Insurance news

• Applied Net 2015: Comparing Google

  19-10-2015 23:59
  
  Market expert investigates the changes that Google Compare is already delivering to consumer mind sets and the possible outcomes for insurance in the US.
  
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• Applied Net 2015: Millennials hold key amid ageing shareholder demographic

  19-10-2015 23:48
  
  Shareholder ageing, hiring procedures and investment in young talent are issues for the US insurance agency market.
  
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• Applied Net 2015: Smaller brokers told to take long-term approach to M&A

  19-10-2015 23:39
  
  A "feeding frenzy" of consolidation in the USA.
  
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• The Hanover CFO Greenfield passes away

  19-10-2015 21:17
  The Hanover Insurance Group's CFO David Greenfield died over
  the weekend, the US insurer announced this morning.
  In a statement, the Chaucer parent said the 53-years-old
  executive, who joined from Axis Capital in 2010, passed away after
  a "health event" late last week.
  The Hanover's president and CEO Fred Eppinger will serve as
  acting CFO, with Warren Barnes, vice president and corporate
  controller, sitting as acting principal accounting officer.
  As previously reported, Eppinger is due to step d
  
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• Short-tail specialists outperform

  19-10-2015 21:17
  Short-tail specialists led the way as The Insider 30
  stocks outperformed all the main indices last week.
  Lancashire climbed the most out of the dwindling group of three,
  with its shares closing up 2.31 percent on Friday (16 October).
  The London-listed carrier also leads the group for the
  year-to-date, with its shares rising by 25.97 percent.
  The short-tail specialists are up 15.11 percent in 2015 so far -
  way behind the Lloyd's group of carriers, which is trading up
  33.12...
  
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• Scale and relevance still the drivers as M&A set to continue

  19-10-2015 21:17
  The current wave of M&A activity is unlikely to end as
  reinsurers continue to seek scale and relevance to clients, an
  audience of over 500 senior executives heard at the Guy Carpenter
  2015 Baden-Baden Reinsurance Symposium yesterday (18 October).
  Setting the scene, Guy Carpenter's Emea CEO Nick Frankland
  explained that there had been 23 major (re)insurance deals
  announced since the beginning of 2014, with three principal motives
  behind the transactions: consolidation for scale, business
  dive
  
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• Reinsurers and ILS funds to 'mimic each other'

  19-10-2015 21:17
  Axis Re CEO Jay Nichols said that convergence in the reinsurance
  industry would continue as insurance-linked securities (ILS) funds
  and traditional reinsurers will continue to resemble one another
  more closely.
  ILS funds will increasingly look to provide rated capacity, he
  forecast, speaking at the New York Rendez-Vous 2015 hosted
  by sister publication Trading Risk (14
  October).
  "Now that they've achieved this global equilibrium of
  zones and perils, ILS funds will start to look more like reinsur
  
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• Marketform appoints Reith in statement of intent

  19-10-2015 21:17
  New York-listed insurer American Financial Group (AFG) has
  underlined its commitment to turning around the performance of its
  bottom-quartile Lloyd's business Marketform by bringing in
  Ascot founder Martin Reith as CEO.
  Reith is the pre-eminent unattached executive in the London
  market and his hire is a coup for the Lloyd's arm of the
  Cincinnati-based insurer.
  Sources told The Insurance Insider
  that Reith has been promised access to the substantial resources of
  Marketform's parent, which has a $
  
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• Lloyd's warns on liability risk accumulation

  19-10-2015 21:17
  Lloyd's has urged insurers to make greater use of data
  analytics as it warned of the catastrophic potential of emerging
  science-based liability risks.
  In a new report published in collaboration with liability
  catastrophe modelling company Praedicat, Lloyd's said there has
  been a longstanding problem of insuring commercial liability amid
  technological and scientific change.
  Science-based risk can lead to liability catastrophe, as seen
  with asbestos, Lloyd's noted, but to date the insurance
  indust
  
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• Lloyd's insurers continue move into terrorism market

  19-10-2015 21:17
  Acappella Syndicate 2014 is the latest Lloyd's player to
  announce its intention to write political risks and terrorism
  business with the launch of a new unit headed up by Jonathan
  Powell.
  The terrorism market is becoming increasingly crowded, with New
  York-listed carrier Navigators taking Sandy Cheetham and her team
  from rival Watkins with a view to writing a book for 2016, as more
  players look to diversify into a line that has thrown off huge
  profits in the years since...
  
