Insurance news

• Will Smith movie to cause a headache for legacy carriers

  26-10-2015 19:56
  Lawyers have warned that a new film starring Will Smith is expected
  to boost public awareness of sports-induced head injuries, which
  could create a problem for run-off carriers.
  The new movie, Concussion, is set to be released on Christmas
  Day and sees Smith tell the real-life story of neurologist Dr
  Bennet Omalu, who was the first person to diagnose chronic
  traumatic encephalopathy (CTE) in a professional American football
  player.
  The diagnosis of the impact-related disease proved that the
  play
  
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• Tom cost to be revised from £250mn: LMG

  26-10-2015 19:56
  The London Market Group (LMG) will revise its £250mn
  ($383mn) forecast for the cost of the Target Operating Model (Tom),
  the programme of work to deliver modernisation to the market,
  The Insurance Insider understands.
  However, it will only be known whether the cost will increase or
  decrease during the early part of 2016.
  The news follows the announcement from the LMG that
  it has appointed Adrian Thornycroft as Tom's programme
  director.
  Thornycroft was formerly head of business projects and
  
  Read more

• Reinsurers confident of modest US price falls at 1.1

  26-10-2015 19:56
  Despite warnings from Baden-Baden of mounting pricing pressure at 1
  January, US reinsurers remain confident that the stabilisation that
  began to emerge at mid-year renewals will continue as negotiations
  gather pace at PCI this week.
  Underwriting executives canvassed by The Insurance
  Insider in recent weeks believe that, for US renewals
  at least, a floor on pricing is being reached in property cat while
  casualty pro-rata ceding commissions have topped out.
  Indeed, some are reporting signs of fres
  
  Read more

• Postcard from Baden-Baden

  26-10-2015 19:56
  The message from Europe is clear: prepare for high single-digits
  price falls and less reinsurance to be bought on wider terms...
  As reinsurance professionals gathered in Baden-Baden last week
  to begin renewal negotiations in earnest, much of the talk moved
  beyond the topic of price to the battleground for terms and
  conditions at 1 January.
  None of the sources The Insurance
  Insider spoke to believed there would be any big
  surprises in terms of pricing, with most agreeing that deals...
  
  Read more

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• Patria Re Lloyd's entry highlights SPS side door

  26-10-2015 19:56
  Patria Re's in-principle approval from Lloyd's to
  establish a special purpose syndicate (SPS) has again highlighted
  the shift in how the Corporation brings new entrants into the
  market.
  Until 2012, entrance to the Lloyd's market was achieved via
  one of two mechanisms. Either an application was made to start a
  full syndicate, typically alongside a third-party managing agency,
  or an existing Lloyd's business was acquired.
  This changed in 2012 when Lloyd's approved Pembroke SPS 6110
  as the start-up
  
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• Parliament examines controversial clause in Enterprise Bill

  26-10-2015 19:56
  The UK House of Lords has considered the Enterprise Bill less
  than a week after members of the London market wrote to the
  economic secretary to the Treasury Harriet Baldwin to stress that
  one of the proposals was "fundamentally flawed".
  On 26 October, the bill reached the committee stage in the UK
  legislature, where House of Lords members examined the draft,
  including the controversial Clause 20.
  This clause inserts a new section, which would see insurers
  become liable to pay...
  
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• Novae continues portfolio shift with crop re sale

  26-10-2015 19:56
  Lloyd's carrier Novae has sold its agricultural reinsurance
  team and the renewal rights to the £51mn ($78mn) portfolio to
  Ironshore, as it continues to reduce its exposure to reinsurance
  business.
  In a statement, Mark Wheeler, CEO of Ironshore International,
  said the acquisition materially expanded the global reach of the
  company's agriculture business.
  "We will continue to perform in the market as Novae did,
  with aspirations to maintain a leadership position in the industry
  and provide pe
  
  Read more

• New casualty demand emerges as cedes top out

  26-10-2015 19:56
  There are signs of emerging demand for casualty reinsurance as
  insurers are drawn back to the market by attractive buying
  conditions at a time when pressure is growing on their underlying
  books of business.
  Anecdotal evidence suggests several new treaties are being
  considered by carriers ahead of the 1 January renewal, including
  for professional liability business.
  One senior reinsurance source told The Insurance
  Insider: "I think it's a fear of the
  underlying performance that's driving it, and
  
  Read more

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• More asbestos charges expected as hedge funds back litigation

  26-10-2015 19:56
  Travelers was forced to bolster its asbestos reserves by a
  further $224mn in the third quarter of 2015, as the shift towards
  strengthening reserves showed no sign of abating.
  And the trend could be set to continue as hedge fund money sets
  its sights on mesothelioma litigation as a means to earn a
  return.
  Typically, the presence of venture capital backing the plaintiff
  bar is opaque and often only speculated about.
  But a recent lawsuit filed in the US gives...
  
