Insurance

Aviva posts Q1 CR of 95.4% as GI GWP jumps

Aviva has reported a general insurance combined ratio of 95.4 percent for the first quarter – a 0.3 percentage point improvement year on year – which the Amanda Blanc-led carrier said reflected lower-than-expected weather costs in the UK and its continued efforts to tackle surging inflation.

Chelsea Avondale closes MSD-led Series C round and targets Max Insurance buildout

Chelsea Avondale has closed a Series C funding round led by MSD Partners and which also included backing from American Family Ventures among others, with the money raised used to support the growth of its Canadian homeowners’ insurance portfolio underwritten via its Max Insurance subsidiary.

Fortegra makes COO and chief innovation, data science and tech officer hires

Fortegra has appointed Abigail Taylor as chief operating officer and Joe Lettween as chief innovation, data science and technology officer in hires the expansive specialty and E&S carrier said add to the experience among its senior leadership in the US, UK and Europe.

Resilience claims report shows renewed resurgence of ransomware since Q3 2022

A new claims report from Resilience shows ransomware attacks rocketed in late 2022 and early 2023, but the cyber insurtech’s CEO told this publication nearly 80 percent of its clients that were attacked recovered data and systems without making a payment.

Numis bullish on Hiscox shares as growth momentum builds

Numis has upgraded its 2023 premium forecasts for Hiscox after the London-listed carrier “painted a healthy picture” in its Q1 trading update.

Sompo Intl names Swiss Re’s Ryan as CUO

Sompo International has appointed Risa Ryan to the newly created position of chief underwriting officer and member of the executive team, with the new hire joining from Swiss Re where she served as global head of standard insurance products.

Ascot confirms John Kuhn as head of large public D&O

Ascot has confirmed the hiring of John Kuhn from AIG as senior vice president for management liability and head of large public in its US insurance operations as it looks to grow into that segment of the D&O market, in a move first revealed by this publication.

Canadian carriers pushing for rate rises to offset higher cats and reinsurance costs

Canadian commercial property insurance clients can expect to face further rate rises as carriers navigate challenges including increased reinsurance costs and the impact of heavy natural catastrophe losses, a new report from Aon has detailed.

Sampo’s board approves Mandatum listing as move towards pure-play P&C continues

Sampo’s board of directors has approved the proposals for a partial demerger which will separate life and asset management firm Mandatum into an independent listed company.

AM Best: US D&O DPW falls 10% in ’22 as loss ratio worsens 4 pts

The US D&O market stabilised in 2022 as price increases moderated and demand decreased, according to a new report from AM Best that also suggests pricing now “could yield premiums that prove inadequate to cover potential claims”.

Republican state attorneys general slam NZIA as harmful to US business

A group of 23 US state attorneys general has written to members of the Net-Zero Insurance Alliance expressing concerns over the apparent legality of commitments to collaborate with fellow (re)insurers and asset owners, alleging the Target-Setting Protocol may constitute illegal boycott and/or restraint of trade in the US insurance industry.

Credit where it’s due: Insuring carbon markets

By reducing risks on balance sheets related to carbon credits, insurance will be critical in providing the “stamp of approval” required to enable the financing and scaling up of projects within the carbon markets, according to Kita’s head of insurance James Kench.

Sustainable insurance: Leveraging public funds via new insurance partnerships

Thomas Mahl and Franz Karmann, managing directors at Munich Re sister company Sustainable Finance Risk Consulting, explain the firm’s role as an agent of the African Energy Guarantee Facility and the need for the insurance industry to adopt a “risk-vetting” system to enable mobilisation of development finance.

Painting a picture: Climate protests and fine art insurance

While last year’s spate of environmental protests targeting museums and galleries did not culminate in any significant physical damage or market losses, fine art underwriters are still keeping an eye on climate activists for fear the movement may attract other, less careful protesters.

Biba panel warns industry must pick up ESG pace

Insurers remained well-positioned to act as an enabler of societal change but the industry is “not moving as fast as we need to” in addressing ESG-related issues and integrating agendas across organisations, according to a panel at the recent British Insurance Brokers’ Association annual conference.

TMHCC posts 87.1% CR in 2022 as NA growth drives 30% NWP increase in intl unit

Tokio Marine HCC has posted a combined ratio of 87.1 percent for fiscal year 2022, an improvement of 0.8 percentage points, with the US unit's strong performance helping drive premium growth within its Japanese parent’s international operations.

AF Group adds Allstate’s Burns as CUO

AF Group has bolstered its leadership team by bringing on board Allstate Insurance’s Andrea Burns to serve as chief underwriting officer.

Progressive’s April CR deteriorates to 97.9% but core loss ratio beats expectations

Investors responded favourably after Progressive reported a 97.9 percent combined ratio for April, despite unfavourable personal auto development in Florida due to more claims being litigated and higher-than-anticipated severity.

Allstate estimates $799mn cat losses for April

Allstate has estimated catastrophe losses for the month of April of $799mn, or $631mn after tax, with the personal lines giant also announcing it implemented auto rate increases of 8.6 percent across 13 locations during the month.

Allianz: Industry value proposition to evolve to risk prevention and mitigation by 2033

The insurance industry can demonstrate its value in the current turbulent economic environment by alleviating the worst impacts of inflation and, over time, evolving its value proposition to holistic service offerings for risk prevention and mitigation, according to Allianz.

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