Insurance news

• Editor's Comment: The era of mega deals

  15-09-2015 18:19
  
  Stephanie Denton Postonline This year’s trend for mega merger and acquisition deals continued last week when Japanese insurer Mitsui Sumitomo agreed a deal to acquire Amlin for £3.47bn – more than twice its tangible book value, subject to approval – while in the broking sector Marsh confirmed its takeover of Jelf group for £258m.
  
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• Hiscox combines casualty reinsurance teams

  15-09-2015 17:42
  Hiscox has merged its Bermuda and London market casualty
  reinsurance teams into a single division operating under the Hiscox
  Re brand, the carrier has announced.
  Nick Pascall will lead the new unit following his promotion to
  the role of head of casualty reinsurance. He had previously served
  as senior vice president for casualty at Hiscox Bermuda since
  October 2013.
  Before joining Hiscox, he was chief underwriting officer at
  American Safety Re (Bermuda).
  Pascall will be based in London, supported
  
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• AIR: 1-in-100-year event would cause $233bn loss

  15-09-2015 17:42
  A 1-in-100-year event will cost the insurance industry $233bn in
  2015, according to risk modelling firm AIR Worldwide.
  The figure was published in the cat modelling firm's 2015
  Global Modeled Catastrophe Losses report, which also estimated that
  the global insured average annual loss would near $74bn.
  AIR based its global loss metrics on perils and regions
  currently modelled by the firm, including new models and updates
  released during 2015, as well as updated industry exposure
  databases.
  In its
  
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• Advent hires Paul Argent

  15-09-2015 17:42
  Services provider Advent Insurance Management has appointed Paul
  Argent as director, the company announced today (15 September).
  The executive, who founded Argent Business Solutions, has
  extensive experience in the delegated market having conducted
  numerous operational reviews of insurers, coverholders and third
  party administration.
  Argent has also supported Lloyd's managing agents with
  regulatory approval processes, claims handling, reserve reviews and
  loss fund reconciliation.
  The firm said t
  
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• Hastings IPO tipped to benefit from recent M&A activity

  15-09-2015 17:25
  
  Francesca NymanPostonline The timing of Hastings Insurance Group’s initial public offering could attract investors with surplus cash following the recent spate of insurance mergers and acquisitions, according to industry analysts.
  
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• Hastings CFO: IPO will remove any doubt about Advantage capital

  15-09-2015 16:46
  
  Company may float more than 25% of shares if investor demand is strong
  
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• Utley will remain ‘keen supporter’ of Hastings despite board exit

  15-09-2015 16:43
  
  Shareholder and former chairman will not divest a large portion of his shares in IPO
  
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• In focus: The data question

  15-09-2015 16:28 via insuranceage.co.uk
  
  SMEs are increasingly at risk from cyber criminals and brokers are at the forefront of advising and protecting clients from online attacks.
  
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• In focus: Cyber crime - brokers on the frontline

  15-09-2015 16:28 via insuranceage.co.uk
  
  SMEs are increasingly at risk from cyber criminals and brokers are at the forefront of advising and protecting clients from online attacks.
  
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• PartnerRe 'go shop' provision expires

  15-09-2015 14:55
  PartnerRe's "go-shop" provision, which allowed it to
  solicit alternative acquisition proposals to the one offered by
  Italian investment vehicle Exor, has now expired.
  Under the merger agreement, PartnerRe had the right to "go
  shop" until 23.59 EST on 14 September 2015.
  The Bermudian instructed Credit Suisse and Lazard as
  co-financial advisers, but none of the third parties contacted
  during this process provided a proposal or offer regarding an
  alternative acquisition.
  Therefore, the PartnerRe bo
  
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• Guy Carp: New solvency frameworks will challenge bottom line

  15-09-2015 14:55
  Guy Carpenter has claimed that upcoming regulations - including
  Solvency II and the Own Risk and Solvency Assessment in Europe -
  will have a profound effect on (re)insurers' balance sheets and
  risk management practices.
  In addition to the increased administrative cost of compliance,
  higher risk-based capital requirements often reduced the strategic
  flexibility of insurance company operations and ultimately would
  lower returns, warned Guy Carpenter's report, released earlier
  today (15 September).
  
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• Foreign exchange effects prompt fall in global marine premium

  15-09-2015 14:55
  Global marine insurance premiums decreased by 3.2 percent to
  $32.6bn last year, hit by the conversion of local currencies to a
  single US dollar figure, the International Union of Marine
  Insurance (IUMI) said today (15 September).
  The trade body, which represents global maritime insurers, found
  that of the various marine insurance lines, offshore energy grew
  the most last year, climbing 11.1 percent to $5.7bn.
  IUMI predicted that the low oil price would have a significant
  effect on income for off
  
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• Capsicum takes $15mn+ brokerage from Aon Benfield

  15-09-2015 14:55
  Capsicum Re's Raj Balasuriya has moved more than $15mn of
  brokerage from Aon Benfield to the start-up since he defected last
  spring, The Insurance Insider has
  learned.
  Balasuriya is the dominant broker in the UK motor treaty space
  and his hire by Grahame "Chily" Chilton was a major coup
  for the start-up broker. Underwriting sources told The
  Insurance Insider that Balasuriya had won in the
  region of 20 clients from Aon Benfield since he and his team left
  the world...
  
