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Insurance
Specialty insurer Markel has seen its net income drop significantly in the first quarter of 2017 as the combined ratio jumped due to a reserve charge after the UK’s bodily injury Ogden discount rate change. 27 April 2017
Insurance
Insurance intermediary Towergate has managed the turnaround in 2016 while restructuring continues. 27 April 2017
Insurance
Syndicate Research Limited (SRL) downgraded the Continuity Opinion of Lloyd’s Syndicate 2001 due to its financial underperformance. 27 April 2017
Insurance
Hamilton Re, the Bermuda-based property/casualty reinsurer of Hamilton Insurance Group, has reshuffled certain senior management roles and hired new executives to diversify its portfolio. 27 April 2017
Insurance
Commercial insurance brokers will need to have evolved into real business advisors for their small and medium-sized (SME) customers by 2027 or face extinction, warns a new report from the Chartered Insurance Institute (CII)’s Insurance Broking Faculty. 27 April 2017
News
Bermuda-based RenaissanceRe Holdings (RenRe) has estimated that the pre-tax impact of the Ogden rate change on its carried reserves is approximately $30 million, and will be recognised in the first quarter of 2017. 13 April 2017
Insurance
An unspectacular increase in large claims led Lloyd’s of London to report underwriting losses in all classes in the accident year 2016, driving the management to take action to improve underwriting quality and expenses. 31 March 2017
Insurance
The LMA Wordings Forum has revealed it has drafted a ‘cold zone variant’ of its model exclusion wording, which would make it easier for underwriters to cover construction projects in the nuclear sector, a move prompted by recent growth in the construction of nuclear power stations and a requirement to make wordings more appropriate for the nuclear industry of the future. 14 March 2017
Insurance
Cape, a UK-based manufacturer of industrial materials, has agreed to pay a £52.5 million product liability settlement to three insurers relating to litigation over the carriers' historic employers' liability exposures, however, Cape has not admitted any liability, describing the settlement as "removing the distraction of a likely protracted appeals process". 14 March 2017
Insurance
Talbot Underwriting, a subsidiary of Bermuda-based Validus Holdings, has promoted David Morris to the position of active underwriter. 2 March 2017
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