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Moss steps down at Aviva

Wed, 09 May 2012 10:42:59 +0000

Aviva has announces that Andrew Moss, ceo, will be leaving the group and will cease to be chief executive with immediate effect.
The Board has asked chairman designate John McFarlane to become interim executive deputy chairman with immediate effect and Executive Chairman from 1s...

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Solvency II survey indicates UK insurers have still much to do-majority say start date will be delayed

Wed, 09 May 2012 10:42:58 +0000

Over three quarters of insurance companies believe that the Solvency II implementation date will be delayed beyond its intended start date of 1st January 2014, according to research conducted by Barnett Waddingham, a leading UK independent firm of actuaries, pension administrato...

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EIOPA provides Opinion on the use of external models for Solvency II

Wed, 09 May 2012 10:42:57 +0000

The European Insurance and Occupational Pensions
Authority (EIOPA) has published an Opinion on External Models/Data used for the calculation of Solvency II capital requirements.
The Opinion states that the national supervisory authorities (NSAs) may request any additional infor...

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FSA fines Mitsui Sumitomo(Europe) and former executive chairman

Wed, 09 May 2012 10:42:56 +0000

The Financial Services Authority (FSA) has fined Mitsui Sumitomo Insurance Company (Europe) Ltd (MSIEu) £3,345,000 for serious corporate governance failings, and imposed a ban and fine of £119,303 on its former executive chairman, Yohichi Kumagai.
MSIEu is a London-based subs...

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Quindell wins major UK claims services contract

Wed, 09 May 2012 10:42:55 +0000

Quindell Portfolio has announced that the Group has won a major core contract and a number of other related contracts with one of the UK’s largest insurance intermediaries.
The services to be provided to this intermediary, which come into immediate effect and cover the three ...

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Swiss Re secures $400m catastrophe coverage

Wed, 09 May 2012 10:42:54 +0000

Swiss Re has secured $400m in natural catastrophe coverage through a newly-formed issuer Mythen Ltd., a flexible programme that allows Swiss Re to cede wind risks in both the US and Europe to the capital markets. The new programme is the latest in a series of catastrophe bonds th...

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Talanx to list in Poland

Wed, 09 May 2012 10:42:53 +0000

Within two years of its proposed IPO in Germany, Talanx intends to have a secondary listing on the Warsaw bourse as part of its ongoing takeover of Europa and Warta, reports Dow Jones.
Yesterday, Talanx was cleared by Polish financial regulator KNF to buy Europa, but approval is...

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Commercial insurance rates continue to rise in the US

Wed, 09 May 2012 10:42:52 +0000

April saw a 3% average rise in US commercial insurance rates, reports MarketScout.
Commercial property and workers' compensation led with a 4% uplift compared with a year ago.
...

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Guidewire enhances rating management

Wed, 09 May 2012 10:42:51 +0000

Guidewire Software has announced the availability of significant new enhancements for Guidewire Rating Management, an add-on module to the Guidewire’s underwriting and policy management solution, Guidewire PolicyCenter. The enhancements provide insurers with the visibility, fle...

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Another win for Guidewire in Japan

Wed, 09 May 2012 10:42:50 +0000

Guidewire Software has announced that Mitsui Direct General Insurance Company, a major Japanese direct general insurance company, has selected Guidewire ClaimCenter as its new claims management system. By using ClaimCenter, Mitsui Direct aims to further enhance the quality of its...

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ValenTechnologies signs up CompWest for predictive analytics solution

Wed, 09 May 2012 10:42:49 +0000

US property and casualty insurance predictive analytics provider Valen Technologies has announced a new customer engagement with CompWest Insurance Company, an operating company of Accident Fund Holdings. Valen will provide its InsureRight product, a predictive analytics solution...

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Sapiens close to doubling revenue after acquisitions

Wed, 09 May 2012 10:42:48 +0000

Sapiens International Corporation has announced its financial results for the first quarter. Highlights are:
-Revenue increased 95% to $26m
-Non-GAAP net income increased 63% to $3.2m
-Non-GAAP operating profit increased 63% to $3.3m
-Three Sapiens clients, Philadelphia ...

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Aon net income slightly down

Wed, 09 May 2012 10:42:47 +0000

Aon has reported first quater results. Highlights are:
-Total revenue increased 3% to $2.8bn with organic revenue growth of 4%
-EPS from continuing operations was $0.71
-Risk Solutions revenue increased 3% to $1.9bn with organic revenue growth of 4%
- Risk Solutions operating...

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Munich Re starts the year strongly

Wed, 09 May 2012 10:42:46 +0000

In the first quarter of 2012, Munich Re achieved a consolidated profit of E782m (same period last year:-E948m). Underwriting business performed well in the first quarter and the investment result showed a marked improvement. For 2012 as a whole, Munich Re is continuing to aim for...

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Allianz operating profit and net income improve

Wed, 09 May 2012 10:42:45 +0000

Based on preliminary figures, Allianz Group achieved total revenues of over E30bn in the first quarter of 2012, compared to 29.9bn.
Operating profit exceeded E2.3bn, up approximately 40%.
Net income topped E1.4bn up nearly 60%.
Allianz maintains a strong capital position: it ...

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Tokio Marine lowers profit forecast

Wed, 09 May 2012 10:42:44 +0000

Tokio Marine Holdings has reduced its group net profit forecast from Y10bn to Y6bn for the end of its fiscal year(31st March) due to increased claims reserves.
Its operating revenue outlook has been reduced from Y3,550tr to Y3,415tr, reports Nikkei English News....

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Direct Line improves operating profit

Wed, 09 May 2012 10:42:43 +0000

Direct Line has turned a 25% increase in operating profit of £84m for the first quarter.
The combined ratio improved slightly to 106(107), reports Insurance Times. ...

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Hiscox upbeat

Wed, 09 May 2012 10:42:42 +0000

Hisco has issued its Interim Management Statement for the first quarter.
Gross written premiums remained broadly stable at £450.7m (£453.5m) as the Group withheld some reinsurance capacity in the first quarter anticipating better rates and terms later in the year.
After two...

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XL Group starts well

Wed, 09 May 2012 10:42:41 +0000

XL Group has posted first quarter results. Highlights are: -Operating net income of $165.2m(-$163m), or $0.52 per share, for the quarter
-Net income of $176.6m(-$227.3), or $0.56 per share, for the quarter
-Annualized operating return on ordinary shareholders’ equity of 6.9%...

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Crawford net income halves

Wed, 09 May 2012 10:42:40 +0000

Crawford & Co has reported a 50% drop in net income for the first quarter at $6.1m. There was a 6% reduction in consolidated revenues at $267.8m.
There were pre-tax special charges of around $890,000 relating to a US outsourcing project which will continue through to the third q...

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Just Retirement produces record group sales

Wed, 09 May 2012 10:42:39 +0000

Just Retirement, the UK provider of enhanced annuities in the UK, has announced third quarter new business sales to 31st March 2012. Highlights are:
-Record total group sales of £381.8m, up 31.7%
-Annuities sales of £313.2m, an increase of 35.2%
-Equity Release mortgage adv...

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