MS Amlin hires Carrier as Lloyd’s CUO; Wright, Clements and Wooldridge departMS Amlin Underwriting Limited is to part company with three key members of its leadership team as the Lloyd’s (re)insurer dissolves its existing underwriting structure, bringing in Andrew Carrier as CUO across all classes of business.
MS Amlin posts Q1 107.9% CR as books £84mn Covid-19 hitMS&AD-owned MS Amlin fell into the red in the most recent quarter, reporting a net loss after tax of £136mn ($178.1mn) – compared to a profit of £24mn – with the Lloyd’s carrier incurring £84mn of Covid-19 related losses in the three month period.
MS&AD acquires Phoenix Group stake following ReAssure dealJapanese insurance giant MS&AD has acquired a 14.5 percent stake in Phoenix Group Holdings after selling its 25 percent shareholding in UK closed life business ReAssure to the consolidator.
Rokstone enters London D&F market with Mitsui Sumitomo backingLondon MGA Rokstone has extended its delegated authorities to include US and international property D&F with a new facility provided by the UK arm of Mitsui Sumitomo Insurance Co, The Insurer can reveal.
MS&AD forecasts $594mn Covid-19 hit to 2020 net incomeJapanese insurance giant MS&AD has set out it expects its 2020 net income to be impacted by 64bn yen ($594.5mn) after tax charges related to the Covid-19 pandemic.
MS Amlin names former Chaucer CEO Slabbert chairmanLloyd’s (re)insurer MS Amlin Underwriting Limited (MS AUL) has named Johan Slabbert chairman of the board.
Asia P&C stocks gain on Chinese recovery data; FTSE points higherShares in Asia Pacific edged higher on Friday with investors buoyed by fresh indications that China’s economy could be recovering from the coronavirus-driven downtown despite rising trade tensions between the US and China.
Fitch goes negative on MSI ratings outlookMitsui Sumitomo Insurance (MSI) has had the outlook on its ‘A+’ rating revised to negative from stable by Fitch with the rating agency citing increased pressure on the insurer’s capitalisation from Covid-19-related volatility in stock-market performance.
Asia-Pacific stocks advance as oil rally builds momentumAsia-Pacific (re)insurance stocks rose on Thursday with investors buoyed by a rebound in crude oil prices from historic lows and the promise of more US government aid to help the coronavirus-ravaged markets.
Asia-Pacific stocks dip on renewed virus pessimism and historic oil plungeAsia-Pacific (re)insurance stocks fell on Tuesday on news that North Korean leader Kim Jung-Un is seriously ill, investor pessimism that the easing of countries’ coronavirus-induced lockdowns will take longer than expected and as US crude prices plunged to negative levels overnight.
Asia-Pacific stocks rally despite Chinese growth figuresAsia-Pacific (re)insurance stocks rallied on Friday despite damning Chinese growth figures which highlighted a historic contraction in the world’s second-largest economy.
MS Amlin shuffles European leadership with CEO and CRO hiresMS Amlin Insurance Societas Europaea (MS AISE), the Belgium-based arm of MS Amlin, has appointed Ludovic Sénécaut as CEO and Rogier Peters as CRO as it continues to reorganise its management across the group
Asia-Pacific equities rally after historic surge on Wall StreetAsia-Pacific stocks rallied overnight after a historic surge in US and European equities as leaders in Washington agreed on a $2tn package to soften the US economic blow from coronavirus.
Australia leads APAC sell-off as Wall Street futures plungeAsia-Pacific markets fell sharply on Monday with Australian stocks leading the sell-off as investors reacted to an altered global business landscape characterised by lockdowns and closures intended to slow the spreading coronavirus.
MS Amlin promotes Wood to head of casualtyMS Amlin has appointed Stuart Wood as head of casualty, confirming the fifth and final senior leader to be appointed under the previously announced specialty business restructure.
Asia-Pacific insurance stocks trade down again as coronavirus shakes marketInsurance stocks in Asia-Pacific fell for a third day on Wednesday following another sharp sell-off on Wall Street and in Europe sparked by a warning that the spread of the coronavirus in the US was inevitable and rising concerns of new cases in Europe.
Japanese insurance stocks trade down on coronavirus crisisStocks in Japan’s three leading property insurers saw sharp declines on Tuesday as Asian markets slipped following an overnight plunge on Wall Street and an earlier decline in Europe as fears of the economic impact from the coronavirus outbreak spread.
Payback expectation to test relationship-driven Japanese renewalAll parties in the Japanese wind renewal are working to address a significant mismatch between the 50-80 percent rate increases reinsurers have been initially seeking from cedants that are unlikely to countenance paying 50+ percent more for cover at 1 April.
MS&AD profits climb as investments push MS Amlin back into blackJapanese carrier MS&AD saw its net profits climb 54.2 percent to 269.9bn yen ($2.4bn) in the nine months ended December 2019, as strong investment returns helped push subsidiary MS Amlin back into the black.
MS Amlin names Ho to replace Clarke as APAC CEOMS Amlin, subsidiary of MS&AD, has promoted William Ho to the role of CEO of MS Amlin Asia Pacific, succeeding Simon Clarke who is stepping down after 10 years with the business.