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Outgoing CEO Peter Hancock will receive a lump sum of more than $14.5mn upon leaving AIG, in addition to his base salary and potential bonuses for 2017.
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Hard market pockets are emerging in the US trucking and transportation reinsurance market as deteriorating underlying results lead treaty underwriters to take a tougher stance on new and renewal business, The Insurance Insider can reveal.
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As insurers lick their wounds after an unexpectedly sharp cut to the UK Ogden rate, it may come as a surprise that auto carriers outperformed last week as the rest of the sector lagged behind the wider market.
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Lloyd's carriers posted shrinking returns in the second half of 2016 compared to the same period of the year before, after being dragged down by falling underwriting margins.
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The average combined ratio for The Insurance Insider's composite of Lloyd's carriers swelled by 9.6 percentage points year-on-year to 95.1 percent in the second half of 2016.
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London's leading P&C insurers broadly tempered their top-line growth in 2016, with many carriers forced to look outside of their Lloyd's book to boost profitability.
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The Bermuda composite's operating return on equity (RoE) declined by a third to 5.8 percent in the final quarter of 2016.
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Share price data on The Insurance Insider's universe of P&C (re)insurers
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The Insurance Insider's composite of (re)insurance stocks rose 2 percent last week, but underperformed the FTSE 100, Stoxx Euro 600 and S&P 500
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Bermudian carriers recorded heavy cat losses in the fourth quarter of 2016 to take the group's combined ratio 6.1 percentage points higher year-on-year to 93.9 percent.
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Auto insurers have been looking to advances in technology such as rear-view cameras and collision-avoidance systems to lower the cost and frequency of claims, but some have suggested that the new developments are among the factors helping to drive up losses
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Gross written premium (GWP) expansion at Bermudian (re)insurers slowed in Q4 2016, following a lumpy, M&A-driven prior-year quarter and a slowdown in insurance underwriting.
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