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February 2012
Reinsurance organic revenue increased 4% due primarily to strong growth in capital market transactions and advisory business and modest growth in global facultative placements.
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The February 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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In spite of substantial cat losses, the German reinsurance giant has revealed a profit for both the full year and the final quarter of last year.
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January 1 renewals were “very heterogeneous”, said Munich Re, which also noted that it had pulled away from some business lines which "no longer met profitability requirements."
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The German reinsurer says that rates increases at January 1 do not yet indicate a hardening market, although it expects further rises throughout subsequent renewals periods.
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The technology specialist has appointed Aviva’s former head of programme delivery to manage change delivery for all insurance projects.
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January 2012
Ace’s fourth-quarter results include $155m of cat losses and a reserve charge for Ace’s run-off businesses including Brandywine, of $80m, of which $67m was a pre-tax addition to asbestos and environmental reserves.
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John Stratton, who joins from Insurance Australia Group, will oversee Brit’s investment and asset management activities.
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The firm hopes to benefit from Fish’s specialist insurance services to people with disabilities on a broker basis.
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While some insurers are mulling substantial price rises, brokers are sceptical over such hikes due to the competitive nature of the marine insurance industry.
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The rating agency commends the French insurance industry for improved underwriting discipline, and suggested combined ratios could drop while prices will continue to increase.
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The reinsurance broker estimates that the market for insurance loss warranties reached trading volumes of $6bn last year, an estimated 10% to 25% increase in trading.
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The insurer has also completed a €2bn syndicated credit facility agreement with a group of banks, including BofA Merrill Lynch and Citigroup.
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The rating revision reflects Generali's weakened capital adequacy and the constraints on its financial flexibility due to current market conditions.
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The new political risk and trade credit team is led by Joe Blenkinsopp, who is also the unit’s new deputy global head
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Airline insurers make a profit in 2011 - a result of the market's loss figure falling to $1.1bn from $2.1bn in 2010, says Aon Risk Solutions.
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A spokesperson for Michel Barnier has denied reports that the Solvency II implementation could be pushed back by as much as two years.
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Hannover Re has increased its “K Cession” capital markets proportional retrocession programme by around $20m to $350m.
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Perils releases initial insured loss estimate for windstorm Joachim, which occurred in western Europe from December 15 to 17 last year.
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Comment: Guy Carpenter’s reinsurance renewals report included a handy checklist of the big themes facing the global insurance and reinsurance market this year. it is noticeable what themes don’t make the list, says Michael Loney, managing editor of Reactions.
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Zurich Financial Services assesses impact of floods in Thailand, revises estimate of earthquakes in New Zealand, and announces reinsurance recovery.
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ArgoGlobal to target European D&O business.
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Douglas Young will report to Tim Rolfe, CEO of the division.
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An exciting development for the aviation insurance market and plane spotters everywhere is the long awaited introduction of Boeing’s 787 Dreamliner family of airplanes into commercial use.
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Impact of RMS v11, exposure to severe losses and overall competitive pressures combined to move US P&C renewal rates up to 5%, says Towers Watson.
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Rating agency says excess capital and good risk management give global reinsurers a cushion against 2011’s high catastrophe losses.
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Aviation insurers are flying high after stellar results in 2011. But how long will it last?
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Reinsurance CEO Jonathan Turner is to depart the firm following a restructure to bring together Brit’s reinsurance and global markets units.
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The underwriter has purchased an initial 50% share in Anglo Underwriting with an option of buying the remaining stake by 2017.
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Jason Harris will also be a member of the executive board of XL’s insurance unit.
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The total includes $15m from updated catastrophe estimates, the reinsurer said.
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Under the purchase agreement, Aon has an option to purchase the remaining shares in the future.
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INTERVIEW: Greg Case, CEO of Aon, believes that the insurance broker can help its customers manage their way through the tough global operating environment and rise to the challenge of new and complex risks by working on a more robust fact basis.
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John McCammon will replace Patrick O’Brien has taken a new role as Liberty Insurance’s CEO in Ireland.
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Analysis: Willis and Moody’s have provided views on the severity of damage to the insurance and reinsurance industry Costa Concordia, and the indications are not positive, while Munich Re and Hannover Re give initial loss estimates.
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Andrew Binns will also serve as a member of the Xchanging executive board.
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The re/insurer’s new office will focus on the Ukrainian property and casualty insurance market .
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The insurers are eyeing the non life units to expand its services in the fast growing Asian market.
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A strong fourth-quarter for cat bonds has some predicting a “banner year" for the insurance-linked securities market in 2012. Includes full-year data for ILS issuance.
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The optional cover will insure photovoltaic module operators against manufacturer’s insolvency risk.
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The reinsurer expects claims to be in “mid double-digit million euro range” from the Concordia disaster.
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Michel Liès will take the role of group CEO from February 1 at the Swiss reinsurance firm.
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Zurich study finds that while companies have upped focus on enterprise risk management, strong risk aware culture is still a long way to go.
