Insurance news

• US ice damming coverage dispute divides reinsurers

  12-10-2015 19:57
  A number of reinsurers are standing their ground against claims
  for ice damming losses from US insurers heavily impacted by the
  winter storms earlier this year, The Insurance
  Insider can reveal.
  According to sources, a clutch of insurers with exposures
  concentrated in Massachusetts and Vermont have presented claims to
  their reinsurers that seek to aggregate losses from ice dams into a
  seven-day or 14-day period, depending on the hours clauses in their
  excess-of-loss (XoL) treaties.
  It is thought
  
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• TransRe sidecar support exceeds $350mn

  12-10-2015 19:57
  Alleghany subsidiary TransRe draws on more than $350mn of
  sidecar capacity, making it a significant player in the market,
  sister publication Trading Risk revealed
  last week.
  The carrier has been running capital market partnerships since
  2010 via its Pangaea sidecar series and other initiatives.
  The TransRe Capital Partners team looks after both capital
  market vehicles and traditional retrocession. The head of TransRe
  Capital Partners, Craig Hupper, told Trading
  Risk the carrier believed any form
  
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• Spinnaker sets sail with A- rating

  12-10-2015 19:57
  Programme and fronting start-up Spinnaker Insurance Company has
  officially commenced operations after completing its capital raise
  and securing an A- rating from AM Best last week (6 October).
  As previously revealed by The Insurance
  Insider, the venture is targeting cat-exposed US
  homeowners' property programme business written for its own
  book, while it will also serve as a fronting carrier for short-tail
  risks.
  Headed by Dave Ingrey as CEO, senior management also includes
  the former Arch execu
  
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• Probitas begins underwriting

  12-10-2015 19:57
  Ash Bathia's Probitas Syndicate 1492, a project first revealed
  by The Insurance Insider, has begun
  underwriting today (12 October).
  The Capita-managed syndicate will write an international
  portfolio of P&C direct insurance and facultative reinsurance,
  with a focus on business not currently seen at Lloyd's,
  particularly from Latin America and other emerging markets.
  The executive team includes Probitas' founding members, with
  former Ascot executive Jon Foley as chief underwriting officer,
  pro
  
  Read more

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• New Credit Suisse vehicle close to starting line

  12-10-2015 19:57
  A second rated reinsurer from Credit Suisse Asset Management (CSAM)
  is set to be up and running just a year after the manager launched
  Kelvin Re, sister title Trading Risk
  understands.
  Sources said that multiple investors have backed the new
  start-up, whereas the $600mn Kelvin Re was funded by a single
  investor, the Abu Dhabi Investment Council.
  Like its predecessor, the new commercial reinsurance vehicle
  will be based in Guernsey, with service company Aon Insurance
  Managers assisting with its o
  
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• Lloyd's overhauls Central Fund levy

  12-10-2015 19:57
  Lloyd's has reduced the amount of capital members must
  contribute to the market's Central Fund for the 2016 year,
  after it overhauled the calculation of annual subscription
  contributions.
  In a market bulletin, Lloyd's explained it will now base the
  rate members must pay for both Central Fund and subscription
  contributions on gross written premiums (GWP), rather than stamp
  premium.
  In order to maintain the subscription contribution in sterling
  terms, yearly subscription fees will be adjusted to 0
  
  Read more

• Lloyd's managing agents in LatAm co-location talks

  12-10-2015 19:57
  Lloyd's has entered discussions with a handful of managing
  agents about installing underwriters in Mexico and Colombia,
  sources have told The Insurance Insider.
  A number of managing agents have voiced their interest in
  co-locating with Lloyd's to the countries, where the
  Corporation currently has representative offices.
  In co-locating abroad, managing agents and their respective
  syndicates will be able to write business out of that country -
  subject to what is permitted under Lloyd's licensing.
  
