Insurance news

• Zurich shuts down standalone boiler business

  03-11-2015 21:58
  Zurich has closed its standalone boiler and machinery insurance
  unit, laying off underwriting staff in the process, The
  Insurance Insider can reveal.
  According to sources, the insurance giant shut down the unit
  last month as it decided the circa $40mn premium portfolio was not
  part of its core business.
  News of the shutdown comes as investors await the results of
  Zurich's in-depth review of its general insurance operations,
  which are expected when it reports full third quarter numbers on
  Thursda
  
  Read more

• Walmart sues over rumoured $90mn comedian crash payout

  03-11-2015 21:58
  Walmart is suing at least five of its insurers after they failed to
  pay for a portion of a settlement agreed with US actor and comedian
  Tracy Morgan, who was almost killed in a collision with one of its
  trucks.
  The supermarket giant reached a reported $90mn settlement with
  Morgan after the accident, which saw one of its trucks smash into
  the limousine the television star was travelling in.
  It was also reported to have made a $10mn payout to...
  
  Read more

• The Secret CEO

  03-11-2015 21:58
  From: XXXXXSent: 30/10/2015
  To: Steve XXXXXXX@globalbrokerCc:Subject:
  Thanks for taking the call, Steve. Appreciated, truly 100
  percent appreciated. Sorry I cut and run, had to. Would call now
  but I could do without Derek picking up on all of it. Not that I
  don't trust him, just that he was there Saturday for the school
  thing and that's enough. Don't want him to go AWOL. Rely on
  him like now, sat f***ing stewing here wherever the f*** we...
  
  Read more

• Orion opt-out ruling offers hope for solvent schemes

  03-11-2015 21:58
  The UK High Court sanctioned a landmark scheme of arrangement for
  Orion Insurance Company and The London and Overseas Insurance
  Company Ltd late last month (29 October), in a move that will allow
  legacy players to continue to extract value from their liabilities.
  Solvent schemes of arrangement are exit mechanisms that enable
  (re)insurers to wind up their liabilities early. However, such
  schemes have attracted greater scrutiny from the UK regulator in
  recent years amid concerns about the protecti
  
  Read more

• Advertisement

• Noonan hints at PacRe changes after further losses

  03-11-2015 21:58
  Validus CEO Ed Noonan has suggested that the carrier is
  rethinking its strategy for its hedge fund reinsurance vehicle
  following another set of losses last quarter.
  PacRe, the joint venture with Paulson & Co, posted a total
  third quarter loss of $79.6mn on $40.7mn of realised losses and
  $38.8mn of unrealised losses. The vehicle also recorded a negative
  top line, erasing $443,000 of previous gross written premium.
  Responding to an analyst's question on whether the carrier
  would seek to run...
  
  Read more

• LIU names Finnegan US CUO as Cohen departs

  03-11-2015 21:58
  Liberty International Underwriters (LIU) has appointed Michael
  Finnegan as CUO of its US platform following the departure of David
  Cohen for Aspen, The Insurance Insider
  can reveal.
  Aspen announced the arrival of Cohen as president and CUO of its
  insurance segment, confirming market speculation that the veteran
  executive was about to emerge at the Bermudian carrier.
  Cohen had been global casualty CUO at LIU since June 2001 and
  became president of the Liberty Mutual specialty insurance unit in
  th
  
  Read more

• Insurers facing $635mn suit after refusing $20mn D&O claim

  03-11-2015 21:58
  A defunct Chinese media firm is suing five insurers for $635mn
  after alleging their refusal to pay out under a directors' and
  officers' (D&O) policy with a $20mn limit led to hundreds
  of millions of dollars in adverse judgments against it.
  Receivers for the firm China MediaExpress Holdings (CME) claim
  that the insurer's refusal to cover legal costs caused the
  firm's demise.
  CME was one of a swathe of Chinese companies to gain a listing
  on the New York Stock...
  
