Hiscox Ltd Preliminary results. For the year ended 31 December 2015
|
|
- Augustus Rodgers
- 5 years ago
- Views:
Transcription
1 Hiscox Ltd Preliminary results For the year ended 31 December 2015
2 A good year Premium growth of 10.7% (2014: 3.3%) Hiscox Retail now 50% of Group GWP Profit before tax 216.1m (2014: 231.1m) Combined ratio 85.0% (2014: 83.9%) Return on equity 16.0% (2014: 17.1%) Total dividend for year 40.0p: second interim 32.0p (special 16.0p, final equivalent 16.0p) 1
3 Strategy of balance working 2
4 Financial performance
5 A strong result Full year 2015 m Full year 2014 m Gross premiums written 1, ,756.3 Net premiums written Net premiums earned Investment return on financial assets Foreign exchange gains Profit before tax Profit after tax Basic earnings per share (p) Interim/final equivalent dividend (p) Additional return (p) Net asset value m p per share 1, , , , , , Return on equity after tax 16.0% 17.1% 4
6 Segmental analysis 31 December December 2014 Hiscox Retail m Hiscox London Market m Hiscox Re m Corporate Centre m Total m Hiscox Retail m Hiscox London Market m Hiscox Re m Corporate Centre m Total m Gross premiums written , ,756.3 Net premiums written , ,343.4 Net premiums earned , ,316.3 Investment result Financial assets Foreign exchange gains/(losses) (8.1) (5.1) (1.6) 5.0 Profit/(loss) before tax (14.6) (15.2) Combined ratio 93.5% 85.7% 46.6% 85.0% 93.5% 84.2% 49.8% 83.9% Combined ratio excluding monetary FX 92.6% 87.8% 51.4% 85.7% 92.9% 87.2% 51.6% 84.7% Business segments described in appendices. 5
7 Solid investment performance 31 December December 2014 Asset allocation % Annualised return % Return 000 Asset allocation % Annualised return % Return 000 Bonds US$ Other Bonds total , ,714 Equities , ,604 Deposits/cash/ bonds <3 months , ,037 Actual return , ,355 Group invested assets 3,609m 3,245m Before fees, derivative positions and investments in insurance linked funds. 6
8 Portfolio asset mix High-quality, conservative portfolio Investment portfolio 3,609m as at 31 December 2015 Cash higher due to proceeds from Asset allocation Bond credit quality Bond currency split Bonds Gvt. USD Cash AAA GBP Risk assets AA EUR A CAD BBB BB and below subordinated debt issuance Risk assets at 7.2% High credit quality maintained Yield to maturity of bond portfolio at 1.3% Average bond duration: 18 months
9 Capital management Supporting growth Changing requirements: growth opportunities and business mix moving to longer-tail Optimising balance sheet structure Subordinated debt issue: 275m at 6.125% Proceeds used to pay down shorter duration Letter of Credit by $458m $500m bank facility will remain undrawn until appropriate opportunities arise Capital management priorities Maintain progressive core dividend Retain balance of earnings to support profitable growth 8
10 Capital requirement 1.80bn available capital 1.71bn available capital (post return) Economic Regulatory A.M. Best (catastrophe stressed) Standard & Poor's Fitch ratings Group capital model (economic) Group capital model (regulatory) Bermuda solvency capital requirement Rating agency assessments shown are internal Hiscox projections of the agency capital requirements on the basis of projected 2015 year end results. Hiscox uses the internally developed Group capital model to assess its own capital needs on both a trading (economic) and purely regulatory basis. All capital requirements have been normalised with respect to variations in the allowable capital in each assessment for comparison to a consistent available capital figure. The available capital figure comprises shareholders equity and subordinated debt. 9
11 Cautious reserving approach unchanged Reserve releases 206m (2014: 172m) Loss development by accident year Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Ultimate net claims 10
12 Focus remains on growing shareholder value Net asset value ( m) Compound growth of 8% 1,800 Dividends and capital returns since 2012: 750m 1,600 1,400 1,266 1,256 1,365 1,409 1,454 1,529 Total shareholder returns over ten years: 1,068m 1,200 1,121 1,
13 Underwriting
14 Mixed rating environment Rate on line indexed to January 2010 Core London Market UK local casualty and commercial Catastrophe reinsurance US Direct Continued competition in core London Market and reinsurance business Growing where rates are flat e.g. UK commercial and US Direct 0 13
15 An actively managed business Total Group controlled premium 2015: 2,165m +14.0% 581m Period-on-period in local currency 2015 GWP Professional liabilities Errors and omissions Directors and officers liability Cyber Commercial small package Small technology and media Healthcare related Media and entertainment +15.2% 434m Kidnap and ransom Contingency Terrorism Product recall Personal accident Political risks Aerospace Contractors equipment FTC Extended warranty -2.5% 429m Non-marine Marine Aviation Casualty Specialty +5.2% 292m Home and contents Fine art Classic car Luxury motor Asian motor -4.7% 238m Commercial property Onshore energy USA homeowners Managing general agents International property -17.2% 111m +39.1% 80m Cargo Marine hull Energy liability Offshore energy Marine liability D&O, PI Healthcare General liability Local casualty and commercial Specialty Reinsurance Art and private client Property Marine and energy Global casualty 14
16 Hiscox London Market Changing business mix GWP m Total = 729m Casualty: D&O, PI, healthcare Total = 456m Contractors equipment FTC Specialty: terrorism, political risks, personal accident, aerospace Property: onshore energy, US homeowners, commercial Marine and energy
17 Hiscox Re Changing business mix GWP m Total = 534m 5 34 Total = 438m Casualty Specialty Healthcare 495 Marine Kiskadee Property
18 Casualty extreme loss scenarios Changing portfolios, changing risk As our casualty businesses continue to grow, we develop extreme loss scenarios to better understand and manage the associated risks Losses in the region of 75m- 300m could be suffered in the following extreme scenarios: Event Pandemic Cyber Multi-year loss ratio deterioration Global Spanish flu type event (high infection, low mortality) 45% infection rate, 20% medical treatment, 0.3% case fatality rate Systemic attack on domain name servers. Widespread webpage outage for one to two days. Insurance industry loss of c. 5bn Est. loss 75m 100m 5% deterioration on three years casualty premiums of c. 2bn 100m Economic collapse US GDP drop of 10% to 15%, approximately three times the financial crisis 225m Casualty reserve deterioration 35% deterioration on existing casualty reserves of c. 825m Est. 1 in 200 year event 300m Property catastrophe 1 in 200 year catastrophe event from 160bn US windstorm 300m 17
