Insurance news

• Senate passes six-year TRIA reauthorisation

  08-01-2015 23:52
  The US senate passed legislation today (8 January) to renew
  government terrorism backstop TRIA for six years in a move roundly
  applauded by the (re)insurance industry.
  The Terrorism Risk Reauthorisation Act of 2015 (HR 26) was
  passed by a vote of 93 to 4 after near unanimous passage by the
  House of Representatives yesterday, and will now go to President
  Obama to be signed into law.
  The rapid bipartisan resolution of TRIA renewal comes after
  reauthorization legislation was blocked at...
  
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• Aon Benfield chief predicts vertical integration of distribution

  08-01-2015 19:57
  The traditional broker chain which places business from primary
  insurance through to retro could collapse, Eric Anderson, CEO of
  Aon Benfield has said, predicting a process of vertical
  integration.
  The traditional model for placing business could be streamlined,
  as reinsurers, carriers and their brokers all look to move more
  closely to the ultimate client, Anderson said speaking at an
  Insurance Institute of London lecture in the Lloyd's Old
  Library today (8 January).
  "The swim lanes of
  
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• Lorica takes one from Towergate

  08-01-2015 18:26
  Additional recruits join from Anderson Ashcroft, WTJ Insurance Brokers, Hamilton Leigh and Berkeley Insurance Group.
  
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• RSG subsidiary launches Lloyd's upstream energy binder

  08-01-2015 16:31
  Global Special Risks (GSR), a subsidiary of Ryan Specialty Group
  Underwriting Managers, has today (8 January) launched a binding
  authority for upstream energy.
  The new entity has backing from Lloyd's oil and gas and
  energy underwriters. Business will be underwritten in Houston,
  Texas, by GSR's chief underwriting officer Thomas Morelli.
  GSR's upstream solutions energy package provides products
  for oil and gas operators and non-operators of North America-based
  exploration and productio
  
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• Howden enters Malaysia with CIMB partnership

  08-01-2015 16:31
  Acquisitive Hyperion subsidiary Howden Broking Group has begun 2015
  with a partnership with CIMB that sees it take a 49 percent stake
  in the major Malaysian bank's insurance broking business.
  The deal gives Howden its first retail broking presence in
  Malaysia, and is its second acquisition in South-East Asia after
  moving into the region in 2011 with the takeover of Singapore's
  Accette Insurance Group.
  CIMB Insurance Brokers will continue to be led by CEO Eddy
  Hon.
  CIMB is currently the..
  
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• Big UK motor insurers retaining less risk – Guy Carpenter

  08-01-2015 16:07
  At least two reinsurers have stopped offering non-capitalised PPO cover, broker says
  
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• Charles Taylor acquires Scottish Widows International

  08-01-2015 16:02
  London-listed insurance services provider Charles Taylor has
  agreed a deal for its subsidiary Metrowise to acquire Scottish
  Widows International, a Jersey-based life insurer in run-off, from
  Scottish Widows plc for £12.5mn.
  The deal is part of Charles Taylor's strategy to make
  tactical acquisitions in the international life insurance sector to
  grow its business in the Isle of Man.
  Scottish Widows International will be relocated to the Isle of
  Man following the acquisition and its polici
  
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• Money Talks: News on house prices and energy bills, plus how to maximise loyalty points

  08-01-2015 15:54
  
  Our round-up also features homes with conservatories, work advice and a saving on travel insurance
  Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• Chase Templeton acquires broker Best Health

  08-01-2015 15:31
  
  Francesca Nyman Postonline
  
  
  Private medical insurer Chase Templeton has purchased Britsol-based broker Best Heath.
  
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• AmTrust raises $150mn in public offering

  08-01-2015 15:26
  US insurer AmTrust has raised $150mn of net proceeds following the
  sale of 3 million common shares in a public offering that was
  initially announced after markets closed last night (7 January).
  The sum - which is gross of offering expenses - implies a
  purchase price of $50 a share, representing a 7.4 percent discount
  to yesterday's closing price of $54.
  AmTrust has also granted the underwriter a 30-day option to
  purchase up to 450,000 additional shares of common stock...
  
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• Every programme firm-ordered below lowest quoted terms: Frankland

  08-01-2015 14:04
  Reinsurance continues to attract significant investment despite
  double-digit rate reductions, with every programme given a firm
  order below the lowest quoted terms at 1 January, Nick Frankland,
  Guy Carpenter's CEO of Europe and the Middle East said today (8
  January).
  Frankland said Guy Carpenter's view of rate reductions was
  in line with other market commentators, with reports of
  double-digit reductions on catastrophe excess-of-loss business and
  significant decreases across almost all ot
  
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• Lloyd’s promotes Philip Godwin to head of claims

  08-01-2015 13:41
  Former senior claims manager replaces David Lang
  
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• Reinsurance 'tiering' broadened at 1.1: Guy Carp

