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☆ S&P Global raises reinsurance sector view to stable from negative on higher prices
▼ + stars: | 2023-09-05 | by ( Carolyn Cohn | ) www.reuters.com time to read: +2 min

The S&P Global logo is displayed on its offices in the financial district in New York City, U.S., December 13, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsLONDON, Sept 5 (Reuters) - S&P Global has raised its view of the global reinsurance sector to stable from negative, it said on Tuesday, due to higher reinsurance rates and increasing investment income, while rival Moody's kept its outlook for the sector stable. The COVID-19 pandemic, war, inflation and climate change-fuelled natural catastrophes have put upward pressure on reinsurance rates in recent years. S&P Global said this "resulted in the hardest market in decades" in some lines of business. "Challenges such as elevated natural disasters, increasing cost of capital, financial market volatility, and inflation risk persist," S&P Global added.

Persons: Brendan McDermid, Moody's, Gallagher Re, reinsurers, Laline Carvalho, Neff, Re, Carolyn Cohn, Jason Neely, Alex Richardson, Sharon Singleton Organizations: REUTERS, Global, P Global, P, reinsurer, Thomson Locations: New York City, U.S, California, Florida, Monte Carlo

☆ Exclusive: Insurers raise premiums for Black Sea tankers as tensions mount - traders
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

A general view shows the Novorossiysk Fuel Oil Terminal (NMT) in the Black Sea port of Novorossiisk, Russia May 30, 2018. Military actions in the Black Sea area of Russian and Ukrainian Black Sea ports have escalated since the grain export deal fell apart in mid-July. Most recently Russia reported several attacks at its Black Sea ports. So far, oil loadings from Russia's Black Sea ports have not been affected by the attacks, but risks are mounting, traders said. Oil product exports from Russia's Black Sea ports is about 4 million tonnes per year.

Persons: Natalya Chumakova, David Evans Organizations: Oil, REUTERS, Rights, Insurance, Traders, Reuters, Thomson Locations: Black, Novorossiisk, Russia, Ukraine, Moscow, Russian, Ukrainian, India

☆ Australia's IAG misses annual cash earnings estimates; shares slip
▼ + stars: | 2023-08-21 | by ( Nausheen Thusoo | ) www.reuters.com time to read: +2 min

Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken, November 8, 2021. The country's top general insurer posted cash earnings of A$452 million ($290.00 million) for the year ended June 30, up from A$213 million a year ago but missing analysts' average estimate of A$656.7 million, according to Refinitiv Eikon data. Australian insurers have seen their profits soar this year, as they incur higher premiums in an elevated interest-rate environment, while also benefiting from a rebound in investment income. The company also expects an insurance margin in fiscal 2024 of 13.5%–15.5%, higher than the 12.6% margin last year. However, elevated inflation in home and motor claims costs, as well as the higher natural perils allowance, impacted the underlying insurance margin, IAG said in a statement.

Persons: Dado Ruvic, IAG, Nick Hawkins, Nausheen Thusoo, Archishma Iyer, Paul Simao, Stephen Coates, Rashmi Organizations: Insurance, REUTERS, cps, Insurance Australia Group, New Zealand, Citi, UBS, Thomson Locations: Australia, New

☆ Australia's IAG sees lower double-digit gross written premium growth
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

Small toy figures are seen in front of displayed IAG (Insurance Australia Group) logo in this illustration taken, November 8, 2021. Australia's top general insurer reported a 10.6% rise in GWP to A$14.73 billion ($9.4 billion) for fiscal 2023, matching the Refinitiv estimate. The company also expects an insurance margin in fiscal 2024 of 13.5%–15.5%, higher than the pervious year's margin of 12.6%. IAG also declared a dividend of 9 Australian cents per share, up from 5 cents per share a year ago. The insurer posted cash earnings of A$452 million for the 12 months ended June 30, up from A$213 million a year ago.

Persons: Dado Ruvic, Nick Hawkins, IAG, Refinitiv Eikon, Nausheen Thusoo, Archishma Iyer, Paul Simao, Stephen Coates Organizations: Insurance, REUTERS, cps, Insurance Australia Group, ”, Thomson Locations: GWP