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• Lloyd's grants 36-month binding authorities

  19-10-2015 21:17
  Lloyd's managing agents may enter into binding authority
  agreements of up to 36 months for the 2016 year of account, the
  Corporation has ruled.
  Previously, Lloyd's only permitted binding authority
  agreements of up to 18 months, with annual binding authorities also
  common in the market.
  The change has been implemented to support the writing of
  coverholder business at Lloyd's, the Corporation said in a 15
  October market bulletin.
  Lloyd's said coverholders are a "valued and important
  part" of the m
  
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• Liiba defends plans to pay £1mn towards Tom

  19-10-2015 21:17
  The London & International Insurance Brokers'
  Association (Liiba) has said the £1mn it is planning to
  contribute towards funding a £250mn London market
  modernisation initiative is "entirely appropriate".
  Last week, The Insurance Insider revealed that brokers might
  contribute as little as £1mn towards delivering the Target
  Operating Model (Tom) programme, while Lloyd's managing agents
  paid £190mn and company market trade body the International
  Underwriting Association
  
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• Hedge Fund Re vehicles must ramp up to follow Third Point

  19-10-2015 21:17
  New hedge fund reinsurers need to successfully launch on the
  public markets before they can follow in the wake of Third Point
  Re, according to a panel of experts speaking at the
  Trading Risk New York
  Rendez-Vous 2015.
  Moreover, carriers that are initially set up as captive
  reinsurers - such as ABR Re - would probably have to widen their
  risk appetite to write third-party risk before they could take such
  a step, said Enstar Group executive vice president Scott...
  
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• Guy Carp predicts possible adverse reserve development in US

  19-10-2015 21:17
  Reinsurance broker Guy Carpenter has warned that US carriers may
  be forced to strengthen reserves for accident years in the
  "near future" as the reserving cycle threatens to
  turn.
  In its annual Insurance Risk Benchmarks Report, the intermediary
  said analysis of the development of US accident-year ultimate net
  loss ratios over more than a third of a century suggested a trend
  where insurers might bolster reserves for the current accident
  year.
  Guy Carpenter said that during the 30-year period a...
  
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• Greater savings available as 'perfect storm' looms

  19-10-2015 21:17
  Combined coverages and multi-year placements will
  "undoubtedly" continue as a buyer's market persists
  at the 1 January renewals, according to Guy Carpenter's CEO of
  Emea Nick Frankland.
  Speaking at the broker's reinsurance symposium in
  Baden-Baden on 18 October, Frankland predicted that "there may
  be greater savings available to buyers than were perhaps being
  envisaged at Monte Carlo".
  He added that the continued high levels of capacity were likely
  to weigh heavily on discussions taking place in
  
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• Fitch: elusive pricing floor leaves reinsurers little option

  19-10-2015 21:17
  Ratings agency Fitch believes that while Baden-Baden negotiating
  stances might appear tougher this year, fierce competitive pressure
  means a pricing floor has yet to be reached.
  Martyn Street, senior director for insurance at Fitch Ratings,
  told The Insurance Insider that after
  three years of falling prices eroding profit margins, reinsurers
  faced an uphill battle to maintain profitability metrics next
  year.
  "If enough reinsurance capacity comes to market at the
  renewal, many reinsurers will hav
  
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• Dual CEO Doyle to create new start-up

  19-10-2015 21:17
  Shane Doyle has left his role as CEO of Dual after two years to
  start an independent venture, the Hyperion subsidiary has said.
  Doyle was first recruited as deputy CEO and group CUO of the
  Hyperion-owned underwriting agency in July 2012 and was quickly
  elevated to CEO the following year.
  He was previously CEO of Zurich Australia, having begun his
  career at American International Group working in the UK, Europe,
  the Middle East and South Asia.
  Dual's current CUO Talbir...
  
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• China Re IPO demonstrates Asian investor interest

  19-10-2015 21:17
  State-owned China Re is set to raise $2bn from investors after
  its Hong Kong IPO priced at the upper end of expectations, in a
  further show of the strong appetite for (re)insurance risk from
  Asian investors.
  The IPO comes shortly after a $1.6bn private fundraising drive
  from China Oceanwide Holdings for its new start-up Asia Pacific Re,
  which is aiming to begin underwriting in 2016 as the Chinese
  government allows other local reinsurers to compete with China
  Re.
  Another start-up,...
  
