Munich Re profits more than quadrupled in 2012

World's largest reinsurer posting healthy profits despite the claims made by the $ 800 m from Super storm Sandy in provisional figures

Munich Re expects a net profit of € 3.2bn (£ 2.8bn) for 2012, compared to the € 71bn 0. that it was a year earlier reported.

In its preliminary figures, Munich Re also operating profit more than quadrupled, rising to € 5.4bn in 2012 by € 1.2bn in 2011. Gross written premium increased by 5.1% on € 52bn.

Munich Re chief financial officer Jorg Schneider said: "this very pleasant profit is based on our strict risk management, disciplined acceptance policy and the realization of profitable business opportunities."

Munich Re fourth-quarter profit came in at 476 million euros, boosted by previous years reserve releases. After reserve releases of € 300 million in the third quarter, 600 million euro was pumped the fourth quarter.

Releases came mainly from the years 2005-2009 in the business property, marine and aviation. The reinsurer expects to see between three and four point releases going forward largely because of conservative releases the long tail lines.

Meanwhile, Munich Re showed that Super storm Sandy, who battered the East coast of the United States last year, the € 800 m in losses costs.

Despite losing Sandy, the combined ratio for Munich Re reinsurance business for the year was a profitable 91% (2011: 113.8%), and for the fourth quarter alone was 83.2% (Q4 2011: 101.8%).

The reinsurer primary insurance combined ratio was a profitable 98.7 percent for the year (2011: 99.1%), but a loss-making 104% for the fourth quarter (Q4 2011: 101.5%). The company said it "some random major losses" suffered in her German primary company.

Munich Re shrunk its renewable book in non-life by 1.5% on the innovations of 1 January 2013.

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AS winsten boven $500 m in 2012

AS capital companies boosted its risk-adjusted return on capital after profit nearly $ 500 million in 2012 because of natural disaster losses significantly reduce.

The Bermuda-based insurer Posted net income of $ 495 m, or $ 4 per share last year (2011: $ 9 m or seven cents per share).

AS more than halved its catastrophe and weather-related losses 398 m $ in 2012 (2011: $ 910 m).

But the insurer risk-adjusted return on capital after profit for the fourth quarter dropped to $ 19 m or 16 cents per share (Q4 2011: $ 80 m or 63 cents per share).

Combined ratio improved 96.2% in 2012 (2011: 112.3%), including 12.7 points of disaster losses.

Gross written premium increased 1% to $ 4 1.1, with a growth of 188 m $ or 9% in the insurance segment offset with a reduction of 144 million or 7% in the segment reinsurance.

Net investment income increased by 5% to $ 381 million last year (2011: $ 362.4 m).

AXIS capital president and chief executive Albert Benchimol said: "We experienced strong results in most parts of our company in the fourth quarter, but clearly our performance were offset by the effect of the Storm Sandy, which led to a small loss for the period.

"In view of 2012 included one of the greatest American storm events in history, we believe that our operating income of $ 422 million for the year, that an operational ROE (return on equity) of 8.2% was an acceptable result.

"We almost all of our profits to shareholders given back, our dividend increased for the ninth year in a row, and finished 2012 with diluted book value per share of $ 42.97, representing a 13 percent increase in the previous year."

To look beyond the financial impact of Super storm Sandy, Benchimol said that as capital still "considerable progress" booked in many facets of the company.

"We grew makes sense in lines and markets that some of the strongest price adjustments in insurance market experienced a steadily improving," he said. "In addition, we advanced a number of key business initiatives, including renewable energy and global accidents and illness, while at the same time, lay the Foundation for further profitable growth."

Benchimol said the company was entering 2013 "on a positive note", refers to the company's new agricultural and marine reinsurance intermediaries and re-entry initiatives in Select markets as markers on the road accident to a larger and more diversified portfolio of risks.

"We are entering from 2013 on a positive note, based on our expectations for continued improvement in prices, our positioning for diversified growth and our excellent financial strength," he said.

Book value per share increased by $ 4.89 or 13% in 2012, driven by operating income, appreciation for improvements as of the investment portfolio.

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20 September 2012 | Update: 21 September 2012 17: 52 UTC

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Giles in triple Scotland hire

7 February 2013 |By Newsdesk

Brokers makes three new hires by rivals

Giles insurance brokers posted additions to the squad in Scotland.

Gavin Cairns joins the Edinburgh corporate team as an account administrator, after spending the last three years with Callaghan brokers in Gibraltar and have previous positions at Heath Lambert, AIG and Aon. Mark Anderson also joins in Edinburgh as development executive and will focus on professional liability and corporate Cross sales. He joins with Marsh's FinPro Division.Graeme Paterson returns to Giles after eight years as an account manager at AXA and joins the Office Ayr as account executive.