19 Business performance
20 Managing the business Gross written premiums for the year to 31 December m 2014 m Change % Growth in local currency % Hiscox Retail Hiscox UK and Europe Hiscox UK and Ireland Hiscox Europe (2.1) 7.8 Hiscox International Hiscox Guernsey (1.9) Hiscox USA DirectAsia* Hiscox London Market Hiscox Re Total 1, , *DirectAsia 2014 figure relates to the nine months from the date of acquisition. 19
21 A differentiated retail brand around the world 20
22 The numbers behind the marketing 150m invested over the last five years 2015 investment in marketing across the Group: 45m (2014: 32m) UK and Europe 25m (2014: 19m) USA 12m (2014: 9m) DirectAsia 8m (2014: 4m) 85% of expenditure focused on Direct business Total policy numbers (in force) Dec Markets Direct Broker Total UK 138, , ,000 USA 93,000 40, ,000 Europe 9, , ,000 DirectAsia 80,000 80,000 Total 320, , ,000 Direct GWP 140m in 2015, 7% of total GWP Retail customer numbers in 2015 exceeded 600,
23 Hiscox UK and Hiscox Europe Profitable whilst investing in brand and infrastructure Hiscox UK and Ireland Combined ratio 90.0% Storms Desmond, Eva, Frank: 10m impact 86% policy retention rate Increasing demand for our cyber and data insurance product Key projects delivered; new office in York, phase I move to new IT platform, insourcing of the direct commercial sales and service centre Acquisition of classic car insurance specialist, RH Classics Hiscox Europe Combined ratio 92.2% in local currency Benefited from single significant prior year reserve release 87% policy retention rate New products; cyber and specialty commercial delivering good opportunities 90% of transactions delivered from shared service centre in Lisbon reducing European expense base Restructured Direct platform 22
24 Hiscox USA Stellar performance Ten year anniversary compound growth of 18% over five years 2015 total GWP = $447m Core professional liability and small commercial products driving growth Product innovation in entertainment and cyber Property 9% Media and entertainment 9% Direct-to-consumer policies in force now over 95,000 On-going investment in brand, IT and talent Direct and partnerships 14% 47% Professions (broker channel) 21% Executive risks 23
25 Hiscox Guernsey and DirectAsia Pursuing opportunities in new markets Hiscox Guernsey New team driving growth in our Miami business, off-setting reductions due to competitive environment Investment in new e-trading platform delivering a more efficient process between producers, brokers and underwriters Hiscox Special Risks now in place, boosting global collaboration DirectAsia Business benefiting from evolution of leadership with new Managing Director Hiscox s underwriting discipline and focus on brand-building complementing local expertise Promising growth in Thailand brand awareness at 37% and premium income up 500% 24
26 Hiscox London Market Great performance in competitive markets Good growth of 8.5% in local currency Extended warranty; fire, theft, collision (FTC): 5.0% New products and teams: 4.2% Core London Market lines: -0.7% Strengthening existing classes and building new teams Personal accident, cargo, product recall, general liability D&O team awarded Insurance Day Underwriting Team of the Year Hiscox MGA building distribution Acquired R&Q Marine Services New people in Miami to access Latin American markets 25
27 Hiscox Re Good strategy and good fortune Good risk selection mitigating industry losses Growth in international, specialty and healthcare reinsurance New products deliver US$70m of new business since 1 January 2015 Continued quota share support from established partners Kiskadee now significant brand in the market; on track to reach US$1bn AUM in
28 Hiscox Re Deploying third-party capital Reinsurance Premium retained Premium ceded to Kiskadee Premium ceded to other third parties 100% 90% Move from excess of loss to quota share reinsurance over time 17 quota share partners Kiskadee growing in importance 80% 70% 60% 50% 40% 30% 20% 10% 0%
29 Summary and outlook
30 Summary and outlook A good year Hiscox Retail now 50% of GWP: Direct-to-consumer now 7% Agile strategy in London Market and Hiscox Re Fourth year returning additional capital Retaining balance of earnings to fund growth Challenging environment ahead but diversity creates opportunity 29
31 Appendices Geographical reach Strategic focus A symbiotic relationship Long-term growth An actively managed business Hiscox Ltd results Boxplot and whisker diagram of Hiscox Ltd Realistic disaster scenarios Casualty extreme loss scenarios GWP geographical and currency split Group reinsurance security Reinsurance Portfolios USD bond portfolios Portfolios GBP, EUR and CAD bond portfolios Business segments Glossary of terms 30
32 Geographical reach USA Atlanta Chicago Los Angeles New York City San Francisco White Plains Guernsey St Peter Port Bermuda Hamilton Latin American gateway Miami Europe Amsterdam Bordeaux Brussels Cologne Dublin Hamburg Lisbon Lyon Madrid Munich Paris UK Birmingham Colchester Glasgow Leeds London Maidenhead Manchester York Asia Bangkok Hong Kong Singapore 31
33 Strategic focus 32
34 A symbiotic relationship 33
35 Long-term growth Hiscox Reinsurance Hiscox London Market - Volatile Hiscox London Market - Retail Hiscox UK Hiscox Europe Hiscox Guernsey Hiscox USA DirectAsia Gross written premiums ( m) Internationally traded lines Local specialty lines 34