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• Besso operating profits fall 8.6%

  19-10-2015 21:17
  Independent broker Besso Insurance Group has recorded an 11 percent
  increase in turnover to £32.3mn ($49.9mn) for the year ended
  31 December 2014.
  However, operating profits fell by 8.6 percent to
  £810,540 from a restated 2013 figure of £886,986,
  according to its Companies House accounts.
  The fall is down to an increase in Besso's administrative
  expenses for the year to £31.5mn, up 11.6 percent from
  £28.2mn in 2013.
  The broker's operating margin dipped from 3.0 perc
  
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• Auction volumes fall 60%

  19-10-2015 21:17
  Total capacity traded over the three Lloyd's capacity
  auctions this year came to £42mn ($65mn), down more than 60
  percent on volumes traded in 2014.
  Prices for capacity in Names-backed Lloyd's syndicates rose
  year-on-year, buoyed by demand doubling to more than £1bn and
  a halving of supply.
  In the third auction £10.9mn of capacity was
  traded on 23 syndicates. This was slightly up from the record low
  £8.3mn traded in the second auction this year.
  The final auction saw capa
  
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• C-Suite - Insurer: Smile, you’re on camera

  19-10-2015 18:29
  
  François-Xavier Boisseau Postonline Consumers are turning to dashcams to fight insurance scams, and insurers should be taking steps too.
  
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• XL to take $100mn Tianjin loss

  19-10-2015 16:57
  XL Group will absorb a $100mn loss from the Tianjin port
  explosion, with 70 percent of the claim arising from its
  reinsurance division and the remainder recorded by its insurance
  business.
  The carrier also preannounced $30mn of catastrophe losses due to
  the Chilean earthquake and loss deterioration on US winter storms
  recorded in earlier quarters.
  The Tianjin loss represents a 0.8 percent hit to XL's
  $12.25bn shareholder equity as of 30 June, and in absolute terms is
  one of the...
  
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• Lloyd’s investors' association hires new chief executive

  19-10-2015 16:05
  
  Chandon Bleackley to replace Anthony Young as AML head
  
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• Mapfre hires London-based energy underwriter from XL

  19-10-2015 15:02
  
  Andrew Malcolm joins Spanish insurer’s global risks division
  
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• Bupa unveils self-referral cancer service

  19-10-2015 14:42
  
  James Verrinder Postonline Bupa UK has launched a new self-referral service for breast and bowel cancer sufferers.
  
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• Tim Rourke appointed head of underwriting at LV

  19-10-2015 14:35
  
  He will oversee personal lines at LV Broker from 1 November after being promoted.
  
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• Besso profits fall despite 11% revenue growth

  19-10-2015 13:54
  Mid-sized independent broker Besso has reported strong top-line
  results for the year ended 31 December 2014, with an 11 percent
  increase in turnover to £32.3mn ($49.9mn).
  However, operating profits fell by 8.6 percent to £810,540
  from a restated 2013 figure of £886,986, according to its
  Companies House accounts.
  The fall is down to an increase in Besso's administrative
  expenses for the year, which came to £31.5mn, up 11.6 percent
  from £28.2mn in 2013.
  The broker's o
  
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• Acappella enters terrorism with Talbot hire

  19-10-2015 13:54
  Acappella has brought in Talbot underwriter Jonathan Powell to
  launch a new war, terrorism and political violence division.
  The syndicate said that Powell will begin his job with immediate
  effect and report to active underwriter David Indge.
  Powell was most recently class underwriter of war, terrorism and
  political violence at Validus Lloyd's platform Talbot, spending
  six years in the role.
  Talbot has a meaningful presence in the Lloyd's terrorism
  market.
  Powell was also at Hiscox for four years
  
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• LV Broker's Rourke to lead personal lines underwriting

  19-10-2015 13:25
  
  Katie Marriner Postonline LV Broker has appointed Tim Rourke as its personal lines underwriting head, effective from 1 November.
  