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• Major cat bond payout looms from Hurricane Patricia

  26-10-2015 19:56
  The cat bond market could be set to make its biggest payout
  since 2011 as a result of Hurricane Patricia, which hit Mexico as a
  Category 5 hurricane last week.
  The Mexican government's Fonden natural disaster fund is the
  beneficiary of the MultiCat Mexico cat bond, issued in 2012 to
  cover earthquake and hurricane events.
  The $100mn class C tranche of the deal is on the line as a
  result of Patricia, with the payout resting on the storm's
  central...
  
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• Humboldt Re adds to Credit Suisse's rated platform

  26-10-2015 19:56
  Insurance-linked securities (ILS) fund manager Credit Suisse
  Asset Management (CSAM) now has a second rated platform to draw on
  following the launch of Humboldt Re last week.
  AM Best gave the start-up an A- rating, just under a year after
  the first CSAM-managed vehicle Kelvin Re obtained its rating,
  confirming reports from sister publication Trading
  Risk that a new rated vehicle would be launched in
  time for the 1 January renewals.
  Both vehicles were funded by single investors that previously...
  
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• Fidelis brings in ex-Catlin active underwriter

  26-10-2015 19:56
  Specialty (re)insurer Fidelis announced a string of senior
  underwriting appointments today (26 October), including the hire of
  XL Catlin's Nick Burkinshaw as chairman of specialty.
  Burkinshaw joins the company after having served most recently
  as active underwriter of Catlin's flagship Syndicate 2003 and
  London chief underwriting officer.
  Meanwhile, Ben Savill, formerly of Amlin Bermuda, has been named
  as Bermuda CEO, in a move previously reported by The Insurance
  Insider. In his former role, Sa
  
  Read more

• EY: pre-close integration planning the key to M&A success

  26-10-2015 19:56
  Developing a fully-fledged business integration plan and
  appointing an integration leader long before completion of an
  acquisition is absolutely key to successful M&A, senior London
  market executives agreed last week.
  At a London 100 Working Group roundtable hosted by EY,
  executives heard that if the benefits of the current wave of
  industry consolidation were to be realised and its pitfalls
  avoided, planning had to begin from the moment a bid was made and
  could not wait until completion.
  Con
  
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• Besso to sell capital markets unit

  26-10-2015 19:56
  Besso is set to sell its capital markets unit Optex Group to
  Guernsey-domiciled asset manager Providence Global, Optex CEO
  Andrew Martin told sister publication Trading
  Risk.
  The deal is subject to regulatory approval from the UK Financial
  Conduct Authority (FCA).
  Optex is licensed by the FCA to advise on risk transfer deals to
  the capital markets in the UK and Europe and Scandinavia via
  passporting arrangements and the US through correspondent
  brokers.
  Providence Global has asked Martin to rema
  
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• Asia Capital Re secures China rep office

  26-10-2015 19:56
  Asia Capital Re (ACR) has received approval from the China
  Insurance Regulatory Commission (CIRC) to establish a
  representative office in Shanghai, The Insurance
  Insider can reveal.Sources said that the representative office will be up and
  running shortly, after CIRC gave ACR the green light in August this
  year.
  It is understood that ACR will look to fast-track the upgrade of
  the office to a branch office - a process which traditionally takes
  two years.
  Sources have said that having...
  
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• Allied World trades down on Q3 results

  26-10-2015 19:56
  Allied World shares suffered last week as markets
  reacted to the carrier's mixed third quarter results.
  The company beat analysts' forecasts on operating profits
  but fell to a net loss as it took significant realised investment
  losses and a $28.9mn Tianjin hit.
  Its stock was the worst performing in the sector as it traded
  down 3.66 percent through the week.
  At the other end of the spectrum, the publicly traded Florida
  homeowners' insurers carried the torch for the third week...
  
