REINSURANCE MARKET REPORT

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "REINSURANCE MARKET REPORT"

Transcription

1 REINSURANCE MARKET REPORT Results for Year-End 2014 April _COVERS_Year End Financial Results_Opt3 Singles.indd 1 23/03/ :35:14

2 Contents Summary... 1 Capital... 1 Return of Capital... 1 Return on Equity... 1 Underwriting... 2 Cat Losses... 2 Capital... 3 Highlights... 3 Active Capital Management... 4 Challenging Outlook... 5 Earnings... 6 Below Average Losses... 6 Significant Reserve Releases... 7 Modest Investment Returns... 7 Underwriting Performance... 8 Premium Volumes... 8 Impact of Convergence of Reinsurance and Capital Markets... 9 Combined Ratios... 9 Appendices The contents herein are provided for informational purposes only and do not constitute and should not be construed as professional advice. Any and all examples used herein are for illustrative purposes only, are purely hypothetical in nature, and offered merely to describe concepts or ideas. They are not offered as solutions to produce specific results and are not to be relied upon. The reader is cautioned to consult independent professional advisors of his/her choice and formulate independent conclusions and opinions regarding the subject matter discussed herein. Willis is not responsible for the accuracy or completeness of the contents herein and expressly disclaims any responsibility or liability for the reader's application of any of the contents herein to any analysis or other matter, nor do the contents herein guarantee, and should not be construed to guarantee, any particular result or outcome. Nothing in this communication constitutes any legal or financial advice or an offer or solicitation to sell or purchase any securities.

3 Summary Capital Aggregate shareholders equity for the constituents of the Willis Reinsurance Index totalled USD 344B per their latest respective annual financial statements. This represents a 5.0% increase on the prior year. 13.8% of the shareholders equity reported within the Willis Reinsurance Index is in play following the recent announced major M&A activity. This amounts tousd48b, of which USD 15B is in the acquired companies. Including other major regional and local reinsurers, and a pro-rated portion of capital within major groups whose reinsurance portfolio is <10% of their total premium, we derive an estimate of USD 370B of aggregate shareholders equity for the traditional reinsurance market. (If 100% of that capital within these major groups is included the figure is estimated at USD 576B). Including capital from alternative markets this figure increases to an estimated figure of USD 425B (With 100% capital, USD 631B). Return of Capital The publicly listed companies within the Willis Reinsurance Index returned USD 7.3B of capital through share buybacks in 2014, (equivalent to 3.7% of their aggregate opening shareholders equity). (Prior year, USD 5.0B, 2.6%) 2014 was also notable for several large special dividends, including those of Lancashire (20% of opening shareholders equity), Beazley (10%), Hiscox (9%),Swiss Re (4.9%),Novae (4%) and WR Berkley (2.9%), in total representing an additional amount of USD 2.4B. Return on Equity The aggregate RoE for the Willis Reinsurance Index is 10.2% (Prior year: 9.7%). RoEs continue to be flattered by low Catastrophe losses and strong support from prior year reserve releases. For the subset within the Willis Reinsurance Index that breaks out the disclosure, the RoE excluding Catastrophe loss and prior year reserve releases increased by 0.5 percentage points in the aggregate to 8.3% from 7.8% in If however, the catastrophe loss element was more in line with a typical Catastrophe year with c. USD 60B of cat losses (equivalent to c. 4% impact on RoE), there would be a further deterioration in RoE of approximately 2.4%. 16.0% 14.0% % -1.6% RoE analysis of subset of Willis Reinsurance Index providing Catastrophe loss disclosure 14.5% -2.9% 11.5% 11.6% RoE Cat Loss Prior Year Development 1 8.0% 6.0% -3.2% 8.3% 5.9% -3.8% 7.8% 6.7% 4.0% RoE, gross of Cat losses Reported RoE (net of Cat losses) RoE, net of Cat losses and excluding PYD RoE, net of 4% (not 1.6%) Cat losses and excluding PYD RoE, gross of Cat losses Reported RoE (net of Cat losses) RoE, net of Cat losses and excluding PYD RoE, net of 4% (not 2.9%) Cat losses and excluding PYD Page 1

4 Underwriting The aggregate NWP increased by 4.8% to USD 274 B for the latest reported year (Prior year, USD 262B). However if National Indemnity Co is excluded from the calculation (its premiums include material one-off effects in respect of intra-group reserve transfers) the aggregate Willis Reinsurance Index NWP actually fell by 3.3%. The aggregate reported combined ratio of the companies within the Willis Reinsurance Index was 90.7% in the latest reported year (Prior year: 90.3%). For those within the Willis Reinsurance Index that made the relevant disclosure, the favourable contribution from reserve releases accounted for around USD 6.9bn or 5.6% of NEP in 2014 (2013: USD 7.6B or 6.2%). Aggregate Reported Combined Ratio 90.7% 90.3% Favourable Development of Prior Years 5.6% 6.2% Accident Year Combined Ratio 96.3% 96.5% Catastrophe Loss -2.8% -4.8% Ex-Cat Accident Year Combined Ratio 93.5% 91.7% Cat Losses Global insured Cat losses down approximately 25% to USD 35B in (2013: USD 44B) For those within the Willis Reinsurance Index that made the relevant disclosure, reported catastrophe loss fell by 42% to USD 3.4B. Reported Cat losses equate to 2.8% of relevant aggregate NEP (2013: USD 5.9B, 4.7%) or a c.1.6 percentage point impact on the aggregate RoE (2013: 2.9 percentage points). Page 2

5 Capital Highlights Continued strong growth in shareholders equity, 5.0% on an aggregate basis. (See Chart 1) Aggregate Return on Equity (RoE) of 10.2% for the Willis Reinsurance Index (prior year 9.7%) Active capital management strategies to address excess capital Excess capital also prompting focus on M&A As shown in Chart 1 below, shareholders equity within the Willis Reinsurance Index of reinsurers again rose meaningfully in Chart 1 - Movement in consolidated shareholders equity, reported as at 1 st April % 25% 20% 15% 10% 5% 0% 28.2% 28.2% 26.7% 20.4% 18.9% 18.3% 16.8% 15.6% 15.3% 14.0% 13.9% 13.8% % 10.3% 9.0% 8.5% 7.9% 7.3% 7.3% 6.9% 6.5% 6.2% 6.2% 5.9% 5.4% 5.1% 5.0% 3.7% 3.6% 3.1% 3.0% 2.3% 0.4% 0.4% 0.3% 0.1% Y/e Dec 2014 Y/e Mar 2014 Y/e Dec 2013 Aggregate -5% -0.5% -1.0% -3.1% -3.3% -10% -7.0% Capital positions were supported by robust retained earnings which largely reflected the third successive year of low global insured catastrophe losses (down approximately 25% compared to 2013) and continued significant releases from prior year loss reserves. Although the contribution from investment income remained modest due to record low interest rates, support was provided by realised and unrealised gains. Widespread expansionary monetary policy supported continued growth in equities, particularly in the US. The strengthening of the US dollar against sterling and the euro also had a significant effect on reported capital. The European groups towards the left of Chart 1 benefited from this exchange rate movement as they report in euros or sterling but typically have substantial US dollar assets. Furthermore, the effect was more pronounced for some of these groups as they operate with relatively high investment leverage (see Appendix 2). Overall, continued growth in capital in 2014 only served to exacerbate the challenge of existing oversupply, placing further pressure on already weak rating conditions for the remainder of Page 3

6 Active Capital Management The resulting pressure to actively manage capital was reflected by a number of publicly listed reinsurers accelerating their buybacks, particularly in Q4. Others slowed their buybacks (such as Aspen and Everest Re) and in some cases suspended buybacks until announced mergers completed (e.g. Renaissance Re, Axis Capital and Partner Re). Chart 2 below shows the percentage of opening shareholders equity used to repurchase shares in 2014 and It does not include capital returned by way of special dividends, which in 2014 was also substantial. Chart 2: Percentage of opening shareholders equity returned through share buybacks 18% 16% 16.0% % 13.8% 12.8% 13.2% 12.3% 12% 1 10% 10.3% 9.3% 8.9% 1 9.2% 8.9% 8% 8.2% 8.0% 8.0% 7.2% 6.4% 6% 5.9% 5.5% 5.4% 5.3% 5.0% 4.3% 4% 3.8% 3.4% 3.3% 3.3% 3.0% 2% 0% 1.1% 0.7% 0.6% 2.1% 1.7% 0.3% 1.1% 0.5% Several large special dividends were paid in 2014, including those of Lancashire (20% of opening shareholders equity), Beazley (10%), Hiscox (9%), Swiss Re (4.9%), Novae (4%) and WR Berkley (2.9%). In total, the public listed companies within the Willis Reinsurance Index returned USD 7.3B through share buybacks and USD 2.4B through special dividends to their shareholders, in addition to normal dividends. This represents 3.7% and 1.2%, respectively, of their aggregate opening shareholders equity. The continued appetite for buybacks is reflected by a number of recently announced new authorisations, (as seen in Table 3a, below). Additionally, there is significant capacity to buy back capital under authorisations previously granted, including by Alleghany (USD 291M, 3.9% of shareholders equity at year-end 2014), Argo (USD 93M, 5.6%), Beazley (52.1M shares, 10.3%), Endurance (5M shares, 1), and White Mountains (0.3M shares, 5.7%). Page 4