  Read more

• Hiscox returns to London market cyber

  12-10-2015 19:57
  Hiscox has re-entered the London subscription cyber market with
  a new product offering line sizes of up to $25mn, The
  Insurance Insider understands.
  Hiscox's Cyber Threat Protect product, launched last week,
  will be underwritten via its flagship Syndicate 33 and is available
  exclusively to Lloyd's brokers.
  It is designed to specifically to respond to a data breach, a
  computer system security failure or an extortion threat at
  medium-sized to large enterprises, for a minimum premium of
  $25,000.
  Wh
  
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• Florida questions NFIP rates

  12-10-2015 19:57
  The Florida Office of Insurance Regulation (FLOIR) has written
  to the US National Flood Insurance Program (NFIP) asking for access
  to its ratemaking data in order to determine if its rates are
  fair.
  The move is in response to a letter State Senator Jeff Brandes
  sent to FLOIR in August on behalf of his constituents, where the
  senator expressed concern about the "growing flood insurance
  crisis" caused by rising rates.
  FLOIR will conduct a review into whether the rates charged...
  
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• Eiopa brings forward discussions on sub-group supervision

  12-10-2015 19:57
  The European Insurance and Occupational Pensions Authority
  (Eiopa) has decided to accelerate plans to debate how to apply
  provisions in the Solvency II Directive relating to the extent of
  group supervision.
  Under the original plans, the question of the extent of
  sub-group supervisors' reach for Solvency II had a deadline of
  February 2016, but the watchdog announced on 8 October that it
  wanted to bring that date forward to the end of this year.
  The aim of Eiopa's discussion point...
  
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• CIOs remain cool on infrastructure prospects

  12-10-2015 19:57
  Non-life insurance chief investment officers (CIOs) have little
  desire to invest in infrastructure assets, despite the changes
  being introduced by the European Commission to make the investments
  more attractive.
  Under the proposals, risk charges on infrastructure investment
  will come down by some 30 percent, provided that the assets comply
  with the new qualifying criteria.
  The definition is limited to projects that provide or support
  "essential public services", and they must also be able
  to gen
  
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• China Re receives $1.1bn in commitments for IPO

  12-10-2015 19:57
  China's largest reinsurer, China Re, has received commitments
  worth $1.12bn from 15 cornerstone investors, according to a term
  sheet for the forthcoming IPO seen by Reuters.
  The 15 buyers include Great Wall Pan Asia International
  Investment and State Grid Crop of China, China Development Bank,
  The People's Insurance Company (Group) of China Ltd, Prudential
  Insurance Company of America and China Life Insurance Company,
  according to the Reuters report.
  They are prohibited from selling their shares
  
  Read more

• Catlin UK terrorism book to close as syndicate merger looms

  12-10-2015 19:57
  Catlin's standalone UK terrorism book will be closed at the
  end of this year when XL Catlin looks to merge its Lloyd's
  syndicates, The Insurance Insider has
  learned.
  XL is expected to continue its participation in UK government
  terrorism backstop Pool Re next year, meaning Catlin, as part of
  the merged entity, would be unable to continue offering standalone
  UK terrorism cover.
  Currently, XL Syndicate 1209 and Catlin Syndicate 2003 share a
  terrorism stamp, sources told this publication. Business
  
  Read more

• Bruce and CGSC NMB to launch MGA

  12-10-2015 19:57
  Acappella founder David Bruce and Cooper Gay-owned CGNMB
  (formerly Newman Martin and Buchan) are launching a London-based
  managing general agency (MGA) that they hope will write business
  from 1 November, The Insurance Insider
  can reveal.
  Globe Underwriting has been licensed by the regulators and is
  now holding conversations with potential providers of paper.
  Details of the first portfolios of risk were disclosed to
  Lloyd's managing agents last week.
  It is understood that Globe will initially exc
  
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• Brokers could pay just £1mn towards Tom

  12-10-2015 19:57
  Brokers could contribute as little as £1mn towards
  delivering the broad reform programme known as the Target Operating
  Model (Tom), according to guidance from the London Market Group
  (LMG).
  By contrast, the very early indicative numbers - which could
  change substantially following a consultation exercise and more
  detailed scoping of the work - show Lloyd's managing agents
  footing a £190mn bill and company market trade body the
  International Underwriting Association paying £59mn
  
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• Arrowhead to launch $150mn wind-driven all-risk facility

  12-10-2015 19:57
  Arrowhead General Insurance Agency is assembling an all-risk
  commercial property cat facility offering limits of up to $150mn on
  wind-driven US insurance business, The Insurance
  Insider can reveal.
  According to sources, the new offering is looking to launch by 1
  January and is aiming to utilise the same distribution
  relationships that feed its market-leading difference in conditions
  (DIC) quake programme.
  The Brown & Brown-owned firm already writes some all-risk
  business in its special risk
  
