Insurance news

• Career Development: RSA goes for Platinum

  14-09-2015 18:49
  
  David Whittam Postonline RSA has launched its new platinum broker leader programme.
  
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• XL Catlin and Oaktree targeting hedge fund start-up

  14-09-2015 18:48
  XL Catlin is exploring creating a hedge fund reinsurance vehicle
  with $100bn asset manager Oaktree Capital, The
  Insurance Insider can reveal.
  Sources said that the project is still in its infancy, with the
  ultimate shape and strategy of the business still to be
  determined.
  However, it is understood that XL Catlin has already begun
  searching for a CEO for the vehicle, with the project currently
  being driven by reinsurance CEO Greg Hendrick and capital markets
  managing director Craig Wenzel.
  Paul.
  
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• Willis Re retains P&I team

  14-09-2015 18:48
  Willis Re's protection and indemnity (P&I) reinsurance team
  have rescinded their resignations and will stay at the broker,
  The Insurance Insider has learned.
  In July this publication revealed that the two most senior
  brokers, Bruce Clayton and Jason Cudlipp - who are rumoured to
  control a combined $12mn of brokerage - had tendered their
  resignations.
  It is now understood that their entire team including Charles
  Spanton, Graham Wainwright-Brown, Matthew Jenkins and Martin Meier
  had also indic
  
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• Willis now the biggest broker at Lloyd's

  14-09-2015 18:48
  Thanks to its $392mn deal with London wholesaler Miller, Willis is
  now the biggest broker into Lloyd's, The Insurance
  Insider has learned.
  Numbers obtained by this publication show that on a pro forma
  basis Willis and Miller placed £3.2bn of premiums with
  Lloyd's syndicates in 2014.
  This is comfortably ahead of the £2.9bn placed by the
  world's biggest broker Aon, with Marsh & McLennan Companies
  (MMC) trailing in third with £2.8bn.
  The news that Willis - and its affiliated b
  
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• Unipol launches EUR500mn reinsurer in Dublin

  14-09-2015 18:48
  Italian insurer Unipol has launched UnipolRe, a Dublin-domiciled
  reinsurer with assets of more than EUR500mn targeting property and
  casualty business, the carrier announced today (11 September).
  Unipol said it would be seeking a single-digit return on the new
  carrier's business, adding that this was in stark contrast to
  the standard double-digit returns expected by many investors in
  recently established reinsurers.
  The reinsurance start-up will offer tailored reinsurance
  coverage to small and me
  
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• The Hartford eyes $690mn legacy sell-off

  14-09-2015 18:48
  The Hartford is considering a mammoth £452mn ($687mn) legacy
  sale as the group seeks to consolidate its old London market
  liabilities into a single vehicle, The Insurance
  Insider understands.
  The US P&C giant has applied for court approval of a Part
  VII transfer that will consolidate some of its existing liabilities
  into a single UK entity ahead of a potential sale next year.
  If approved when it comes before the court on 13 October 2015,
  the Part VII will see...
  
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• Reinsurance platform launched in bid to host public-private capacity auctions

  14-09-2015 18:48
  The £2bn Flood Re reinsurance placement is likely be one of
  the first transactions placed through GCReBid, an online auction
  platform announced by Guy Carpenter on the eve of the annual Monte
  Carlo Reinsurance Rendez-Vous.
  Although it has wider applications, the reinsurance broker has
  developed ReBid with public sector business in mind.
  And the giant UK flood reinsurance programme that is being
  placed in the private market for the first time next year could be
  one of the first to...
  
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• Pioneer appoints former XL Catlin execs

  14-09-2015 18:48
  Lloyd's carrier and managing general agency (MGA) Pioneer
  Underwriting has hired a pair of professional liability
  underwriters from XL Catlin to launch a US division focusing on
  securities broker-dealers.
  The two underwriters - Dan Cleary and Nick Chen - have both been
  appointed as vice presidents of the new division and will be based
  in New York.
  The duo previously worked in XL Catlin's select professional
  division. In their new roles, Cleary and Chen will both report to
  Gary Dubois,...
  