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There was plenty to consider at the 1/1 reinsurance renewals, such as near-record catastrophe losses and irksome risk modelling issues. Now that feedback is in from reinsurers, brokers and cedants, we try to make sense of it all.
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Standard & Poor's has revised its ratings on several European insurers after previously lowering ratings for nine eurozone member countries.
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2011 natural catastrophe bond transactions - as of November 17
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AIA, which is partly owned by AIG, is reportedly considering purchasing ING's $6bn Asian insurance operations.
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Thomas Buberl succeeds Frank Keuper as the new chief executive of Axa Germany, following Keuper’s retirement.
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A recent study by the insurer has identified economic risks, business interruption and catastrophes as top three concerns for businesses.
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Earthquakes have created more than $276bn in economic losses from earthquakes over the past two years, but coverage levels remain low even in earthquake-prone regions says the reinsurance giant.
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Fitch says banning referral fees for UK motor insurance firms will help combat increasing fraudulent claims.
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The ILS market enjoyed a strong end to 2011, with nearly $2bn-worth of new deals in the fourth quarter. But concerns are rising in Europe over the underlying collateral solutions used in cat bonds, according to a new Aon Benfield report.
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Martin South will continue as chief executive of Marsh UK & Ireland until a successor is hired.
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The Geneva Association, alongside Swiss Re and the CRO Forum, recently organised the 7th CRO Assembly for insurance professionals. Here Patrick Liedtke, secretary general and managing director of The Geneva Association, reflects on the meeting.
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The Paris-based mutual insurer says it has received several “spontaneous expressions of interest for some of the more profitable parts of its business”.
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Jan Blumenthal, who replaces Burkard von Siegfried in the role, will also serve as country manager for Germany and Austria.
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The World Economic Forum has reported the economic and social turmoil have become major risks at the start of 2012, with technology and regulation also proving concerns.
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The Ireland-domiciled insurer and reinsurer has also announced additional losses of $35m from catastrophes in the first three quarters of 2011.
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The transaction primarily targets investors in the Asian market, the Swiss-based company said.
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The agency has assigned a stable outlook for the personal lines segment, while being sceptical over a long-term reversal in commercial market pricing.
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A UK court has annulled Quinn Insurance founder’s bankruptcy judgement, to the relief of Ireland's IBRC.
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Solvency II is far from perfect, but it must be kept on track, argues Philippe Trainar, CRO at Scor.
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The insurer has appointed Alan Shaw to manage its European environmental business from the London branch.
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Data: AM Best data reveals world's largest insurance companies by assets and net premiums.
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ANALYSIS: A report on January renewals from reinsurance broker Guy Carpenter says after a costly year of Asian catastrophes in supposed “cold spots”, capital levels have recovered but cat rates are sharply up at renewal.
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The (re)insurer has aligned its property underwriting and engineering capabilities and has also added new engineering leaders globally.
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The insurer will combine Provident Insurance and MMA Insurance to operate as Covéa Insurance in the UK.
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Can complex accumulation risks be controlled? Probably not completely, says Munich Re CRO Joachim Oechslin, but progress is being made
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Brad Bennett has been named as the president of the insurer’s supplemental insurance unit Combined Insurance Company of America.
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It has been a long time coming – but the chief risk officer role seems to have finally, quietly come of age, says Reactions' contributing editor Garry Booth.
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The influence of the chief risk officer is spreading through the insurance industry, says Axel Lehmann, chief risk officer of Zurich Financial Services Group and chairman of the CRO Forum
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The German reinsurance firm has completed a deal to assume £1bn of pension obligations held by Legal & General.
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COMMENT: Policymaker and big businesses still have a lot to learn about resilience, judging from the findings of a new report from Chatham House, says Reactions contributing editor Garry Booth.
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ANALYSIS: An Aon Benfield report suggests that overhaul of cat models in 2011 “missed” the mark, Florida will seek added reinsurance, and reinsurers remain well capitalised – managing an aggregate profit for 2011.
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The French insurer has retained its number one spot spot, followed by Generali in the list of largest insurers by 2010 net premiums.
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The broker association’s new tools will help its members comply with obligations under the Terrorism Act as well as FSA requirements.
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Mike Taylor-West will operate from a new London office as private client & marine head.
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Fresh Start offers insurance to people who face problems in getting insurance as a result of criminal conviction
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The Dutch insurer has offloaded its operations in Latin America to Gruposura as part of plans to divest its insurance and investment management units.
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The December 2011/January 2012 issue of Reactions is now online. Click through to read a selection of stories from the issue.
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Salvatore Colotti replaces Paola Buratti, who will take another post within the group.
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The Belgian units will now be part of the European/Asian insurance business, which are being prepared for IPOs.
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The broker has merged its Italian operations with Marine & Aviation, a major Italian broker, taking a 25% stake in the new entity.
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Insurers and the government must reach a new agreement on high risk properties says the ABI, with the current deal due to expire in 2013.