Giles Regional Director, Alan McEwan, said: "I'm really excited about our latest designations that will really help us to accelerate our growth plans.  We have a great team, we offer on our plan and I am glad that quality as these guys just want to be part of it. "

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NFU Mutual to 150 job cuts

7 February 2013 |By Newsdesk

Insurer NFU plans to FNOL teams into a single location

NFU Mutual will make 150 layoffs as part of a move to consolidate the first notification of loss (FNOL) teams.

The agriculture insurance company said the cuts would be made over three years. It follows a review of the FNOL operational strategy.

The proposals include the NFU FNOL teams in Bristol and Wellingborough merge in its existing Glasgow team.

The insurer said that it was the introduction of an online image and workflow solution to improve the claims process.

In a statement, the insurer said, "Unfortunately, we expect to lower 150 roles over the next three years as a result of the move away from a dependent process of paper, and to consolidate our proposal teams.

"We work with those that can be taken to explore options for the future, including relocation or recast, in order to limit the potential need for layoffs."

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Mapfre income to 7.5% in 2012

GWP increases 10.1% on Latin America growth

Revenue increased by 7.5% to € Mapfre 25.3bn in 2012, driven by her activities of Brazil and the us.

The Spaniards (re) insurer's gross premiums (GWP) climbed 10.1% to € 21.6bn last year.

Broken down, the domestic insurance Division GWP 4.5% to € 7.5bn in 2012 if demand dropped.

Non-life GWP also dropped by 5% to € 4.4bn.

The (re) insurer are 21% market share in the motor home market, despite a decrease of 6% in GWP maintained.

The international division of labour insurance increased GWP with 23.3% to € 10.8bn, 47% of the total premiums of the group.

In Latin America, the Group recorded a 25.8% increase on GWP € 8.6bn.

In the rest of the world rose 14.1% to € 2. GWP Mapfre 2bn.

Mapfre of global companies, including reinsurance Division, experienced a 12.2% increase in operating income of € GWP and 4-9

Mapfre by Chairman and chief executive Antonio Huertas said: "the Mapfre geographical diversification and business strategy drives continued growth and maintains a healthy balance. Moreover, the confidence by the market in the placement of the group effects, as well as our position liquidity and solvency with a ratio by 261%, help us to the future with confidence. "

Mapfre paid total dividends of 370 million euros to its shareholders in 2012.

The company's Board has proposed a final dividend of seven cents per share.

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Brokerbility hits £ 500 m GWP with new Member

7 February 2013 |By Newsdesk

Brokerbility expands its presence North West

Brokerbility has based Cheshire broker R K Henshall & Co added to the membership

The new addition is that the North-West increases the Brokerbility UK broking firms offices to 37 with combined gross premiums of £ 500 m.

R K & Co managing director, John Henshall, Henshall said: "we are excited to a respected group of professional insurance brokers, which further increases our profile as the leading independent commercial broker in the area and can only join our customers benefit.

"We believe that the partnership between ourselves and Brokerbility will have an important role in our continued growth and expansion plans."

Brokerbility Director, Ian Stutz, said: "We are pleased that R K Henshall within the group. They represent a strong addition to our North West region and we look forward to working with them. "

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Gibraltar failed insurer may face disciplinary action

5 February 2013 |By Newsdesk

Regulatory can discipline failed Europe after ' intensively ' research of collapse Lemma

Failed insurer Lemma insurance (LEI) Europe Gibraltar would be the subject of disciplinary action investigations into the collapse.

LEI officially last month was liquidated and the insurance policies rejected by curator Grant Thornton. It is currently the subject of a comprehensive study, the financial services Commission (FSC) confirmed to insurance times this week.

UK policyholders are covered by the financial services compensation scheme (FSCS), which said it would pay up to 90 percent of every allegation against slate, with no limit on the size of the claim. To 7,000 UK policyholders are influenced by the firm-collapse, according to the FSCS.

FSC head of general insurance supervision Michael Oliver said in an interview with insurance Times, that the regulator could make a statement of Lemma and any possible disciplinary measures against the company directors once the investigation, which he described as "intensive", was completed.

Other disciplinary action may follow for the drivers of The Vert insurance and insurance not Hill, who shortly after LEI last year. Both companies have also tried winding-up orders of the Supreme Court of Gibraltar after they were found to be bankrupt.

While it was only insurance company Lemma not directly affect UK policyholders, the failures of both the Vert insurance and Hill insurance companies in remarkably similar circumstances have added to fears the due diligence checks for insurance companies in Gibraltar.

The police are known for his research into the circumstances of the collapse of The Vert insurance.

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