreeing to...
Allstate Sees Profit in Selling Customer Driving Data
Allstate Corp. said improved technology will eventually give the auto insurer a chance to boost revenue by selling customer driving data, much as Google...
For P/C Insurers, 2014 Was Better Than Average Year
Analysts who predicted the U.S. property/casualty industry would have a tough time topping its 2013 results in 2014 were largely correct as there was some slippage. However,...
Top 5 Risks For Grocers That Are Often Uninsured
Grocery retailers traditionally face a number of risks that are not covered by typical property, crime or cyber insurance programs. A new white paper report...
Zurich Aims to Cut Costs by $1B, Seeking to Reverse Earnings Decline
Zurich Insurance Group AG, Switzerland’s biggest insurer, will cut costs by more than planned as it seeks to reverse a drop in earnings. Chief Executive Officer...
AXIS Says Termination Fee Would Soften Blow if PartnerRe Deal Collapses
AXIS Capital Holdings Ltd. Chief Executive Officer Albert Benchimol, who’s working to complete a merger with PartnerRe Ltd., said his company can withstand a...
Takata Agrees to Recall 34 Million Cars for Air Bag Replacement
Japanese air bag manufacturer Takata Corp. is doubling a recall of potentially deadly air bags to nearly 34 million vehicles, making it the largest automotive recall...
Update: PartnerRe Says $6.8B EXOR Offer Unacceptable; Open to Negotiations
PartnerRe Ltd. said it would engage in discussions with hostile bidder EXOR SpA to seek a better offer than the $6.8 billion proposal that the...
Driverless, Shared Cars to Cut Vehicle Ownership by Half: Barclays
U.S. auto sales may drop about 40 percent in the next 25 years because of shared driverless cars, forcing mass-market producers such as General...
European Insurance Forum Examines a Changing World
With the long journey towards a unified regulatory system for insurance in the European Union – Solvency II – finally appearing to be near its...
Paulson’s Hedge Fund Bets $800M on AIG
Billionaire John Paulson’s hedge fund firm bought a position in American International Group Inc. in the first quarter valued at $800 million at the...
Willis Re Launches $400M Reinsurance Facility to Cover Catastrophic Liabilities
Willis Re, the reinsurance division of Willis Group Holdings plc, has established a syndicated reinsurance facility providing the broadest protection available for insurers against...
Market for Drone Insurance Expected to Take Off in Next 5 Years
The use of drones could become common practice for almost 40 percent of businesses in fewer than five years, according to corporate risk managers. Those...
Italy’s Agnellis: Billionaire Family Behind PartnerRe Takeover Battle
The billionaire Agnellis will become more interested in hurricane damage and less dependent on sales of Alfa Romeo sports cars and CNH tractors if...
Liberty Mutual Reports Solid Q1 Results
Despite higher catastrophe costs, Liberty Mutual Holding Co. Inc. and its subsidiaries reported net income of $276 million for the three months ended March...
EXOR Raises Bid for PartnerRe by 5.8%, Aiming to Overcome Rival AXIS Offer
EXOR SpA upped the ante in the takeover battle for PartnerRe Ltd., raising its bid by 5.8 percent to overcome a rival offer from AXIS Capital Holdings...
Google Says Self-Driving Cars Blameless in 11 Accidents in 6 Years, 1.7 Miles
Google Inc. said its self-driving vehicles have been involved in 11 minor accidents in the six years they’ve been in testing, and the automobiles...
Italy’s EXOR to Consider Increasing $6.4B Offer for PartnerRe: Sources
Italy’s EXOR SpA will consider raising its $6.4 billion offer for reinsurer PartnerRe Ltd at a board meeting on Tuesday, two sources told Reuters. The Italian...
AmTrust to Pay $152M for Wells Fargo’s Vehicle Warranty Business
New York-based insurance holding company AmTrust Financial Services Inc. has agreed to acquire Warranty Solutions, a Wells Fargo business, for $152 million in cash. Warranty...
RSA Q1 Premiums Rise 1% to $2.3 Billion in Competitive Markets
RSA Insurance Group plc, the U.K.’s second-largest non-life insurer by market value, said revenue for the first quarter edged higher as it disposed of...
Munich Re Posts Q1 2015 $896 Million Profit; Lower Operating Results
Munich Re announced that it realized a profit of €790 million for the first quarter of 2015, compared to €941 million in...