36 An actively managed business Total Group controlled premium 2015: 2,165m +14.0% 581m Period-on-period in local currency 2015 GWP Professional liabilities Errors and omissions Directors and officers liability Cyber Commercial small package Small technology and media Healthcare related Media and entertainment +15.2% 434m Kidnap and ransom Contingency Terrorism Product recall Personal accident Political risks Aerospace Contractors equipment FTC Extended warranty -2.5% 429m Non-marine Marine Aviation Casualty Specialty +5.2% 292m Home and contents Fine art Classic car Luxury motor Asian motor -4.7% 238m Commercial property Onshore energy USA homeowners Managing general agents International property -17.2% 111m +39.1% 80m Cargo Marine hull Energy liability Offshore energy Marine liability D&O, PI Healthcare General liability Local casualty and commercial Specialty Reinsurance Art and private client Property Marine and energy Global casualty 35
37 Hiscox Ltd results m Gross premiums written 1, , , , , ,432.7 Net premiums written 1, , , , , ,131.6 Net premiums earned 1, , , , , ,131.2 Investment return Profit before tax Profit after tax Basic earnings per share 72.8p 67.4p 66.3p 53.1p 5.5p 47.2p Dividend 24.0p 22.5p 21.0p 18.0p 17.0p 16.5p Invested assets (incl. cash) 3, , , , , ,779.7 Net asset value m 1, , , , , ,266.1 p per share Combined ratio 85.0% 83.9% 83.0% 85.5% 99.5% 89.3% Return on equity after tax* 16.0% 17.1% 19.3% 17.1% 1.7% 16.5% Excluding derivatives, insurance linked funds and third-party assets managed by Kiskadee Investment Managers. *Annualised post tax, based on adjusted opening shareholders funds. 36
38 Boxplot and whisker diagram of modeled Hiscox Ltd net loss ($m) January 2016 Lower 5%- upper 95% range Modelled mean loss JP EQ Japanese earthquake US EQ United States earthquake EU WS European windstorm US WS United States windstorm Industry loss return period and peril JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS JP EQ US EQ 5-10yr 10-25yr 25-50yr yr yr 5-10 year year year year year EU WS US WS JP EQ US EQ EU WS US WS JP EQ US EQ EU WS US WS Mean industry loss $bn Hiscox Ltd loss ($m) Superstorm Sandy - $20bn market loss, 7 year return period Loma Prieta Quake $6bn market loss 15 year return period 1987J $10bn market loss 15 year return period Hurricane Katrina $50bn market loss 21 year return period 2011 Tohoku Quake $25bn market loss, 45 year return period Northridge Quake $24bn market loss 40 year return period Hurricane Andrew $56bn market loss 25 year return period
39 Realistic disaster scenarios Hiscox Group losses shown as percentage of 2015 gross and net written premium Gross loss Net loss Industry loss return period Japanese earthquake 4% 21% $50bn 1 in 240 year Gulf of Mexico windstorm 8% 40% $107bn 1 in 80 year Florida windstorm 6% 24% $125bn 1 in 100 year European windstorm 3% 16% $30bn 1 in 200 year San Fransisco earthquake 6% 31% $50bn 1 in 110 year Estimates calculated in accordance with Lloyd s guidelines using models provided by Risk Management Solutions, Inc and AIR Worldwide Corporation. Industry return periods estimated using Lloyd s guideline industry loss figures. 38
40 Casualty extreme loss scenarios Changing portfolios, changing risk As our casualty businesses continue to grow, we develop extreme loss scenarios to better understand and manage the associated risks Losses in the region of 75m- 300m could be suffered in the following extreme scenarios: Event Pandemic Cyber Multi-year loss ratio deterioration Global Spanish flu type event (high infection, low mortality) 45% infection rate, 20% medical treatment, 0.3% case fatality rate Systemic attack on domain name servers. Widespread webpage outage for one to two days. Insurance industry loss of c. 5bn Est. loss 75m 100m 5% deterioration on three years casualty premiums of c. 2bn 100m Economic collapse US GDP drop of 10% to 15%, approximately three times the financial crisis 225m Casualty reserve deterioration 35% deterioration on existing casualty reserves of c. 825m Est. 1 in 200 year event 300m Property catastrophe 1 in 200 year catastrophe event from 160bn US windstorm 300m 39
41 GWP geographical and currency split 2015 geographical split controlled income 2015 currency split controlled income North America Other Westerm Europe (excl. UK) Worldwide UK GBP USD CAD and other EUR 18.5% 4.0% 11.6% 24.7% 41.3% 17.2% 8.4% 59.7% 14.6% 40
42 Group reinsurance security Receivables at 31/12/15 of 538.8m A AA AAA and collateralised Other 2016 reinsurance protections* First loss exposure by S&P rating A AA AAA 4.5% 8% 21.6% 47.6% 35% 57% 26.3% *Reinsurance placements in force at 20/02/
43 Reinsurance Ceded as a percentage of GWP Reinsurance receivables as a percentage of total assets
44 Portfolio USD bond portfolios as at 31 December 2015 Portfolios: $2.7bn AAA % AA % A % BBB % BB and below % Total % Duration months Government issued Government supported* Liquid portfolio Short duration Corporates still favoured Asset backed Mortgage backed agency Non agency Commercial MBS Corporates Total *Includes agency debt, Canadian provincial debt and government guaranteed bonds. 43
45 Portfolio GBP, EUR and CAD bond portfolios as at 31 December 2015 GBP portfolios: 441m AAA % AA % A % BBB % BB and below % Total % Duration months Government issued Government supported* Asset backed Corporates Total Governments favoured for duration management Corporates for carry No exposure to Greece, Ireland, Italy, Portugal or Spain sovereign debt Credit and duration to maintain positive yield in Euros EUR and CAD portfolios: 339m AAA % AA % A % BBB % BB and below % Total % Duration months Government issued Government supported* Asset backed Corporates Total *Includes supranational and government guaranteed bonds. 44
