Allianz S.E. saw strong growth in both its property/casualty and life/health segments in 2018 as the group seeks to simplify and optimize its operations, said its group’s chief executive officer.
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Pricing is under pressure ahead of the Feb. 20, 2019, deadline for the marine protection and indemnity renewal for ship-owners. Competition remains strong.
Pointing to “challenging” underwriting and investment markets and the effects of foreign exchange movements, Lloyd’s insurer and reinsurer Brit Ltd. reported an after-tax loss of US$166.5 million in 2018.
Insurers operating in Western Europe are enjoying relatively stable economic conditions, although achieving growth remains challenging and is likely to fuel continued merger and acquisition activity.
The #MeToo movement, cyber, proliferation of class action lawsuits are creating a landscape that is hard to price and underwrite.
Changes in balance sheet strength have been a key driver for rating actions among CIS-domiciled insurers.
APCI's Sampson: Tariffs, Shutdown Point to Higher Repair, Replacement Costs
Carriers get creative to keep employees happy.
General insurance problems proved deeper than anticipated when American International Group Inc. began a massive turnaround effort more than a year ago, complicated by two years of heavy catastrophe losses and financial market turmoil, said the group’s chief executive officer.
February 14, 2019 Full Story
When John Neal delivered his first speech as the new chief executive officer of Lloyd’s, he used a word that has eluded several syndicates in recent years: profit.
February 14, 2019 Full Story
Willis Towers Watson Hires Head of Broking for AsiaWillis Towers Watson said it has hired Ben Dunston to lead its next phase of growth as head of broking for Asia. He is based in Singapore.
Singapore Life Insurance Premiums Grow 4% in 2018Singapore’s life insurance market grew 4% in 2018 with total weighted new business premiums of S$4.23 billion (US$3.1 billion) earned during the year, according to latest data from the Life Insurance Association Singapore.
Suncorp First-Half Profit Hit by Higher Disaster Claims, Regulatory CostsAustralian insurer Suncorp Group Ltd. reported a 45% decline in first-half net profit due to significant claims from the Sydney hailstorm, volatile investment markets and rising regulatory costs.
Michael E. LoRocco
State Auto SVP: Carrier Wants to Accelerate Commercial Auto GrowthState Auto Financial Corp. wants to write more commercial automobile insurance after spending several years of re-underwriting and reshaping its book of business, Senior Vice President of Commercial Lines Kim Garland said during an earnings call.
Manulife Reports 47.6% Rise in Net Income for 2018Manulife Financial Corp. saw a 47.6% rise in net income to C$4.8 billion (US$3.63 billion) in 2018.
NN Chief: Netherlands Insurance Operation Improves With Delta Lloyd IntegrationNN Group NV ended 2018 with the consolidation of a major acquisition as it improved performance in its Netherlands insurance businesses, said the group’s chief executive officer.
AM Best Affirms Credit Ratings of Lincoln National Corporation and Its Key SubsidiariesAM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of The Lincoln National Life Insurance Company and its wholly owned subsidiary, Lincoln Life & Annuity Company of New York (Syracuse, NY), which are the key life/health insurance subsidiaries of Lincoln National Corporation (LNC) (headquartered in Radnor, PA) [NYSE: LNC] and are marketed as Lincoln Financial Group (Lincoln). Additionally, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” of Lincoln’s affiliates, Liberty Life Assurance Company of Boston (Dover, NH) (LLAC) and First Penn-Pacific Life Insurance Company (FPP). Concurrently, AM Best has affirmed the Long-Term ICR of “a-” and all existing Long- and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of LNC. The outlook of these Credit Ratings (ratings) is stable. All companies are domiciled in Fort Wayne, IN, unless otherwise specified. (Please see below for a detailed listing of the Long- and Short-Term IRs).
AM Best Revises Outlooks to Positive for Auto Club Insurance Association and Its SubsidiariesAM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” of Auto Club Insurance Association and its wholly owned subsidiaries, Auto Club Group Insurance Company, MemberSelect Insurance Company, Auto Club Property-Casualty Insurance Company, Meemic Insurance Company and Fremont Insurance Company (all domiciled in Dearborn, MI) (collectively referred to as Auto Club Group).
AM Best Revises Outlooks to Stable for Old Glory Insurance CompanyAM Best has revised the outlooks to stable from negative and affirmed the Financial Strength of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” of Old Glory Insurance Company (Old Glory) (Tyler, TX).
AM Best Upgrades Issuer Credit Rating of MAPFRE Panamá S.A.AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating of A (Excellent) of MAPFRE Panamá S.A. (MAPFRE Panamá) (Panama City, Panama). The outlook of these Credit Ratings (ratings) remains stable.
Lancashire Cites Momentum in Return to ProfitPointing to encouraging momentum, Bermuda-domiciled Lloyd’s property/casualty underwriter Lancashire Holdings Ltd. reported an after-tax profit of US$37.5 million in 2018, compared with a loss of $71.1 million in the previous year.
Senators Ask Insurers Whether Baseball-Style Arbitration Would Solve Surprise Medical Billing DisputesA bipartisan group of U.S. Senators sent letters to health insurance carriers asking whether baseball-style arbitration — where an independent third party makes a binding final decision — would help resolve disputes over unexpected medical bills.
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