Closing the performance gap. Lloyd s
|
|
- Dustin Martin
- 5 years ago
- Views:
Transcription
1 Closing the performance gap
2 Closing the performance gap Market environment PMD s oversight approach Portfolio gap Capital & Planning Group (CPG) process Key focus areas Jon Hancock, Performance Management Director Jon Hancock Brian Secrett, Interim Head of Underwriting Performance Peter Montanaro, Head of Syndicate Capability Oversight Jon Hancock Q&A 2
3 2016 performance Lloyd s aggregated results m Dec 2015 Dec 2016 Change Gross written premium 26,690 29, % Net earned premium 20,565 22, % Net incurred claims (10,262) (12,987) +27% Operating expenses 1 (8,256) (9,205) +11% Underwriting result 2, (77)% Combined ratio 90.0% 97.9% 1. Underwriting result only 468m 2. Underwriting result 77% lower 3. Premium growth of 12% +2% at constant exchange 4. Combined ratio up to 97.9% Profit before tax 2,122 2,107 (1)% At first glance it looks very similar to
4 Is the performance gap widening? 97.9% + RARC = underwriting loss 103.1% + RARC = bigger underwriting loss (Note: Lloyd s is not saying these scenarios will occur, only that they might) 4
5 Growing into a down-cycle is counterintuitive Premium Combined ratio Pricing Pricing Premium Combined ratio Source: PMDR Feb 2017, QMB Latest Approved 5
6 Competitors are outperforming Lloyd s # Company Combined ratio 1 Everest Re 87.00% 2 Chubb 88.00% 3 Arch Capital 88.20% 4 SCOR 93.10% 5 Partner Re 93.60% 6 Hannover Re 94.00% 7 XL Catlin 94.20% 8 Swiss Re 94.80% 9 Munich Re 96.60% 10 Mapfre 97.40% 11 Lloyd's average 97.90% 12 AIG %...but we have a great opportunity to move up the table Source: Competitor financial statements, 31 December 2016 and Lloyd s pro forma financial statements, 31 December Competitor group comprises of 11 companies operating in US, European & Bermudan markets: AIG, Arch, Chubb, Everest Re, Hannover Re, Mapfre, Munich Re, Partner Re, SCOR, Swiss Re & XL Catlin 6
7 We must close the performance gap We expect the market to shrink in 2018 doing the same is not sustainable for underperforming syndicates doing more of the same is only an option for syndicates who deliver doing something different can drive sustainable, profitable growth 7
8 Working together to close the gap Our commitment A risk-based approach Provide clarity and direction Be consistent Make it easier for you to do business Be stronger / better in our oversight Your commitment Show true underwriting discipline Take brave and bold decisions Improve underwriting performance Manage down your acquisition costs Act quickly Better conversations and greater impact Aligned to your internal processes 8
9 What this means in practice Action 1. Account management 2. Better, faster, earlier communication 3. Fewer Minimum Standards reviews 4. Targeted portfolio review classes 5. Action plans for all underperformers 6. Centralised compliance 7. Changed delegated authority governance 8. Faster interventions 9. Fast turnaround on new proposals 10.Improved CPG process Benefit 1. Better understanding, more joined up oversight 2. Less time wasted, faster decisions 3. Identify and action the material issues 4. Less granular, more targeted on performance 5. Faster turnaround in performance 6. Making it easier for you to do business 7. We set the standards, you decide who, we oversee 8. Issues solved before they escalate / accumulate 9. Supporting innovation not stifling 10.Achievable, profitable, transparent plans less subjectivities, restrictions rather than loading 9
10 Closing the portfolio gap Brian Secrett, Interim Head of Underwriting Performance 10
11 The portfolio gap Poor performance Flattering ourselves with tail risk Action needed now 11
12 2016/17 portfolio review Planned premium fell by 400m in 2017 planning Meaningful reductions in Gross Written Premium Airline Casualty Treaty (non-us) Energy Offshore Property Engineering General Aviation Removed from 2018 portfolio review Space Non-US Casualty Treaty 12
13 2017/18 portfolio review Focus on performance Class selection a greater focus on poor performance Three selection criteria remain five-year Gross Combined Ratio > 100% five-year actual vs planned Gross Combined Ratio > 5% planned Gross Written Premium with Gross Combined Ratio > 100% is > 20% and one added classes with a trailing 12-month Gross Combined Ratio > 100% at the 75th percentile Introduced materiality threshold 13
14 2017/18 portfolio review Outcomes and expectations Impact of class selection and materiality threshold 34 Lloyd s generic classes of business (37 in 2017) 152 syndicate classes (220 in 2016) representing 3.3bn Gross Written Premium at 106% Gross Combined Ratio (2016) 14
15 2017/18 portfolio review Outcomes and expectations Process Written, quantitative, action plans - end of July actions being taken to curtail poorly performing classes evidence of active management board to have sight of plan Classes shared earlier this month Addressed in strategic business discussions Further discussions on progress for the 2016/17 portfolio review plans 15
