Insurance news

• Integro buys entertainment specialist Ventura

  18-12-2014 22:31
  Expansive broker and risk manager Integro has completed its second
  acquisition of the week with a deal to buy entertainment specialist
  Ventura Insurance Brokerage on undisclosed terms.
  Integro said the acquisition of its fellow New York-based firm
  represents a significant expansion of its entertainment practice as
  it highlighted Ventura's reputation in the film, television,
  media and theatre industries.
  As well as providing entertainment sector services, Ventura also
  has a presence in the av
  
  Read more

• Farmers Mutual of Iowa to buy John Deere crop business

  18-12-2014 19:39
  Deere & Company has agreed a deal to sell its crop insurance
  business to Farmers Mutual Hail Insurance Company of Iowa.
  The Insurance Insider revealed in
  September that the Illinois-based company had appointed Citi in
  relation to a potential sale of its misfiring crop insurance
  operations.
  And in a statement today (18 December), Deere & Company said
  a sale had been agreed after a review of strategic operations for
  the unit.
  The deal includes the sale of both John Deere...
  
  Read more

• Aegis stops writing aviation war as 'model is broken'

  18-12-2014 16:40
  Aegis London's Syndicate 1225 has withdrawn from the
  aviation war market after rates failed to harden sufficiently
  despite the sector posting a loss ratio in excess of 1,000 percent
  in 2014.
  David Croom-Johnson, active underwriter for the syndicate, told
  The Insurance Insider: "The
  underwriting model is broken so there is no chance of getting a
  recovery on the losses, nor is there any chance of us paying for
  future losses."
  He said that underwriters had been willing to give 13...
  
  Read more

• Industry responds to impending Tria expiry

  18-12-2014 16:22
  The insurance industry has responded with dismay to the US
  Senate's failure to reauthorise the Terrorism Risk Insurance
  Act (Tria) before its expiry date on 31 December 2014.
  In a statement, Ace chairman and CEO Evan Greenberg said
  congressional failure to approve the renewal of Tria was
  "deeply disappointing".
  "It was simply irresponsible for our elected officials to
  adjourn without reauthorising Tria. By letting Tria lapse, they
  have exposed our economy and our society to th
  
  Read more

• Advertisement

• XL takeover bid represents good deal say analysts

  18-12-2014 15:05
  
  Francesca Nyman Postonline
  
  
  XL Group’s proposed bid for Lloyd’s insurer Catlin would be positive for both parties, although potential overlap between the firms would need to be ironed out, according to analysts.
  
  Read more

• Rival bids for Catlin from Asia and US predicted following XL offer

  18-12-2014 15:05
  
  Francesca Nyman Postonline
  
  
  XL Group’s potential acquisition of Catlin has been billed as positive for both parties, although the bid is expected to flush out interest from Asian and US firms targeting a Lloyd's presence, according to analysts.
  
  Read more

• Government to make FCA and PRA more accountable

  18-12-2014 14:55
  
  Stephanie Denton Postonline
  
  
  Following a review the government has published a number of recommendations to ensure the way the financial regulators make enforcement decisions continues to be fair, transparent and efficient.
  
  Read more

• Ace pays $365mn for Fireman's Fund personal lines unit

  18-12-2014 14:51
  Ace has agreed to acquire Allianz subsidiary Fireman's
  Fund's personal lines business in a renewal rights deal worth
  $365mn following an auction process, the two companies confirmed
  today (18 December).
  In November The Insurance Insider
  reported that Ace was the frontrunner in the sales process.
  The effective final consideration is unclear because the
  structure of the deal means that Ace will have to put up new
  capital to support the ongoing underwriting.
  Banking sources had been talking
  
  Read more

• Advertisement

• US analysts bearish on XL's Catlin bid

  18-12-2014 14:34
  Equities analysts covering XL Group are showing only limited
  enthusiasm for the P&C (re)insurer's £2.5bn bid for
  London-listed carrier Catlin Group, which was announced yesterday
  (17 December).
  Analysts flagged up the double-digit dilution that the proposed
  terms would inflict on XL's shareholders, the halt that it
  would call to accretive buybacks and the execution risk associated
  with a major acquisition.
  Bernstein analyst Josh Stirling downgraded XL to underperform
  and slashed
  
  Read more

• Ace to acquire Fireman's Fund PL business for £234m

  18-12-2014 14:29
  
  Callum Brodie Postonline
  
  
  Allianz has agreed to sell its Fireman’s Fund Insurance Company personal lines business in the US to Ace for $365m (£234m) by means of renewal rights arrangement.
  
