Willis Towers Watson has hired Michael Burwell as CFO, following
Roger Millay's decision to retire in October.
Burwell joins the broker from PwC, where he was a partner. He
will take over from Millay on 2 October.
Burwell has served in senior leadership roles at PwC for the
last decade, including as head of global transformation; chief
operating officer and CFO in the US; and head of transaction
services in the US.
Willis Towers Watson announced in April that Millay...
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-
Willis Towers Watson taps PwC for CFO
-
Sequel in £250mn sale to Verisk
Verisk Analytics is set to acquire London-headquartered
(re)insurance software specialist Sequel from HgCapital and other
shareholders for £250mn ($322mn).
Sequel had revenue of £26mn and Ebitda of £12mn for
the year to 30 June 2017.
The transaction is expected to close in the third quarter.
Verisk said the acquisition would further expand its
comprehensive offering to the global complex commercial and
specialty insurance industry.
Verisk, which was previously known as ISO (Ins -
IGI H1 underwriting profit declines
International General Insurance (IGI) reported a more than 22
percent decline in underwriting profit in the first half, despite
slightly lower claims.
Underwriting profit fell to just under $22.2mn, while the
combined ratio swelled by 7.9 points to 89.8 percent.
Net incurred claims fell by 4.6 percent to just under $34mn, IGI
said. The carrier provided no information about its expense
ratio.
The limited set of figures released by the privately held
company included the disclosure of a 54.9 perce -
Elite Insurance falls £9.7m short of SCR
Gibraltar-based insurer, Elite Insurance has fallen £9.7m short on its solvency capital requirement in the year to 31 March 2017, despite a sizeable strengthening in its reserves. -
Closed Gibraltar insurer Elite reveals solvency capital shortfall
Gibraltar insurer Elite slips below SII solvency capital requirement after ‘large’ reserve hike -
Risk modelling giant snaps up UK software house
US firm Verisk buys UK software house from private equity owner -
Meet the Leeds Expo panellists: Simon Mabb
The Romero managing director delves into the rivalry between Leeds and Manchester and explains why local brokers must attend the regional Expo. -
Verisk to buy Sequel for £250m
US-based Verisk hopes to build its footprint in the UK with Sequel which provides software to the London Market. -
Verisk acquires Sequel from HG Capital for £250m
Data analytics provider Verisk Analytics has decided it will acquire UK software provider Sequel, from HG Capital and other shareholders, for £250m. -
Verisk acquires Sequel from HG Capital £250m
Data analytics provider, Verisk Analytics has decided it will acquire UK software provider, Sequel, from HG Capital and other shareholders for £250m. -
Broker Apprentice: Apply to take part today!
Are you the best new broker in the business? Submit your application by 11 September to be in with a chance of winning Broker Apprentice 2017. -
Investment income boosts HDI Global Q2 profit
Talanx-owned HDI Global posted an 18.8 percent increase in second
quarter operating profit to EUR82mn ($96.4mn), with the result
boosted by higher investment income.
Second quarter investment income jumped 15.2 percent to EUR68mn,
while the underwriting result nudged up to EUR13mn from EUR12mn a
year ago.
The Q2 combined ratio improved by 30 basis points year-on-year
to 97.8 percent.
Overall, HDI reported a 23.3 percent increase in group net
profit to EUR53mn. Premium income for the quarter grew -
Ageas UK injects £24m into Retail business after Kwik Fit loss
Ageas UK has been forced to inject £24m into its Retail broking division to patch up an £18m dent left in the unit’s finances following the closure of Kwik Fit Insurance services. -
Hiscox partners with Digital Fineprint to tackle underinsurance of SME clients
Hiscox has partnered with insurtech start-up Digital Fineprint in order to gauge how social media data can be used to educate business on the risks they face and the insurance solutions that are available to them. -
Increase in cyber insurance take up to boost commercial sector, says HDI Global CEO
Cyber insurance cover is an increasingly important focus area for HDI Global, according to CEO Christian Hinsch. -
Munich Re launches cyber cover for oil and gas sector
In an industry first, Munich Re has launched insurance cover to help tackle cyber exposures posed to the independent upstream oil and gas sector. -
AIR estimates insured losses of $56bn if Hurricane Andrew were to strike again
AIR’s has estimated that if Hurricane Andrew were to recur today, the expected total industry insured losses would be approximately $56bn (£43.48bn), based on today’s exposures. -
Ageas UK forced to pump £24m into Ageas Retail after heavy loss
Ageas Retail suffered heavy loss after Kwik-Fit Insurance Services closure -
HDI Global eyes up international expansion as premiums top £2.5bn in H1
German commercial insurer HDI Global has reported gross written premiums of €2.8bn (£2.5bn) as the business continued to grow in the first half of 2017. -
US Risk acquires B&H Risk Services
Expansive P&C wholesaler US Risk has acquired Dallas-based
MGA and broker B&H Risk Services for an undisclosed sum.
