Insurance news

• James River sets sights on $685mn valuation in IPO

  03-12-2014 19:10
  James River is hoping to secure a valuation of up to $685mn in its
  planned initial public offering (IPO) on the Nasdaq exchange, the
  Bermuda-domiciled excess & surplus lines insurer has disclosed.
  In a S1/A document filed yesterday (2 December), James River
  said that it would offer 11 million common shares at an estimated
  price range of between $22.00 and $24.00 per share, which could
  potentially raise $242mn to $264mn of capital.
  Multiplied by the company's 28.54 million of common...
  
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• London market welcomes UK reinsurance charm offensive

  03-12-2014 17:41
  London market bodies have responded positively to UK Chancellor
  of the Exchequer George Osborne's announcement of a review
  aimed at ensuring the UK tax and regulatory regime is as
  competitive as possible for reinsurance.
  In his autumn statement, released today (3 December), the
  cabinet minister said the UK government would "explore options
  to ensure that the UK's regulatory and tax regime is as
  competitive as possible to attract more reinsurance business to the
  UK".
  Welcoming t
  
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• Aon launches public sector MGA

  03-12-2014 16:26
  Maven Public Sector to underwrite for local authorities, police and fire services
  
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• Axa picked as insurance expert for driverless cars project

  03-12-2014 16:04
  Katie Marriner Postonline
  
  
  Axa has been selected as part of two government-funded initiatives to pilot driverless cars in the UK.
  
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• Government to review tax and regulation to attract reinsurers

  03-12-2014 16:00
  Reform mooted in Autumn statement
  
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• Government lays out intention to attract more reinsurance business to UK

  03-12-2014 15:50
  
  Katie Marriner Postonline
  
  
  Government is to report on progress in attracting more reinsurance business to the UK at Budget 2015, according to today's Autumn Statement.
  
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• Pool Re fee hike to add £175mn to UK coffers from 2015/6

  03-12-2014 15:42
  The UK Treasury has detailed the fiscal impact of the fivefold
  increase in fees it will receive from state-backed terrorism mutual
  Pool Re from 1 January 2015.
  Under the new calculations, published in the Treasury's
  autumn statement today (3 December), the UK government said it
  expected to receive an extra £50mn for this fiscal year
  (2014-15), and £175mn more for each year after that.
  The figures follow the negotiations between the Treasury and
  Pool Re, which came to a head...
  
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• Osborne unveils tax relief on flood defence contributions

  03-12-2014 15:39
  
  Mark Sands Postonline
  
  
  Chancellor George Osborne has pledged to cut taxes on business contributions on flood defences in order to encourage private sector investment.
  
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• UK wants regs and tax to be 'as competitive as possible' for reinsurance

  03-12-2014 15:14
  UK Chancellor of the Exchequer George Osborne has announced a
  review designed to make the UK tax and regulatory regime as
  competitive as possible for the London reinsurance market.
  In his autumn statement, delivered today (3 December), the
  politician said: "Building on the UK's position as a world
  leader in the global insurance market, the government will explore
  options to ensure that the UK's regulatory and tax regime is as
  competitive as possible to attract more reinsurance busin
  
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• Heritage Group takes 40% stake in Aro Underwriting

  03-12-2014 15:05
  New shareholder to invest in growth areas next year
  
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• Apprentice employers to benefit from National Insurance cuts

  03-12-2014 14:54
  
  Katie Marriner Postonline
  
  
  Employer National Insurance contributions for apprentices below the age of 25 are to be abolished, Chancellor of the Exchequer George Osborne announced in today's Autumn Statement.
  
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• Solvency II guidelines 'too detailed and restrictive': Eiopa feedback

  03-12-2014 14:20
  Respondents to a public consultation on Solvency II guidelines
  issued by the European Insurance and Occupational Pensions
  Authority (Eiopa) have described them as "too detailed and
  restrictive".
  The first set of draft guidelines, released for consultation on
  2 June, cover areas such as technical provisions, group solvency
  and internal models.
  "The comments ranged from finding the guidelines to be
  'too detailed and restrictive' to being 'inconsistent
  or duplicating the
  
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• 45 US lawmakers call for Tria action

  03-12-2014 14:20
  More than 40 members of the US House of Representatives have
  called for swift action to secure a multi-year extension of the
  Terrorism Risk Insurance Act (Tria).
  In a 1 December letter, lawmakers urged Speaker of the House of
  Representatives John Boehner and House majority leader Kevin
  McCarthy to schedule action on Tria immediately after the House
  returns from the midterm elections.
  "We further urge you not to consider a short-term
  extension, as this would only prolong the uncertainty that
  
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• Towergate seeking NED following departure of James Strachan

  03-12-2014 12:38
  Former FSA director had been on broking group’s board for three years
  
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• Aviva risk boss named IRM chair

  03-12-2014 12:32
  
  Mark Sands Postonline
  
  
  Aviva’s group risk director José Morago has been appointed chairman of the Institute of Risk Management.
  
