Commercial Lines related articles – Page 112
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NewsBP Marsh full year profit almost doubles
Broker-focused venture capital group BP Marsh reported consolidated net profit of £8.7m for the year to January, almost double the £4.9m it reported a year ago. “The portfolio businesses are performing well as we support them in their development. We have interesting new investment opportunities in ...
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NewsBrexit poses ‘grave threat’ to London insurance market
Britain leaving the European Union poses “a grave threat” to jobs and business in the London insurance market, according to Lloyd’s, the International Underwriting Association of London (IUA) and insurer Fidelis. UK voters will decide whether or not to leave the EU in a referendum on ...
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NewsHelios 2015 profits down, makes £3.75m acquisition
Helios Underwriting reported lower profits for 2015 as its reinsurance levels increased, The Lloyd’s underwriter also announced it has acquired Lloyd’s limited liability member Nameco (No 346) for £3.75m. Helios said the deal was in line with its strategy of increasing underwriting capacity through acquisition. The ...
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NewsBrexit will damage UK insurers and the London Market, bosses say
Most UK insurance executives think that leaving the EU would severely damage the UK insurance industry and the London market, according to a study by international law firm Kennedys. “There is near universal agreement amongst senior executives in the insurance industry that the UK leaving Europe ...
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NewsLloyd's syndicate Probitas 1492 expands underwriting team
Lloyd’s syndicate Probitas 1492 has expanded its casualty offering with the appointment of Ernesto Medina within its financial lines team. Previously senior financial institutions underwriter at Zurich, Medina brings experience of underwriting a large portfolio of international banks, asset managers and private equity and hedge funds, ...
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NewsLloyd’s chief risk officer McGovern to leave for XL Catlin
Lloyd’s chief risk officer and general counsel Sean McGovern is leaving after 20 years at the corporation to join XL Catlin. McGovern will become the global (re)insurance group’s chief compliance officer and head of regulatory and government affairs. To protect commercial confidentiality, McGovern is now no ...
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NewsLloyd’s chairman slams Brexit backers’ ‘irresponsible’ claims
Politicians claiming that that the UK would be able to replicate the benefits of a single market outside the European Union if it leaves are “irresponsible”, according to Lloyd’s chairman John Nelson. Speaking today at the Lloyd’s annual general meeting (AGM), Nelson also accused those making ...
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AgendaQBE targets Latin American growth with Miami hire
QBE Europe has hired Alfonso De Mares (pictured) as business development manager for Latin America. De Mares will be based in Miami and report to director of overseas business development Tim Harris. Before joining QBE, De Mares was a senior vice-president at reinsurance broker Guy Carpenter ...
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NewsLloyd’s calls for end to US government-backed flood cover
Lloyd’s insurers have called for the US government to stop providing flood damage, the Financial Times reports. In the US, the National Flood Insurance Programme (NFIP), which has 5.2 million policyholders, pays for flood damage. But Lloyd’s insurers argue that state payment of flood risks has ...
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NewsPwC warns of weak casualty reserves in London market
Casualty claims reserves being set by London market (re)insurers for business written in 2015 are weaker than in previous years, according to a review by accounting firm PwC. The review found that London market (re)insurance casualty reserves are, on average, 3% weaker than for business written ...
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NewsChaucer grows political risk team with former XL Catlin exec
Lloyd’s insurer Chaucer has hired former XL Catlin underwriter Jonathan Bint as political risk underwriter and analyst. Bint was part of the credit and political risk underwriting team at XL Catlin. Chaucer said it hired Bint to help drive the expansion of its political risk and ...
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NewsNovae GWP grows 9.8% in first quarter despite rate pressure
Novae reported gross written premium (GWP) of £282.8m in the first quarter of 2016, up 9.8% on the £257.6m it reported in last year’s first quarter. The Lloyd’s insurer enjoyed growth across all three of its business segments. The casualty unit reported the strongest growth, where ...
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NewsHiscox group GWP up 10.3% in six months; UK GWP up 5.8%
Hiscox saw group gross written premiums rise 10.3% to £640.5m in the six months to March, up from £561.7m a year earlier. Hiscox UK GWP rose 5.8% to £110.5m from £103.5m a year earlier, which the company described as “a strong result in a challenging market”. ...
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NewsAsh Bathia’s Lloyd’s insurer hires casualty underwriting head
Ash Bathia’s Lloyd’s syndicate, Probitas 1492, has hired Neila Buurman as chief underwriting officer for its casualty division. Buurman was previously director of international casualty at QBE, Bathia’s former employer. She joined QBE in 2000 as an international liability underwriter. Bathia was chief underwriting officer of ...
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NewsBeazley first quarter GWP up 7% as rates fall 1%
Lloyd’s insurer Beazley wrote gross premiums of $538m (£401.6m) in the first quarter of 2016, up 7% on the $546m it wrote in the same quarter last year. The increase came despite a 1% cut in rates in the quarter. The Lloyd’s insurer also reported a ...
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NewsBarbican opens Manchester office
Lloyd’s insurer barbican has opened a new office in Manchester. It is based in the recently developed ‘Hive’ complex in the city’s Northern Quarter. Barbican said the new office serves three main functions: proving a regional base for underwriting and business development of recently launched UK ...
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NewsJLT wins lead broker account for Singapore Airlines
JLT has won the account as lead broker for Singapore Airlines (SIA) Group’s aviation insurance programme. Under the terms of the deal the agreement will run for a period of three years for policies beginning 1 July 2016. It is another big win for the national ...
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NewsJLT expects one-off costs of £34m in 2016
Jardine Lloyd Thompson (JLT) expects that the restructuring of its employee benefits arm and the settlement of its legal dispute with Willis will result in one-off costs of £34m in 2016. The broker has said that the restructuring of its UK and Ireland employee benefits division ...
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NewsJLT Group commercial director James Twining to depart
Jardine Lloyd Thompson (JLT) Group commercial director James Twining is stepping down from his role. Twining joined the broker in January 2011 and has been a member of the board since 2012. His role will not be replaced. The broker has also appointed Bruce Carnegie-Brown as ...
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NewsAmTrust to buy Lloyd’s insurer ANV for £154m
US financial services group AmTrust has agreed to buy Lloyd’s insurer ANV for $218.7m (£154m) in cash from its current owner, Ontario Teachers’ Pension Plan. The deal is awaiting regulatory approval and is expected to be complete in either the third or fourth quarter this year. ...