7 Table 3a: Recent announcements of share repurchase programmes and special dividends Company Date Action Capacity outstanding as % of Shareholders' Equity, Dec 2014 Amlin Mar 2, 2015 Announced a GBP 75 mn special dividend 4.2% AWAC May 1, 2014 Approved a new repurchase program for up to USD 500 mn. Buybacks were suspended in Q3, but repurchases resumed late in Q4. (USD 82.6 mn utilised). 11.0% Axis Dec 5, 2014 Announced an increased repurchase programe of up to USD 750 mn, effective Jan 1, 2015 through Dec 31, (Repurchase programme suspended until the closing date of the PartnerRe merger.) 12.9% Beazley Feb 5, 2015 Announced a c.usd90mn special dividend c7.0% Hannover Re Mar 10, 2015 Announced a special dividend of c.eur 150mn. HCC Aug 20, 2014 Approved a new authorization for USD 500 mn. 12.8% Hiscox Mar 2, 2015 Announced a c.gbp144mn special dividend 9.9% Lancashire Feb 11, 2015 Announced a USD103mn special dividend 7.6% Montpelier Re Nov 14, 2014 Increased the existing repurchase authorization by USD 200 mn to a total of USD 282 mn (no stated expiration date) 17.1% Munich Re Mar 11, 2015 Announced a resolution to buy back up to 11 million shares for a maximum total of EUR 1 bn, between 24 April 2015 and the 2016 AGM. 3.3% Novae Mar 4, 2015 Announced a c.gbp13 mn special dividend 3.8% Platinum Feb 10, 2015 Announced a cusd250mn special dividend to occur prior to RenRe transaction 14.6% RGA Re Jan 22, 2015 Authorized a share repurchase program for up to USD300 mn with no stated expiration date 4.3% Swiss Re Mar 18, 2015 Announced proposal to return CHF 2.5 bn to shareholders via dividends and up to CHF 1.0 bn in a share buyback programme 9.8% Validus Re Feb 3, 2015 Announced a USD 750 mn repurchase authorization. 20.9% Buyback activity is also a significant feature of the primary insurance segment, especially in the US. While the large European insurers are less actively returning capital, buybacks have accelerated among the large US primary insurers. AIG, Allstate, Chubb, Hartford, and HCC have also recently announced or proposed significant authorisations for buybacks and special dividends in 2015, as shown in Table 3b below. Table 3b: Recent announcements of share repurchase authorisations and special dividends for selected major US insurers Company Date Action Capacity outstanding as % of Shareholders' Equity, Dec 2014 AIG Feb 12, 2015 Announced a new USD 2.5 bn authorisation 2.3% Allstate Feb 4, 2015 Authorized a new USD 3 bn share repurchase program, expected to be completed by July % Chubb Jan 29, 2015 Announced a USD 1.3 bn buyback program to be completed by January % Hartford Feb 3, 2015 Announced USD 956mn of share buybacks (and USD 979 mn of debt reduction) for 2015/16 5.1% Challenging Outlook Deployment of excess capital continues to be a key challenge in A number of reinsurers maintained discipline, scaling back on Property Cat premium as rates continued to weaken. The convergence of reinsurance and capital markets continued to heighten the need for diversified product offerings. Many reinsurers continued to expand their underwriting on behalf of third party capital provided by ILS funds, providing an additional revenue stream without exposing their own capital base. But in doing so, reinsurers are facilitating capital in the market and pushing price down. There is also evidence that re-risking of some investment portfolios has occurred in the search for improved yield. This includes investments in ILS and alternative funds. This continuing shift reflects the required balance sheet scale and breadth of product offering now required to remain relevant in this highly competitive market. Page 5

8 Earnings On an aggregate basis reported combined ratios edged upwards to 90.7% from 90.3%, but they remained supported by: Low catastrophe losses which on aggregate represented 2.8 percentage points of reported combined ratios (2013: 4.8 percentage points) Significant contribution from prior year loss reserves, representing 5.5% of net earned premium (2013: 6.1%) Partially offset by an uptick in underlying accident year combined ratio (excluding Cat loss). Average investment yields remained modest at 2.7% on average (prior year 2.6%) Underwriting and investment conditions continue to present a challenging outlook As shown in Chart 4 below, for the Willis Reinsurance Index, in the aggregate, the RoE was 10.2%, compared to 9.7% in the prior year. Chart 4: 2014 net income as % of average shareholders equity (RoE) 25% Y/e Dec % Y/e Mar 2014 Y/e Dec % 15% 10% 18.3% 17.8% 16.6% 16.6% 15.8% 15.7% 15.5% 15.3% 14.9% 14.3% 13.9% 13.9% 13.9% 13.8% 13.6% 13.4% 13.2% 13.1% 12.6% % 11.4% % 10.4% 10.2% 1 9.9% 9.9% 9.7% 9.4% 9.3% 8.6% 7.8% 7.6% 7.6% 7.1% 6.2% Aggregate 5% 4.6% 4.5% 3.0% 1.9% 0% * General Reinsurance and National Indemnity: Numbers are sourced from unconsolidated financial statements Below Average Losses The headline RoE number continues to reflect modest loss cost inflation (other than in some specific lines) and a significantly lower than average burden from large catastrophe losses. For the companies that disclose the relevant numbers, we estimate that on an aggregate basis for that subset, the impact is 1.6 percentage points (prior year 2.9 percentage points). Page 6

9 Significant Reserve Releases Material releases from prior year reserves continued to flatter reported RoEs. We estimate that on an aggregate basis reserve releases improved reported RoEs by approximately 3.2 percentage points ( percentage points). We believe the effects of continuing rate declines have yet to fully impact reported earnings. Looking further ahead, we expect continued compression of current year margins and pressure on the sustainability of reserve releases. Modest Investment Returns The continued low interest rate environment has pressured investment yields, providing little respite from challenging underwriting conditions. Some longer duration portfolios are showing further declines in yield as new cash flows are reinvested at lower rates than maturing securities. We have also seen a modest increase in appetite for riskier asset classes such as insurance linked securities in order to offset declining yields on core investments. Many reinsurers have benefited from investment gains as equity markets continued to be supported by accommodative monetary policy. The modest return from some Lloyd s businesses to the right of chart 5 partly reflects prudent investment guidelines for syndicates. The left hand side of the chart also indicates the significant effects of home territory interest rates and of portfolio duration. Although we have not illustrated the data, a number of the larger primary insurance groups are typically achieving greater portfolio yields than their reinsurer counterparts. The larger, longer-tail primary insurers hold portfolios that include longer duration securities, of which a significant part predates the post financial crisis low interest environment, and they are achieving yields typically in excess of 3%. Chart 5 Investment yield (net investment income as % of cash and invested assets) 12% Latest Year 10% 10.1% Prior Year Latest Year average 8% 8.1% 6.7% 6.2% 6% 4% 2% 4.5% 5.5% 4.2% 5.0% 4.8% 4.4% 4.5% 4.1% 3.5% 3.8% 3.6% 3.4% 3.3% 3.1% 3.1% 3.1% 3.3% 3.1% 3.1% 3.0% 2.7% 2.9% 2.8% 2.7% 2.6% 2.6% 2.6% 2.5% 2.6% 2.5% 2.3% 2.4% 2.4% 2.4% 2.8% 2.3% 2.4% 2.3% 2.3% 2.2% 2.3% 2.1% 1.8% 2.1% 1.8% 2.4% 1.9% 2.5% 1.7% 1.9% 1.7% 3.0% 1.8% 1.7% 1.5% 1.7% 1.5% 1.8% 1.5% 1.4% 1.4% 1.4% 1.4% 1.2% 1.2% 1.1% 1.2% 1.0% 1.0% 0% * The above is based on net investment income (excluding realised and unrealised gains) reported for 2014, divided by the balance sheet value of cash and invested assets. The latter is calculated as the average of the opening and closing balances. National Indemnity s investment income is heavily influenced by the dividend income received from its subsidiaries. ** Based on unconsolidated statutory filings. Page 7

10 Underwriting Performance Premium Volumes Chart 6 shows that the average reported increase in net written premium (NWP) by our Willis Reinsurance Index companies in the latest reported year was approximately 6.3%. As rates remained pressured, this growth was driven more often by lower outwards cessions of reinsurance or retrocession premiums rather than through organic growth. Where organic growth was achieved it was typically through niche lines of business. The increase in NWP was also supported by underwriting through collateralised vehicles or sidecars and small acquisitions. Overall, on an aggregate basis and converted into USD, the Willis Reinsurance Index reported a decline in NWP of 3.7% to USD 244B, although this is explained entirely by the decline of the euro vs the US dollar in our calculations (we estimate +2.2% excluding foreign exchange effects within our methodology.). Chart 6: Full-year 2014 movement in net written premium 40% 33.2% Y/e Dec 2014 Y/e Mar % 29.1% 26.0% Y/e Dec 2013 Unweighted average 21.0% 20% 17.0% 16.1% 10% 12.6% 12.2% 11.0% 9.5% 9.4% 9.3% 9.0% 8.0% 7.9% 7.2% 7.2% 6.9% 6.4% 6.0% 5.3% 5.2% 5.0% 5.0% 4.9% 4.4% 3.8% 3.4% 2.5% 1.2% 0% -10% -0.5% % -4.1% -4.1% -4.4% -5.6% -20% % Note: Korean Re and National Indemnity are not included within the results above, due to the lack of comparability of the current vs prior year numbers. *** Based on unconsolidated statutory filings. The strong reported growth at both Lancashire and Markel largely reflected their respective acquisitions of Cathedral and Alterra. Arch s growth similarly reflects acquired US mortgage insurance business and premiums written by the Watford Re vehicle that it sponsored with Highbridge. At the other end of the scale, double digit decreases were reported at RenaissanceRe and Platinum Re. For RenaissanceRe, this was partly due to a reduction in Property Cat business due to continued declining rates. For Platinum Re, the primary reasons were a one off adjustment reported in Q to re-estimate ultimate premiums on prior year US Excess Casualty business and, to a lesser extent, a decline in International Property Cat premiums. For Munich Re, much of the 4.4% fall was caused by the strengthening of the USD against the euro (Munich Re s reporting currency) and by a 19% fall in NWP in its Munich Health division, as a result of falls in volumes in its Canada and US business. Page 8