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• Parry: new entrants expecting high returns will be disappointed

  14-09-2015 18:48
  New players entering the (re)insurance industry for high profit
  margins should expect disappointment, according to Lloyd's
  director of finance John Parry.
  Speaking at the Lloyd's interim results press briefing this
  morning (10 September), Parry contrasted the market's half-year
  return on capital of 10.7 percent in a year of low cat activity to
  the 15 percent returns seen in stronger periods.
  "I think anyone entering the industry expecting to make
  those sorts of returns is probably going to be di
  
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• Morrison to lead future field leadership team at Ace

  14-09-2015 18:48
  Ace has revealed the team that will lead its North American
  field organisation following the completion of its acquisition of
  Chubb in Q1 2016.
  Harold Morrison Junior will serve as senior vice president of
  the new Chubb group, as well as taking on the role of division
  president for field operations. He will move from his current role
  of chief global field officer and chief administrative officer at
  Chubb.
  In his new role, Morrison will be responsible for the management...
  
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• Lonmar makes senior Marsh hire

  14-09-2015 18:48
  Lloyd's broker Lonmar Global Risks has today (11 September)
  announced the appointment of Marsh's Brian Watkins as
  divisional director in its specialist binding authority team,
  Lonbinder.
  Watkins previously spent 13 years in a senior broking positon at
  Marsh. Prior to his stint at Marsh, he worked in an underwriting
  role at Aviva for nine years.
  As divisional director he will focus on relationship management
  with existing key clients and developing new property owners'
  business. He will report to
  
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• Lloyd's chairman Nelson may step down early

  14-09-2015 18:48
  John Nelson is considering stepping down as chairman of Lloyd's
  before the end of his second term, The Insurance
  Insider can reveal.
  Nelson's second three-year period in the role is scheduled
  to run until October 2017, but he has indicated privately that he
  could leave a little under a year early.
  No final decision has been taken about the timing of
  Nelson's exit, but it is understood that he will consider his
  position in conjunction with senior market figures at...
  
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• Highbridge takes majority stake in Price Forbes

  14-09-2015 18:48
  Private equity house Highbridge Principal Strategies has struck
  a deal to buy a majority stake in independent Lloyd's broker
  Price Forbes, ending months of speculation about the future
  ownership of the staff-owned intermediary, The
  Insurance Insider can reveal.
  Highbridge has also been the principal investor in UK retail
  broker Towergate since a debt restructuring exercise earlier this
  year, but it is understood that the two businesses will be run
  entirely independently of each other.
  Price Forb
  
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• HDI Gerling strengthens UK business

  14-09-2015 18:48
  German insurer HDI Gerling has hired RSA's David Corrigan as
  UK and Ireland property underwriting director.
  Corrigan was formerly a director of risk-managed UK property at
  RSA.
  Richard Taylor, HDI Gerling's UK and Ireland managing
  director, said that Corrigan boasted a wealth of underwriting
  experience and strong client and broker relationships.
  Corrigan's arrival follows the formation of a new
  engineering, construction and energy division.
  The creation of the new unit has seen David Ball move f
  
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• Fosun to raise $1.5bn through rights issue

  14-09-2015 18:48
  Chinese conglomerate Fosun has announced a HK$11.7bn ($1.5bn)
  rights issue, according to a statement filed with the Hong Kong
  stock exchange.
  Fosun will issue 871 million new shares at HK13.42 each, with
  the proceeds being used to "grasp business opportunities as
  they arise".
  This is the second fund raise from Fosun this year - in May the
  group raised $1.2bn through a share placement to new investors.
  The timing of the issuance coincides with a period of sustained
  volatility in...
  
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• Fitch: reinsurance M&A conceals dismal market conditions

  14-09-2015 18:48
  Rating agency Fitch said it expects M&A in the reinsurance
  sector to do little to help firms struggling with falling prices
  and low investment returns.
  In a statement released today (14 September) during the Monte
  Carlo Rendez-Vous, Fitch said it expected difficult market
  conditions to persist in 2016, while company valuations would
  remain stubbornly high.
  This this increased the risk of future acquisitions failing to
  generate long-term value - a risk that would only grow as the pool
  of pote
  
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• Complex global risks challenge industry's abilities: Guy Carp

  14-09-2015 18:48
  The emergence of increasingly complex global risks is challenging
  the way the insurance industry evaluates, analyses and manages
  these new exposures, according to Guy Carpenter.
  In a report published today (14 September), Guy Carpenter
  examined four key areas where risks continue to emerge or are
  largely unknown.
  These were cyber risk, technology risk, longevity risk and
  casualty catastrophe reserving.
  The reinsurance broker said that the evolving nature of cyber
  risks posed a serious threat to
  