16 Gross Combined Ratio 2017/18 portfolio review Focus classes the poorest performers Performance in the focus class 140% CPG will pay particular attention to be paid to all plans in these classes 120% 100% Motor, incl. Motor XL Non-US PI Engineering Non-US EL General Aviation Yacht 80%
17 GBP M Limiting the downside cat losses are not the norm Major losses 100% 80% 60% 40% 20% 6,000 5,000 4,000 3,000 2,000 1,000 Absence of major / catastrophe losses flatters results Exposures are growing Return to normal cat losses in % 0 Major losses Major losses as % capital 17
18 Limiting the downside The trend towards greater volatility Net underwriting losses as a proportion of Funds at Lloyd s at the 90th percentile 21% Losses in the tail are growing Greater net downside risk Weakening of underlying rates 20% 19% 2015 Q Q Q Q Q Q Q Q4 18
19 Taking action on the drivers Which classes drive the tail? Largest contributors: Lloyd s generic class of business to modelled net losses exceeding the 90 th percentile GL Non US Property Cat US Property Binder US GL US Property OM US Energy Offshore Property Property Cat Non US PI Non US Property Binder Non US PI US Property OM Non-US A&H Medical Malpractice Cargo UK Motor Marine Hull Political Risk and Credit Marine Liability Property Pro Rata Terrorism 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% These classes present a growing downside risk Review these - particularly US Cat exposed and GL - beyond the 90th percentile Reduce expected net losses which drive the tail at / beyond the 90th percentile 19
20 Taking action on loss ratios Attrition, large and catastrophe - are they realistic? Planned gross ultimate loss ratios SBF Year Attritional Large Catastrophe Total % 13.1% 11.2% 56.9% % 13.8% 11.5% 57.4% % 13.6% 10.8% 58.3% % 14.6% 11.0% 59.5% RARC -20% since 2010; -15% since 2014 Planned ratios to reflect worsening conditions Focus on planned loss ratios which are realistic 20
21 Cyber Oversight and actions Activities / Reviews Property Terrorism cyber-attack coverage Implementation of Y4938 Cyber-attack: managing catastrophe risk with managing agents Cyber strategy Non-Affirmative cyber questionnaire Update May completion Kick off May/June Post findings of PRA consultation CP39/16 Re-run in Q3 17 Cyber insurance is growing Not explicitly identified in policy terms is a problem Risk must either be recognised and priced - or excluded The endgame: the market will explicitly recognise cyber risk in policy terms and conditions for all lines of business 21
22 Capital and Planning Process Peter Montanaro, Head of Syndicate Capability Oversight and Chair of CPG 22
23 We are changing the CPG process Our experience in 2016 May market presentation set the tone No surprises in September We can still improve Still too granular in July More focus on issues / more delegation to teams Early communication of challenging news LMA conducted a survey to help identify improvements 23
24 What we heard and how we re responding.. Feedback High level plan Loss ratio Timetable Direct presentations to CPG Communication Changed for 2017/18 business plan A high(er) level plan Focus on what matters and less granular discussions A timetable tailored to recognise different demands of aligned and non-aligned syndicates Direct presentations from two managing agents Account Managers will improve communication 24
25 CPG focus to close the performance gap Agree achievable and profitable plans with realistic loss ratios True underlying underwriting performance Focus on current year/accident year performance Growth plans Portfolio review classes narrative and action plan Reinsurance approach and strategy Line size dispensations will be challenged CAT exposures Market facilities underwriting reasons, controls and oversight Acquisition costs initiatives 25
26 Key PMD focus areas Jon Hancock, Performance Management Director 26
27 Closing the performance gap Hobbies Acquisition costs Competition Capital Operating Rate expenses Market facilities Cover Catastrophe cover 27
28 01-Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct-16 Projected 2017 Catastrophe risk measure Catastrophe exposures have been steadily climbing Source: Lloyd s Catastrophe Model in a low-earnings environment 28
29 Catastrophe risk Not every syndicate has been growing above plan Growth in syndicate % contribution relative to 2016 plan 29
30 Our actions to close the gap The market will continue to be significant and leading writers of CAT We expect every syndicate to be within their appetite at all times We will focus actions on those syndicates who have most impact For 2017 performance address syndicates who are writing in excess of their 2017 plans agree actions to return within plan For 2018 plan market and syndicate level targets agreed during CPG all syndicates must stay within forecast throughout