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• Horton leaves COO role at LV

  15-09-2015 13:37 via insuranceage.co.uk
  
  Peter Horton, chief operating officer at LV, has become first member of executive team to leave the insurer.
  
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• London market diversity under the microscope as consolidation continues unabated

  15-09-2015 12:43
  
  Katie Marriner Postonline The London market is in danger of becoming too consolidated as a result of the current M&A wave, commentators have warned, with market diversity dependent on small start-up businesses emerging in the coming years.
  
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• LV= GI operating chief Peter Horton to leave

  15-09-2015 12:33
  
  Horton becomes first of five-strong core GI leadership team to exit
  
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• Claims down 15% in Q2 as benign winter sees weather losses plummet

  15-09-2015 12:20
  
  Callum BrodiePostonline The total number of claims dealt with by the insurance industry in the second quarter of 2015 fell by 15% to 311,000, according to figures produced by the Association of British Insurers.
  
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• Crash for cash fraudster ordered to repay £34,000 to Zurich

  15-09-2015 12:16
  
  Porsche driver faces 18 months in prison if he fails to pay up
  
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• Programme transformer Clear Blue set for October launch

  15-09-2015 12:03
  Transformer start-up Clear Blue, one of several initiatives lining
  up to compete with leading fronting carrier State National, is on
  course to launch next month with an A- AM Best rating,
  The Insurance Insider can reveal.
  The new company will operate as a 100 percent fronting carrier
  for Bermudian traditional, hedge fund and collateralised writers as
  well as Lloyd's syndicates.
  Led by former AmTrust and Bank of America executive Jerome
  Breslin, Clear Blue will provide reinsurance capacity behind
  
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• Horton first of founding ABC team to depart LV

  15-09-2015 10:55
  
  Stephanie Denton Postonline LV chief operating office at LV Peter Horton has left the insurer.
  
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• US commercial rate rises moderate: CLIPS

  15-09-2015 10:19
  Price increases for US commercial lines continued to moderate in
  the second quarter of this year as rate rises slowed to 1 percent,
  Towers Watson's latest Commercial Lines Insurance Pricing
  Survey (CLIPS) has shown.
  This is down from the 2 percent increases observed in Q1 2015
  and 3 percent rises achieved in the prior-year period.
  Although pricing for large accounts buckled to softening
  pressures and decreased slightly, the survey noted that small and
  mid-market accounts continued to fetch incre
  
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• PartnerRe aims for top four reinsurer status

  15-09-2015 10:19
  PartnerRe's new owner Exor has a long term ambition to make the
  carrier one of the top four reinsurers by shareholders' equity,
  CEO John Elkann said at a press briefing in Monte Carlo yesterday
  (14 September).
  Elkann reiterated that Exor plans to leave earnings to
  accumulate on PartnerRe's balance sheet, a point that it used
  as leverage to win investors over as it engaged in a takeover
  battle with Axis, which had promised to pay out substantial
  dividends from the...
  
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• 3i looks to divest $200mn ACR stake

  15-09-2015 10:19
  UK-quoted private equity (PE) fund 3i has appointed Morgan Stanley
  to advise on the sale of its 24 percent stake in Asia Capital Re
  (ACR) Holdings, The Insurance Insider can
  reveal.
  Banking sources said that although the bank's mandate is
  initially confined to 3i's $200mn minority stake, strong
  interest from (re)insurers or conglomerates looking to enter
  reinsurance could prompt a sale of the whole company.
  The PE fund no longer discloses its ownership in ACR, with its
  last known stake...
  
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• ArgoGlobal, Asia Capital Re set up China syndicate

  15-09-2015 10:16
  
  Special purpose syndicate to underwrite Chinese risks
  
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• Hastings unveils £180m share IPO

  15-09-2015 10:06 via insuranceage.co.uk
  
  Company set to list on stock exchange in October.
  
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• Sentiment survey now open

  15-09-2015 10:02 via insuranceage.co.uk
  
  Complete the survey today and share your views on the UK broking market.
  
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• Hastings Insurance Group announces £180m IPO

  15-09-2015 09:41
  
  Stephanie Denton Postonline Hastings Insurance Group has announced its intention to proceed with an initial public offering and float on the London Stock Exchange.
  
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• Hastings Group announces £180m IPO

  15-09-2015 09:41
  
  Stephanie Denton Postonline Hastings Group has announced its intention to proceed with an initial public offering and float on the London Stock Exchange.
  
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• Hastings announces £180m share placing in IPO

  15-09-2015 09:06
  
  Group to list on London Stock Exchange in October, existing shareholders to sell part of their holdings
  
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• BMS hires Battman as head of international

  15-09-2015 08:51
  
  Ex-Gallagher executive will start in New Year
  
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• Alibaba-backed Ant targets China's internet market with £120m purchase

  15-09-2015 06:52
  
  Andrew Tjaardstra Postonline Cathay Financial Holdings has agreed to sell a 60% stake in Taiwan-headquartered Cathay Insurance (China) to Alibaba-owned Ant Financial.
  
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