  Read more

• Acappella parts ways with CEO

  12-10-2015 19:57
  Jason Howard, CEO of Lloyd's start-up Acappella Group
  Holdings, has left the company, The Insurance
  Insider revealed earlier today.
  Howard left his position as the head of Willis' facultative
  and wholesale reinsurance unit Faber Global in July last year to
  take on the leadership at Acappella.
  Sources suggested there had been some frustration about the lack
  of progress made by the firm in establishing its own Lloyd's
  managing agency.
  Speaking to The Insurance Insider in
  June, Howard had said that
  
  Read more

• The road to Britain’s dashcam boom

  12-10-2015 18:36
  
  It is estimated that nearly three million British motorists have fitted dashboard cameras – but are they more useful for capturing dramatic crashes than making safer roads?
  We live in an era where if it hasn’t been filmed, it hasn’t happened, and British motorists using dashboard cameras to record their journeys has doubled over the last year, according to the RAC.The RAC estimates that 9% of drivers (2.9 million motorists) have fitted dashcams. Add those to the thousands of cy
  
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• US broker tipped as frontrunner to buy Henderson

  12-10-2015 17:15
  
  Insurance Times understands acquisitive American broker with major firepower wants Henderson
  
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• Jonathan Davey to leave SSP at end of month

  12-10-2015 16:59
  
  Departure is on amicable terms, says software house’s corporate partners head
  
  Read more

• Davey to leave SSP

  12-10-2015 16:32
  
  Davey to depart the software house at the end of the month.
  
  Read more

• Key issues on the agenda for All Party Insurance Group

  12-10-2015 16:02
  
  David Worsfold Postonline
  
  Read more

• Howard leaves Acappella

  12-10-2015 15:47
  Jason Howard, CEO of Lloyd's start-up Acappella Group
  Holdings, has left the company, The Insurance
  Insider has learned.
  Howard left his position as the head of Willis' facultative
  and wholesale reinsurance unit Faber Global in July last year to
  take on the leadership at Acappella.
  Sources suggested there had been some frustration about the lack
  of progress made by the firm in establishing its own Lloyd's
  managing agency.
  Speaking to The Insurance Insider in
  June, Howard had said that the...
  
  Read more

• Helson to be next ANV managing agency CEO

  12-10-2015 15:47
  Janet Helson has been appointed CEO of ANV's managing agency,
  ANV Syndicates Ltd (ASL), The Insurance
  Insider can reveal.
  Reporting to Lynsey Cross, CEO of ANV Group, Helson is set to
  join on 19 October from London rival Randall & Quilter
  Insurance Services Limited, where she is a director.
  The executive has had a long career in the London market,
  spending more than a decade at Lloyd's peer Chaucer, where she
  was director of the managing agent's once significant turnkey...
  
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• Richard Mangion joins HDI Gerling in UK role

  12-10-2015 15:24
  
  James Verrinder Postonline Industrial insurance company HDI Gerling has appointed Richard Mangion as UK director of finance and operations.
  
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• QBE appoints new director of motor from Allianz

  12-10-2015 14:56
  
  Roger Ball will join QBE on 1 January 2016
  
  Read more

• QBE names Roger Ball motor director

  12-10-2015 14:50
  
  James Verrinder Postonline Business insurer QBE has appointed Roger Ball as director of motor, effective 1 January 2016.
  
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• HDI-Gerling hires UK finance and operations director

  12-10-2015 14:34
  
  Richard Mangion joins from rival insurer WR Berkley Europe
  
  Read more

• Legal update: Beware the IPT trap

  12-10-2015 14:11
  
  Helen Devery Postonline The November IPT hike might push businesses toward underinsurance, fears Helen Devery
  
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• Cycling: Pedal power

  12-10-2015 13:55
  
  Alwynne Gwilt Postonline Cycling among theUK population is more popular than ever. How can the insurance industry tap into the potential need for theft and accident cover?
  