31 Market facilities present an opportunity and a challenge Written well they are a good source of business Written blindly can be uncontrolled and lead to unknown exposure We need to better understand what is written at Lloyd s This will be addressed through the planning process which facilities? what underwriting control? what is the cost of entry? how will you track performance? 31
32 Expenses must reduce for Lloyd s to compete Total expenses have risen to a combined 41% TOM is critical what else are you doing to manage costs? Lloyd s Corporation expenses levy COM You tell us acquisition costs are unjustifiably high we need good data to drive conversations transparency and fairness to policyholders any prudential concerns regarding sustainable business performance where payments are not justified or they do represent value for money 32
33 Insanity: Doing the same thing over and over again and expecting different results 33
34 Now is the time for sanity! The only option is to take action now The market will shrink and performance improves My team is 1. Taking a risk-based approach 2. Focused on the poorest performers 3. Concentrating on the things that really matter We ask you to 1. Make bold and brave decisions 2. Take action on costs 3. Act right now 34
35 Disclaimer This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. It is the responsibility of any person publishing or communicating the contents of this document or communication, or any part thereof, to ensure compliance with all applicable legal and regulatory requirements. The content of this presentation does not represent a prospectus or invitation in connection with any solicitation of capital. Nor does it constitute an offer to sell securities or insurance, a solicitation or an offer to buy securities or insurance, or a distribution of securities in the United States or to a U.S. person, or in any other jurisdiction where it is contrary to local law. Such persons should inform themselves about and observe any applicable legal requirement. 36
36
2015 Interim Results
2015 Interim Results Highlights Solid achievement in the first six months with a profit of 1.19bn and RoC of 10.7% 1 Combined ratio of 89.5% outperforms that of our competitor group for H1 by 3.3 percentage
More information2017 Interim Results. Analyst Presentation. Lloyd s
2017 Interim Results Analyst Presentation Lloyd s Disclaimer This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution
More information2018 Interim Results. Analyst Presentation 21 September Lloyd s
2018 Interim Results Analyst Presentation 21 September 2018 Lloyd s Disclaimer This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where
More informationIndependent Reviewers Conference. 12 th December 2017
Independent Reviewers Conference 12 th December 2017 Closing the performance gap How are we doing? Lloyd s That was the year that was 2017: a lot going on In May, we talked about closing the performance
More information2016 Annual Results. Lloyd s
2016 Annual Results Lloyd s Disclaimer This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary
More informationPrice Change Monitoring in the Lloyd s Market From a finger in the air to a finger on the pulse
Price Change Monitoring in the Lloyd s Market From a finger in the air to a finger on the pulse November 2011 How do you value insurance? 2 Selling a product vs Making a promise Insurers sell the promise
More informationMeet the Lloyd s Market in Atlanta
Meet the Lloyd s Market in Atlanta Download the Lloyd s Meet the Market mobile app at eventmobi.com/lloydsatlanta US offices Atlanta I Boston I Chicago I Frankfort, KY I Los Angeles I New York I USVI Global
More informationSyndicate Capital Briefing
Syndicate Capital Briefing 24/01/2018 1 Agenda Capital reviews 2017 Lloyd s capital review process Capital results for 2018 YoA Looking forward March and beyond Lloyd s Internal Model Questions 2 Capital
More informationSyndicate Capital Briefing
Syndicate Capital Briefing 23/01/2017 Agenda Capital reviews 2016 Lloyd s capital review process Looking forward March and beyond Capital results for 2017 YoA Questions 2 Capital reviews 2016 How did it
More information2007 annual results. 03 April 2008
2007 annual results 03 April 2008 Lloyd s market reports record performance in 2007 m 2006 2007 Gross written premiums 16,414 16,366 Profit before tax 3,662 3,846 Combined ratio 83.1% 84.0% Return on capital
More informationLLOYD S MINIMUM STANDARDS
LLOYD S MINIMUM STANDARDS Ms1.7 UNDERWRITING DATA QUALITY October 2017 1 Ms1.7 UNDERWRITING DATA QUALITY UNDERWRITING MANAGEMENT PRINCIPLES, MINIMUM STANDARDS AND REQUIREMENTS These are statements of business
More informationLLOYD S MINIMUM STANDARDS MS1.4 PRICE AND RATE MONITORING
LLOYD S MINIMUM STANDARDS MS1.4 PRICE AND RATE MONITORING October 2017 1 MS1.4 PRICE AND RATE MONITORING UNDERWRITING MANAGEMENT PRINCIPLES, MINIMUM STANDARDS AND REQUIREMENTS These are statements of business
More informationLloyd s seminar Mumbai. Tuesday 7 February 2012
Lloyd s seminar Mumbai Tuesday 7 February 2012 The Lloyd s Offering to the Indian Insurance Market Jose Ribeiro, Director, International Markets - Lloyd s Explaining the Lloyd s Model Ed Pennock, Manager,
