Insurance news

• XL expands structured risk operations into US

  02-06-2017 23:20
  XL Catlin is bringing its structured risk solutions to the US
  market and has hired a Zurich underwriter to help develop the
  operation.
  Aiden Joo has taken on the role of senior underwriter in New
  York, reporting to Rob Turner, global head of structured risk
  solutions in London.
  Previously, Joo designed bespoke insurance and alternative risk
  transfer programs, as well as risk financing for large corporate
  clients as an underwriter and deal architect with Zurich global
  corporate in New York,...
  
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• Tysers targets US casualty retail market

  02-06-2017 23:20
  London market broker Tysers is looking to break into the US
  retail market with a new suite of business liability products,
  according to a communique seen by The Insurance
  Insider.
  The intermediary is looking to bolster the flow of production
  through a US entry to supplement the business written through its
  existing wholesale distribution network.
  Tysers will write the business, which spans 14 liability lines,
  through its MGA platform T-Pro, which writes exclusively on
  Lloyd's paper.
  Atrium is th
  
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• Anbang chief Wu blocked from leaving China: FT

  02-06-2017 23:20
  Chinese authorities have prevented Wu Xiaohui, head of acquisitive
  insurer Anbang, from leaving the country, the Financial Times
  (FT) reported today.
  Wu has led the company's efforts to expand its overseas
  asset base and made $6bn in deals last year alone, the paper
  said.
  The FT cited four sources in saying Wu has been barred
  from leaving China, while a company spokesman has denied the
  story.
  The newspaper noted that personal travel restrictions often
  accompany official probes of the people...
  
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• Opinion: Florida remains fragile

  02-06-2017 18:14
  For the first few months of the year there had been much talk of
  change in Florida.
  There was genuine hope that meaningful assignment of benefits
  (AOB) reform could be pushed through the state legislature.
  There was also potential for significant reshaping of the
  homeowners' insurance marketplace when Demotech pulled its
  guidance on the sector and warned of potential downgrades.
  And after the 1 January reinsurance renewals showed further
  signs of pricing stabilisation, property cat underwriters
  
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• Lloyd's must better support young entrepreneurs: Cavanagh

  02-06-2017 18:14
  Lloyd's is not doing enough to promote and foster
  entrepreneurialism and is at risk of losing the best talent to
  other areas of the market, Willis Re CEO John Cavanagh has claimed.
  Speaking at the Association of Lloyd's Members national
  conference yesterday, Cavanagh said Lloyd's had been "a
  bit skittish" in allowing new entrepreneurial start-ups.
  The Lloyd's market has historically been very good at
  providing the right environment for young, ambitious entrepreneurs,
  the executive said, pointing
  
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• Exin granted exclusivity in Ethniki pursuit

  02-06-2017 18:14
  Matt Fairfield's start-up Exin has been awarded exclusivity
  with Greek state-owned insurer Ethniki as its Calamos Asset
  Management-backed bid looks set to win the race to acquire the
  carrier, The Insurance Insider
  understands.
  Sources said the long-running process was approaching its
  conclusion after months in which Exin and its Greek-American
  billionaire financier John Calamos battled fierce competition from
  a trio of Chinese conglomerates.
  The final signing of the deal is understood to be immi
  
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• Burton named Greenlight Re CEO

  02-06-2017 18:14
  Former SAC Re CEO Simon Burton has been appointed chief
  executive of Cayman Islands-headquartered total return reinsurer
  Greenlight Capital Re.
  In a statement Greenlight Re said the hire will take effect from
  1 July, with Burton also becoming a member of the board.
  The company's interim CEO Leonard Goldberg will step down
  from the position upon Burton's arrival, but will retain his
  seat on the board.
  Goldberg has led Greenlight Re on a temporary basis since the
  departure of former...
  
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• Succession planning: Consider consolidation

  02-06-2017 17:28 via insuranceage.co.uk
  
  Consolidation can provide an elegant solution for brokers wanting a smooth transition when they sell their businesses, writes Sam Barrett
  
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• Greenwood Insurances and Moreland Insurance Brokers merge

  02-06-2017 17:27 via insuranceage.co.uk
  
  Scottish businesses to keep both brands and offices.
  
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• Editor's letter - June 2017

  02-06-2017 17:26 via insuranceage.co.uk
  
  Up in smoke: In a difficult market, brokers need to be innovative and find new niches
  
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• This Month in Post: General election, summer holidays and expert opinions

  02-06-2017 16:22
  
  With another General Election looming, the insurance industry will likely be holding its breath on what the incoming government will make of the insurance premium tax, the Ogden rate and whiplash reform.
  