11 Impact of Convergence of Reinsurance and Capital Markets A brief analysis of 2014 premiums highlights that many traditional reinsurers are embracing structural change to respond to market dynamics. A significant number of reinsurers now offer capacity to clients through managed Special Purpose Vehicles (SPVs), sidecars (often fully collateralised), and collateralised retrocession agreements. Deployment of this third party alternative capital maintains relevance to the client and also provides reinsurers with associated fee income. Amlin (Leadenhall Capital), Arch (Watford Re) and Aspen (Silverton Re) each reported meaningful contributions within their consolidated financials from new arrangements, while Everest Re (Mount Logan Re) and Montpelier Re (Blue Capital Re) reported significant increases in their existing ones. Other reinsurers, such as Lancashire, who do not fully consolidate their capital market vehicles, are also reporting increased involvement in alternative platforms. White Mountains appears to have adopted a contrary position, dissolving some of its Sirius Capital Markets business in Combined Ratios Despite unrelenting pressure on reinsurance pricing, we have seen strong headline underwriting results reported across the market. Earnings were buoyed by another year of below average catastrophe losses and continued support from prior year reserve releases. Indeed several reinsurers reported record performance in a year which saw an aggregate combined ratio of 90.7% as shown in Chart 7 below. This is broadly similar to that reported in 2013, but is nevertheless around 3.5 percentage points better than in Chart 7: Full-year reported combined ratios 110% 100% 90% 104.1% 106.5% 98.4% 99.4% 97.0% 97.7% 97.5% 96.2% 96.0% % 95.7% 97.0% 95.0% 94.9% 94.7% 94.5% 94.5% 95.1% 93.8% 94.8% 92.6% 91.6% 92.6% 92.5% 92.6% 91.7% 91.0% 91.6% 93.9% 91.4% 88.0% 91.2% 90.3% 91.0% 92.7% 90.8% 89.5% 85.2% 86.0% 89.0% 89.0% 84.0% 89.2% 88.8% 90.1% 88.8% 88.2% 92.5% 85.9% 87.2% 85.6% 86.8% 86.5% 85.3% 86.2% 86.0% 90.2% 85.3% 85.4% 86.2% 85.2% 83.0% 83.9% 84.5% 82.8% 82.6% 83.4% 82.1% Latest Year Prior Year Aggregate 80% 70% 75.5% 75.9% 78.3% 71.2% 73.7% 69.4% 62.7% 70.2% 68.7% 65.6% 60% 56.1% 50% 50.2% 43.8% 40% Notes - Latest Reported year = Year Ended December 31, 2014 unless otherwise undicated. * Combined ratios for Munich Re and Swiss Re are for P&C Re only. IRB and China Re not included ** Latest reported = Year ended March 31, 2014 *** Latest reported = year ended December 31, 2013 Page 9

12 In the following subsection below, we discuss the key components of the combined ratio for the publicly listed companies within the Willis Reinsurance Index: i. Impact of prior year loss reserve development ii. iii. Catastrophe loss component Underlying accident year combined ratio (i.e. excluding the above two components) i) Prior Year Loss Development Rating agencies have been performing stress test analyses of industry loss reserve adequacy which have indicated that current capital positions can withstand considerable reserve volatility. Nevertheless a combination of pricing declines and prolonged benign loss environment could represent a threat to future reserve releases which are often the difference between meeting the cost of capital or not. In 2014, we appear to be seeing some isolated increases in reported adverse reserve development, typically driven by company-specific or event-specific factors. Adverse development is also being more commonly reported for some US insurance lines, such as auto liability and commercial general liability. Indeed, an analysis of US statutory filings indicated a net adverse movement in prior year reserves in the 2014 financial year. Strengthening of asbestos reserves following periodic actuarial reviews has also impacted some commercial insurers results. Looking at Chart 8 below, we see that substantially all companies benefited from positive reserve development, with several reporting releases that improved the reported combined ratio by double digits. Reasons quoted for such high releases included a cautious approach to reserving and positive non-event reserve development. As conditions soften we expect that the continuing ability of insurers and reinsurers to report substantial reserve releases will be under threat, particularly from years currently at an early stage of development. Releases from reserves established during harder market periods have slowed already. We note nonetheless that casualty reserves from 2009 and prior are still being released, for example by PartnerRe in its 2014 financials. Chart 8, Prior year development % NEP 35% % 29.0% Aggregate 25% 25.3% 24.1% 23.5% 20% 15% 10% 5% 0% 17.0% 15.0% 12.9% 13.5% 10.9% 13.1% 12.6% 9.8% 11.0% 12.5% 12.7% 1 9.0% 9.7% 9.5% 13.7% 8.4% 9.1% 7.3% 7.4% 5.9% 6.7% 4.2% 6.5% 6.0% 0.2% 4.4% 5.3% 4.8% 4.9% 2.8% 4.8% 4.8% 4.5% 5.0% 4.3% 6.4% 4.1% 6.2% 3.9% 3.9% 7.4% 3.3% 6.1% 4.2% 2.9% 2.6% 2.8% 3.3% 2.4% 1.5% 0.4% 0.8% 2.4% 0.3% 0.7% * Note: Mapfre do not disclose prior year loss development, therefore is not included within the chart above; Munich Re and Swiss Re numbers above are in respect of P&C Re only; we have excluded National Indemnity and General Reinsurance within the above. Page 10

13 ii) Catastrophe Losses 2014 was another below average year for large catastrophe losses, with insured losses estimated to be between 20% and 25% lower than The approximate total cost of these losses for 2014 was approximately USD 35B (Source: Swiss Re sigma No 2/2015), which is around half of the adjusted annual average for the past decade. Similar to 2013, there were limited major insured catastrophe losses in 2014 with a particularly quiet Atlantic storm season. The largest insured losses were the US hail and thunderstorms in May (USD 2.9B), the Japan Snowstorm (USD 2.5B), Storm Ela (USD 2.2B), Hurricane Odile (USD 1.7bn), and winter storms in north-east USA (USD 1.7bn). Other US hail, thunderstorms and tornadoes together contributed over USD 3B of insured loss between April and June. However, a significant proportion of the catastrophe loss was borne on the balance sheet of the large primary reinsurers. In Chart 9 below we see the impact of catastrophe losses on reported combined ratios in 2014 was modest at 2.8% in the aggregate. This compares to 4.8% in the aggregate for the prior year. The aggregate Cat loss within this subset was USD 3.4B, down 42% on Looking specifically at reasons for the outliers below, much of the variation appears attributable to losses from one or more of the smaller catastrophes. These were relatively frequent in 2014, affecting some specialty markets including the aviation sector. NB. We note that some of the variation between reinsurer catastrophe loss burden is a simple consequence of the differing definitions of catastrophe loss. A number of notable reinsurers disclose no material catastrophe loss in 2014, including PartnerRe, RenRe and Lancashire. Chart 9, Catastrophe loss component of combined ratio, % NEP 9% 8.4% % 7% 6% 7.5% 6.9% 6.1% 6.0% 6.4% 7.2% 5.3% 5.6% Aggregate 5% 4% 3% 2% 1% 4.6% 4.6% 2.9% 4.2% 3.4% 4.8% 3.3% 4.7% 3.2% 4.8% 3.0% 0.7% 2.9% 3.9% 2.8% 2.7% 4.7% 2.4% 2.2% 3.2% 2.2% 3.6% 2.1% 2.1% 1.9% 0.9% 1.7% 2.9% 1.6% 2.7% 1.2% 1.5% 1.8% 1.2% 2.5% 1.2% 4.1% 1.0% 4.7% 0.8% 3.7% 3.7% 3.4% 0.8% 0% * Munich Re and Swiss Re are P/C Reinsurance segments only we have taken Natural Cat losses only rather than large man-made losses (which contrasts for example with Hannover Re or Amlin, which include such losses); Mapfre does not disclose catastrophe losses, therefore is not included within the chart above. To illustrate the effect of the low catastrophic losses on the combined ratio, Swiss Re reported 2.8 percentage points on its P&C Reinsurance combined ratio relating to large natural catastrophes, compared to an expectation of 9.3%. Most of the reinsurers above earned enough profits through favourable reserve development to more than offset the impact of global catastrophe losses for the year. Page 11