B&H Risk is a wholesale excess and surplus lines insurance
and brokerage operation that offers property, casualty,
workers' compensation, professional risks and risk management
products and services. It also binds contracts for small and
medium-sized businesses through the MGA.
Randall Goss, chairman and CEO of US Risk, commented:
"B&H has built a solid niche and pr -
Compre seals Gjensidige Forsikring US APH deal
Legacy specialist Compre has acquired a legacy portfolio from major
Norwegian insurer Gjensidige Forsikring ASA for an undisclosed sum,
it announced today.
The portfolio comprises US asbestos, pollution and health hazard
(APH) risks underwritten between 1983 and 1985, although the size
of the book was not disclosed.
The deal was structured as a loss portfolio transfer followed by
a business transfer in order to provide full finality to
Gjensidige. Compre will also continue to manage all claims r -
Capsicum Re hires Rance to lead mortgage offering
Capsicum Re has entered the mortgage indemnity reinsurance
market with the hire of Steve Rance from JLT.
Rance will lead the new division, reporting to Capsicum Re CEO
Rupert Swallow. He will start at Capsicum Re in February 2018.
At JLT, Rance was executive vice president and the architect of
NewBuy, the UK's first government-backed mortgage indemnity
initiative. He has also led JLT Global Mortgage Solutions since it
was established in 2008, assuming responsibility for all aspects of
profit and -
Protectivity Insurance launches online portal
Sport and leisure specialist says portal gives brokers access to its commercial combined products. -
Guidewire London market expansion gathers pace with latest insurer sign up
Guidewire London market expansion sees insurer become first to use Guidewrie PolicyCenter -
Ageas teams up with CDL on Flood Re solution
Insurer says aim is to extend broker access to the scheme. -
Lark boosts profit ahead of Aston Scott merger
The company reported increased profit after tax of £5.47m. -
Compre snaps up legacy book from Norway's Gjensidige Forsikring
Compre has acquired a legacy portfolio from the Norwegian insurer Gjensidige Forsikring for an undisclosed sum. -
Losses bite at Ageas Retail after Kwik Fit closure
Shutting the Kwik Fit Glasgow office cost the business £27.2m. -
Opinion: Latecomers beware
The burgeoning mortgage reinsurance market has been a beacon of
hope for beleaguered reinsurers over the last couple of years.
Strong demand for risk transfer from government-sponsored
entities (GSEs) Fannie Mae and Freddie Mac, as well as private
mortgage insurers (PMIs), has offered an outlet for profitable
growth.
Underlying mortgages originated after the financial crisis have
performed strongly, at levels well above historical norms.
And that trend is expected to continue, at least in the ne -
Munich Re extends energy-sector cyber offer
Munich Re Syndicate has created a new product which incorporates
cyber cover with the insurance it offers to upstream and midstream
energy clients.
The initiative reflects a push among carriers to meet mounting
demand for cyber cover within specialty segments including energy
and aviation.
QBE and WR Berkley are among insurers that have been developing
wordings to write back cyber coverage into energy policies through
amendments to the prevalent CL380 cyber exclusion.
Broker Marsh, meanwhile, ha -
Greek-owned tanker collides with US Navy ship
An oil tanker and a US destroyer have crashed off Singapore, the
latest in a series of collisions between a US Navy vessel and a
merchant ship.
According to the US Navy, the guided missile destroyer USS John
McCain collided with the Liberian-flagged Alnic MC earlier today.
Five US navy sailors were injured and ten are missing.
The Alnic is owned by Greek shipping company Stealth Maritime
through a Marshall Islands subsidiary, Brave Maritime.
The US Navy said there were... -
AM Best places Assa ratings under review
AM Best has placed Central American insurer Assa's long-term
financial strength rating and its long-term issuer credit rating on
negative review following its $127mn agreement to acquire
Generali's Panama business.
The ratings agency said it had placed Assa under review because
of the "increased pressure" the deal could exert on the
insurer's risk-adjusted capitalisation and level of financial
leverage "if there is any deviation from the planned funding
structure for the acquisition".
Assa curre -
Richard Hextall to leave MS Amlin
MS Amlin has appointed Chris Rash as chief finance and operations officer following Richard Hextall’s decision to depart from the company at the end of September this year. -
Beware Admiral’s policy when it comes to speed awareness courses
via theguardian.comWhen I said I’d been on one, my insurance quote shot up by £50In a search for car insurance I called Admiral. The agent asked if I had been on any speed awareness courses – I wasn’t quick enough to decline to answer. When I said “yes” the quote increased by £50. The whole point of the courses is that they are an alternative to prosecution – and no record is kept. My course provider, DriveTech, says it does not share details as it is information not -
LV's Martin Milliner on the future of vehicle technologies
Wtih the European Commission looking to mandate 19 vehicle technologies to be fitted as standard, Martin Milliner, director of claims at LV, asks how ready the public and insurers are for advanced driver assistance programmes.
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