☆ Allianz sells controlling stake in Russian business to local firm
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, May 18 (Reuters) - Insurance company Allianz (ALVG.DE) has finalised a deal to sell a majority stake in its Russian operations to local firm Interholding, which owns Russia's Zetta Insurance, Allianz Russia said on Thursday. After a lengthy approval process, Allianz will transfer full control of its Russian portfolio to Zetta Insurance Group, Allianz Russia said. Zetta Insurance, Allianz and Allianz Life will be merged into one company following the deal, it added. The partial sale would result in a 400 million euro ($440.32 million) hit to Allianz's net profit, the company has said. ($1 = 0.9084 euros)Reporting by Reuters; Writing by Caleb Davis; Editing by Alexander Marrow and Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Feb 17 (Reuters) - Insurance brokerage firm PCF Insurance said on Friday it had secured a $500 million investment at a valuation of $4.7 billion in a fundraising led by private equity firms Carlyle Global Credit and minority shareholder HGGC. Minority investors Crescent Capital and Owl Rock, a unit of alternative asset manager Blue Owl, also took part in the funding round, PCF said. HGGC, which was previously the owner of PCF, sold the company in 2021 to the insurance firm's management and Owl Rock, in a deal that had valued it at $2.2 billion. The brokerage connects its more than 415,000 clients to insurance agencies in its network, providing advisory services with its risk management programs. Reporting by Niket Nishant and Anirban Chakroborti in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Insurance-tech firm Roadzen to go public via $965 mln SPAC deal
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - Insurance tech firm Roadzen Inc has agreed to go public in the United States with a blank-check vehicle in a deal valued at about $965 million, the companies said on Monday. The deal with special purpose acquisition company Vahanna Tech Edge Acquisition I Corp (VHNA.O) values Roadzen at a pre-money equity value of $683 million and the combined company will be listed on the Nasdaq exchange, according to their joint statement. After the deal is completed, existing Roadzen shareholders are expected to own 73.2% of the combined entity, assuming none of the blank check firm's shareholders elect to redeem their shares. Roadzen, which uses advanced AI to provide data that helps insurers build auto insurance products, is expected to generate about $59 million and $118 million in total consolidated revenues for the fiscal years ending March 31, 2023 and 2024, respectively, the statement added. Reporting by Shivani Tanna in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's IAG cash earnings jump 27% on growth across key businesses, dividend steady
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +1 min

Feb 13 (Reuters) - Insurance Australia Group (IAG.AX) reported a 26.7% jump in its first-half cash earnings on Monday, boosted by volume growth across its key businesses that helped offset the ongoing impact of higher inflation on claims costs. The insurer said GWP growth was driven by rate hikes, to offset the high inflation in the supply chain, as well as customer number growth in the home and motor portfolios. read moreThe insurance giant's natural perils costs ballooned to A$524 million following the severe weather events across multiple states in Australia during the period. read moreCash earnings for the six months ended Dec. 31 came in at A$223 million ($154 million), compared with A$176 million in the prior corresponding period and a Refinitiv estimate of A$464 million. Australia's top general insurer declared an interim dividend of 6 Australian cents per share, the same as in the prior corresponding period.

☆ Australian insurers receive over 8,000 claims after New Zealand floods
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +2 min

As of Monday morning, Suncorp's Vero and AA Insurance brands have received about 3,000 claims, while IAG's AMI, State and New Zealand Insurance brands have obtained over 5,000 claims. Both the insurers expect the number of claims to rise further over the coming days, as the event continues to unfold and customers identify damages. IAG received 24,000 claims in the first three days of flooding in Sydney and across the New South Wales state last year. Local New Zealand insurers have yet to provide any details on claims received. ($1 = 1.5427 New Zealand dollars)($1 = 1.4085 Australian dollars)Reporting by Harish Sridharan in Bengaluru; Editing by Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Aviva pledges regular investor payouts as premiums rise
▼ + stars: | 2022-11-09 | by ( Carolyn Cohn | ) www.reuters.com time to read: +2 min

Jefferies analysts have previously said they expect Aviva to make recurring 250 million pound ($289 million) pay-outs. Aviva has already returned 4.75 billion pounds to investors after raising 7.5 billion in a string of asset sales since Blanc became CEO in July 2020. Cevian in the past called on Aviva to return five billion pounds to shareholders by the end of 2022. Aviva reported a 10% rise in general insurance gross written premiums in the first nine months of the year to 7.2 billion pounds. The value of new business in its UK and Ireland life division rose 46% over the same period to 466 million pounds.

LONDON, Oct 20 (Reuters) - Insurance for humanitarian workers, journalists, engineers and others heading to Ukraine is now more expensive and harder to organise than during the Iraq war. The United Nations and other aid organisations in Ukraine said last week that the missile attacks had disrupted their humanitarian work. A shortage of providers is also adding to insurance costs, sources said, pointing in particular to reluctance among some U.S. insurers to offer Ukraine cover. AIG (AIG.N), which declined to comment, was drawing up broad exclusion clauses for Russia and Ukraine, Reuters reported earlier this year. ($1 = 1.0206 euros)Register now for FREE unlimited access to Reuters.com RegisterEditing by John O'Donnell and Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

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