46 Business segments Hiscox Retail Hiscox Retail brings together the results of the UK and Europe, and Hiscox International being the US, Guernsey and Asia retail business divisions. Hiscox UK and Europe underwrite European personal and commercial lines business through Hiscox Insurance Company Limited, together with the fine art and non-us household insurance business written through Syndicate 33. In addition, Hiscox UK includes elements of specialty and international employees and officers insurance written by Syndicate Hiscox International comprises the specialty and fine art lines written through Hiscox Insurance Company (Guernsey) Limited, and the motor business written via DirectAsia, together with US commercial, property and specialty business written by Syndicate 3624 and Hiscox Insurance Company Inc. via the Hiscox USA business division. Hiscox London Market Hiscox London Market comprises the internationally traded insurance business written by the Group s London based underwriters via Syndicate 33, including lines in property, marine and energy, casualty and other specialty insurance lines. In addition the segment includes elements of business written by Syndicate 3624 being auto physical damage, auto extended warranty and aviation business. Hiscox Re Hiscox Re is the reinsurance division of the Group, combining the underwriting platforms in Bermuda, London and Paris. The segment comprises the performance of Hiscox Insurance Company (Bermuda) Limited, excluding the internal quota share arrangements, with the reinsurance contracts written by Syndicate 33. In addition, the healthcare and casualty reinsurance contracts written in the Bermuda hub on Syndicate capacity are also included. The segment also captures the performance and fee income of Kiskadee, further details of which can be found in note 2.3 of the Group s Report and Accounts for the year ended 31 December Corporate Centre Corporate Centre comprises the investment return, finance costs and administrative costs associated with Group management activities. Corporate Centre also includes the majority of foreign currency items on economic hedges and intragroup borrowings, further details of which can be found at note 13 of the Group s Report and Accounts for the year ended 31 December Corporate Centre forms a reportable segment due to its investment activities which earn significant external returns. 45
47 Glossary of terms Binding authority An agreement between a Lloyd s managing agent and a coverholder under which the managing agent delegates its authority to enter into contracts of insurance to be underwritten by the members of a syndicate. Claims ratio Net claims incurred, including IBNR, as a percentage of net earned premiums. Combined ratio The total of the claims, expenses and impact of foreign exchange ratios. Expense ratio Expenses as a percentage of net earned premiums. Funds at Lloyd s The amount of assets, which can be cash, investments or letters of credit, that a syndicate member has to deposit with Lloyd s to support his share of the capacity on a syndicate. The minimum amount is 40% of the capacity owned by the member. Gross written premium Premiums contracted for before any deductions. Group controlled The total gross written premium controlled by the Group including the 27.5% of the Syndicate capacity not owned by Hiscox in 2015 (27.5% in 2014). IBNR Incurred but not reported. An estimate made at the end of each accounting period to cover the expected cost of losses that have occurred but have not yet been reported to the insurer or reinsurer. ILS Insurance-linked Securities. Financial instruments whose value is affected by an insured loss event. Examples include catastrophe bonds and other forms of risk-linked securitization. Incurred loss ratio Paid and outstanding losses as a percentage of premiums. Gross incurred loss ratio is before deducting any reinsurance and net is after deducting reinsurance. Long-tail A term used to describe an insurance risk that has the potential for claims development or new claims to be reported a number of years after expiry of the term of the policy. 46
48 Glossary of terms MGA Managing General Agency. An individual or business entity appointed by an insurer to solicit applications from agents for insurance contracts or to negotiate insurance contracts on behalf of an insurer. Member or Name The companies or individuals who own the capacity of a syndicate and who belong to the membership of the Society of Lloyd s. Net premiums earned Premiums received after the cost of reinsurance and adjustment for unearned premium. Unearned premium covers the future period of risk of an insurance policy. Net premiums written Premiums contracted for after deduction of reinsurance. Open year A year of account of a syndicate which has not been closed by Reinsurance To Close (RITC). RITC usually occurs at the end of the third year. A year of account can be left open beyond the third year if the extent of the future liability cannot be accurately quantified. Qualifying quota share These are quota share reinsurance policies, which Lloyd s allow in certain circumstances, that enable a syndicate to write gross premium in excess of its capacity. Reinsurance to close RITC The reinsurance to close comprises a premium payable by the closing year to the members on the next open year of account and a contract which transfers the liability for all claims in respect of the closing year to the next open year. Run-off account At Lloyd s, a year of account which is kept open after the date on which it would normally have been closed. Stamp capacity The volume of business measured in gross written premiums net of acquisition costs underwritten by the group through its managed syndicates at Lloyd s of London. Subrogation The right of the underwriter to stand in the shoes of the insured and take over the Insured's rights, following payment of a claim, to recover the payment of an incurred loss from a third party responsible for the loss. It is limited to the amount of loss paid by the insurance policy. Syndicate capacity Also referred to as the stamp. The maximum amount of business that a syndicate in Lloyd s can write per year, aggregated from all its members. 47
Hiscox 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 informationHiscox Ltd Interim results. For the six months ended 30 June 2018
Hiscox Ltd Interim results For the six months ended 30 June 2018 A good start to the year GWP up by 21 to $2.2bn Retail up 20 London Market up 16 Re & ILS up 29 Combined ratio 87.9 Profit before tax $164m,
More informationHiscox Ltd Interim results
Hiscox Ltd Interim results for the six months ended 30 June 2013 1 An excellent start Profit before tax 180.7m (2012: 125.8m) Premium growth of 12.3% (2012: 7.0%) driven by strong growth in insurance lines
More informationHiscox Ltd Preliminary results
Hiscox Ltd Preliminary results For the year ended 31 December 2017 Weathering the storms An historic year for natural catastrophes 1 Strategy of balance builds resilience GWP up by 6 to 2.5bn Hiscox Retail
More informationTail Risks How does a CEO think about them?