Zurich Profit Falls 4% on Decline at General Insurance Unit
Zurich Insurance Group AG, Switzerland’s biggest insurer, said first-quarter profit fell 4 percent on lower earnings from general insurance and higher tax payments. Net income...
90% of Healthcare Firms Hit by Cyber Attack: Ponemon
A rise in cyber attacks against doctors and hospitals is costing the U.S. healthcare system $6 billion a year as organized criminals who once...
Beyond Cars and Drones, Google Sees Pilotless Airlines
The chief of Google Inc.’s experimental cargo-drone program wants to see automated flight go beyond pilotless planes and extend to commercial air travel. Just as...
Allstate Profit Up 13% in Q1 Despite Dip in Auto; Auto Rates Going Up
Allstate Corp., the largest U.S. publicly traded seller of auto and home insurance, said first-quarter profit rose 13 percent as margins improved at the...
Allianz Profit Rises 11% to 1.82 Billion Euros Despite Outflows From Pimco
Allianz SE, Europe’s biggest insurer, said first-quarter profit climbed 11 percent, even as investors withdrew funds from its asset manager Pacific Investment Management Co. The...
SCOR Posts $196 Million Q1 Net Income; GWP up 17% to $3.5 Billion
French reinsurer SCOR made a strong start to 2015; posting consolidated net income in the first quarter of €175 million , a 29.6 percent...
P/C Insurers Post Underwriting Profit, Record Surplus for 2014
The U.S. property/casualty insurance industry posted its second consecutive year of profitable underwriting results in 2014, according to A.M. Best. Surplus for this sector increased...
EXOR Bid for PartnerRe Still Has Legs as Shareholders Weigh Offers: Real M&A
PartnerRe Ltd. is betting the value of a merger with AXIS Capital Holdings Ltd. is worth more in the long run than an extra...
PartnerRe Rejects EXOR Offer; Confirms AXIS Deal w/ Enhanced Terms
Bermuda-based PartnerRe Ltd. announced that its Board of Directors has rejected theunsolicited proposal by EXOR S.p.A. to acquire PartnerRe at a price of $130 per...
Buffett Sees Reinsurance Slump
Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., said he expects a slump in reinsurance results in the coming decade as investors enter...
Aon Reports $328M in Q1 Net Income, Compared to $325M in Q1 2014
Aon plc reported net income attributable to Aon shareholders of $328 million, or $1.14 per share, compared to $325 million, or $1.06 per share, for the prior year quarter. Net...
Swiss Re Posts 17% Increase in Q1 Net income to $1.4 Billion
Swiss Re reported strong results for the first quarter of 2015, with net income rising 17 percent to $1.4 billion and ROE of 16.1...
Automakers Frustrated Consumers Ignore Recall Repairs
Even with historic levels of recalled vehicles in 2014, with General Motors Co. ignition switches and exploding Takata Corp. air bags leading to deaths, U.S. regulators...
PartnerRe Ducks Questions in Call on EXOR’s $6.4 Billion Offer
PartnerRe Ltd., the reinsurer that agreed to combine with Axis Capital Holdings Ltd., said it would refuse to answer questions on its first-quarter earnings...
SCOR Global P&C Posts 5.8% Premium Increase for April Renewals
French reinsurer SCOR reported that the April renewals saw SCOR Global P&C’s gross written premiums increased by 5.8 percent from €374 million to...
Willis Reports Q1 Fees & Commissions Down 0.9% at $1.081 Billion
Willis Group Holdings plc reported its results for the three months ended March 31, 2015, which show that total reported commissions and fees for...
Ping An Profit Rises After Stock Rally Boosts Investment Returns
Ping An Insurance (Group) Co., China’s second-biggest insurer, said first-quarter profit rose 85 percent as stock-market rallies boosted investment returns and banking revenue expanded. Net...
XL CEO: Reinsurance Sector Littered With Roadkill’, Playing High Stakes Game
XL Group plc Chief Executive Officer Mike McGavick said that while he shuns casinos unless he’s with his mother-in-law, he’s felt lately like he...
Hartford Reports Profit Declined in Q1
Hartford Financial Services Group Inc., the insurer that sold life units to focus on property/casualty coverage, said first-quarter profit fell 5.7 percent as results...