  Read more

• Hamilton USA parts with further execs

  03-11-2015 21:58
  Hamilton's US insurance arm has parted ways with three
  further senior executives after their roles were eliminated,
  The Insurance Insider can reveal.
  The latest departures include Rich Koehler, the carrier's
  president for middle markets and programmes, COO William Thygeson
  and Angelo Fazio, its vice president of operations.
  The exits follow that of Conan Ward, who resigned as Hamilton
  USA CEO with immediate effect earlier this month.
  Hamilton USA officially began operating as a platform last
  Oct
  
  Read more

• Advertisement

• Generali removed from G-SII list

  03-11-2015 21:58
  Italian insurance group Generali has been removed from the
  Financial Stability Board (FSB)'s list of global systemically
  important insurers (G-SIIs).
  In 2013, the FSB, in consultation with the International
  Association of Insurance Supervisors (IAIS) and national
  authorities, identified an initial list of nine G-SIIs, comprising
  Generali, Axa, Allianz, Ping An, MetLife, Prudential Financial,
  Prudential Plc, American International Group (AIG) and Aviva.
  In its annual update of the list, published
  
  Read more

• Florida insurers surge in October

  03-11-2015 21:58
  Florida homeowners' insurers led the way on
  share price performance in October as Federated National, United
  Insurance Holdings and HCI Group all saw their stocks surge by more
  than 15 percent, despite what some are seeing as the emergence of
  headwinds for underwriters in the Sunshine State.
  Fellow Floridian Heritage was not far behind, with its shares
  rising by 12.8 percent, as the historically most active phase of
  the North Atlantic hurricane season passed quietly.
  Universal, the last of the..
  
  Read more

• Catco expands London-listed fund

  03-11-2015 21:58
  Catco expects to have more than $3bn of capital to deploy ahead
  of the 2016 renewals, said CEO Tony Belisle after the fund manager
  raised $88.44mn of gross proceeds from a new share issuance for its
  London and Bermuda-listed Reinsurance Opportunities Fund.
  The raise put the manager roughly 11 percent ahead of the $2.7bn
  of assets it had under management as of 30 June across both the
  listed and private funds.
  Belisle said the fund had the flexibility to raise...
  
  Read more

• Beach agrees to take US Re team

  03-11-2015 21:58
  Expansive reinsurance intermediary Beach & Associates has
  agreed a deal to take a team of brokers and their business out of
  US Re, The Insurance Insider
  understands.
  Market sources have suggested that those moving include senior
  vice presidents Marc Piccione and Chuck Desmond.
  New York-based Piccione is understood to have a book of US
  business that includes regional Florida and southeast US clients,
  as well as the key Turkish Catastrophe Insurance Pool (TCIP)
  account.
  The executive is the so
  
  Read more

• Australian terror pool considers ILS options

  03-11-2015 21:58
  Government-backed terrorism pool the Australian Reinsurance Pool
  Corporation (ARPC) is planning to bring in insurance-linked
  securities (ILS) markets to participate on its A$3.2bn ($2.27bn)
  retro programme.
  ARPC chief executive Christopher Wallace said that the pool had
  considered buying an ILS layer before, but that the coverage and
  pricing options hadn't been right at the time.
  "We are interested. We've looked at options for retro
  before, and we'll look at it again this week.
  "But so far we've
  
  Read more

• AmTrust beats as top and bottom line grows

  03-11-2015 21:58
  AmTrust's operating earnings were up 11 percent in the third
  quarter to $150.9mn from a base of $135.4mn during the same period
  last year.
  And the expansive insurer continued on its growth trajectory as
  its top line grew by 17 percent in the third quarter.
  The firm reported gross written premium of $1.78bn - a $260mn
  increase on the $1.52bn it reported for Q3 2014.
  The $1.79 earnings-per-share result marked a significant beat on
  Wall Street's consensus, which forecast $1.36....
  
  Read more

• Amlin shareholders overwhelmingly back Mitsui deal

  03-11-2015 21:58
  Amlin shareholders have voted overwhelmingly in favour of its
  proposed £3.47bn acquisition by Mitsui Sumitomo Insurance
  Company.
  In a duo of meetings earlier today (3 November), Amlin
  shareholders passed a number of resolutions that will allow the
  deal to progress.
  "The Boards of Directors of Amlin and MSI are pleased to
  announce that at a court meeting and general meeting of Amlin
  shareholders held earlier today in connection with the recommended
  cash offer for the entire issued and to be
  