14 iii) Accident Year Performance, ex Catastrophe Excluding catastrophe losses, underwriting performance on an accident year basis continues to be challenging, particularly within the reinsurance segment. Continuing rate reductions, higher ceding commissions, changing buying habits of the largest cedants, and low interest rates all pose significant challenges. The issues are further complicated by the abundance of capital within the market from not only traditional sources but also from hedge funds, private equity and pension funds. In response to the above, reinsurers have been looking more widely at diversifying their portfolios, whether by geography or line of business. In a number of cases, reinsurers have pared back Cat-exposed reinsurance portfolios. Overall, pricing discipline remains intact, but there are increasing instances where reinsurers are electing to offer broader coverage, particularly where longstanding relationships are a consideration, as an alternative to reduced margins. This may pressure combined ratios going forward. Looking back at 2014, the increase in the accident year combined ratio excluding Cat was around 1.8 percentage points in the aggregate. Addition of a normalised catastrophe loss loading would significantly reduce the current accident year profits for the peer group. Chart 10 Current year ex Cat accident year combined ratios 120% 110% 100% 90% 80% 70% 108.9% 106.3% 99.0% 101.2% 95.0% 98.6% 97.7% 97.8% 98.3% 97.7% 91.6% 95.9% 97.3% 95.7% 92.4% 95.5% 95.2% 95.1% 93.1% 95.0% 91.6% 94.7% 91.8% 94.7% 87.0% 93.7% 95.4% 93.6% 92.9% 93.3% 92.7% 92.6% 94.5% % 91.8% 90.6% 88.1% 90.6% 85.6% 88.1% 88.2% 87.2% 84.9% 86.1% 83.9% 85.1% 84.0% 84.8% 78.1% 84.6% 77.3% 84.5% 84.2% 83.3% 80.8% 82.4% Aggregate 63.7% 69.3% 73.5% 60% 53.0% 50% * Note: Munich Re and Swiss Re are P/C Reinsurance segments only we have taken Natural Cat losses only rather than large man-made losses (which contrasts for example with Hannover Re or Amlin, which includes such losses); Mapfre does not disclose catastrophe losses, therefore is not included within the chart above. Page 12

15 Appendices 1. Full year financial results summary for the Willis Reinsurance Index WILLIS MARKET SECURITY GROUP Group Consolidated 2014 Results Table Consolidated Data (Millions) Dec-31 Dec-31 Dec-31 FY FY FY FY FY FY As % of Av Sh Equity FY FY FY FY FY FY FY African Re USD % 13.2% 92.6% 91.6% Alleghany USD 7,473 6,924 6, % 4,498 4,287 3, % % 9.3% 9.5% 88.8% 90.1% 94.1% - Allied World USD 3,778 3,520 3, % 2,322 2,120 1, % % 13.4% 12.2% 85.2% 86.2% 94.5% -1.0% Amlin (2) GBP 1,783 1,678 1, % 2,296 2,126 2, % % 13.8% 18.6% 89.0% 86.0% 89.0% +3.0% Arch Capital USD 6,130 5,647 5, % 3,892 3,351 3, % % 13.9% 13.2% 87.2% 85.9% 95.4% + ARGO USD 1,647 1,563 1, % 1,368 1,351 1, % % 11.4% 9.4% 96.2% 97.5% 104.6% - Asia Capital Re (3) USD % 96.0% 10 Aspen USD 3,419 3,300 3, % 2,515 2,300 2, % % 10.4% 9.9% 91.7% 92.6% 94.3% -0.9% Axis Capital USD 5,821 5,818 5, % 3,907 3,928 3, % % 13.9% 13.7% 91.6% 91.0% 96.2% +0.6% Beazley (4) USD 1,343 1,339 1, % 1,733 1,677 1, % % 16.6% % 84.0% 91.0% +5.0% Brit (5) GBP % 1, % % 18.3% 15.0% 89.5% 85.2% 93.2% +4.3% Catlin USD 3,402 3,193 2, % 4,345 4,052 3, % % 12.6% 13.0% 86.8% 85.6% % China Re (1)(6) CNY 45,294 43,675 63,818 56, % 3,396 2, % na na CCR, France (1)(7) EUR 1,969 1,875 1, % 1,323 1,256 1, % % % 82.6% 78.3% 87.5% +4.3% Endurance USD 3,185 2,887 2, % 1,934 2,049 2, % % 11.4% 11.2% 86.0% 90.2% 102.3% -4.2% Everest Re USD 7,451 6,968 6, % 5,257 5,005 4, % 1,199 1, % 16.6% 18.6% 82.8% 84.5% 93.8% -1.7% Fairfax (8) USD 9,526 8,353 8, % 6,302 6,036 6, % 1, % 17.8% -6.8% 90.8% 92.7% 99.8% -1.9% General Reinsurance* USD 11,707 11,562 10, % % 4.6% 8.8% 86.5% 75.9% 90.3% +10.6% GIC India (1)(3)(9) INR 323, , , , % 22,532 23, % 106.5% 104.1% +2.4% Hannover Re (1)(10) EUR 7,551 5,888 6, % 12,581 12,420 12, % 14.9% 15.1% 94.7% 94.9% 95.8% -0.2% HCC USD 3,903 3,674 3, % 2,373 2,255 2, % % % 82.1% 83.4% 83.6% - Hiscox (11) GBP 1,453 1,409 1, % 1,343 1,371 1, % 15.5% 17.1% 83.9% 83.0% 85.5% +0.9% IRB, Brazil (12 BRL 2,954 2,668 2, % 1,946 1,508 1, % % 21.4% 13.4% 88.8% 89.2% 105.4% -0.3% Korean Re (1)(13) KRWbn 1,839 1,451 1, % 3,929 2,897 3, % % 7.1% 9.0% 99.4% 98.4% 98.4% +1.0% Lancashire USD 1,357 1,460 1, % % % 15.7% 16.3% 68.7% 70.2% 63.9% -1.5% Mapfre (1)(14) EUR 9,153 7,834 7, % 18,458 18,002 18, % % 9.9% % 96.1% 95.4% -0.4% Markel USD 7,595 6,674 3, % 3,917 3,237 2, % % 4.5% 5.1% 95.0% 97.0% 97.0% - Montpelier Re USD 1,648 1,642 1, % % % 13.6% 12.6% 65.6% 56.1% 81.0% +9.5% Munich Re (1)(15) EUR 30,033 25,983 27, % 47,225 49,404 50, % 3,153 3,313 3, % % 94.5% 94.5% + National Indemnity* USD 93,998 97,226 78, % 26,655 5,650 7, % 8,391 5,366 4, % 8.6% 6.2% 92.5% 75.5% 89.7% +17.0% Navigators USD 1, % 1, % % 9.9% 7.1% 92.6% 94.8% 99.3% -2.2% Novae GBP % % % 15.8% 10.5% 91.0% 90.3% 90.5% +0.7% Partner Re USD 7,049 6,710 6, % 5,720 5,397 4, % 1, , % 15.3% 9.9% 86.2% 85.3% 87.8% +0.9% Platinum Re USD 1,738 1,747 1, % % % 9.4% 12.4% 69.4% 62.7% 62.5% +6.7% Renaissance Re USD 3,866 3,904 3, % 1,068 1,204 1, % 13.9% 18.9% 50.2% 43.8% 57.8% +6.4% RGA Re (1) USD 7,023 5,936 6, % 8,670 8,254 7, % % 10.5% 6.6% SCOR EUR 5,694 4,940 4, % 10,138 9,130 8, % % 9.7% 10.9% 91.4% 93.9% 94.1% -2.5% Sw iss Re USD 35,930 32,952 34, % 31,640 30,478 25, % 3,500 4,444 4, % 10.2% 13.6% 85.4% 85.3% 83.1% +0.1% Toa Re JPYbn % 97.7% 97.0% Validus USD 3,588 3,704 4, % 2,054 2,029 1, % 13.1% 14.0% 73.7% 71.2% 86.8% +2.5% White Mountains (16) USD 3,997 3,906 3, % 2,112 1,976 2, % % 7.8% 8.5% 91.2% 88.0% 94.3% +3.2% WR Berkley USD 4,590 4,336 4, % 5,997 5,500 4, % % 14.3% 11.6% 93.8% 95.1% 97.2% - XL Capital (1) USD 10,034 9,998 10, % 5,945 6,199 6, % 188 1, % 1.9% 10.4% 88.2% 92.5% 96.3% -4.3% Aggregate** USD 327, , , , , ,145 33,331 31,385 29, % 9.7% 90.7% 90.3% 93.9% Key Notes: Notes Ccy * General Reinsurance and National Indemnity: Numbers are sourced from unconsolidated financial statements ** Aggregate = Total of numbers reported, converted to USD at exchange rates prevailing at end of financial years. Aggregate ratio of Net income / Ave SHF is calculated for those companies that have reported their year end numbers, and thus may not be completely comparable. (1) NWP includes both Life and Non-Life business. (2) Amlin: Shareholders' Equity for FY 2012 has been restated from 1,491 following the adoption of various new and ammended IFRSs. (3) Asia Capital Re, GIC India: Each has a March 31 financial year end. Data for the year ended March 31, 2014 is included in the column headed Dec 31, 2013 (and similar for prior years). (4) Beazley: Shareholders' Equity for Dec 2012 restated from $1,212M. (5) Brit: 2013 Shareholders' Equity, Net Income and Combined Ratio are as originally reported. (6) China Re: Non-life combined ratio is for the company's solus financials (group consolidated combined ratio is not reported). (7) CCR: Figures for net premiums are Gross Written Premium, not Net Written Premiums. (8) Fairfax: 2012 Net Income is as originally reported (Restated to USD527M following IAS19 revision) (9) GIC India: Shareholders Equity is subject to reserve adjustment by Willis Market Security, as opposed to stated figure reported by the company. (10) Hannover Re: FY 2012 Net Income (above) are as originally reported, not restated to reflect accounting changes (FY 2012 restated profit is EUR 850M. Shareholders Equity for Dec 31, 2012 is restated to EUR 6,032M) (11) Hiscox: Shareholders' Equity and Net Income for FY 2012 have been restated following the adoption of IAS 19. (12) IRB: Premiums shown above are Net Earned Premium not Net Written; Combined ratios are Willis Market Security calculations. (13) Korean Re: During 2013 the company changed year end from Apr 30 to Dec 31. The 9 month period to Dec 31, 2013 is included in our 2013 columns. The 12 month period to March 31, 2013 is included within the 2012 columns. (14) Mapfre: Figures for net premiums are Net Earned Premium, not Net Written Premiums. Shareholders' Equity Net Written Premium Net Income (15) Munich Re: 2012 figures (above) are as originally reported, not restated to reflect accounting changes in Combined Ratios are Willis Market Security calculations based on Divisional reporting of Reinsurance P&C, Primary P&C and Munich Health. (16) White Mountains: NWP and Combined Ratios are Willis Market Security calculations based on Divisional reporting of OneBeacon, Sirius and HG Global/BAM. The information compiled in this report by Willis is compiled from third party sources we consider to be reliable However we do not guarantee and are not responsible for its accuracy or completeness and no warranty or representation of accuracy or completeness is given Combined Ratio April 7, 2015 Page 13