Tail Risks How does a CEO think about them? Bronek Masojada Hiscox Ltd 10 th September 2013 2 Business Motivation Create a business which serves customers distinctively with specialist insurance/reinsurance
More informationInterim Management Statement
Interim Management Statement Hamilton, Bermuda (7 November 2017) Hiscox Ltd (LSE:HSX), the international specialist insurer, today issues its Interim Management Statement for the first nine months of the
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 informationResults for the six months ended 30 June 2014
Cover Results for the six months ended 30 June 2014 Tuesday, 22 July 2014 1 Disclaimer notice Certain statements in the presentation, are or may constitute forward looking statements. Such forward looking
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 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 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 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 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 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 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 informationBeazley Group plc Analysts Presentation RDS/Catastrophe Stress Testing
Beazley Group plc Analysts Presentation RDS/Catastrophe Stress Testing 4 July 2005 Content Introduction Natural Catastrophe Specialty Lines Offshore Energy Account Conclusion Looking Forward! Content Introduction
More informationBarclay s: Insurance Forum May 16, 2017
www.archcapgroup.com Barclay s: Insurance Forum May 16, 2017 Informational Statements ThePrivate Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward looking statements. This presentation
More informationOverview on ILS; NatCat exposure. Juergen Graeber, Member of the Executive Board/COO non-life
Juergen Graeber, Member of the Executive Board/COO non-life 16th International Investors' Day Frankfurt, 23 October 2013 ILS: More than simply catastrophe bonds Transfer of risks to capital markets Insurance
More informationLloyd s Asia. Underwriting human progress
Lloyd s Asia Underwriting human progress What is Lloyd s? Lloyd s is the world s specialist insurance and reinsurance market. With expertise earned over centuries, Lloyd s is the foundation of the insurance
More informationLloyd s Asia. Underwriting human progress. Lloyds Global Brochure - ASIA_154x233_V6.indd 1 22/08/ :51
Lloyd s Asia Underwriting human progress Lloyds Global Brochure - ASIA_154x233_V6.indd 1 22/08/2016 10:51 What is Lloyd s? Lloyd s is the world s specialist insurance and reinsurance market. With expertise
More informationFourth Quarter 2018 Results. February 26, 2019
Fourth Quarter 08 Results February 6, 09 Cautionary Statement Regarding Forward Looking Statements This report contains forward looking statements that are intended to enhance the reader s ability to assess
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 informationThird Quarter 2018 Results. November 1, 2018
Third Quarter 08 Results November, 08 Cautionary Statement Regarding Forward Looking Statements This report contains forward looking statements that are intended to enhance the reader s ability to assess
More informationInterim results Six months to 30 June 2006
Interim results Six months to 30 June 2006 Disclaimer This document and the presentation to which it relates ( Presentation ) do not constitute or form part of, and should not be construed as, an issue
More informationResults for the year ended 31 December 2011
Cover Results for the year ended 31 December 2011 Tuesday, 7 February 2012 Disclaimer notice Certain statements made in this presentation, both oral and written, are or may constitute forward looking statements
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 informationMunich Re Group. Changing Gear
Annual Press Conference Preliminary figures Changing Gear Nikolaus von Bomhard Jörg Schneider February 008 Agenda Overview 4th record result in a row Preliminary results Munich Re Group in total segment
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 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 informationLondon company market. Statistics Report. October 2017
London company market Statistics Report October 2017 Executive summary The London company market s gross premium income for 2016 was 16.034bn. In addition, a further 6.691bn has been identified as written
More informationIronshore Canada began offering specialty insurance in Ironshore Canada offers capacity through Ironshore Insurance Ltd. (Canada Branch) and
Ironshore Canada began offering specialty insurance in 2010. Ironshore Canada offers capacity through Ironshore Insurance Ltd. (Canada Branch) and through Lloyd s Syndicate 4000 (managed by Ironshore s
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 informationRenaissanceRe. Casualty Treaty
Syndicate 1458 Casualty Treaty Syndicate 1458 Casualty Treaty operates at Lloyd s of London through Syndicate 1458, which was established in 2009. is a leading global provider of property catastrophe and
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 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 informationKEEP THE PROMISES. AT IRONSHORE, IRONSHORE