  Read more

• AIG's Hancock says no to break-up; shares trade down

  03-11-2015 21:58
  AIG president and CEO Peter Hancock has rejected calls for the
  insurer to be broken up and countered that the move would actually
  make less capital available for distribution to shareholders.
  The executive also detailed cost-cutting measures that will cull
  23 percent of the company's top 1,400 senior management
  personnel.
  The comments came on this morning's Q3 earnings after AIG
  released results last night (2 November) that included a
  disappointing earnings miss and $500mn of charges for cost-cu
  
  Read more

• ACR SPS gets in-principle approval

  03-11-2015 21:58
  Lloyd's has awarded Asia Capital Re (ACR) in-principle approval
  to establish a special purpose syndicate (SPS) with Argo,
  The Insurance Insider can reveal.
  The Insurance Insider revealed at the
  Monte Carlo Rendez-Vous that Argo's Lloyd's
  operation and ACR were looking to set up an SPS with a Lloyd's
  stamp capacity of around £35mn ($54mn).
  The SPS will allow ACR to effectively write its book of Chinese
  facultative and excess-of-loss reinsurance business onshore,
  avoiding the handicap impose
  
  Read more

• $100mn MultiCat Mexico cat bond tranche on Creditwatch

  03-11-2015 21:58
  Standard & Poor's (S&P) has placed its B- rating on
  the MultiCat Mexico series 2012 Class C notes on creditwatch with
  negative implications after Hurricane Patricia made landfall on 23
  October.
  The ratings agency said one National Hurricane Center (NHC)
  report indicated that central pressure readings reached 920
  millibars (mb) at a station located within the covered area.
  Investors stand to lose 50 percent of their capital if the
  central pressure is between 920mb and 932mb and 100 percen
  
  Read more

• Roundtable: Technology: Are insurers ready for the next technology revolution?

  03-11-2015 19:22
  
  Rachel Gordon Postonline What are the forthcoming trends insurers are likely to face?
  
  Read more

• In Series: Windstorms: Lessons from history

  03-11-2015 18:46
  
  Sam Barrett Postonline Debate over how European windstorms are evolving can be fierce, with data available to prove virtually every possible variation. But, with this weather phenomenon seriously battering Europe and its insurers’ claims funds, a greater understanding of what’s at stake is essential.
  
  Read more

• Guidewire Connections: Aviva warns of “serious disintermediation”

  03-11-2015 18:41
  
  Angus Eaton says we are in an “age of disruption” and the market is at risk of serious disintermediation.
  
  Read more

• FCA chief Tracey McDermott tells insurers there is more to do repair reputation

  03-11-2015 18:33
  
  James Verrinder Postonline Tracey McDermott, the acting CEO of the Financial Conduct Authority, has told the Association of British Insurers' biennial conference that the industry still has much to do to improve its image in the eyes of consumers.
  
  Read more

• Trust in Insurance: Blog: The admin fee rip-off

  03-11-2015 18:06
  
  Rebecca Rutt Postonline The regulator needs to get involved to enforce a blanket ban on unfair extras.
  
  Read more

• C-Suite - Insurer: It’s a small world after all

  03-11-2015 17:51
  
  David Swigciski Postonline SMEs are key to economy growth in the UK – and with globalisation a reality, they face numerous risks.
  
  Read more

• Penny Black's Social World - 5 November 2015

  03-11-2015 17:42
  
  James Verrinder Postonline All the latest online news
  
  Read more

• Penny Black's Insurance Week - 5 November 2015

  03-11-2015 17:26
  
  James Verrinder Postonline Last week, Penny was inundated with all manner of last-ditch rugby fun before the World Cup was finally hoisted above the heads of New Zealand.
  
  Read more

• Insurers need to brush up their image says FCA's McDermott

  03-11-2015 16:00
  
  Acting FCA boss says insurers need to increase transparency on value to win customer confidence
  
  Read more

• Three executives to leave Towergate's SBU in Manchester

  03-11-2015 14:13
  
  Consolidator says it is implementing a new structure.
  
  Read more

• Insurers urged to step up pace of innovation with low-cost experiments

  03-11-2015 13:43
  
  Katie Marriner Postonline Tech giants Amazon and Google have warned insurers must increase their digital innovation with low-cost experimentation and that senior executives must recognise the need for dedicated digital investment to achieve this.
  
  Read more

• Industry united in call for FCA to be appointed CMC regulator

  03-11-2015 13:21
  
  James Verrinder Postonline Insurers have rallied to support the Association of British Insurers' call for the Financial Conduct Authority to oversee the regulation of claims management companies.
  