More informationCreating value through reinsurance
Creating value through reinsurance Strategy cycle 2018-2020 Ulrich Wallin, Chief Executive Officer 20th International Investors' Day Frankfurt, 19 October 2017 HR improved market position to No. 4 in P&C
More informationSwiss Re's performance. Gerhard Lohmann, CFO Reinsurance KBW European Financials Conference, 16 September 2015
Swiss Re's performance Gerhard Lohmann, CFO Reinsurance KBW European Financials Conference, 16 September 2015 Today's agenda Introduction to Swiss Re P&C Reinsurance price adequacy L&H Reinsurance performance
More informationQBE Insurance Group annual results presentation. John Neal Group Chief Executive Officer Pat Regan Group Chief Financial Officer
QBE Insurance Group 2015 annual results presentation John Neal Group Chief Executive Officer Pat Regan Group Chief Financial Officer Tuesday 23 February 2016 All figures in US$ unless otherwise stated
More informationLloyd s NED Reserving Forum 2017
Lloyd s NED Reserving Forum 2017 2017 Richard Rodriguez and Catherine Scullion Contents Introduction Reserving oversight at Lloyd s Reserving oversight in MAs Focus Areas Key Takeaways Questions/discussion
More informationStrategic positioning in a competitive market
Strategic positioning in a competitive market Initiatives for long-term success Ulrich Wallin, Chief Executive Officer 18th International Investors' Day Frankfurt, 14 October 2015 Property & Casualty reinsurance
More informationSolvency II & Risk Assurance 2015 plan
< Picture to go here > Solvency II & Risk Assurance 2015 plan 10 December 2014 Lloyd s 1 Agenda Contents A recap of 2014 Conclusions from 2014 reviews and ratings in 2015 2015 Timetable and Deliverables
More informationPress Conference. Annual Results Hannover, 7 March 2019
Press Conference Annual Results 2018 Hannover, 7 March 2019 Agenda 1 2 3 4 5 6 7 Group overview Property & Casualty reinsurance Life & Health reinsurance Investments Solvency II reporting as at 31 December
More informationLloyd s Cover to Cover
Lloyd s Cover to Cover Presentation to Reinsurance Under 40 s Hank Watkins, President, Lloyd s North America October 4, 2016 Contents What is Lloyd s? 03 Business Overview 17 Financial Strength and Security
More informationSyndicate SCR For 2019 Year of Account Instructions for Submission of the Lloyd s Capital Return and Methodology Document for Capital Setting
Syndicate SCR For 2019 Year of Account Instructions for Submission of the Lloyd s Capital Return and Methodology Document for Capital Setting Guidance Notes August 2018 Contents Introduction 4 Submission
More informationEXECUTIVE SUMMARY OF FINDINGS
2013 FLASPÖHLER SURVEY EXECUTIVE SUMMARY OF FINDINGS Cedants Evaluate Reinsurers (Non-Life / North America) Results from 1186 Cedants CEDANT NON-LIFE 2013 TABLE OF CONTENTS ABOUT THE STUDY 1 RESULTS SEGMENTATION
More informationThe relevance of cash flow in P&C reinsurance. Jürgen Gräber, Member of the Executive Board
The relevance of cash flow in P&C reinsurance Jürgen Gräber, Member of the Executive Board 21st International Investors' Day London, 18 October 2018 Cash flow affects the reinsurance price calculation
More informationSwiss Re s performance and strategy. HSBC European Financials West Coast Symposium 6 April 2016
Swiss Re s performance and strategy HSBC European Financials West Coast Symposium 6 April 2016 Today s agenda Swiss Re at a glance and recent achievements 2015 financial performance Swiss Re s strategic
More informationDelegated Authorities
< Picture to go here > Delegated Authorities Consumer Product Binding Authorities and Restricted Coverholders - Market Meeting 19 November 2013 < Picture to go here > Welcome Sean McGovern, Director, General
More information1 Jan 2016 Property & Casualty Treaty Renewals
Property & Casualty Treaty Renewals Hannover, 3 February 2016 R/I markets Our results Our portfolio Outlook Appendix Important note Unless otherwise stated, the renewals part of the presentation is based
More informationReinsurance Market Report Half Year Contents
Contents Key Findings... 1 Summary... 2 Capital... 2 Return of Capital... 3 Return on Equity... 3 Underwriting... 4 Expense Ratios as at year-end 2016 report... 5 Catastrophe Loss... 5 Capital... 6 Highlights
More informationPolicy Statement PS15/17 Cyber insurance underwriting risk. July 2017
Policy Statement PS15/17 Cyber insurance underwriting risk July 2017 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Policy Statement PS15/17 Cyber insurance underwriting risk July 2017 Contents
More informationUnderwriting priorities. Edi Schmid, Group Chief Underwriting Officer
Underwriting priorities Edi Schmid, Group Chief Underwriting Officer Competitive advantage achieved through underwriting priorities Underwriting priorities Competitive advantage Target liability portfolio
More informationLLOYD S MINIMUM STANDARDS