Ironshore designed a highly efficient system to address and process claims. Our claims and underwriting business units closely collaborate, so when timing is critical, you re not working with an unfamiliar
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 informationAXIS Capital Holdings Limited
INVESTOR FINANCIAL SUPPLEMENT SECOND QUARTER 2009 92 Pitts Bay Road Pembroke HM 08 Bermuda Contact Information: Linda Ventresca Investor Relations 441 405 2727 investorrelations@axiscapital.com Website
More informationUnderwriting comes first. Effectively balance risk and return. Operate nimbly through the cycle. Analyst Presentation Q3 2017
Underwriting comes first Effectively balance risk and return Operate nimbly through the cycle Analyst Presentation Q3 2017 November 2017 www.lancashiregroup.com Safe harbour statements NOTE REGARDING FORWARD-LOOKING
More information2015 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 informationGeneric title white. Analyst Seminar. Wednesday, 30 May 2018
Generic title white Analyst Seminar Wednesday, 30 May 2018 Agenda Introduction Andrew Horton (Chief Executive Officer) Year to date trading update Neil Maidment (Chief Underwriting Officer) Progress on
More informationBeazley plc Interim report On track. embracing risk reducing uncertainty
Beazley plc Interim report 2010 On track embracing risk reducing uncertainty About Beazley: Beazley plc is the parent company of our specialist insurance business with operations in Europe, the US, Asia
More informationINVESTOR Presentation
INVESTOR Presentation F I R S T Q U A RT E R 2 0 1 8 Everest Re Group, Ltd Seon Place, 4 th Floor 141 Front Street P.O. Box HM 845 Hamilton HM D19, Bermuda CAUTIONARY NOTE ON Forward-looking Statements
More informationFor the year ended 31 December Financial condition report Hiscox Ltd including: Hiscox Insurance Company (Bermuda) Limited Hiscox Capital Ltd
For the year ended 31 December Financial condition report Hiscox Ltd including: Hiscox Insurance Company (Bermuda) Limited Hiscox Capital Ltd 02 Executive summary 04 A. Business and performance 04 A.1.
More informationINTERNATIONAL CORPORATE OVERVIEW
Ironshore Asia Pacific is part of Ironshore International and operates from five locations: Australia, China, Hong Kong, Japan and Singapore. Ironshore Singapore is a branch of Ironshore Insurance Ltd.,
More informationFourth Quarter and Full Year 2017 Results. March 1, 2018
Fourth Quarter and Full Year 07 Results March, 08 Cautionary Statement Regarding Forward Looking Statements This report contains forward looking statements that are intended to enhance the reader s ability
More informationAXIS Capital Holdings Limited
INVESTOR FINANCIAL SUPPLEMENT FOURTH QUARTER 2008 92 Pitts Bay Road Pembroke HM 08 Bermuda Contact Information: Linda Ventresca Investor Relations 441 405 2727 investorrelations@axiscapital.com Website
More informationBMO Capital Markets 2018 Fixed Income Financial Services Conference. Gord Menzie, SVP, Corporate Finance & Treasury
BMO Capital Markets 2018 Fixed Income Financial Services Conference Gord Menzie, SVP, Corporate Finance & Treasury Cautionary notes CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This document may
More informationThe Navigators Group, Inc. Insuring a World In Motion (NASDAQ: NAVG) Morgan Stanley Financials Conference June 12, 2013
The Navigators Group, Inc. Insuring a World In Motion (NASDAQ: NAVG) Morgan Stanley Financials Conference June 12, 2013 Stan Galanski President & CEO Ciro DeFalco Senior Vice President & CFO 1 Forward
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 informationINVESTOR Presentation
INVESTOR Presentation F O U R T H Q U A R T E R 2 0 1 8 Everest Re Group, Ltd Seon Place, 4 th Floor 141 Front Street P.O. Box HM 845 Hamilton HM D19, Bermuda CAUTIONARY NOTE ON Forward-looking Statements
More informationCanopius Managing Agents - Syndicate 4444
January 23, 2009 Canopius Managing Agents - Syndicate 4444 Primary Credit Analyst: Eoin Naughton, London (44) 20-7176-7047; eoin_naughton@standardandpoors.com Secondary Credit Analyst: Kevin Willis, London
More informationAXIS Capital. Keefe, Bruyette and Woods 2009 Insurance Conference New York, NY. David Greenfield, CFO
AXIS Capital Keefe, Bruyette and Woods 2009 Insurance Conference New York, NY David Greenfield, CFO Safe Harbor Disclosure Cautionary Statement Regarding Forward-looking Statements Statements in this presentation
More informationFor the year ended 31 December Financial condition report Hiscox Ltd including: Hiscox Insurance Company (Bermuda) Limited Hiscox Capital Ltd
For the year ended 31 December 2016 Financial condition report Hiscox Ltd including: Hiscox Insurance Company (Bermuda) Limited Hiscox Capital Ltd 02 Executive summary 04 A. Business and performance 04
More informationInsurance-Linked Securities in the life industry
Insurance-Linked Securities in the life industry by Scott Mitchell, Kevin Manning & Eamonn Phelan October 2017 Introduction Over the past decade, Insurance-Linked Securities ( ILS ) have become an integral
More information28 February The Manager Company Announcements ASX Limited Level 6 Exchange Centre 20 Bridge Street, SYDNEY NSW 2000.
