Insurance news

• Analysts back Icahn push for change at AIG

  28-10-2015 21:33
  Analysts have rallied behind activist shareholder Carl Icahn who
  called for a shake-up at AIG but they have stopped short of backing
  his plea to break up the insurance giant.
  Earlier today (28 October) it emerged that Icahn had written an
  open letter calling for AIG's president and CEO Peter Hancock
  to break the conglomerate up after the militant investor took a
  "large stake" in the firm.
  Shares in AIG closed up almost 5 percent at $63.89 as investors
  embraced...
  
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• Activist Icahn takes large AIG stake and calls for break-up

  28-10-2015 21:33
  Shares in American International Group (AIG) traded up more than
  4 percent this morning (28 October) after activist investor Carl
  Icahn revealed he had built a "large stake" in the
  insurance giant and called for it to be split up and to embark on a
  "much needed" cost control programme.
  In a letter to AIG president and CEO Peter Hancock, Icahn said
  the insurer was "too big to succeed" - in a play on
  former Federal Reserve chairman Ben Bernanke...
  
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• Post magazine - 29 October 2015

  28-10-2015 18:50
  
  Cecile Brisson Postonline The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS app edition on the App Store or read the Post digital edition online.
  
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• RAC to launch mass-market telematics product in Q1 2016

  28-10-2015 18:02
  
  James Verrinder Postonline The RAC will unveil a mass-market telematics product that includes a vehicle diagnostics feature in the first quarter of 2016.
  
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• Tokio Marine completes HCC acquisition

  28-10-2015 17:18
  Tokio Marine Holdings has completed the acquisition of
  Texas-based specialty insurer HCC Insurance, it announced yesterday
  (27 October).
  The Japanese group agreed to buy HCC back in June for $78.00 in
  cash per share. HCC shareholders later approved the deal at a
  special meeting in September.
  The company said the aggregate consideration paid in connection
  with the merger was approximately $7.5bn.
  As of 30 June, the US specialty insurer had assets of $11.1bn
  and shareholders' equity of $3.9bn. HCC
  
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• ProSight hires Graham to lead marine & energy

  28-10-2015 17:18
  ProSight Specialty Insurance has announced the appointment of
  Andreas Graham as niche president for marine and energy.
  Graham joins from Ace, where he led the energy segment for
  excess casualty for the past 10 years.
  Prior to working at Ace, he spent three years at American
  International Group and seven years at Lloyd's as marine and
  energy liability underwriter for Hiscox Syndicate 33.
  Joe Beneducci, chairman and CEO of ProSight Global, commented:
  "[Graham] brings a strong knowledge of the ener
  
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• Flood Re appoints CRO

  28-10-2015 17:18
  UK state-backed flood reinsurer Flood Re has appointed Michael
  Bartholomeusz as chief risk officer, it announced today (28
  October).
  Bartholomeusz will be responsible for overseeing, coordinating
  and facilitating the scheme's risk management framework, as
  well as leading the governance of risk management practices across
  the organisation.
  He has previously held insurance and risk consulting roles at
  American International Group, Prudential, KPMG and Abbey National,
  during a career spanning more
  
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• Asta confirms Skuld SPS

  28-10-2015 17:18
  Asta Managing Agency today (28 October) announced it has
  received "in principle" approval from Lloyd's to
  establish a special purpose syndicate (SPS) sponsored by protection
  and indemnity club Skuld, confirming earlier reports from
  The Insurance Insider.
  This publication reported back in September that former Beaufort
  active underwriter Mike Pritchard was set to return to the London
  market as head of the SPS.
  The SPS, which will reinsure Skuld Syndicate 1897, is projected
  to have stamp capacity
  
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• AJ Gallagher brings in technical adviser

  28-10-2015 17:18
  AJ Gallagher has hired David Jack to lead its newly created
  technical advisory board.
  Jack joins from MetaPack, an ecommerce delivery company, where
  he served as chief information officer. He previously spent two
  years working as chief information officer at Hyperion Insurance
  Group, and worked in the same role at thetrainline.com prior to
  that.
  Grahame Chilton, CEO of Arthur J Gallagher International, said
  Jack had built his reputation around successfully delivering
  numerous high profile, high
  