LLOYD S MINIMUM STANDARDS Ms1.5 - EXPOSURE MANAGEMENT October 2015 1 Ms1.5 - EXPOSURE MANAGEMENT UNDERWRITING MANAGEMENT PRINCIPLES, MINIMUM STANDARDS AND REQUIREMENTS These are statements of business
More informationMarket conditions facing specialist general insurers: Feedback from recent PRA review work
Anna Sweeney Director, Insurance Supervision Chief Executives of specialist general insurance firms regulated by the PRA 31 May 2018 Dear CEO Market conditions facing specialist general insurers: Feedback
More information1 Jan 2018 Property & Casualty Treaty Renewals. and guidance update 2017 and 2018
Property & Casualty Treaty Renewals and guidance update 2017 and 2018 Renewals Conference Call Hannover, 7 February 2018 Reinsurance markets Our results Our portfolio Structured reinsurance Outlook 2018
More informationSolvency II Internal Model SCr & TP workshop
Solvency II Internal Model SCr & TP workshop 4 & 6 April 2011 1 Agenda Introduction and overview of workstreams Technical provisions Internal Model SCR Table discussions and play back/q&a Next Steps and
More informationGoldman Sachs 18 th Annual European Financials Conference. Edouard Schmid, Head Property & Specialty Reinsurance Madrid, 10 June 2014
Goldman Sachs 18 th Annual European Financials Conference Edouard Schmid, Head Property & Specialty Reinsurance Madrid, 10 June 2014 Agenda Introduction to Swiss Re Differentiation through knowledge Protection
More information2012 Syndicate Business Forecast (SBF) process. David Indge, Chair Business Plan Steering Group
market bulletin Ref: Y4473 Title Purpose Type From 2012 Syndicate Business Forecast (SBF) process To update managing agents on the 2012 SBF business planning process, new data requirements and the revised
More informationHighly respected global capital base of committed long term partners. Clear alignment between capital and key staff responsible for delivering profits
Aviation ABOUT US Apollo Syndicate 1969 commenced trading in January 2010. The primary aim is to build a first class privately owned underwriting platform operating at Lloyd s. Highly respected global
More informationReal World Case Study: Using Location Intelligence to Manage Risk Exposures. Giles Holland Aggregation Monitoring & BI Analyst
Real World Case Study: Using Location Intelligence to Manage Risk Exposures Giles Holland Aggregation Monitoring & BI Analyst 1 Overview Who Amlin are Why Amlin need MapInfo Development of Amlin s exposure
More informationConference Call on Half-yearly Report 2016
Conference Call on Half-yearly Report 2016 Hannover, 4 August 2016 Half-year results in line with full-year targets...... but Q2/2016 performance weaker than previous quarters Group Gross written premium:
More informationMarket Oversight Plan 2017
Market Oversight Plan Introduction 01 Oversight Plan & 01 CEO Letters Context: Overall 02 Market Conditions Key risk areas 04 affecting the Lloyd s market Catastrophe Risk 05 Cyber Risk 06 Market Conditions
More informationLloyd s Minimum Standards MS6 Exposure Management
Lloyd s Minimum Standards MS6 Exposure Management January 2019 2 Contents 3 Minimum Standards and Requirements 3 Guidance 3 Definitions 3 5 UW 6.1 Exposure Management System and Controls Framework 5 UW6.2
More informationFeedback requested from Lloyd s brokers and managing agents
market bulletin From Sean McGovern, Director and General Counsel (extn 6142) Date 22 January 2007 Reference Subject Subject areas Attachments Action points Y3958 Streamlining Lloyd s broker registration
More informationSigning Actuaries Forum 7 th November Catherine Scullion and Taraash Gautam, Lloyd s
Signing Actuaries Forum 7 th November 2017 Catherine Scullion and Taraash Gautam, Lloyd s Agenda Current Lloyd s work Oversight and market trends 2016 YE SAO Feedback 2017 YE SAOs Summary 2 Reserving matters
More informationMunich Re press conference at the Rendez-Vous de Septembre in Monte Carlo Reinsurance in the run-up to the 2006/07 renewals
Munich Re press conference at the Rendez-Vous de Septembre in Monte Carlo 2006 Reinsurance in the run-up to the 2006/07 renewals Nikolaus von Bomhard 10 September 2006 2006 renewals Renewal 1 January 2006
More informationMAS 124 Public Disclosure
Great American Insurance Company (Incorporated in United States of America) Singapore Branch Company Registration No. T15FC0029B MAS 124 Public Disclosure 31 December 2017 1 1. Purpose... 3 2. Company
More informationThe Aon Benfield Aggregate
Aon Benfield Analytics Market Analysis The Aon Benfield Aggregate Results for the six months ended June 30, 2015 Risk. Reinsurance. Human Resources. Table of Contents Global Reinsurer Capital... 3 Executive
More informationWe are a company with a unique perspective and commitment to help people to prosper. We Insure. You Prosper.
We are a company with a unique perspective and commitment to help people to prosper We Insure. You Prosper. Liberty Mutual Insurance Group An overview Liberty Specialty Markets is part of Liberty Mutual
More informationAXIS Capital Holdings Ltd.