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• Billionaire Anbang boss Wu Xiaohui barred from leaving China

  02-06-2017 16:02
  Acquisitive insurer sees plans stymied by financial controls and political infighting
  
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• UK General appoints John Spencer as chairman

  02-06-2017 15:29
  
  Markel non-executive director John Spencer has been appointed as a director of UK General, according to public filings.
  
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• Empty shells or letter boxes ‘not acceptable’ post-Brexit subsidiaries, EU regulator says

  02-06-2017 15:14
  
  Insurers looking to set up a post-Brexit base in the European Union will need to ensure their relocation plans have the proper supervision, the chairman of the European insurance watchdog has said.
  
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• Juventus Football Club’s stadium rebranded as 'Allianz Stadium'

  02-06-2017 14:46
  
  Allianz Italy has signed an agreement which will see Juventus Football Club’s stadium rebranded as “Allianz Stadium”.
  
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• Billionaire Anbang boss prevented from leaving China

  02-06-2017 14:21
  Acquisitive insurer sees plans stymied by financial controls and political infighting
  
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• Universal expands cat tower while adding cover

  02-06-2017 13:14
  Universal Insurance has expanded its catastrophe reinsurance
  limit to $2.65bn for a single event in Florida while keeping its
  retention stable at $35mn, the Fort Lauderdale-based carrier said
  yesterday.
  The reinsurance arrangements for Universal's two operating
  units, Universal Property & Casualty and American Platinum
  Property & Casualty, kicked in yesterday with participants that
  include Nephila Capital (via Allianz Risk Transfer), Everest Re,
  RenaissanceRe, Chubb Tempest Re and Lloyd'
  
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• Ryan MGA WKFC loses CEO Sillat

  02-06-2017 13:14
  WKFC Underwriting Managers president and CEO Mike Sillat has
  resigned from the Ryan Specialty Group (RSG)-owned MGA,
  The Insurance Insider can reveal.
  According to sources, the executive handed in his resignation
  last week and is thought to be leaving the RSG unit to take up a
  new opportunity in the sector.
  Sillat also oversaw CorRisk and CivicRisk, with the MGAs all
  coming under RSG Underwriting Managers (RSGUM).
  An RSG representative confirmed the executive's resignation
  and said there would b
  
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• Opinion: Double-dip 1.6

  02-06-2017 13:14
  Property catastrophe reinsurance rates plummeted in 2013 and
  2014, before easing up through 2015, 2016 and on into the early
  months of this year.
  The story of every major reinsurance renewal over the last two
  or three years has been one of easing rating pressure.
  There was first talk about bottoming, or a floor to pricing,
  being found as early as 2015.
  That has proved to be wishful thinking on the part of
  reinsurers, with underwriters giving additional ground in...
  
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• Lloyd's international regulatory affairs chief departs

  02-06-2017 13:14
  Rosemary Beaver, the head of international regulatory affairs at
  Lloyd's, has stepped down after 30 years at the
  Corporation.
  Andrew Gurney will take on Beaver's former responsibilities,
  in addition to his role as deputy head of international regulatory
  affairs, according to sister title Reactions, which broke
  the news yesterday. He has worked at Lloyd's since 1998.
  The Lloyd's regulatory affairs department coordinates the
  London specialty market's global licence network and is
  responsible for n
  
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• Hancock takes hard line on Lloyd's market growth

  02-06-2017 13:14
  Lloyd's performance management director Jon Hancock has said
  he expects the market to shrink for the next two years, as the
  Corporation takes a tough stance on underperforming lines of
  business.
  Speaking at the Association of Lloyd's Members national
  conference yesterday, Hancock said the market needed to change what
  it is doing to improve underwriting results.
  "I expect the market to shrink this year and to shrink next
  year," he said. "Premiums must surely reduce if
  performance is going to...
  
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• Argenta's White to lead LMA members' agents committee

  02-06-2017 13:14
  Argenta non-executive director Graham White is to lead a new
  Lloyd's Market Association (LMA) group to represent the
  interests of members' agents at Lloyd's.
  The LMA said today that the newly established committee will
  include representatives from the three Lloyd's members'
  agencies: Alpha, Argenta and Hampden.
  White, a former deputy chairman of the Corporation of
  Lloyd's, will chair the committee. It will meet for the first
  time on 16 June, said the LMA, which represents Lloyd's
  underwriters.
  M
  
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• UK General technical director Simon Tate leaves the business

  02-06-2017 13:06
  
  UK General technical underwriting director Simon Tate has left the business, with his departure following the resignation of chief risk officer Steve Blott last month.
  