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• Gallagher international chairman John Hastings-Bass to retire

  03-12-2014 12:28
  Hastings-Bass credited as ‘driving force’ behind broker’s move to Asia Pacific
  
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• Strachan steps down from Towergate

  03-12-2014 11:31
  Non-executive director for group risk and compliance exits consolidator.
  
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• ArgoGlobal appoints marine hull underwriter

  03-12-2014 11:19
  Lloyd's insurer ArgoGlobal has appointed Davinia Melachrinos as
  marine hull underwriter, the firm announced today (3 December).
  Melachrinos will take up her position at ArgoGlobal, the
  European subsidiary of Bermudian Argo, with immediate effect. She
  will report to Richard Hoole, yacht and hull class underwriter.
  She joins from Amlin, where she was hull and machinery assistant
  underwriter.
  Philip Thorpe-Apps, head of marine and energy, commented:
  "Davinia is a highly promising and talen
  
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• Post magazine – 4 December 2014

  03-12-2014 11:15
  
  Simon Turner Postonline
  
  
  The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
  
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• Heritage invests in Aro for schemes push

  03-12-2014 11:10
  The provider has bought 40% of the schemes specialist's shares.
  
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• Liberty’s Irish CEO O’Brien steps down

  03-12-2014 10:57
  
  Mark Sands Postonline
  
  
  The CEO of Liberty Insurance in Ireland is to step down three years after being appointed to lead the reform of the formerly Seán Quinn-run business.
  
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• Beazley opens Dubai office in Middle East push

  03-12-2014 10:28
  Specialist Lloyd's insurer Beazley has opened an office in the
  Dubai International Financial Centre that will be led by political
  risks and contingency underwriter Crispin Hodges.
  The business will underwrite political risk, trade credit,
  terrorism, political violence, and contingency insurance as Beazley
  Middle East Limited, a service company that is a coverholder of
  Beazley syndicates 623 and 2623 at Lloyd's.
  Hodges said the lines of business Beazley intended to offer were
  crucial to h
  
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• ABI welcomes fraud task force

  03-12-2014 10:08
  Government proposals to tackle insurance fraud welcomed by industry.
  
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• Suncorp: Brisbane storms eat up half of natural hazards provisions

  03-12-2014 10:04
  Australian carrier Suncorp has revealed that the heavy storms
  which battered Brisbane last week will probably cause it to take a
  A$250mn hit.
  In a statement to the market today (3 December), Suncorp said it
  had already received about 24,500 home, motor and commercial
  claims, and that the number of claims was expected to increase.
  Suncorp said that it expected to reach its maximum financial
  limit for natural hazard events of A$250mn, but referenced its
  comprehensive reinsurance programme, and a..
  
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• Roberts steps down as Innovation CEO

  03-12-2014 10:00 via insuranceage.co.uk
  Andy Roberts to leave role at insurance software provider next year.
  
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• Government to launch claims fraud taskforce

  03-12-2014 08:07
  New initiative to be chaired by Law Commissioner David Hertzell
  
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• Oak on hiring spree as it targets 25% growth

  03-12-2014 07:29
  RSA’s high net worth business recruiting for eight roles
  
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• Citizens slashes exposure by 22% as benign hurricane season ends

  03-12-2014 04:50
  Florida's state-backed insurer Citizens has reduced its policy
  count and exposure by more than a fifth since 1 June as it
  continues to aggressively downsize and transfer risk back to the
  private market.
  In a statement today (2 December) marking the official end of
  the 2014 hurricane season, Citizens said that it was benefiting
  from a property insurance market that has stabilized through a
  nine-year respite from major storms.
  It said that since 1 June it has slashed its policy...
  
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• AFG in $90mn special dividend

  03-12-2014 04:25
  American Financial Group (AFG) has become the latest US insurer to
  demonstrate active capital management with a $90mn special dividend
  and an increase in its share repurchase authorization.
  The $1 a share special dividend is payable on 24 December 2014
  and follows a similar payout around the same time last year by AFG
  as it continues to address its excess capital position.
  The increased authorization by its board took the insurer's
  buyback plan to 5 million shares from 3.2 million...
  
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• Universal to cut QS after $19mn Nephila investment

  03-12-2014 03:55
  Nephila Capital has taken a $19mn stake in Universal Insurance
  Holdings (UIH) that the Florida-based insurer says will allow it to
  further reduce its use of quota share reinsurance.
  In a statement, UIH said it had sold 1 million treasury shares
  for $19 each to Nephila's Ananke Catastrophe Investments
  affiliate in a privately negotiated transaction.
  And the insurer - which operates as Universal Property &
  Casualty Insurance Company - said it will use the proceeds to
  accelerate its expansi
  
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• Carl Shuker named Broker CEOs' CEO

  03-12-2014 00:20
  A-Plan chief executive collects peer-chosen award
  
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