March 20, 2015 AXIS Capital Holdings Ltd. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 07/24/2013 Current Price (03/19/15) $51.45 Target Price $54.00
More informationConference Call on Interim Report 3/2017
Conference Call on Interim Report 3/2017 Hannover, 8 November 2017 Q3 losses absorbed within quarterly earnings Positive Q3 result supported by sale of listed equities Group Gross written premium: EUR
More informationRenaissanceRe. Casualty Insurance
Syndicate 1458 Casualty Insurance Syndicate 1458 Casualty Insurance is a leading global provider of property catastrophe and specialty reinsurance, as well as other insurance coverages. Founded in Bermuda
More informationS L tr lo a y t d egy s Cyber -Attack
Lloyd s Cyber-Attack Strategy 02 Introduction The focus of this paper is on insurance losses arising from malicious electronic acts, referred to throughout as cyber-attack. The malicious act is the proximate
More informationInternational Property Treaty
HOUNDSDITCH BANK THREADNEEDLE ST OLD BROA D S T REE T THREADNEEDLE ST B I S S H O P G A T E C O R N H I L L L E A D E N H A L L CAMOMILE STREET ST, MARY AXE S T R E E T LOMBARD ST KING WILLIAM ST CANNON
More informationWe Insure. You Prosper.
We Insure. You Prosper. We are a company with a unique perspective and commitment to help people to prosper Liberty Mutual Insurance Group An overview Liberty Specialty Markets is part of Liberty Mutual
More informationSolvency II workshop Governance, Risk Management and Use
< Picture to go here > Solvency II workshop Governance, Risk Management and Use 9 & 10 September Lloyd s 1 Agenda Introduction Model Change Themes from submissions Feedback from recent reviews Evidence
More informationSyndicate Business Forecasts
Novae Syndicates Limited Syndicate Business Forecasts February 2009 Introduction The business plan information summarised here relates solely to Syndicate 2007 managed by Novae Syndicates Limited. Most
More informationAXIS Capital Holdings Limited
INVESTOR FINANCIAL SUPPLEMENT FOURTH QUARTER 2005 106 Pitts Bay Road Hamilton HM 08 Bermuda Contact Information: Linda Ventresca Investor Relations 441 297 9513 investorrelations@axiscapital.com Website
More informationLloyd s Minimum Standards MS2 Underwriting and Controls
Lloyd s Minimum Standards MS2 Underwriting and Controls January 2019 2 Contents MS2: Underwriting and Controls 3 Minimum Standards and Requirements 3 Guidance 3 Definitions 3 MS2: Underwriting and Controls
More informationRecommended Offer for Amlin, a UK Insurance Holding Company, by Mitsui Sumitomo Insurance
Recommended Offer for Amlin, a UK Insurance Holding Company, by Mitsui Sumitomo Insurance September 8 th, 2015 Disclaimer Important information This presentation is not intended to, and does not, constitute
More informationHannover Re - growth opportunities despite the crisis? Ulrich Wallin Chief Executive Officer
Hannover Re - growth opportunities despite the crisis? Ulrich Wallin Chief Executive Officer Commerzbank, German Investment Seminar New York, 1 January 212 HR Group Diversification Cycle mgmt. non-life
More informationConference Call on Q1/2018 results
Conference Call on Q1/2018 results Hannover, 7 May 2018 Favourable start to 2018 EBIT increase of +8.5% outperforms NPE growth GWP 4,547 in m. NPE in m. EBIT in m. Group net income in m. 5,345 +17.6% 3,738
More informationFitch Ratings: 2018 Global Reinsurance Outlook
Fitch Ratings: 2018 Global Reinsurance Outlook Graham Coutts, Director, Insurance, Fitch Ratings Harish Gohil, Managing Director, Insurance, Fitch Ratings 26 September 2017 Agenda Operating Environment
More information2019 Capital and Business Planning process. Jon Hancock Director, Performance Management (PMD) +44 (0)
Market Bulletin Ref: Y5176 Title 2019 Capital and Business Planning process Purpose To update managing agents on the 2019 syndicate business planning process and timetable for all syndicates. Type Scheduled
More informationConsultation Paper CP10/18 Solvency II: Updates to internal model output reporting
Consultation Paper CP10/18 Solvency II: Updates to internal model output reporting April 2018 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Consultation Paper CP10/18 Solvency II: Updates
More informationAnalysts conference call 8 May 2007
8 May 2007 First Quarter 2007 results Today s agenda Introduction Susan Holliday, Head IR Group results George Quinn, CFO Q&A George Quinn, CFO Slide 2 First Quarter 2007 results Executive summary Performance
More informationGuidance on the Actuarial Function MARCH 2018
Guidance on the Actuarial Function MARCH 2018 Disclaimer No responsibility or liability is accepted by the Society of Lloyd s, the Council, or any Committee of Board constituted by the Society of Lloyd
More informationHiscox Ltd Interim results. For the six months ended 30 June 2017
Hiscox Ltd Interim results For the six months ended 30 June 2017 A good result with FX headwinds Gross written premiums up by 13 Profit before tax excluding FX 133m (2016: 119m) Combined ratio excluding
More informationSyndicate SCR For 2019 Year of Account Instructions for Submission of the Lloyd s Capital Return and Methodology Document for Capital Setting
Syndicate SCR For 2019 Year of Account Instructions for Submission of the Lloyd s Capital Return and Methodology Document for Capital Setting Guidance Notes June 2018 Contents Introduction 4 Submission