28 February 2011 QBE Insurance Group Limited ABN 28 008 485 014 Head Office 82 Pitt Street SYDNEY NSW 2000 Australia Postal Address Box 82 GPO SYDNEY 2001 Telephone: +61 (2) 9375 4444 Facsimile: +61 (2)
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 informationThe Hartford to Acquire Navigators: Broadens and Deepens Commercial Lines Product Offerings and Underwriting Risk Appetite
The Hartford Financial Services Group, Inc. August 22, 2018 The Hartford to Acquire Navigators: Broadens and Deepens Commercial Lines Product Offerings and Underwriting Risk Appetite Copyright 2018 by
More informationbma captive report 2018
bma captive report 2018 CONTENTS 2 Summary 3 Geography of Risk Assumption 4 Industry Utilisation Demographics 6 Industry Utilisation Premium Share 8 Captive Structure 9 Lines of Business Property 10 Lines
More informationAgeas reports Full Year 2016 result
PRESS RELEASE Regulated information Brussels, 15 February 2017-7:30 (CET) Ageas reports Full Year 2016 result Steady growth of Insurance net result due to solid operating performance Fourth quarter net
More informationCORPORATE OVERVIEW. - Kevin H. Kelley, CEO, Ironshore Inc.
CORPORATE OVERVIEW Ironshore provides broker-sourced specialty commercial property and casualty coverages for varying risks located throughout the world. With more than 30 offices around the globe including
More informationQBE Insurance Group half year results presentation. John Neal Group Chief Executive Officer Pat Regan Group Chief Financial Officer
QBE Insurance Group 2017 half year results presentation John Neal Group Chief Executive Officer Pat Regan Group Chief Financial Officer Thursday 17 August 2017 All figures in US$ unless otherwise stated
More informationAnalysts meeting 1 March 2007
Analysts meeting 1 March 2007 Today s agenda Introduction Susan Holliday, Head IR Group results George Quinn, CFO Strategy update and outlook Jacques Aigrain, CEO Slide 2 Today s agenda Introduction Susan
More informationREINSURANCE MARKET OVERVIEW. Bucharest, 18 October 2017
REINSURANCE MARKET OVERVIEW Bucharest, 18 October 217 AVERAGE RATE MOVEMENTS BY LINE OF BUSINESS AT 1 JANUARY RENEWAL PROPERTY & CASUALTY US Property-Cat Western Europe Property-Cat Asia Pacific Property-Cat
More informationAXIS Capital Holdings Limited
INVESTOR FINANCIAL SUPPLEMENT FIRST QUARTER 2009 92 Pitts Bay Road Pembroke HM 08 Bermuda Contact Information: Linda Ventresca Investor Relations 441 405 2727 investorrelations@axiscapital.com Website
More informationAllianz Re. Company Presentation. May Understanding Risk Creating Value
Allianz Re Company Presentation May 2015 Understanding Risk Creating Value Content 1 Allianz Group 2 Our company 3 Our financial results 4 Our people 5 Our solutions & services 6 Our global presence 2
More informationAllianz Global Corporate & Specialty
Allianz Global Corporate & Specialty Company presentation January 2012 Allianz An Introduction Allianz Group is one of the world s leading insurers and financial services providers Founded in 1890 in Berlin,
More informationKEEP THE PROMISES. AT IRONSHORE, IRONSHORE
Ironshore designed a highly efficient system to address and process claims. Our claims and underwriting business units closely collaborate, so when timing is critical, you re not working with an unfamiliar
More informationGuide to Content. Broker Assess
Guide to Content Contents Assess is a web based system, written specifically from a general insurance perspective and designed to help you meet your organisation s training and competency requirements.
More informationThird Quarter 2017 Results. November 2, 2017
Third Quarter 207 Results November 2, 207 Cautionary Statement Regarding Forward Looking Statements This report contains forward looking statements that are intended to enhance the reader s ability to
More informationWelcome to Hannover Re's Analysts' Conference
Welcome to Hannover Re's Analysts' Conference Frankfurt/London, 15 March 2012 Group Non-life reinsurance Life and health reinsurance Investments Outlook 2012 Appendix Strong financial performance with
More informationDresdner Kleinwort s Speed Investing Conference
Susan Holliday Head of Investor Relations Today s agenda Swiss Re at a glance Business performance Property & Casualty Life & Health Financial Services Strategy and outlook Slide 2 Swiss Re at a glance
More informationSompo International U.S. Insurance. Products and Capabilities
Sompo International U.S. Insurance s and Capabilities Sompo International Insurance s Commitment to the U.S. Market At Sompo International Insurance, our approach is simple; provide the best in class services
More informationHalf Year Report 2014
Half Year Report 2014 Report for the six months to June 30, 2014 Mythenquai 2 8002 Zurich, Switzerland Phone +41 (0) 44 625 25 25 www.zurich.com 47623-1408 Q214_HYR_Cover_Contents_Disclaimer_Credits_en.indd
More informationAXIS Capital Holdings Limited 2008 Loss Development Triangles
Published October 19, 2009 Loss Development Triangle Cautionary Language This report is for informational purposes only and is as of December 31, 2008. We are under no obligation and do not expect to update
More informationResults for the six months ended. Friday, 22 July 2011
Results for the six months ended 30 June 2011 Results for the six months ended 30 June 2011 Friday, 22 July 2011 1 Disclaimer notice Certain statements in the presentation, are or may constitute forward
More informationU.K. ILS Regulations. IRLA Breakfast Briefing, December 8, Andy Palmer Swiss Re Capital Markets
U.K. ILS Regulations IRLA Breakfast Briefing, December 8, 2017 Andy Palmer Swiss Re Capital Markets Disclaimer Swiss Re Capital Markets Limited ( SRCML ) (Financial Services Register Number 187863, VAT
More informationThe Construction Consortium at Lloyd s
The Construction Consortium at Lloyd s The Construction Consortium at Lloyd s The Construction Consortium at Lloyd s continues to offer credible lead capacity for a wide range of construction risks where
More informationThe St. Paul Travelers Companies, Inc. Financial Supplement - Fourth Quarter 2006
Financial Supplement - Fourth Quarter 2006 Business Realignment Business Insurance Financial, Professional & International Insurance Page Number i ii Consolidated Results Financial Highlights 1 Reconciliation
More informationRenaissanceRe Holdings Ltd. Contents. Page Basis of Presentation. i Financial Highlights
Contents Page Basis of Presentation i Financial Highlights 1 Statements of Operations a. Summary Consolidated Statements of Operations b. Consolidated Segment Underwriting Results c. Segment Underwriting
More informationNN Group. NN Group. Delfin Rueda, CFO Bernstein conference 27 September 2018
NN Group NN Group Delfin Rueda, CFO Bernstein conference 27 September 2018 Leading Dutch insurer with strong businesses in European insurance, asset management and Japan Some facts and figures History
More informationSustained performance. Beazley plc Interim report 2014
Sustained performance Beazley plc Sustained performance Sustained performance requires continued investment. Beazley continued to invest in the future development of the business in the first half of,
More informationMerrill Lynch Banking & Insurance CEO Conference
Banking & Insurance Jacques Aigrain Chief Executive Officer London, Today s agenda Delivering Growth in a Riskier World Enlarge market scope ILS - reduce risk and provide growth Summary and outlook Slide
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 informationEVEREST RE GROUP, LTD.