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• ACR recommits to Asia under Gerhardt

  28-10-2015 17:18
  Hans-Peter Gerhardt, the newly appointed CEO of ACR Capital
  Holdings, has revealed his intentions to recommit the group to an
  Asian-only strategy in an interview with The Insurance
  Insider.
  Gerhardt was unveiled as the replacement for ACR founder John
  Tan earlier today (28 October). Tan is stepping back for health
  reasons but will remain at the firm in a non-executive capacity as
  a senior adviser.
  It marks Gerhardt's first executive position for several
  years, having led Paris Re until its...
  
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• Shipowners’ Club records improved COR at half year stage

  28-10-2015 17:17
  
  Peta Fuller Postonline Marine mutual insurer The Shipowners’ Club has delivered an improved half year combined ratio of 87% to August this year (2014: 95.5%), with a small underwriting surplus of $12.9m (£8.4m) on the 2015 policy year (2014: $4.6m).
  
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• Stuart Reid reveals Gallagher's UK battleplan

  28-10-2015 15:54
  
  UK retail boss says he will look at building his team from the Gallagher talent pool 
  
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• Axa awarded £10k in costs after successful 'crash for cash' case

  28-10-2015 15:21
  
  Peta Fuller Postonline An attempted claim for personal injury damages following a staged accident has seen £10k and an eight month sentence awarded against a claimant.
  
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• New Gallagher UK Retail CEO Stuart Reid to tackle integration

  28-10-2015 14:07
  
  Reid says his background integrating businesses at Bluefin will stand him in good stead.
  
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• Flood Re hires Bartholomeusz as CRO

  28-10-2015 13:37
  
  Katie Marriner Postonline Flood Re has appointed Michael Bartholomeusz as its chief risk officer responsible for the scheme's risk management framework.
  
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• The State of the Insurer Nation: Week Two: Politics and Europe

  28-10-2015 13:29
  
  Mairi MacDonald Postonline In the second of a five-part series covering the results of Post’s latest State of the Nation survey, Mairi MacDonald reports how politics, government policy and the UK’s position in the European Union is viewed by insurance CEOs and managing directors and how they think it could be improved.
  
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• Connected home polices set to rise as customer appetite increases

  28-10-2015 13:18
  
  The internet of things fueled connected home will create a fresh set of risks for personal lines home insurers
  
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• Flood Re hires chief risk officer

  28-10-2015 13:15
  
  Michael Bartholomeusz has held risk roles at AIG and Prudential
  
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• Willis reports 3.3% organic growth

  28-10-2015 13:03
  Organic commissions and fees at Willis grew 3.3 percent in the
  third quarter as the broker turned a prior-period net loss of $7mn
  into net income of $117mn.
  The top line performance was driven by strong organic growth in
  Willis International and Willis Capital, Wholesale and Reinsurance
  (CWR), partially offset by a modest decline in Willis GB.
  Willis international reported organic growth in commissions and
  fees of 8.6 percent in the quarter, with strong double-digit growth
  in Latin America, mid-
  
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• Revenue down at Willis GB

  28-10-2015 11:02
  
  Operating income for the division increases in the third quarter of 2015 but is down for the year to date.
  