More informationSolvency II. TP, Standard Formula & IMSCR Workshop. 8 & 23 August Lloyd s
Solvency II TP, Standard Formula & IMSCR Workshop 8 & 23 August 2011 1 Agenda Introduction Technical Provisions and Standard Formula SCR Internal Model SCR Table discussions Next steps and feedback 2 Introduction
More informationLloyd s Signing Actuaries Forum
Lloyd s Signing Actuaries Forum Henry Johnson, Jerome Kirk & Ben Thomas December 5 th 2014 Lloyd s 1 Erratum PPO section In the presentation Henry Johnson warned actuaries to remember the origins of the
More informationCasualty/Liabilities
Casualty/Liabilities ABOUT US Apollo Syndicate 1969 commenced trading in January 2010. The primary aim is to build a first class privately owned underwriting platform operating at Lloyd s. Highly respected
More informationXL CAPITAL LTD (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December
More informationUnderwriting. Matthias Weber, Group Chief Underwriting Officer
Underwriting Matthias Weber, Group Chief Underwriting Officer Priorities in underwriting build sustainable competitive advantage Challenging market outlook Low margins Low growth, low interest rates Impact
More informationGuidance on the Actuarial Function April 2016
Guidance on the Actuarial Function April 2016 Disclaimer No responsibility or liability is accepted by the Society of Lloyd s, the Council, or any Committee of Board constituted by the Society of Lloyd
More informationPrudential Standard GOI 3 Risk Management and Internal Controls for Insurers
Prudential Standard GOI 3 Risk Management and Internal Controls for Insurers Objectives and Key Requirements of this Prudential Standard Effective risk management is fundamental to the prudent management
More informationCiti conference - 25 October 2011
QBE INSURANCE GROUP Citi conference - 25 October 2011 Presented by: Neil Drabsch, Group CFO Frequently asked questions Insurance/reinsurance pricing and market conditions Acquisitions and growth - QBE
More informationSwiss Re s differentiation drives financial performance
Swiss Re s differentiation drives financial performance Kepler Cheuvreux Swiss Seminar, 29 March 2017 Gerhard Lohmann, Chief Financial Officer Reinsurance Today s agenda Swiss Re Group at a glance Reinsurance
More informationMarket Oversight Plan: Key Risks 2018
Market Oversight Plan: Key Risks 2018 December 2017 2 Contents Introduction 3 2018 Lloyd s Market Oversight Key Risks 4 2018 Market Oversight Framework 4 2018 Lloyd s Market Returns 5 Lloyd s 2018 Key
More informationEndurance: Acquisition of Montpelier Re Investor Presentation. March 31, 2015
Endurance: Acquisition of Montpelier Re Investor Presentation March 31, 2015 Forward Looking Statements and Regulation G Disclaimer Cautionary Note Regarding Forward Looking Statements Some of the statements
More informationLloyd s Minimum Standards MS13 Modelling, Design and Implementation
Lloyd s Minimum Standards MS13 Modelling, Design and Implementation January 2019 2 Contents MS13 Modelling, Design and Implementation 3 Minimum Standards and Requirements 3 Guidance 3 Definitions 3 Section
More informationExecutive Summary: Capacity Builds Ahead of Mid-Year Renewals 1. Global Reinsurer Capital 2. Growth despite catastrophes 2
Contents Executive Summary: Capacity Builds Ahead of Mid-Year Renewals 1 Global Reinsurer Capital 2 Growth despite catastrophes 2 The Aon Benfield Aggregate 2017 Results 3 The ABA in context 3 ABA capital
More informationThe Aon Benfield Aggregate. Full Year Ended December 31, 2010
The Aon Benfield Aggregate Full Year Ended December 31, 2010 Contents Global Reinsurer Capital 3 Executive Summary 4 First Quarter 2011 Outlook 4 Aon Benfield Aggregate Capital 5 Capital Development 6
More informationAmlin Underwriting - Syndicate 2001
Primary Credit Analyst: Dina Patel, London (44) 20-7176-8409; dina.patel@standardandpoors.com Secondary Contact: Dennis P Sugrue, London (44) 20-7176-7056; dennis.sugrue@standardandpoors.com Table Of Contents
More informationIRBR3. Institutional Presentation May 2018
IRBR3 Institutional Presentation May 2018 1 SECTION 1 IRB at a Glance 2 History of Market Leadership Monopoly Period Post-Monopoly Period The Only Reinsurer in Brazil for 68 Years Company s new management
More informationMarketReView Newsletter
MarketReView Newsletter Issue #7 July 2015 Welcome to the latest edition of Aon Benfield s monthly MarketReView newsletter. The team continues to update the reinsurer profiles on MarketReView as financials
More informationThe Airport Casualty Market Overview
The Airport Casualty Market Overview ACI-NA Annual Risk Management Conference Los Angeles, CA John C. Geisen Senior VP Aon Aviation January 2017 Prepared by Aon Risk Solutions Aviation Contents The Aviation
More informationInternal Model Industry Forum (IMIF) Workstream G: Dependencies and Diversification. 2 February Jonathan Bilbul Russell Ward
Internal Model Industry Forum (IMIF) Workstream G: Dependencies and Diversification Jonathan Bilbul Russell Ward 2 February 2015 020211 Background Within all of our companies internal models, diversification
More informationMike Phillips David Carra Dan Keehan Michael Sparkes MS Amlin
Real Estate A global leader MS Amlin is a leading insurer and reinsurer, and part of the global top-10 insurance group MS&AD. With a 300-year record and more than 2,400 people in 26 locations worldwide,
More informationIntroducing XL Catlin Five ways we ll power your business.