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• Barbican to manage Credit Suisse ILS syndicate

  14-09-2015 18:48
  Barbican Insurance Group has received in principle approval to
  manage a new syndicate funded by Credit Suisse's
  insurance-linked securities (ILS) team.
  Syndicate 1856 aims to begin underwriting on 1 January and will
  have a first-year stamp capacity of £90mn, capitalised by
  funds managed by Credit Suisse.
  The Swiss fund manager is one of the undisputed heavyweights of
  the ILS market, with $6bn of investor assets under management. It
  invests in cat bonds and writes collateralised reinsurance
  
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• Argo and Asia Capital Re structuring £35mn SPS

  14-09-2015 18:48
  Argo's Lloyd's operation and Asia Capital Re (ACR) are
  aiming to set up a special purpose syndicate (SPS), The
  Insurance Insider can reveal.
  As well as forming the bedrock of a strategic relationship
  between the Bermuda-domiciled carrier and the Singapore-based
  reinsurer, the tie-up would represent one of the first innovative
  responses to the new Chinese regulatory regime poised to come into
  force at the start of 2016.
  It is understood that the SPS, which is slated to have a
  Lloyd...
  
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• AM Best upgrades Barents Re to A

  14-09-2015 18:48
  Rating agency AM Best has upgraded the financial strength rating
  of Panama-domiciled carrier Barents Re from A- to A.
  AM Best also boosted the firm's insurer credit rating from
  a- to a, and revised its outlook for the carrier from stable to
  positive.
  The rating agency said the upgrade reflected Barents Re's
  "strong operating performance", increased geographic
  diversification and "conservative retention levels",
  which are supported by a "solid" retrocession
  programme.
  "The company has been able t
  
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• AM Best revises Scor's outlook to positive

  14-09-2015 18:48
  AM Best today (11 September) revised its outlook on Scor's A
  financial strength rating to positive from stable, citing the
  group's track record of solid earnings despite the prevailing
  competitive market conditions.
  The agency also affirmed the French reinsurer's rating in
  recognition of its strong competitive market position,
  well-diversified operations and solid level of risk-adjusted
  capitalisation.
  "Scor has strengthened its competitive position within the
  global reinsurance market and incre
  
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• Career File: Anita Watson – Bluefin names Thistle COO Watson as operational performance director

  14-09-2015 18:40
  
  David Whittam Postonline Thistle Insurance Services chief operating officer Anita Watson has been appointed to the newly created role of operational performance director at Bluefin.
  
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• Turkish market still overly reliant on underperforming motor says Fitch

  14-09-2015 18:35
  
  Francesca NymanPostonline The Turkish insurance sector's profitability remains driven by the performance of the motor insurance segment, according to a new report by Fitch.
  
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• Labour leader Corbyn names Shadow Cabinet

  14-09-2015 18:28
  
  Katie Marriner Postonline Newly elected Labour leader Jeremy Corbyn has announced his Shadow Cabinet including Hayes and Harlington MP John McDonnell as Shadow Chancellor of the Exchequer and West Bromwich East MP Tom Watson as deputy Labour leader.
  
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• Asta swoops for Fisher for NED role

  14-09-2015 18:22
  
  Katie Marriner Postonline Former Arthur J Gallagher International chief underwriting officer Sian Fisher has been appointed a non-executive director of Asta Underwriting Management.
  
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• Most solicitors tipped to find rated cover in ‘buoyant’ PI market

  14-09-2015 18:14
  
  Francesca NymanPostonline Solicitors have seen a benign professional indemnity renewal period after the turbulence of the last few years; however a recent court ruling could increase pressure to introduce an aggregation limit, according to legal specialists.
  
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• Most insurers tipped to find rated cover in ‘buoyant’ Solicitors PI market

  14-09-2015 18:14
  
  Francesca NymanPostonline Solicitors have seen a benign professional indemnity renewal period after the turbulence of the last few years; however a recent court ruling could increase pressure to introduce an aggregation limit, according to legal specialists.
  
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• Gallagher’s Sian Fisher joins board of Asta's MGA unit

  14-09-2015 18:09
  
  Former Gallagher chief underwriting officer named non-executive director of new division
  
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• C-Suite - Insurer: Which way now?