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• LV= Broker names new personal lines underwriting head

  19-10-2015 13:22
  
  Tim Rourke to replace departing Elspeth Hackett
  
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• Powell to lead terrorism division at Acappella Syndicate 2014

  19-10-2015 12:22
  
  James Verrinder Postonline Acappella Syndicate 2014 has appointed Jonathan Powell as divisional head of its new war, terrorism and political violence division.
  
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• Aviva sacks employee after data breach

  19-10-2015 12:14
  
  IFED has also launched criminal investigation after fears customer information was sold to third party.
  
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• Willis promotes internally for UK construction head role

  19-10-2015 12:00
  
  Alex Clayton will start his role from 1 November
  
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• Ageas says Tobas won't change

  19-10-2015 11:52
  
  Insurer says it has adopted principles of Insurance Act early.
  
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• Aviva calls in Ifed after customer data theft

  19-10-2015 11:26
  
  James Verrinder Postonline Aviva has called in the Insurance Fraud Enforcement Department after a rogue employee sold details of customers who had been involved in road accidents to claims companies.
  
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• Ageas becomes early adopter of Insurance Act

  19-10-2015 11:25
  
  Changes will apply to any new policies from Ageas Commercial policies started or renewed after 1 October 2015
  
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• Top 100 UK insurers: Top 20 focus

  19-10-2015 11:19
  Tracey Jones Postonline We focus on the insurers that made the top 20 in the 2015 listing.
  
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• Two new directors for Alan Boswell

  19-10-2015 11:03
  
  Gillian Anderson Brown and Alastair Drew both promoted to the board.
  
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• Aunt says insurance company pushed her into suing nephew

  19-10-2015 10:44
  
  US jury rejects $127,000 lawsuit against 12-year old for hug-gone-wrong
  
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• China Re IPO prices at top of range

  19-10-2015 10:39
  State-owned China Re has raised $2bn from investors as part of
  its Hong Kong IPO, securing a valuation at the top end of its
  indicative range, according to reports.
  The IPO was due to price on Friday (16 October) and over the
  weekend Reuters reported that the reinsurer was raising the funds
  at the top end of its HK$2.25-HK$2.70 ($0.29-$0.35) indicative
  pricing range.
  At HK$2.70 China Re, which has raised 13.7 percent of its
  enlarged share capital, has been valued...
  
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• Charman berates market over ice-dam claims

  19-10-2015 10:39
  US insurers attempting to railroad reinsurers into paying aggregate
  claims under per-occurrence treaties are not fulfilling their
  cedant obligations and need to be resisted, Endurance CEO
  JohnCharman has told The Insurance
  Insider.
  As this publication revealed earlier in the week, a raft of
  northeast US cedants have filed claims with their excess-of-loss
  reinsurers relating to losses aggregated from a number of separate
  weather events this winter.
  Many reinsurers have rejected the claims, which
  
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• Ford teams up with Marmalade for young driver insurance

  19-10-2015 10:27
  
  James Verrinder Postonline Ford and Marmalade have joined forces to offer young drivers cheaper insurance on new Fiesta or Ka vehicles.
  
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• Axa leads Brokerbility survey

  19-10-2015 10:09
  
  Network’s survey of key insurer partners puts Axa top for satisfaction and claims and Aviva highest for underwriting.
  
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• IFED launches criminal investigation after Aviva customer data theft

  19-10-2015 09:30
  
  Aviva has also told the FCA and ICO and written to motorists after it discovered an ex- employee had accessed customer details
  
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• Lloyd's chief warns against government's late payment of claims rules

  19-10-2015 09:23
  
  Inga Beale says new rule could open door to speculative and vexatious claims for losses never covered first place
  
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• Lloyd's chief warns against government's late payment of claims plans

  19-10-2015 09:23
  
  Inga Beale says new rule could open door to speculative and vexatious claims for losses never covered first place
  
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• Charles Taylor sells last of non-life insurance companies in run-off

  19-10-2015 09:12
  
  Sale is part of business strategy to reduce exposure to the ownership of non-life insurance companies in run-off
  
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• Analysis: Family, friends biggest influence on policy purchase

  19-10-2015 08:30
  
  Research shows we pay most attention to our nearest and dearest when choosing insurance policies
  
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• Personal motor market returned to loss in 2014 – Towers Watson

  19-10-2015 07:30
  
  Rising claims costs and aggressive price competition push COR to 101.3%
  
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