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• Lloyds demands tighter cut-off point for PPI claims

  28-10-2015 10:55
  
  Bank urges Financial Conduct Authority to set smaller time bar for claims, after saying its total payouts for mis-sold insurance nears £14bnLloyds Banking Group intends to lobby the City regulator for a tighter cut-off point for customers’ claims on payment protection insurance compensation, as its bill for the scandal reaches almost £14bn.The bailed out bank took another £500m provision for PPI in the third quarter and also admitted it was facing an additional charge of
  
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• Lloyds demands earlier cut-off point for PPI mis-selling claims

  28-10-2015 10:55
  
  Bank urges Financial Conduct Authority to set tighter time bar for claims, after saying its total payouts for mis-sold insurance nears £14bnLloyds Banking Group intends to lobby the City regulator for an earlier cut-off point for customers’ claims on payment protection insurance compensation, as its bill for the scandal reaches almost £14bn.The bailed-out bank took another £500m provision for PPI in the third quarter and admitted it was facing an additional charge of &pou
  
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• Man sentenced for crash for cash claim against AXA

  28-10-2015 10:54
  
  Qadir Hanif eight months in jail and costs bill of over £10k
  
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• Excluded properties remain contentious as Lords debate Flood Re regulations

  28-10-2015 10:42
  
  Katie Marriner Postonline Concerns around timing and excluded properties were raised by members of the House of Lords in debating the regulations to govern Flood Re yesterday (27 October).
  
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• Broker Apprentice 2015: Virginia Church

  28-10-2015 10:25
  
  Allow us to introduce the fourth of the six new apprentices set to star in the 2015 series.
  
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• Third quarter profit flat at Gallagher

  28-10-2015 10:22
  
  Consolidator sees 4.8% rise in revenue for three month period.
  
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• IPT rise to cost young drivers and Londoners most, says AA

  28-10-2015 10:08
  
  Broker warns tax increase could encourage young drivers to drive without cover.
  
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• IPT hike hits young drivers and Londoners hardest – AA

  28-10-2015 09:59
  
  Tax could encourage young drivers to drive without insurers
  
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• AJG records 4.1% organic growth

  28-10-2015 09:40
  AJ Gallagher has published strong organic growth numbers for its
  third quarter, recording a 4.1 percent increase across its
  brokerage and risk management segments.
  The broker's chairman and CEO Patrick Gallagher junior
  heralded "another excellent quarter", which saw the group
  post combined adjusted revenue growth of 9 percent, adjusted
  Ebitdac growth of 11 percent and an improved adjusted Ebitdac
  margin that was up 30 basis points.
  Net earnings per share also increased by 15 percent to
  $0.75.
  By
  
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• Insurer blow as judge blocks fraud prosecution

  28-10-2015 08:00
  
  Judge cuts off insurer plans to bring contempt of court action against ex-bus driver 
  
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• Willis GB suffers drop in nine-month profit and revenue

  28-10-2015 07:30
  
  Broking group says GB division’s turnaround efforts are on track
  
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• Gallagher warns of tough UK retail market as profit rises 10%

  28-10-2015 07:27
  
  Broker reports 64% rise in acquisition expenses and nets $22.3m gain from lawsuit settlement
  
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• Willis reports 3.3 percent organic growth

  28-10-2015 04:40
  Organic commissions and fees at Willis grew 3.3 percent in the
  third quarter as the broker turned a prior-period net loss of $7mn
  into net income of $117mn.
  The top line performance was driven by strong organic growth in
  Willis International and Willis Capital, Wholesale and Reinsurance
  (CWR), partially offset by a modest decline in Willis GB.
  Willis international reported organic growth in commissions and
  fees of 8.6 percent in the quarter, with strong double-digit growth
  in Latin America, mid-
  
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• Axis misses on investment volatility and large losses

  28-10-2015 04:40
  Bermuda-based (re)insurer Axis Capital saw operating income fall to
  $51mn in Q3 from $133mn for the same period last year.
  At $0.51 a share, operating profits missed Wall Street consensus
  forecasts of $0.65 a share.
  Axis blamed the slide in profits on a number of significant
  losses and volatility in its investment portfolio.
  The carrier said its $43mn loss estimate for catastrophe and
  weather-related events was almost double its estimate for the same
  period in 2014.
  The (re)insurer said the...
  
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• Survey shows insurance firms increasing cloud penetration

  28-10-2015 03:10
  
  Andrew Tjaardstra Postonline Insurance companies are increasingly harnessing the power of the cloud according to Post's research.
  
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