  14-09-2015 17:51
  
  Vinicio Cellerini Postonline The market is in transition and will continue to change – it’s an exciting time to be in insurance.
  
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• High-tech fraud: Faceless threat

  14-09-2015 17:16
  
  Edmund Tirbutt Postonline Fraud has gone high tech, with the potential damage that hackers using the internet can cause becoming a real danger. Now the industry is starting to use high-tech methods to fight back.
  
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• Legal Update: Medco: teething problems

  14-09-2015 16:44
  
  Paul Edwards Postonline Five months in, Paul Edwards says concerns about the portal’s operation need to be addressed quickly
  
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• Hearing loss claims increase again after drop in 2013

  14-09-2015 15:48
  
  A study by the PwC found that hearing loss claims had risen 16%
  
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• Underwriters 66% likely to be replaced by machines - study

  14-09-2015 15:01
  
  Resarchers say insurance 136th most likely to be automated out of 366 occupations
  
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• Brightside chief executive Andy Wallin departs

  14-09-2015 13:37
  
  Executive chairman Mark Cliff will assume day to day responsibility of Brightside
  
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• CEO Andrew Wallin leaves Brightside

  14-09-2015 13:18
  
  Chief executive joined the broker at the start of this year.
  
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• AXA acquire underwriting provider Global Insurance Management

  14-09-2015 13:00
  
  The deal is the latest step in a long partnership between the two firms
  
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• Shipowners' Club agrees delegated authority arrangement with Swedish underwriter

  14-09-2015 12:40
  
  Katie Marriner Postonline The Shipowners' Club has entered into a strategic partnership with Swedish marine underwriting agency Svensk Assurans to offer a P&I product through a delegated underwriting agreement.
  
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• Swiss Re reveals £841bn shortfall in global property cover over past decade

  14-09-2015 12:38
  
  Katie Marriner Postonline In the past decade the total shortfall in insurance cover for global property risks was $1.3tn (£841bn) with only 30% of losses over that period covered by insurance, Swiss Re research has found.
  
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• Brokers optimistic about GWP growth, says SSP

  14-09-2015 12:34
  
  Research finds brokers' focus to be on digital strategies and improved customer service.
  
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• UK liability reserves boost European run-off market

  14-09-2015 12:27
  
  Non-life European legacy insurance market is estimated to be worth €247bn (£181bn)
  
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• Ecclesiastical swoops for Covéa's former real estate head

  14-09-2015 12:07
  
  Francesca NymanPostonline Ecclesiastical has appointed Chris Withers as property investors development manager.
  
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• Student tech targeted by thieves but 50% have no insurance cover

  14-09-2015 11:45
  
  Cecile Brisson Postonline Over one in 20 students (6%) has fallen victim to theft since 2014, with mobile phones topping the list of stolen items, the Chartered Insurance Institute reports today (14 September), noting that more than half of students (54%) have no insurance for their possessions while at university.
  
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• Top football clubs buy more cover amid injuries and higher wages

  14-09-2015 11:39
  
  The insurance will enable Premier League clubs to claim back salary when players are injured 
  
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• Premiership clubs buy more cover amid injuries and higher wages

  14-09-2015 11:39
  
  The insurance will enable Premier League clubs to claim back salary when players are injured 
  
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• Canopius and Sompo to launch merged reinsurance unit via Lloyd's and Zurich platforms

  14-09-2015 11:22
  
  Francesca NymanPostonline Canopius Group has formed an integrated business unit to manage the reinsurance business previously written by Canopius and Sompo Japan Nipponkoa Insurance.
  
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• Video: Cambridge Regional Review Part 2

  14-09-2015 11:04
  
  In our second video from Cambridge, Insurance Age reporter Ida Axling continues to investigate what the local insurance market is like.
  
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• John Lloyd to step down as CEO of JLT Specialty

  14-09-2015 10:40
  
  Paul Knowles will take over the role on 1 January 2016.
  
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• Lloyd's insurer Torus rebrands to StarStone

  14-09-2015 10:06
  
  The insurer had also unveiled a new logo
  
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• JLT Specialty chief executive John Lloyd to step down

  14-09-2015 09:52
  
  JLT head of construction and real estate Paul Knowles to replace Lloyd
  
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• Torus rebrands to StarStone

  14-09-2015 09:30
  
  Process expected to be completed early next year.
  
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