INVESTOR PRESENTATION THIRD QUARTER 2017 EVEREST RE GROUP, LTD SEON PLACE, 141 FRONT STREET, 4TH FLOOR HAMILTON HM 19, BERMUDA Cautionary Note on Forward-looking Statements This presentation contains forward-looking
More informationHiscox USA Overview. The courage to pursue your vision with Hiscox Business Insurance.
Hiscox USA Overview The courage to pursue your vision with Hiscox Business Insurance. BUSINESS FOCUS ON APPETITE GROWTH Hiscox USA is focused on offering our broker partners expert underwriting across
More informationSwiss Re investors and media meeting
Swiss Re investors and media meeting Today s agenda Introduction Stefan Lippe, CEO Business messages Michel M. Liès, Head of Client Markets ILS Martin Bisping, Head of Non-Life Risk Transformation Questions
More informationThe Nexus Group Launches New Underwriting Venture in Asia
The Nexus Group Launches New Underwriting Venture in Asia London and Hong Kong, 2nd November, 2015 Specialty MGA, Nexus Underwriting Management Limited, announces the launch of Nexus Underwriting Asia
More informationInvestor Presentation March 2018
Investor Presentation March 2018 Forward Looking Statements This presentation contains forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation
More informationResults for the year ended 31 December 2018
Results for the year ended 31 December 2018 Generic title white Thursday, 7th February 2019 Disclaimer notice Certain statements made in this presentation, both oral and written, are or may constitute
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 informationBMO Capital Markets Fixed Income Insurance Conference June Gord Menzie Senior Vice-President, Corporate Finance and Treasury
1 BMO Capital Markets Fixed Income Insurance Conference June 2014 Gord Menzie Senior Vice-President, Corporate Finance and Treasury BMO Capital Markets Fixed Income Insurance Conference 2014 2 Cautionary
More informationCorporate Solutions. Agostino Galvagni CEO Corporate Solutions
Corporate Solutions Agostino Galvagni CEO Corporate Solutions On track to deliver against 2015 targets Economic Net Worth 1 10% Commercial insurance Business Unit of the Swiss Re Group A key opportunity
More informationBeautifully designed insurance. Beazley plc Interim report 2017
Beautifully designed insurance Beazley plc Interim report Beautifully designed insurance At Beazley, our commitment is to deliver beautifully designed insurance to our clients around the world. Beautiful
More informationCapital position and risk profile
Capital position and risk profile Incl. development of Property & Casualty claim reserves Dr. Andreas Märkert Chief Risk Officer, Managing Director of Group Risk Management 21st International Investors'
More informationRenaissanceRe Holdings Ltd. Contents. Page Basis of Presentation. i Financial Highlights
Contents Page Basis of Presentation i Financial Highlights 1 Statements of Operations a. Summary Consolidated Statements of Operations b. Consolidated Segment Underwriting Results c. Segment Underwriting
More informationAgeas reports 9 month results Positive trend confirmed
PRESS RELEASE Regulated information Brussels, 16 November 2016-7:30 (CET) Ageas reports 9 month results Positive trend confirmed 9 month 2016 Net Result Inflows Operating Performance Balance Sheet Insurance
More informationSEEING THE DIFFERENCE MAKES THE DIFFERENCE. Brit Limited Interim Report 2018
SEEING THE DIFFERENCE MAKES THE DIFFERENCE Brit Limited Interim Report Contents Interim Management Report 2 Responsibility Statement of the Directors in respect of the Interim Report 14 Condensed Consolidated
More informationDoes M&A insurance close the gap? German M&A and Private Equity Forum March Clemens Küppers Private Equity and M&A Practice
Does M&A insurance close the gap? German M&A and Private Equity Forum 2015 19 March 2015 Clemens Küppers Private Equity and M&A Practice Marsh & McLennan Companies delivers advice and solutions that help
More informationOperating and financial review Zurich Financial Services Group Half Year Report 2011
Operating and financial review 2011 Half Year Report 2011 2 Half Year Report 2011 Operating and financial review The information contained within the Operating and financial review is unaudited. This document
More information