Introducing XL Catlin Five ways we ll power your business. Separately, XL and Catlin were two strong, innovative companies. Together, we re even stronger. Contents Meet XL Catlin People to people Underwriting
More informationChubb Global Markets. Our portfolio
Chubb Global Markets Our portfolio Summary of the different lines available Accident and health 7 Environmental risk 17 Aviation 9 Financial institutions 19 Cyber risk 11 International casualty 21 Credit
More informationCasualty/Liabilities
Casualty/Liabilities APOLLO SYNDICATE 1969 COMMENCED TRADING IN JANUARY 2010. THE PRIMARY AIM IS TO BUILD A FIRST CLASS PRIVATELY OWNED UNDERWRITING PLATFORM OPERATING AT LLOYD S. Highly respected global
More informationNHC Cyber Insurance, Service and Incident Response. 19. oktober 2017
NHC Cyber Insurance, Service and Incident Response 19. oktober 2017 Why is cyber an insurance concern? Unknown potential for aggregation Could one single event impact two, ten, fifty, hundred vessels?
More informationStrategic asset allocation: case study by Aspen Re using the internal model to change asset strategy
Strategic asset allocation: case study by Aspen Re using the internal model to change asset strategy Dr Marcus Foley, Aspen Re Sam Worthington, Towers Watson 27 September 2013, Brussels 2013 Towers Watson.
More informationPreliminary financial statements as at 31 December 2016
plainpicture/fstop/ralf Hiemisch 7 February 2017 Jörg Schneider Munich Re (Group) Financial highlights 2016 2016 net result of 2.6bn meets annual guidance Increased dividend of 8.60 per share 1 Munich
More informationGuideline. Earthquake Exposure Sound Practices. I. Purpose and Scope. No: B-9 Date: February 2013
Guideline Subject: No: B-9 Date: February 2013 I. Purpose and Scope Catastrophic losses from exposure to earthquakes may pose a significant threat to the financial wellbeing of many Property & Casualty
More informationDelegated Authorities Town Hall 21/11/2016
Delegated Authorities Town Hall 21/11/2016 Delegated Authorities Town Hall, 21 st November 2016 Contents Decision Papers & Coverholder Application. Deadlines. Audit Coordination. Multi Year Contracts.
More informationOur answers to today s challenges: Cycle management, diversification and innovation
Image: used under license from Shutterstock.com Our answers to today s challenges: Cycle management, diversification and innovation Torsten Jeworrek, Anthony Kuczinski, Thomas Blunck Monte Carlo, 14 September
More informationInsurance. Lloyd s of London. Reinsurers / United Kingdom. Full Rating Report. Key Rating Drivers. Rating Sensitivities. Ratings
Reinsurers / United Kingdom Full Rating Report Ratings Insurer Financial Strength Rating AA The Society of Lloyd s Long-Term IDR A+ Subordinated debt A Lloyd s Insurance Company (China) Ltd Insurer Financial
More informationSwiss Re. Susan Holliday Head of Investor Relations
Swiss Re Susan Holliday Head of Investor Relations Agenda Key points 2006 Strong P&C renewals as expected Closed acquisition of GEIS IS integration on track and positive news on retention of business so
More information3Q 2016 Investor Presentation. November 2016
3Q 2016 Investor Presentation November 2016 Forward-Looking Statements This presentation may include forward-looking statements, both with respect to Argo Group and its industry, that reflect our current
More information2010 half year results announcement
QBE INSURANCE GROUP 2010 half year results announcement Presented by: Frank O Halloran, CEO QBE Insurance Group Ltd 19 August 2010 Presentation roadmap 1. Group financial results - key messages 2. QBE
More information