  Read more

• Ageas signs five-year household deal with Pen Underwriting

  18-12-2014 14:28
  Arthur J Gallagher’s MGA to return e-traded quotes more often
  
  Read more

• Ageas signs five-year capacity household deal with Pen Underwriting

  18-12-2014 14:28
  Arthur J Gallagher’s MGA to return e-traded quotes more often
  
  Read more

• Government sets March 2015 Budget date

  18-12-2014 14:09
  
  Katie Marriner Postonline
  
  
  Chancellor of the Exchequer George Osborne is to deliver the final Budget for the current parliament on 18 March 2015.
  
  Read more

• Insurers welcome band H inclusion into Flood Re

  18-12-2014 13:33
  But insurers said more work needed to be done to get the scheme enshrined into law before the July deadline
  
  Read more

• Russian Roundup: Q4 2014

  18-12-2014 13:26
  
  Paul Koshik Postonline
  
  
  Insurance companies Allianz and AIG closed their business arms in Russia while Rosgosstrakh closed its Belarusian subdivision and continued to receive fines for breaching the law for selling compulsory motor third party liability insurance certificates
  
  Read more

• Allied World launches Latin America D&F cover

  18-12-2014 13:20
  Allied World Syndicate 2232 has received approval to underwrite
  direct insurance and facultative reinsurance business for Latin
  America and the Caribbean, the firm announced today (18 December).
  Casualty, professional liability, property and specialty -
  including marine cargo and aviation - are among the new lines of
  business offered, Allied World said.
  The portfolio will be developed by Paul Manguson, senior vice
  president for underwriting, and Paul Obolensky, senior vice
  president, business de
  
  Read more

• Most operational losses stem from customer service and policy admin, states report

  18-12-2014 13:06
  
  Callum Brodie Postonline
  
  
  Customer service and policy administration is the business area where the majority of operational losses were reported by insurance companies over the first half of 2014, according to Oric International.
  
  Read more

• Band H inclusion deemed ‘common sense' by HNW insurers

  18-12-2014 13:01
  
  Katie Marriner Postonline
  
  
  The government decision to include high tax band properties in Flood Re is a step towards making the scheme more inclusive, high net worth insurers have claimed.
  
  Read more

• AXA hires e-trading and two regional branch directors

  18-12-2014 12:40
  Insurer preparing to launch e-traded mini-fleet and push into mid-market risks
  
  Read more

• Axa looks to Hiscox for commercial e-trading role

  18-12-2014 12:31
  
  Katie Marriner Postonline
  
  
  Axa Commercial Lines and Personal Intermediary has made two appointments to the senior management team of its commercial business.
  
  Read more

• Flood Re: Band H homes to be included

  18-12-2014 12:27
  Defra confirms that band H properties are to be included in government flood insurance scheme.
  
  Read more

• Defra, ABI confirm Flood Re deal

  18-12-2014 12:24
  The Department for Environment, Food and Rural Affairs (Defra) and
  the Association of British Insurers (ABI) today (18 December)
  confirmed that they have struck a deal on Flood Re.
  As reported by The Insurance Insider
  yesterday, the agreement sets
  out further details on the operation of the UK state-backed
  flood reinsurer.
  The deal will enable legislation to be laid in Parliament next
  year and Flood Re to operate as a reinsurer, following regulatory
  approval, Defra said.
  Defra also announced tha
  
  Read more

• Axa adds two to senior management team

  18-12-2014 12:05
  Insurer creates three new roles.
  