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• Allied World and Ace add to Tianjin loss estimates

  26-10-2015 19:56
  Loss estimates from the Tianjin explosions in August have
  continued to trickle in over the past week, with another two
  carriers making announcements.
  Allied World and Ace have both released loss estimates towards
  the lower end of the range already reported by peers.
  Switzerland-headquartered Allied World reported a $28.9mn loss
  on 21 October, representing 0.8 percent of Q2 shareholders'
  equity.
  Out of the $28.9mn loss, $25.9mn was attributable to
  the firm's reinsurance business, with $2.75mn ste
  
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• AIG restructures commercial insurance business

  26-10-2015 19:56
  American International Group (AIG) has reorganised its commercial
  insurance business in a move that will also see a realignment of
  its specialty product lines, The Insurance
  Insider can reveal.
  Earlier this month the New York-based insurance giant announced
  several leadership appointments across the business and pointed to
  a newly organised credit lines product segment.
  But it is thought the moves are part of a wider organisational
  restructure as the company looks to streamline its operations.
  I
  
  Read more

• Penny Black's Social World - 29 October 2015

  26-10-2015 17:31
  James Verrinder Postonline All the latest online news
  
  Read more

• Penny Black's Insurance Week - 29 October 2015

  26-10-2015 17:02
  
  James Verrinder Postonline Penny feared the worst when the Met Office announced that it would allow the general public to suggest names for future UK windstorms.
  
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• C-Suite - Insurer: Innovation can be Uberdisruptive

  26-10-2015 16:44
  
  Jacqueline McNamee Postonline Is the insurance industry vulnerable to new technological developments?
  
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• Willis names Willis GB financial lines CEO

  26-10-2015 14:26
  Big-three broker Willis has today (26 October) announced the
  appointment of Mary O'Connor as CEO of the financial lines
  division at Willis GB.
  The promotion will also see O'Connor join the executive
  committee of Willis GB, the operating segment that includes the
  broker's specialty, facultative and retail insurance businesses
  in Great Britain.
  The unit also includes Finex - the financial and executive risks
  practice led by Jeremy Wall - as well as financial solutions, which
  covers political and t
  
  Read more

• US wildfire losses could top $1.75bn

  26-10-2015 14:26
  Losses from wildfires that burned across unusually large areas
  of the US over the summer could cost insurers more than $1.75bn,
  according to an early estimate from Guy Carpenter.
  Citing information from the National Interagency Fire Center,
  the reinsurance broker said the wildfires burned more than 9.3
  million acres, causing damage to almost 50 percent more land than
  the 10-year annual average.
  Analysis of damage caused by wildfires over the last decade
  showed that around 6.3 million acres had t
  
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• Patricia losses not expected to top $200mn: AIR

  26-10-2015 14:26
  Insured losses from Hurricane Patricia, which struck the west
  coast of Mexico on Friday evening (23 October) are not expected to
  exceed $200mn, according to modelling firm AIR Worldwide.
  Just hours before making landfall, the hurricane was the
  strongest ever recorded in the Atlantic and East Pacific ocean
  basins with wind speeds of up to 200mph.
  But gusts had reduced to around 165mph when it hit about
  55-miles northwest of Manzanillo, which is home to more than
  160,000 people.
  Fortunately,...
  
  Read more

• LMG names Tom programme director

  26-10-2015 14:26
  The London Market Group (LMG) has appointed Adrian Thornycroft
  as programme director of the London market Target Operating Model
  (Tom), it announced today (26 October).
  Thornycroft was formerly head of business projects and
  transformation at Canopius Group, and has previously held UK roles
  at Amlin, Old Mutual and Zurich.
  He will lead governance across the whole programme and have
  responsibility for the individual projects within the scheme.
  Shirine Khoury-Haq, Lloyd's director of operations and
  
  Read more

• Fidelis announces senior underwriting hires

  26-10-2015 14:26
  Specialty (re)insurer Fidelis announced a string of senior
  underwriting appointments today (26 October), including the hire of
  XL Catlin's Nick Burkinshaw as chairman of specialty.
  Burkinshaw joins the company after having served most recently
  as active underwriter of Catlin's flagship Syndicate 2003 and
  London chief underwriting officer.
  Meanwhile, Ben Savill, formerly of Amlin Bermuda, has been named
  as Bermuda CEO. In his previous role, Savill led the North America
  market unit, and was respon
  
  Read more

• AM Best goes negative on Greenlight Re

  26-10-2015 14:26
  Rating agency AM Best has revised its outlook for Greenlight Re
  from stable to negative, while affirming the company's
  financial strength rating of A and issuer credit rating of a.
  The negative outlook has been driven by Greenlight Re's less
  favourable underwriting results in recent years, including for the
  nine months ended 30 September 2015, which have fallen short of AM
  Best's expectations, the agency said.
  "The company is showing an underwriting loss, albeit modest
  but below most peers, on..
  