16 2. Investment leverage: cash & invested assets / shareholders equity 10.0x 9.0x 8.0x 7.0x Latest Year Prior Year 6.0x x 4.0x 3.0x 2.0x x 0.0x share price development 30% 25% 20% 15% 10% 5% % +22.5% +20.5% +18.4% +17.4% +14.4% +12.7% +12.5% +12.5% +12.3% +10.5% +9.0% +8.0% +7.6% +7.5% +7.2% +7.0% +6.5% +6.5% +5.6% +5.4% +5.1% +5.1% +4.7% +4.1% +3.3% +1.6% +0.7% +0.3% +0.2% (5)% (10)% (0.2)% (0.2)% (0.3)% (3.3)% (6.0)% 2014 Full year share price development 50% +43.5% 40% 30% 20% 10% +27.0% +23.1% +20.2% +19.8% +19.3% +18.1% +17.7% +16.1% +16.0% +15.9% +15.6% +13.2% +11.4% +9.3% +8.3% +7.9% +7.4% +6.0% +5.9% +4.5% +4.2% +3.5% +3.2% % 0 (10)% (20)% (0.1)% (1.0)% (4.9)% (5.2)% (5.7)% (7.7)% (9.6)% (30)% (40)% (30.9)% Page 14

17 How can we help? To find out how we can offer you an extra depth of service combined with extra flexibility, simply contact us. Begin by visiting our website at or calling your local office. Main Contact Willis Re London The Willis Building 51 Lime Street London EC3M 7DQ Tel: +44 (0) Willis Limited, Registered number: England and Wales. Registered address: 51 Lime Street, London EC3M 7DQ A Lloyd s Broker. Authorised and regulated by the Financial Conduct Authority. Copyright 2015 Willis Limited/Willis Re Inc. All rights reserved: No part of this publication may be reproduced, disseminated, distributed, stored in a retrieval system, transmitted or otherwise transferred in any form or by any means, whether electronic, mechanical, photocopying, recording, or otherwise, without the permission of Willis Limited/ Willis Re Inc. Some information contained in this document may be compiled from third party sources and we do not guarantee and are not responsible for the accuracy of such. This document is for general information only and is not intended to be relied upon. Any action based on or in connection with anything contained herein should be taken only after obtaining specific advice from independent professional advisors of your choice. The views expressed in this document are not necessarily those of Willis Limited/Willis Re Inc., its parent companies, sister companies, subsidiaries or affiliates (hereinafter Willis ). Willis is not responsible for the accuracy or completeness of the contents herein and expressly disclaims any responsibility or liability for the reader s application of any of the contents herein to any analysis or other matter, or for any results or conclusions based upon, arising from or in connection with the contents herein, nor do the contents herein guarantee, and should not be construed to guarantee, any particular result or outcome. Willis accepts no responsibility for the content or quality of any third party websites to which we refer /03/15

The Aon Benfield Aggregate

The Aon Benfield Aggregate Aon Benfield Analytics Market Analysis The Aon Benfield Aggregate Results for the year ended December 31, 2014 Risk. Reinsurance. Human Resources. Table of Contents Global Reinsurer Capital... 3 Executive

More information

Conference Call on Interim Report 3/2014

Conference Call on Interim Report 3/2014 Conference Call on Interim Report 3/2014 Hannover, 5 November 2014 Strong nine-month result Group net income increased by 10.3% Group Gross written premium: EUR 10,704 m. (+1.6%) Net premium earned: EUR

More information

Formation of Amlin Bermuda and rights issue to raise 215 million (net) November 2005

Formation of Amlin Bermuda and rights issue to raise 215 million (net) November 2005 Formation of Amlin Bermuda and rights issue to raise 215 million (net) November 2005 Important notice This document, which is personal to the recipient and has been issued by Amlin (the Company ), comprises

More information

Capital management, capital allocation and the demand for insurance and reinsurance

Capital management, capital allocation and the demand for insurance and reinsurance Capital management, capital allocation and the demand for insurance and reinsurance Denis Kessler CEO & Chairman - SCOR RVS conference Monte Carlo, 11 September 2012 Capital management, capital allocation

More information

Table of Contents. Foreword... 3. Adopting a Risk Appetite Statement... 5. Linking Risk Appetite to Reinsurance... 8. Focus on Earnings...

Table of Contents. Foreword... 3. Adopting a Risk Appetite Statement... 5. Linking Risk Appetite to Reinsurance... 8. Focus on Earnings... Global Reinsurance and Risk Appetite Report 2016 Table of Contents Foreword... 3 Adopting a Risk Appetite Statement... 5 Linking Risk Appetite to Reinsurance... 8 Focus on Earnings... 11 Focus on Capital...

More information

SCOR completes a very good second quarter 2011, with a net income of EUR 120 million

SCOR completes a very good second quarter 2011, with a net income of EUR 120 million N 25 2011 (p.1/6) For further information, please contact: Co Jean-Charles Simon / Géraldine Fontaine +33 (0) 1 46 98 73 17 Communications and Public Affairs Antonio Moretti +44 (0) 203 207 85 62 Investor

More information

News Release. Zurich reports continued strong operating performance for the first six months of 2008

News Release. Zurich reports continued strong operating performance for the first six months of 2008 News Release Zurich reports continued strong operating performance for the first six months of 2008 Zurich Financial Services Mythenquai 2 8022 Zurich Switzerland www.zurich.com SWX Swiss Exchange/ SWX

More information

Hannover Re - growth opportunities despite the crisis? Dr. Michael Pickel Member of the Executive Board

Hannover Re - growth opportunities despite the crisis? Dr. Michael Pickel Member of the Executive Board Hannover Re - growth opportunities despite the crisis? Dr. Michael Pickel Member of the Executive Board 9th WestLB Deutschland Conference Frankfurt, 16 November 211 HR Group Diversification Opport. & cycle

More information

Hannover Re - before and after the crisis. Roland Vogel CFO

Hannover Re - before and after the crisis. Roland Vogel CFO Roland Vogel CFO Bank of America Merrill Lynch, 16th Annual Banking & Insurance CEO Conference London, 6 October 211 HR Group Diversification Opport. & cycle man. non-life R/I S'what different L/H R/I

More information

Conference Call on Interim Report 2/2014

Conference Call on Interim Report 2/2014 Conference Call on Interim Report 2/2014 Hannover, 6 August 2014 Favourable results for the first half of 2014 4.9% increase of Group net income; Shareholders' equity up by 8.9% Group Gross written premium:

More information

Conference Call on Interim Report 2/2015

Conference Call on Interim Report 2/2015 Conference Call on Interim Report 2/2015 Hannover, 5 August 2015 20% increase in net profits 2015 Group net income guidance increased to ~EUR 950 m. Group Gross written premium: EUR 8,587 m. (+21.5%) Net

More information

Conference Call on Interim Report 1/2015

Conference Call on Interim Report 1/2015 Conference Call on Interim Report 1/2015 Hannover, 6 May 2015 Excellent start to 2015 Remarkable increase in premiums and earnings Group Gross written premium: EUR 4,400 m. (+21.4%) Net premium earned:

More information

Conference Call on Interim Report 3/2015

Conference Call on Interim Report 3/2015 Conference Call on Interim Report 3/2015 Hannover, 4 November 2015 Strong nine-month result Group net income increased by 13% Group Gross written premium: EUR 12,946 m. (+20.9%) Net premium earned: EUR

More information

Key performance indicators

Key performance indicators The information included in the following sheets of this Excel file forms an integral part of the Aegon press release on the Q2 results 2013 as published on August 8, 2013. Cautionary note regarding non-ifrs

More information

Aspen Insurance Holdings Limited

Aspen Insurance Holdings Limited Aspen Insurance Holdings Limited Chris O Kane, Chief Executive Officer Julian Cusack, Chief Financial Officer February 2007 Safe Harbor Disclosure This presentation contains non-gaap measures and is for

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3%

VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3% VALIDUS ANNOUNCES 2015 FULL YEAR NET INCOME OF $374.9 MILLION 2015 NET OPERATING RETURN ON AVERAGE EQUITY OF 11.3% BOOK VALUE PER DILUTED COMMON SHARE OF $42.33 AT DECEMBER 31, 2015 Pembroke, Bermuda,

More information

Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland

Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland Reinsurance in Europe: The role of Swiss Re a global reinsurer in Switzerland Agostino Galvagni, Swiss Re Content Reinsurance and its value proposition Current reinsurance challenges Swiss Re s role in

More information

Embedded Value 2014 Report

Embedded Value 2014 Report Embedded Value 2014 Report Manulife Financial Corporation Page 1 of 13 Background: Consistent with our objective of providing useful information to investors about our Company, and as noted in our 2014

More information

Amlin plc. Numis Non-life Insurance Briefing 13 January 2011. Charles Philipps, CEO

Amlin plc. Numis Non-life Insurance Briefing 13 January 2011. Charles Philipps, CEO Amlin plc Numis Non-life Insurance Briefing 13 January 2011 Charles Philipps, CEO This presentation contains or may contain forward-looking statements. It is important to note that the Company s actual

More information

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc.