  08-01-2015 13:37
  Reinsurance buyers sought to broaden their panels in the January
  renewals after taking a more concentrated approach to
  "tiering" their relationships last year, according to
  Nick Frankland, CEO of Guy Carpenter's European division.
  In 2014, talk of "tiering" in the market was evident
  through reinsurers maximising their relationships with the top six
  reinsurers, before filling out their programmes with supplementary
  capacity, he explained.
  But now buyers are concerned that
  
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• Lloyd's appoints Godwin as head of claims

  08-01-2015 13:37
  Lloyd's is poised to unveil senior claims manager Philip
  Godwin as its new head of claims, The Insurance
  Insider can reveal.
  Godwin has been part of the senior claims management team since
  joining Lloyd's in September 2007 and has played a leading role
  in implementing both the market oversight framework and the
  Corporation's claims proposition.
  During that period, he has also successfully supported the
  market in responding to a range of complex global situations and
  spearheaded the d
  
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• Acappella Holdings CEO confident of attracting' top talent'

  08-01-2015 13:33
  
  Francesca Nyman Postonline
  
  
  Acappella Holdings CEO Jason Howard has said the platform’s combination of expertise and youth will allow it to attract "top underwriting talent".
  
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• Chase Templeton buys Best Health Business

  08-01-2015 13:30
  
  Mark Sands Postonline
  
  
  Acquisitive medical insurer Chase Templeton has completed a deal to buy Bristol-based intermediary Best Health Business.
  
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• Autoline appoints Winlow as advisory board chair

  08-01-2015 13:24
  Mark Winlow brings experience at Zurich, Ageas, RFIB and KMPG to the position.
  
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• AIG's European CFO exits

  08-01-2015 13:05
  
  Francesca Nyman Postonline
  
  
  AIG’s chief financial officer for EMEA Tom Colraine has retired after seven years with the company.
  
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• Europe: How does climate change cause food insecurity and conflict?

  08-01-2015 12:45
  
  Dr James Allan and Dr Richard Hewston Postonline
  
  
  As weather patterns change and temperatures rise, issues such as climate-induced food insecurity are destined to become an increasingly important driver of conflict and social unrest
  
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• Lorica’s Reading branch boss moves to Dual

  08-01-2015 12:37
  Cadle was appointed when the broker opened the office in December 2012.
  
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• Brown joins Thames Underwriting from Gallagher

  08-01-2015 12:33
  New recruit brings more than 10 years' experience to the role.
  
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• MCL Insurance reveals 100% sales growth

  08-01-2015 12:20
  Northern Ireland-based firm reveals 100% in sales thanks to the Its4Women brand.
  
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• The CMA publishes draft order after motor market report

  08-01-2015 10:21
  The draft order includes compliance requirements for insurers and aggregators.
  
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• Insurers will pay compensation for victims of downed AirAsia flight

  08-01-2015 09:46
  Insurer liability was initially in doubt due to airline’s lack of a flight permit for the route
  
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• Howden enters into exclusive partnership with DeVere Group

  08-01-2015 09:33
  Broker will gain access to the financial advisory firm’s 80,000 global clients
  
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• IUA boss Matcham welcomes TRIA renewal agreement

  08-01-2015 09:27
  
  Callum Brodie Postonline
  
  
  The International Underwriting Association has heralded the decision in the US to renew the Terrorism Risk Insurance Act as a means of reducing economic uncertainty.
  
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• Qatar Re appoints Speare-Cole as CUO

  08-01-2015 09:02
  Qatar Re has today (8 January) announced the appointment of
  former JLT Re CEO Alastair Speare-Cole as chief underwriting
  officer, effective from 12 January, 2015.
  
  
  Speare-Cole replaces Willi Schürch who is retiring from his
  current role.
  Gunther Saacke, CEO of Qatar Re, said it was a "great
  privilege to have such a high calibre and widely respected
  reinsurance executive on board".
  
  
  Speare-Cole commented: "[Qatar Re has] built a strong
  organisation with skilled and experienc
  
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• House of Representatives passes Tria renewal

  08-01-2015 09:02
  The US House of Representatives passed legislation to renew the
  Terrorism Risk Insurance Act (Tria) last night (7 January), with an
  overwhelming vote of 416-5.
  
  The legislation now travels to the Senate, where a vote is expected
  to be organised and passed later this week.
  
  Lawmakers had failed to reauthorise the programme during the
  last Congress, allowing it to expire on 31 December, leading to
  uncertainty in the business and insurance community.
  
  One of the major sticking points had been...
  
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• Gallagher construction manager joins MGA

  08-01-2015 08:00
  Ricky Brown will work in the renewals team of Thames Underwriting
  
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• 60% of Asia-Pacific banks offer home insurance

  08-01-2015 03:41
  
  Andrew Tjaardstra Postonline
  
  
  Independent research shows life insurance is most popular bancasurrance product in Asia-Pacific across 17 countries.
  
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