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• In Series: Liability and Collaboration: More than a tick box exercise

  12-10-2015 13:44
  
  Sara Costantini Postonline Proper ID checks can help tackle liability fraud
  
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• Walsall man sentenced for forging motor fleet policies

  12-10-2015 13:31
  
  Mark Randall used fake documents to persuade courier companies that his vans were insured
  
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• In Series: Liability and Collaboration: Bridging the gap

  12-10-2015 13:10
  
  Edward Murray Postonline With panel sizes reducing and the market getting more competitive, how can law firms demonstrate they can work with both the mass market players and niche market specialists?
  
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• Courier company owner given suspended jail sentence

  12-10-2015 12:58
  
  James Verrinder Postonline The owner of two West Midlands-based courier companies who forged multiple motor fleet and freight liability insurance policies to win business worth more than £700,000 has been sentenced to 16 months in prison, which was suspended for two years.
  
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• Interview: Duncan Finch: More than a general ambition

  12-10-2015 12:55
  
  Katie Marriner Postonline Insurance giant Legal & General is on a mission to grow its general insurance offering in the UK. Post spoke to Duncan Finch, the man tasked with making that happen
  
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• Government to review barriers financial firms face giving advice

  12-10-2015 12:44
  
  The Financial and Advise Markets Review (FAMR) will also look at the opportunities and challenges presented by new and emerging technologies 
  
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• Relocation and motor claims expected as St Albans sinkhole is filled

  12-10-2015 12:35
  
  Callum BrodiePostonline Work on repairing a sinkhole in St Albans that left more than 50 properties without water, electricity or gas has taken place at an estimated cost of £100,000 so far.
  
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• FCA ‘would consider' insurance issues in financial advice consultation

  12-10-2015 12:22
  
  James Verrinder Postonline The Financial Conduct Authority has told Post that it would consider expanding a consultation on improving financial advice for consumers to include insurance issues if they are brought up during discussions.
  
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• C-suite - Insurer: A change in perception

  12-10-2015 12:10
  
  Richard Thomas Postonline Businesses feel their risk profiles are increasing – so how are they adapting?
  
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• MCL Insurance signals growth

  12-10-2015 11:28
  
  Northern Ireland broker reveals 20 hires following growth of its online brands.
  
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• Ash Bathia’s new Lloyd’s syndicate starts underwriting

  12-10-2015 11:19
  
  Probitas Syndicate 1492 to write international insurance and reinsurance portfolio
  
  Read more

• Bluefin Network partners with Das on motor

  12-10-2015 11:13 via insuranceage.co.uk
  
  The network now has access to Das motor assistance gold policy.
  
  Read more

• DAS signs motor breakdown deal with Bluefin Network

  12-10-2015 10:50
  
  New deal expands relationship between insurer and network
  
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• Arista’s Jones heads to LV

  12-10-2015 10:49
  
  Euros Jones to replace Mike Crane as commercial lines director at LV Broker.
  
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• Lawyers and insurers unite on catastrophic injury claims code

  12-10-2015 10:44
  
  Callum BrodiePostonline Insurers and law firms have joined forces to produce a guide to help speed up the handling of catastrophic injury claims valued at more than £250,000.
  
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• LV commercial boss Crane to be replaced by Arista's Jones

  12-10-2015 10:08
  
  Callum BrodiePostonline LV has confirmed that former Arista regional operations head Euros Jones has been appointed as Mike Crane’s successor in the role of LV Broker commercial lines director.
  
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• Insurance Island Risks – Stuart Reid

  12-10-2015 10:00
  
  Insurance Age interviewed Stuart Reid for Insurance Island Risks back in his Bluefin days.
  
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• Conditional dealings commence as Hastings IPO is priced at 170p per share

  12-10-2015 09:51
  
  Callum BrodiePostonline Hastings has confirmed the pricing of its initial public offering of 123,529,412 shares at 170 pence per share at a market capitalisation of £1.12bn.
  
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• NAHL agrees £25m deal for rehab firm Bush & Company

  12-10-2015 09:30
  
  Callum BrodiePostonline Legal services focused UK consumer marketing business NAHL has conditionally agreed to acquire the entire share capital of Bush & Company Rehabilitation.
  
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• Hastings prices IPO at 170p per share

  12-10-2015 09:30
  
  Conditional arrangement puts market capitalisation of the broker at £1.2bn.
  
  Read more

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