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• Insurers willing to take more investment risk in face of quantitative easing

  26-10-2015 13:55
  
  James Verrinder Postonline Global insurers are taking on more investment risk in order to protect profit margins, according to a new survey by investment management company Black Rock.
  
  Read more

• Sentiment Survey Autumn 2015: Sneak peek

  26-10-2015 12:15
  
  Ageas broker distribution director, Chris Dobson talks to Insurance Age commissioning editor Siân Barton about IPT, renewal premiums and broker numbers.
  
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• QBE expands Trade Credit team

  26-10-2015 11:59
  
  Six new appointments expand the company’s northern commercial team
  
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• Blanc to lead Axa Ireland as restructure continues

  26-10-2015 11:35
  
  Katie Marriner Postonline Axa UK will bring all of its insurance business under one leader with Axa Insurance CEO Amanda Blanc taking responsibility for Axa Ireland from 1 January 2016.
  
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• Axa to bring all UK and Ireland insurance business together

  26-10-2015 11:04
  
  Amanda Blanc will lead general insurance business controlling £2.8bn in GWP.
  
  Read more

• Insured Tianjin blast losses $500m and rising

  26-10-2015 10:50
  
  Final losses could be as high as $3.3bn, says Guy Carpenter
  
  Read more

• Amanda Blanc to take control of AXA Ireland

  26-10-2015 10:36
  
  Insurer also hands more control to commercial intermediary MD Jon Walker
  
  Read more

• Legal Update: Chasing their losses

  26-10-2015 10:30
  
  Edward Swan Postonline Insurers must recover the billions they lost in the interest rate fixing scandal, says Edward Swan
  
  Read more

• Willis appoints O'Connor as head of GB financial lines

  26-10-2015 10:26
  
  Former FSA investigator to join GB executive committee
  
  Read more

• Broker Apprentice 2015: Tristan Antrobus-Holder

  26-10-2015 10:00 via insuranceage.co.uk
  
  Time to meet the second of the six new apprentices before filming begins for the 2015 series.
  
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• IPT rise will cost families up to £100 more says ABI

  26-10-2015 09:30
  
  Next week’s tax rise will hit 7.3 million car policies and 4.7 million household policies
  
  Read more

• ABI: IPT increase will add £100 a year for some families

  26-10-2015 09:30 via insuranceage.co.uk
  
  ABI says further increases must be avoided if insurance is to be accessible for all.
  
  Read more

• Patricia losses not expected to top $200mn: AI

  26-10-2015 09:13
  Insured losses from Hurricane Patricia, which struck the west coast
  of Mexico on Friday evening (23 October) are not expected to exceed
  $200mn, according to modelling firm AIR Worldwide.
  Just hours before making landfall, the hurricane was the
  strongest ever recorded in the Atlantic and East Pacific ocean
  basins with wind speeds of up to 200mph.
  But gusts had reduced to around 165mph when it hit about
  55-miles northwest of Manzanillo, which is home to more than
  160,000 people.
  Fortunately,...
  
  Read more

• CVC reportedly in talks with Carlyle over RAC stake

  26-10-2015 09:11
  
  Talks said to be at very early stage
  
  Read more

• Carrot launches phone-only telematics policy for safer drivers

  26-10-2015 07:30
  
  Incentives-driven policy launched for drivers with more than 2 years’ experience
  
  Read more

• Mapfre and Solera open motor research facility in Beijing

  26-10-2015 04:08
  
  Andrew Tjaardstra Postonline The facility, which officially opens today, is the seventh Solera Technology Centre in the world and the first in China.
  
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• Mass-market telematics app-based solution gains Zurich backing

  26-10-2015 03:12
  
  Callum BrodiePostonline The UK’s first mass-market and full underwriting-based motor insurance is to be launched by telematics company Carrot on aggregator websites this week.
  
  Read more

• IPT increase to add £13 to motor policies, claims ABI

  26-10-2015 01:05
  
  James Verrinder Postonline The Association of British Insurers has highlighted how a range of policies will be impacted when the Insurance Premium Tax increase takes effect in November.
  
  Read more

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