  Read more

• AM Best dismisses need for rating action on insurers reliant on TRIPRA

  18-12-2014 11:55
  
  Katie Marriner Postonline
  
  
  The US federal terrorism programme is to expire on 31 December due to the failure of the US Senate to reach an agreement to extend the Terrorism Risk Insurance Protection Reauthorization Act before the adjournment of congress.
  
  Read more

• LV’s Bunker looks to 2015

  18-12-2014 11:40
  Phil Bunker, managing director of LV Brokers talks us through his 2014 and looks to next year.
  
  Read more

• Bluefin buys care and training specialist Marchant McKechnie

  18-12-2014 11:19
  East Yorkshire broker is Bluefin’s fifth acquisition this year
  
  Read more

• Band H homes to be included in Flood Re

  18-12-2014 11:18
  Chief financial officer and operations officer also named
  
  Read more

• Pen teams up with Ageas on online household capacity deal

  18-12-2014 11:17
  
  Callum Brodie Postonline
  
  
  Ageas has reached an agreement with Arthur J Gallagher managing general agent brand Pen Underwriting to provide long-term capacity for household insurance through a number of online-traded solutions.
  
  Read more

• Ageas and Pen sign online deal for household insurance

  18-12-2014 11:10
  Products from Ageas to be available via Gallagher-owned Pen’s e-trading division.
  
  Read more

• Bluefin buys Marchant McKechnie

  18-12-2014 11:10
  The regional broker is Bluefin's fifth acquisition of the year.
  
  Read more

• Broker Network extends Allianz partnership deal by three years

  18-12-2014 11:04
  
  Callum Brodie Postonline
  
  
  Allianz has renewed its strategic partnership with Broker Network for an additional three years.
  
  Read more

• Band H properties to be included in Flood Re

  18-12-2014 10:59
  
  Katie Marriner Postonline
  
  
  The Department for Food, Environment and Rural Affairs has agreed that band H properties in England and band H and I properties in Wales should be included in the Flood Re scheme.
  
  Read more

• Allianz renews deal with Broker Network

  18-12-2014 10:25
  Insurer renews partnership with Towergate-owned network for further three years.
  
  Read more

• Catlin confirms XL’s £2.5bn takeover approach

  18-12-2014 10:12
  Deal would be funded through mixture of cash and shares.
  
  Read more

• Motor premiums climb 2.1% - Confused/Towers Watson

  18-12-2014 09:54
  An increase in bodily injury claims is behind the rise
  
  Read more

• Piracy boom threatens key oil and gas supply chain route

  18-12-2014 09:43
  A proliferation of pirate attacks along the Strait of Malacca is a major concern for 2015 – XL
  
  Read more

• Broker Network extends partnership with Allianz

  18-12-2014 09:31
  Allianz has signed with Broker Network for the next three years
  
  Read more

• Broker Network extends partnership deal with Allianz

  18-12-2014 09:31
  Allianz has signed a deal with Broker Network for the next three years
  
  Read more

• Ageas UK team's up with Virgin Money in new partnership

  18-12-2014 09:11
  Partnership will launch new home and motor products in 2015
  
  Read more

• Ace hires McWhinney in Singapore

  18-12-2014 07:09
  
  Andrew Tjaardstra Postonline
  
  
  Ace has appointed Wai Lin McWhinney as its head of accident and health and personal and business insurance for Singapore.
  
  Read more

• Motor premium increases to be reflected in 2015 results

  18-12-2014 01:05
  
  Katie Marriner Postonline
  
  
  Insurers are unlikely to see any favourable impact from motor premium increases until their 2015 results, according to Towers Watson.
  
  Read more

• Average UK motor premiums rise 0.3% in November

  18-12-2014 01:05
  
  Katie Marriner Postonline
  
  
  The average price of a new comprehensive motor policy rose 0.3% to £590 in November; the third successive month of price increases, according to the Towers Watson and Confused insurance price index.
  
  Read more

Follow @Insurance_UKnws on Twitter!