PartnerRe Reports $231.7 Million Q1 Net Earnings; $150.5 Operating
Bermuda-based PartnerRe Ltd. reported net income of $231.7 million, or $4.76 per share for the first quarter of 2015. The figure includes net after-tax...
Nepal Earthquake Losses Could Top $2 Billion; Little Insurance Coverage
The earthquake that struck Nepal caused about $2 billion in economic losses in the country, and only a fraction of the cost will be...
AIA Reports 20% Hike in New Business During 1st Quarter
AIA Group Ltd., the third-largest Asia-based insurer by market value, said the value of new business climbed 20 percent in the first quarter, meeting analysts’ estimates. The...
Willis CEO: Gras Savoye Acquisition Part of Strategy to Expand Global Reach
Willis Group Holdings plc, the third-largest insurance broker, offered to buy the 70 percent of Gras Savoye that it doesn’t already own to expand in France,...
5 Years After Gulf Oil Spill: Is Drilling Engineering Outpacing Safety Again?
Five years after the worst U.S. offshore oil spill, the industry is working on drilling even further into the risky depths beneath the Gulf...
Insurers with $6 Trillion Mull Mortgage Loans, Private Equity: Goldman Sachs
Global insurers who oversee more than $6 trillion in assets plan to invest capital in commercial mortgage loans and private equity this year to...
Low Interest Rates Destroying’ Insurance Companies: BlackRock
Low interest rate policies by central banks around the world are threatening insurance companies and pension funds, said Laurence D. Fink, chief executive officer...
Insurers Urge Faster OK for Drones in Disaster Response
U.S. companies including insurers and aerospace manufacturers urged federal aviation regulators on Tuesday to speed up the use of drones in disaster response and...
CEOs of 43 Companies, Including Allianz, Call for Action on Climate Change
The bosses of 43 companies including Ikea, Dow Chemical Co. and HSBC Holdings plc called for swift action on climate change, a sign businesses...
It’s Insurance Buyers’ Market Now But Risk Challenges Ahead: Willis
Due in part to reduced catastrophe losses and the increased supply of capital, property/casualty insurance buyers can expect to face friendly market conditions on most lines of...
Brokerslink Restructures Board to Drive New Global Growth
Independent insurance broker network Brokerslink announced that it has “restructured its Board of Directors to drive growth and revenue generation following its change from...
Tokio Millennium Re AG Receives Authorization to Operate UK branch
Tokio Millennium Re AG (TMR), the Zurich-based global reinsurer and subsidiary of Tokio Marine & Nichido Fire Insurance Co. Ltd., announced that it has...
Italy’s EXOR Offers $6.4 Billion for PartnerRe in Threat to AXIS Deal
EXOR SpA offered $6.4 billion for PartnerRe Ltd., seeking to break up the reinsurer’s planned merger with AXIS Capital Holdings Ltd. EXOR, controlled by the...
Willis Pursuing Lawsuit against JLT for Interference in FAJS Sale to Miller
Willis Limited – the Lloyd’s broker unit of Willis Group Holdings, announced that it “has commenced proceedings in the High Court in London against...
U.S. Judge Upholds Liability of Arab Bank for Terrorist Financing
A U.S. judge on Wednesday rejected Arab Bank Plc’s bid to overturn a jury verdict finding it liable for knowingly supporting terrorism efforts related...
Travelers to Buy Majority Interest in P&C Business of Brazil Joint Venture
The Travelers Companies Inc. announced that it has agreed to acquire a majority interest in the property and casualty business of its J. Malucelli...
Best: Indonesia Insurers’ Reinsurance Buying Habits Could Affect Capital Ratios
The purchase of reinsurance by Indonesian non-life insurers is high, which could have a significant effect on capital requirements and magnify the capital impact of...
Windstorm Niklas Was Costliest Non-U.S. Event in Q1 2015: Impact Forecasting
Impact Forecasting, Aon Benfield’s catastrophe model development team, released the latest edition of its monthly Global Catastrophe Recap report, which reviews the natural disaster...
A.M. Best: Insurers Must Consider Risks of U.K. Exit From European Union
Insurers based in the United Kingdom underwriting a material amount of European business should be monitoring the potential consequences of the United Kingdom exiting...