The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC Holdings plc. We only advise on our own life assurance, pensions and unit trusts The following is the text of an announcement made today by HSBC Bank Malta p.l.c., a 70.03 per cent indirectly held subsidiary of HSBC

More information

1ST VIEW. 1 July 2013

1ST VIEW. 1 July 2013 1ST VIEW 1 July 2013 Table of Contents Renewals 1 July 2013 Introduction 3 Property Territory and Comments 4 Rates 5 Pricing Trend Graphs 6 Casualty Territory and Comments 7 Rates 8 Specialties Line of

More information

QBE INSURANCE GROUP LIMITED. JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004. Presenter: Neil Drabsch, CFO

QBE INSURANCE GROUP LIMITED. JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004. Presenter: Neil Drabsch, CFO QBE INSURANCE GROUP LIMITED JP Morgan AUSTRALASIAN INVESTMENT CONFERENCE SINGAPORE OCTOBER 2004 Presenter: Neil Drabsch, CFO 1 Company overview QBE is an Australian-based general insurance and reinsurance

More information

F&C LDI BULLETIN YEAR AHEAD 2015: OUTLOOK UNCERTAIN, EXPECT VOL ATILIT Y

F&C LDI BULLETIN YEAR AHEAD 2015: OUTLOOK UNCERTAIN, EXPECT VOL ATILIT Y JANUARY 215 F&C LDI BULLETIN YEAR AHEAD 215: OUTLOOK UNCERTAIN, EXPECT VOL ATILIT Y We are still in the grip of a global trend of falling long-term interest rates and the start of 215 sees record lows.

More information

engage ERM ADVISORY Insurer Management Risk Committee Practices

engage ERM ADVISORY Insurer Management Risk Committee Practices engage ERM ADVISORY Insurer Management Risk Committee Practices 2012 There are three major organizational steps that insurers with significant Enterprise Risk Management programs usually consider: the

More information

InsuranceLinked. Investing in hurricanes. A concise guide to reinsurance, catastrophe bonds and insurance linked funds. insurancelinked.

InsuranceLinked. Investing in hurricanes. A concise guide to reinsurance, catastrophe bonds and insurance linked funds. insurancelinked. The online resource for insurance linked investments Investing in hurricanes A concise guide to reinsurance, catastrophe bonds and insurance linked funds September 2014 v1.3 Contents InsuranceLinked 1

More information

Insurance Contract Accounting: Edging towards a Global Standard

Insurance Contract Accounting: Edging towards a Global Standard Insurance Contract Accounting: Edging towards a Global Standard David Simmons Managing Director Willis Analytics Tel: +44 (0)20 3124 8917 Email: simmonsdc@willis.com October 2010 Angela Bowern Divisional

More information

Hannover Re - The somewhat different reinsurer. Claude Chèvre Member of the Executive Board

Hannover Re - The somewhat different reinsurer. Claude Chèvre Member of the Executive Board Hannover Re - The somewhat different reinsurer Claude Chèvre Member of the Executive Board UniCredit/Kepler, 1th German Investment Conference Munich, 26 September 212 Facts & figures 212 1. Growing HR

More information

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com

Condensed Consolidated Interim Financial Statements Q4 2014. aegon.com Condensed Consolidated Interim Financial Statements Q4 2014 aegon.com The Hague, February 19, 2015 Table of contents Condensed consolidated income statement 2 Condensed consolidated statement of comprehensive

More information

Société Générale The Premium Review Conference. 02 December 2009

Société Générale The Premium Review Conference. 02 December 2009 Société Générale The Premium Review Conference 02 December 2009 Chris Lucas Group Finance Director Group performance Nine months ended September 2009 m 2008 m % change Income 23,786 18,830 26 Operating

More information

SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE ANNOUNCEMENT

SUB: STANDARD CHARTERED PLC (THE COMPANY) STOCK EXCHANGE ANNOUNCEMENT April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE

More information

Remarks by George Quinn (slides 2 to 12), Chief Financial Officer of Zurich Insurance Group.

Remarks by George Quinn (slides 2 to 12), Chief Financial Officer of Zurich Insurance Group. Q1 Results 2015 Remarks by George Quinn (slides 2 to 12), Chief Financial Officer of Zurich Insurance Group. May 7, 2015 Slide 2: Key highlights Good morning or good afternoon. My name is George Quinn

More information

Claims Paying Ability Ratings for General Insurance Companies

Claims Paying Ability Ratings for General Insurance Companies Claims Paying Ability Ratings for General Insurance Companies ICRA's Claims Paying Ability Ratings (CPRs) for general insurance companies are opinions on their ability to honour policy-holder claims and

More information

Aegon sells majority of UK annuity portfolio to Rothesay Life

Aegon sells majority of UK annuity portfolio to Rothesay Life Aegon sells majority of UK annuity portfolio to Rothesay Life Helping people achieve a lifetime of financial security April 11, 2016 Important step in executing UK strategy Sale of two thirds of UK annuity

More information

NEWS RELEASE. 5 August 2015 For immediate release. Novae Group plc Interim results for the six months ended 30 June 2015

NEWS RELEASE. 5 August 2015 For immediate release. Novae Group plc Interim results for the six months ended 30 June 2015 NEWS RELEASE 5 August 2015 For immediate release Novae Group plc Interim results for the six months ended 30 June 2015 Novae Group plc ( Novae or the Group ), the specialist insurance group, today announces

More information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information

NN Group N.V. 30 June 2015 Condensed consolidated interim financial information Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim

More information

RenaissanceRe. Professional Indemnity Insurance

RenaissanceRe. Professional Indemnity Insurance Syndicate 1458 Professional Indemnity Insurance Syndicate 1458 Professional Indemnity Insurance established Syndicate 1458 at Lloyd s in 2009. is a leading global provider of property catastrophe and specialty

More information

IAG delivers sound underlying improvement in first half

IAG delivers sound underlying improvement in first half MEDIA RELEASE 26 FEBRUARY 2009 IAG delivers sound underlying improvement in first half Insurance Australia Group Limited (IAG) today announced an insurance profit of $227 million for the six months ended

More information

Willis Group Holdings. February 2014 I Bank of America Merrill Lynch Insurance Conference

Willis Group Holdings. February 2014 I Bank of America Merrill Lynch Insurance Conference Willis Group Holdings February 2014 I Bank of America Merrill Lynch Insurance Conference Disclaimer Important disclosures regarding forward-looking statements These presentations contain certain forward-looking

More information

Managing weather risk with financial market tools

Managing weather risk with financial market tools Managing weather risk with financial market tools Weather events don t have to be catastrophic to hurt your business Energy Risk Central & Eastern Europe Warsaw 10 November 2011 Stuart Brown, Swiss Re

More information

Conference Call on 1 Jan 2011 Non-Life Treaty Renewals

Conference Call on 1 Jan 2011 Non-Life Treaty Renewals Conference Call on Jan 2 Non-Life Treaty Renewals Hannover, 2 February 2 Important note Unless otherwise stated, the s part of the presentation is based on underwriting-year (U/Y) figures. This basis is

More information

First Quarter Highlights

First Quarter Highlights The Hanover Reports First Quarter Net Income of $1.80 per Diluted Share; Record First Quarter Operating Income (1) of $1.64 per Diluted Share; Combined Ratio of 95.0%, including Catastrophe Impact of 2.7

More information

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated.