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• UK General parts ways with DFS and Argos furniture warranty provider

  02-06-2017 13:06
  
  UK General has closed its underwriting agency with the company which provides furniture warranty insurance to Argos and DFS.
  
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• Lloyd’s no longer number one, says top reinsurance broker CEO

  02-06-2017 12:29
  
  Lloyd’s no longer number one and must raise profile in a competitive environment, says Willis Re CEO
  
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• ABI and BA in travel disruption claims battle

  02-06-2017 12:10
  
  ABI and BA lock horns over claims advice on airline’s website
  
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• Lemonade increases customer base by 43% eight months after its launch

  02-06-2017 12:07
  
  Lemonade has grown its customer base by 43%, eight months since its launch in America, beating its annual target. 
  
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• UKBA: Winner's logo gives Bridge Insurance Brokers competitive edge

  02-06-2017 11:45 via insuranceage.co.uk
  
  The winner’s logo has been used on official documents to help win new appointments.
  
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• Quizzical questions: 2 June 2017

  02-06-2017 11:33 via insuranceage.co.uk
  
  Test your knowledge of the week's news with our topical quiz.
  
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• Insurance Island Risks - Fresh Insurance's Lisa Powis

  02-06-2017 10:58 via insuranceage.co.uk
  
  Insurance Island Risks returns and we meet the Fresh Insurance CEO and she shares her favourite records, along with revealing how she got into broking, her family connections, and charity work.
  
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• Stephen Catlin confirmed as keynote speaker for MGAA 2017

  02-06-2017 10:40 via insuranceage.co.uk
  
  Annual conference takes place in London on 4 July.
  
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• Insurers in row with BA over bill for cancellation expenses

  02-06-2017 10:40
  
  Insurers have hit out at British Airways for encouraging customers to claim on their travel insurance for ‘disruption expenses’ caused from the recent IT outage.
  
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• In-depth - SME: Learning a trade

  02-06-2017 09:58 via insuranceage.co.uk
  
  From plumbers and electricians to vape shops and beauticians, some SMEs and sole traders are hard to reach, but complex and changing roles could present opportunities for brokers, writes Siân Barton
  
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• 2017 Post Claims Awards: Full list of winners

  02-06-2017 09:46
  
  Covea notched up two team wins and NFU Mutual chief claims manager Matthew Scott (above) took home the Achievement Award at the Post Claims Awards last night at the Sheraton Park Lane, London.
  
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• Blog: Empowering customers through digitisation

  02-06-2017 08:00
  
  Insurtech has arrived. There are daily headlines speculating how the technological revolution will impact the insurance industry and there’s no question that it will. In the second blog of this four-part series, Rachel Riley, managing director of global brands and major enterprises for WPA, looks at the impact of digitisation for the consumer.
  
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• Third Point Re investment gains outpace S&P 500

  02-06-2017 02:50
  Total return reinsurer Third Point Re's investment returns
  rose last month to the highest level since January and put the
  Bermudian on track for its best results since 2013, data released
  today show.
  The company's investable assets, managed by Danial
  Loeb's Third Point LLC hedge fund in New York, posted a 2.2
  percent net return in May, the largest gain since the 2.6 percent
  recorded in January.
  Year-to-date returns have reached 10 percent, the company said,
  which if it holds...
  
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• Illinois governor expected to veto workers' comp bills

  02-06-2017 02:50
  Illinois lawmakers passed two measures to reform the state's
  workers compensation system as the spring legislative session
  ended, but Republican Governor Bruce Rauner is expected to veto
  both after party colleagues and business groups faulted the bills
  as "fake".
  One proposal calls for the state's workers' compensation
  commission to loan $10mn to the Illinois Employers Mutual Insurance
  Company to set up a public competitor to carriers that provide the
  cover in the fifth most-populous US state.
  T
  
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• Hub and USI in accelerated Wells Fargo process

  02-06-2017 02:50
  Private equity-backed brokers Hub and USI are the frontrunners
  to acquire Wells Fargo's insurance brokerage and consulting
  business as the bank looks to sell the unit in a fast-tracked
  process, The Insurance Insider
  understands.
  According to sources, Wells Fargo has ruled out selling to
  potential private equity buyers that do not currently have an
  insurance broking platform.
  First-round bids for the broking asset were due around a
  fortnight ago and were solicited just days after potential
  acquir
  
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• Trump allies push new Fannie and Freddie reform plan

  02-06-2017 00:29
  Paulson and Blackstone urge privatisation of US mortgage agencies
  
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