QBE INSURANCE GROUP Annual General Meeting 2009. All amounts in Australian dollars unless otherwise stated. Annual General Meeting 2009 All amounts in Australian dollars unless otherwise stated. John Cloney Chairman 2 Results of proxy voting A total of 4,874 valid proxy forms were received. The respective votes

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports 4th Quarter Net Income

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

Strong margin performance despite headwinds on topline

Strong margin performance despite headwinds on topline Strong margin performance despite headwinds on topline Q2 HIGHLIGHTS (Q2 08 vs. Q2 07) Revenues of 5.2 billion, down 1% ( -1% organically 1 ) Gross margin up 50 bps to 18.1% on an underlying 2 basis EBITA

More information

financial supplement 31 december 2009 Contact: Jonathan Creagh-Coen Telephone: +44 (0) 207 264 4066 Email: jcc@lancashiregroup.com

financial supplement 31 december 2009 Contact: Jonathan Creagh-Coen Telephone: +44 (0) 207 264 4066 Email: jcc@lancashiregroup.com financial supplement 31 december 2009 Contact: Jonathan Creagh-Coen Telephone: +44 (0) 207 264 4066 Email: jcc@lancashiregroup.com NOTE REGARDING FORWARD-LOOKING STATEMENTS: CERTAIN STATEMENTS AND INDICATIVE

More information

Schroders Insurance-Linked Securities

Schroders Insurance-Linked Securities May 2014 For professional investors or advisers only. Not suitable for retail clients. Schroders Insurance-Linked Securities Advised by Secquaero Advisors AG Schroders Insurance-Linked Securities 1 Why

More information

Hannover Re - The somewhat different reinsurer. Roland Vogel Chief Financial Officer

Hannover Re - The somewhat different reinsurer. Roland Vogel Chief Financial Officer Hannover Re - The somewhat different reinsurer Roland Vogel Chief Financial Officer Bank of America Merrill Lynch, 17th Annual Banking & Insurance CEO Conference London, 25 September 212 Facts & figures

More information

Corporate Risk Management Advisory Services FX and interest rate solutions for clients

Corporate Risk Management Advisory Services FX and interest rate solutions for clients Corporate Risk Management Advisory Services FX and interest rate solutions for clients Risk Management: The UBS Warburg approach UBS Warburg has built an outstanding reputation in the management of foreign

More information

Liberty Mutual Insurance Reports Second Quarter 2013 Results

Liberty Mutual Insurance Reports Second Quarter 2013 Results Liberty Mutual Insurance Reports Second Quarter 2013 Results BOSTON, Mass., August 6, 2013 Liberty Mutual Holding Company Inc. and its subsidiaries (collectively LMHC or the Company ) today reported net

More information

News Release. new.chubb.com @Chubb. Chubb Limited Bärengasse 32 CH-8001 Zurich Switzerland

News Release. new.chubb.com @Chubb. Chubb Limited Bärengasse 32 CH-8001 Zurich Switzerland Chubb Limited Bärengasse 32 CH-8001 Zurich Switzerland new.chubb.com @Chubb News Release Chubb Limited Reports Legacy ACE Operating Income of $780 Million for the Fourth Quarter and $3.2 Billion for the

More information

MARKEL REPORTS 2015 FINANCIAL RESULTS

MARKEL REPORTS 2015 FINANCIAL RESULTS For more information contact: Bruce Kay Markel Corporation 804-747-0136 bkay@markelcorp.com FOR IMMEDIATE RELEASE MARKEL REPORTS 2015 FINANCIAL RESULTS Richmond, VA, February 10, 2016 --- Markel Corporation

More information

UBS Global Financials Conference

UBS Global Financials Conference UBS Global Financials Conference George Culmer, Group CFO Simon Lee, CEO International 11 May 21 AGENDA Overview George Culmer, CFO UK International Simon Lee, CEO International Emerging Markets Wrap up

More information

Materials for FY2015 2Q Results Briefing - Conference Call. Nov. 18, 2015 (Wed)

Materials for FY2015 2Q Results Briefing - Conference Call. Nov. 18, 2015 (Wed) Materials for FY2015 2Q Results Briefing - Conference Call Nov. 18, 2015 (Wed) Contents Summary of FY 2015 2Q Results Consolidated Earnings for FY 2014 2Q Page 1-4 Domestic Non-life Insurance Companies

More information

INVESTOR PRESENTATION FIRST QUARTER 2015. Aspen Insurance Holdings Limited

INVESTOR PRESENTATION FIRST QUARTER 2015. Aspen Insurance Holdings Limited INVESTOR PRESENTATION FIRST QUARTER 2015 Aspen Insurance Holdings Limited SAFE HARBOR DISCLOSURE This slide presentation is for information purposes only. It should be read in conjunction with our financial

More information

COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE FULL YEAR ENDED 30 JUNE 2014. 13 August 2014

COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE FULL YEAR ENDED 30 JUNE 2014. 13 August 2014 COMPUTERSHARE LIMITED (ASX:CPU) FINANCIAL RESULTS FOR THE FULL YEAR ENDED 30 JUNE 2014 13 August 2014 NOTE: All figures (including comparatives) are presented in US Dollars (unless otherwise stated). The

More information

ASPEN INSURANCE HOLDINGS LIMITED REPORTS SECOND QUARTER 2006 EARNINGS. Net profit of $101.8 million for three months ended June 30, 2006

ASPEN INSURANCE HOLDINGS LIMITED REPORTS SECOND QUARTER 2006 EARNINGS. Net profit of $101.8 million for three months ended June 30, 2006 FOR IMMEDIATE RELEASE Investor Contact: Aspen Insurance Holdings Limited T 441-297-9382 Noah Fields, Head of Investor Relations Julian Cusack, Chief Financial Officer European Press Contact: The Maitland

More information

UBP Alternative Investments

UBP Alternative Investments COMMITTED TO YOU Whitepaper: Why Insurance-Linked Securities should be part of any portfolio UBP Alternative Investments A division of Union Bancaire Privée, UBP SA UNION BANCAIRE PRIVÉE, UBP SA Rue du

More information

Just When You Needed Good News on Catastrophe Insurance It s Here! NAIC P/C Committee Bradley Kading

Just When You Needed Good News on Catastrophe Insurance It s Here! NAIC P/C Committee Bradley Kading Just When You Needed Good News on Catastrophe Insurance It s Here! NAIC P/C Committee Bradley Kading August 2013 Summary Document role of reinsurance in cat events Document distribution of cat losses globally

More information

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery

MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015

More information

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK 28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our

More information

Société Générale Premium Review Conference

Société Générale Premium Review Conference Paris, France Albert Benchimol, Executive Vice President & Chief Financial Officer 2 PartnerRe Safe Harbor Forward-looking statements contained in this presentation are based on the Company's assumptions

More information

Conference Call on Financial Results for the Nine Months Ended December 31, 2015: Summary of Q A

Conference Call on Financial Results for the Nine Months Ended December 31, 2015: Summary of Q A Conference Call on Financial Results for the Nine Months Ended December 31, 2015: Summary of Q A Date: February 12, 2016, 5:10 5:55 p.m. * The details have been partially rewritten and revised for easier

More information

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011

QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER 2011 QUARTERLY FINANCIAL STATEMENTS AS AT 30 SEPTEMBER Media telephone conference 8 November Agenda Overview Financial highlights Jörg Schneider 2 Munich Re (Group) Jörg Schneider 4 Torsten Oletzky 13 Torsten

More information

First Quarter Highlights

First Quarter Highlights The Hanover Reports First Quarter Net Income of $1.46 per Diluted Share; Operating Income 1 of $1.32 per Diluted Share; Combined Ratio of 96.1% Including Catastrophe Impact of 2.0 points WORCESTER, Mass.,

More information

Remarks by George Quinn (slides 2, 11 and 12), Chief Financial Officer, and Vibhu Sharma (slides 3 to 10), Group Controller of Zurich Insurance Group.

Remarks by George Quinn (slides 2, 11 and 12), Chief Financial Officer, and Vibhu Sharma (slides 3 to 10), Group Controller of Zurich Insurance Group. Q1 Results 2014 Remarks by George Quinn (slides 2, 11 and 12), Chief Financial Officer, and Vibhu Sharma (slides 3 to 10), Group Controller of Zurich Insurance Group. May 15, 2014 Slide 2: Key messages

More information

The Munich Re Group American Re Reserve Review Outcome. Telephone conference for analysts and investors. Nikolaus von Bomhard Jörg Schneider

The Munich Re Group American Re Reserve Review Outcome. Telephone conference for analysts and investors. Nikolaus von Bomhard Jörg Schneider Reserve Review Outcome Telephone conference for analysts and investors Nikolaus von Bomhard Jörg Schneider 19 July 25 Put an end to the uncertainty in 's reserves reserve strengthening by US$ 1.6bn ( 1.3bn),

More information

Travelers Reports Record Quarterly Net and Operating Income per Diluted Share of $2.95, Up 27% and 28%, Respectively, from Prior Year Quarter

Travelers Reports Record Quarterly Net and Operating Income per Diluted Share of $2.95, Up 27% and 28%, Respectively, from Prior Year Quarter NYSE: TRV Travelers Reports Record Quarterly Net and Operating Income per Diluted Share of $2.95, Up 27% and 28%, Respectively, from Prior Year Quarter Return on Equity and Operating Return on Equity of

More information

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 2011 Financial Review 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 90

More information

Munich Re Group Merrill Lynch CEO Banking & Insurance Conference

Munich Re Group Merrill Lynch CEO Banking & Insurance Conference Merrill Lynch CEO Banking & Insurance Conference Growth Opportunities Post Crisis? i Nikolaus von Bomhard Chairman of the Board of Management 8 October 2008 Agenda Munich Re well positioned during capital

More information

Munich Re Group Turning risk into value

Munich Re Group Turning risk into value Munich Re Group Dresdner Kleinwort 9th German Investment Seminar New York Nikolaus von Bomhard Chairman of the Board of Management 9 January 2007 A world leading reinsurer with a significant primary insurance

More information

Preliminary Consolidated Financial Results for the Six Months Ended September 30, 2012 (Prepared in Accordance with Japanese GAAP)

Preliminary Consolidated Financial Results for the Six Months Ended September 30, 2012 (Prepared in Accordance with Japanese GAAP) November 1, 2012 Sony Financial Holdings Inc. Preliminary Consolidated Financial Results for the Six Months Ended September 30, 2012 (Prepared in Accordance with Japanese GAAP) Tokyo, November 1, 2012

More information

2013 GSAM Insurance Survey & Industry Investment Trends

2013 GSAM Insurance Survey & Industry Investment Trends Global Insurance Asset Management AASCIF Annual Workshop Fall 23 23 GSAM Insurance Survey & Industry Investment Trends Michael Siegel, PhD Global Head of GSAM Insurance Asset Management September 3, 23

More information

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 2012 FINANCIAL REVIEW 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 88

More information

2014 Statutory Combined Annual Statement Schedule P Disclosure

2014 Statutory Combined Annual Statement Schedule P Disclosure 2014 Statutory Combined Annual Statement Schedule P Disclosure This disclosure provides supplemental facts and methodologies intended to enhance understanding of Schedule P reserve data. It provides additional

More information

Global Insurance & Reinsurance Market Update. 2014 Aon Corporation Australia Limited ABN 58 004 756 772

Global Insurance & Reinsurance Market Update. 2014 Aon Corporation Australia Limited ABN 58 004 756 772 Global Insurance & Reinsurance Market Update 2014 Aon Corporation Australia Limited ABN 58 004 756 772 Panel Members James Baum Chief Broking Officer, Pacific Aon Risk Solutions Ernest Leung Chief Broking

More information

Asia Insurance Co. Ltd.

Asia Insurance Co. Ltd. Primary Credit Analyst: Eunice Tan, Hong Kong (852) 2533-3553; eunice.tan@standardandpoors.com Secondary Contact: Mark Li, Beijing (861) 6569-2998; mark.haihu.li@standardandpoors.com Table Of Contents

More information

CROSS RELEASE PXUPA ASX RELEASE

CROSS RELEASE PXUPA ASX RELEASE CROSS RELEASE PXUPA ASX RELEASE 19 August 2010 PaperlinX Limited ABN 70 005 146 350 307 Ferntree Gully Road Mt Waverley Victoria 3149 Australia Tel: +61 3 8540 2211 Fax: +61 3 8540 2255 PAPERLINX 2010

More information

Year ended 31 Dec 2009

Year ended 31 Dec 2009 PACE PLC CHANGE OF FUNCTIONAL AND PRESENTATIONAL CURRENCY AND COMPARATIVES RE-PRESENTED IN US DOLLARS Introduction Pace announced at the time of its preliminary results announcement that the Board had

More information

Materials for FY2015 3Q Results Briefing - Conference Call. Feb. 15, 2016 (Mon)

Materials for FY2015 3Q Results Briefing - Conference Call. Feb. 15, 2016 (Mon) Materials for FY2015 3Q Results Briefing - Conference Call Feb. 15, 2016 (Mon) Contents Summary of FY 2015 3Q Results Consolidated Earnings for FY 2015 3Q Page 1-4 Domestic Non-life Insurance Companies

More information

Investor conferences Asia, United Kingdom and United States September and October 2015

Investor conferences Asia, United Kingdom and United States September and October 2015 MARKET ANNOUNCEMENT Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile

More information

Chapter 1: Economic commentary

Chapter 1: Economic commentary Compendium: Chapter 1: Economic commentary This section of the Pink Book provides an examination of recent trends, main movements and international comparisons for a range of information contained in subsequent

More information

QBE increases North American claims provision and writes down North American goodwill, identifiable intangibles and other assets

QBE increases North American claims provision and writes down North American goodwill, identifiable intangibles and other assets QBE Insurance Group Limited ABN 28 008 485 014 Level 02, 82 Pitt Street, SYDNEY NSW 2000 Australia GPO Box 82, Sydney NSW 2001 telephone + 612 9375 4444 facsimile + 612 9231 6104 www.qbe.com 9 December

More information

YOUR VOTE IS IMPORTANT! VOTE THE WHITE PROXY CARD TODAY FOR THE AMALGAMATION AGREEMENT BETWEEN PARTNERRE AND AXIS CAPITAL

YOUR VOTE IS IMPORTANT! VOTE THE WHITE PROXY CARD TODAY FOR THE AMALGAMATION AGREEMENT BETWEEN PARTNERRE AND AXIS CAPITAL PRE 425 6/11/2015 Section 1: 425 (FORM 425) Filed by PartnerRe Ltd. pursuant to Rule 425 of the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 of the Securities Exchange Act of 1934 Subject

More information

Staying alive: Bond strategies for a normalising world

Staying alive: Bond strategies for a normalising world Staying alive: Bond strategies for a normalising world Dr Peter Westaway Chief Economist, Europe Vanguard Asset Management November 2013 This document is directed at investment professionals and should

More information

What are Insurance Linked Securities (ILS), and Why Should they be Considered?

What are Insurance Linked Securities (ILS), and Why Should they be Considered? What are Insurance Linked Securities (ILS), and Why Should they be Considered? Presentation to the CANE Fall Meeting, September 2012 Swiss Re Capital Markets 1 What are Insurance Linked Securities? Natural

More information

top issues An annual report

top issues An annual report top issues An annual report Volume 7 2015 Strategy The insurance deals market: At long last, momentum The insurance industry in 2015 The insurance deals market At long last, momentum Insurance M&A activity

More information

Hannover Re - The somewhat different reinsurer. Dr. Klaus Miller Member of the Executive Board

Hannover Re - The somewhat different reinsurer. Dr. Klaus Miller Member of the Executive Board Hannover Re - The somewhat different reinsurer Dr. Klaus Miller Member of the Executive Board Barclays Capital, Global Financial Services Conference New York, 11 September 212 Facts & figures 1. Our mission

More information

Contents. About the author. Introduction

Contents. About the author. Introduction Contents About the author Introduction 1 Retail banks Overview: bank credit analysis and copulas Bank risks Bank risks and returns: the profitability, liquidity and solvency trade-off Credit risk Liquidity

More information

Welcome to Hannover Re's Analysts' Conference. Annual Results 2014

Welcome to Hannover Re's Analysts' Conference. Annual Results 2014 Welcome to Hannover Re's Analysts' Conference Annual Results 2014 London, 10 March 2015 Record result fuelled by both business groups Group net income increased by 10.1%; dividend proposal of EUR 4.25

More information

Assessing Sources of Funding for Insurance Risk Based Capital

Assessing Sources of Funding for Insurance Risk Based Capital Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types

More information

INSURANCE RATING METHODOLOGY

INSURANCE RATING METHODOLOGY INSURANCE RATING METHODOLOGY The primary function of PACRA is to evaluate the capacity and willingness of an entity / issuer to honor its financial obligations. Our ratings reflect an independent, professional

More information

News from The Chubb Corporation

News from The Chubb Corporation News from The Chubb Corporation The Chubb Corporation 15 Mountain View Road P.O. Box 1615 Warren, New Jersey 07061-1615 Telephone: 908-903-2000 FOR IMMEDIATE RELEASE Chubb Reports Second Quarter Net Income

More information

Munich Re Group. Telephone conference for analysts and investors

Munich Re Group. Telephone conference for analysts and investors Acquisition of The Midland Company Telephone conference for analysts and investors Torsten Jeworrek Jörg Schneider 17 October 2007 Agenda 7 Financial impact 14 Summary 17 19 2 Agenda 7 Financial impact

More information

Nationwide Building Society

Nationwide Building Society Nationwide Building Society Interim Management Statement Q1 2016/17 Underlying profit Statutory profit before tax has been adjusted for a number of items, consistent with prior periods, to derive an underlying

More information

State of the Industry

State of the Industry Attorney Advertising Prior results do not guarantee a similar outcome Models used are not clients but may be representative of clients 321 N. Clark Street, Suite 28, Chicago, IL 6654 312.832.45 State of

More information

Good start to 2015 Quarterly financial statements as at 31 March 2015

Good start to 2015 Quarterly financial statements as at 31 March 2015 plainpicture/fstop/ralf Hiemisch Good start to 205 7 May 205 Jörg Schneider Torsten Oletzky Torsten Jeworrek Agenda Munich Re (Group) 2 Munich Health 9 Business field ERGO 3 Reinsurance 9 Outlook 28 2

More information

FX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010

FX Strategies. In the Low Yield Environment. Eddie Wang Head of FX Structuring, Asia. Hong Kong October 2010 FX Strategies In the Low Yield Environment Eddie Wang Head of FX Structuring, Asia Hong Kong October 2010 Contents 01 Key Trends 02 FX Hedging Strategies 03 FX Investment Strategies SECTION 01 Key Trends

More information

FOR IMMEDIATE RELEASE TOKIO MARINE HOLDINGS TO ACQUIRE HCC INSURANCE HOLDINGS IN $7.5 BILLION TRANSACTION

FOR IMMEDIATE RELEASE TOKIO MARINE HOLDINGS TO ACQUIRE HCC INSURANCE HOLDINGS IN $7.5 BILLION TRANSACTION FOR IMMEDIATE RELEASE TOKIO MARINE HOLDINGS TO ACQUIRE HCC INSURANCE HOLDINGS IN $7.5 BILLION TRANSACTION Significant expansion of International business by Tokio Marine Opportunity to combine HCC s specialty

More information