  Read more

• ABI 2015: Government recognises challenges of IPT rise

  03-11-2015 13:20 via insuranceage.co.uk
  
  David Gauke MP also mentions innovation and adapting to technology as key steps going forward.
  
  Read more

• Career File: Amanda Blanc - Blanc to lead Axa Ireland

  03-11-2015 12:46
  
  James Verrinder Postonline Axa UK will bring all of its insurance business under one leader with Amanda Blanc, CEO, Axa Commercial Lines and Personal Intermediary, taking responsibility for Axa Ireland from 1 January 2016.
  
  Read more

• DLG posts 1.3% rise in GWP to £2.39bn

  03-11-2015 12:39 via insuranceage.co.uk
  
  Motor GGWP rose to £1.07bn for first nine months of 2015 - but fell to £653.6m for household.
  
  Read more

• Towergate small business unit head and two directors to depart

  03-11-2015 11:55
  
  SBU unit will no longer operate as separate business but will operate under one management in the retail arm
  
  Read more

• Insurers trusted less than bankers, says ABI's Evans

  03-11-2015 11:50
  
  ABI chairman seeks to tackle poor public perception of insurance
  
  Read more

• Generali joins three-year earthquake risk project

  03-11-2015 11:45
  
  James Verrinder Postonline Generali has teamed up with the Abdus Salam International Centre for Theoretical Physics to carry out a three-year project to study and analyse earthquake hazards and seismic risk mitigation.
  
  Read more

• JLT Group expects organic growth for insurance business

  03-11-2015 11:34
  
  Firm anticipates reduced group profit because of lower profit in employee benefits business.
  
  Read more

• Bullish JLT predicts broking top-line and margin growth

  03-11-2015 11:32
  JLT is expecting full-year organic revenue growth at its risk
  and insurance businesses to be "in line with historical
  levels", with its JLT Specialty and JLT Re units set to report
  trading margins above those of last year.
  In its third quarter interim management statement, the broker
  said that both JLT Specialty and JLT Re had continued to perform
  well, with the former "seeing the benefits of its merger with
  Lloyd & Partners coming through".
  The group was also bullish...
  
  Read more

• Online SME insurer champions advice over price

  03-11-2015 11:27
  
  Katie Marriner Postonline New online insurer Quote Dave is promising to offer SME's insurance based on the "right advice" rather than the cheapest quote.
  
  Read more

• ABI relocating to America Square after 25 years at 'expensive' HQ

  03-11-2015 11:20
  
  Callum BrodiePostonline The Association of British Insurers has confirmed plans to move from its "expensive" Gresham Street headquarters to 1 America Square in a bid to lower costs for members.
  
  Read more

• ABI to move to new headquarters

  03-11-2015 11:00
  
  New offices will offer improved facilities at lower cost, says chairman Evans
  
  Read more

• Company bosses urged to see business benefits of insurance

  03-11-2015 10:48
  
  Callum BrodiePostonline Business leaders have been urged by risk management association Airmic and the Institute of Directors to stop seeing insurance as a ‘grudge purchase’ and start using it to enable them to take risks as they grow their business.
  
  Read more

• DLG reports 4.1% growth in motor

  03-11-2015 10:45
  
  James Verrinder Postonline Direct Line Group has seen an increase in gross written premium and motor for the first nine months of 2015, according to an interim management statement released today (3 November).
  
  Read more

• Ageas quotes £20,000 car renewal for 98-year old war veteran

  03-11-2015 09:42
  
  Company later withdraws quote, saying he should never have been sent a renewal
  
  Read more

• JLT insurance grows, but group cuts profit forecasts

  03-11-2015 09:09
  
  Downturn in employee benefits and adverse currency movements offset better insurance result
  
  Read more

• Biba and ABI to launch code for helping vulnerable clients

  03-11-2015 09:00
  
  The code is expected to be ready in Q1 2016.
  
  Read more

• DLG 9 months GWP rises 1.3% to £2.40bn

  03-11-2015 08:45
  
  Growth in motor, commercial, rescue partly offset by decline in home insurance
  
  Read more

• CII warns industry to prepare for apprenticeship levy in CEO letter

  03-11-2015 07:58
  
  It is believed the levy will charge companies with more than 250 employees around 0.5% of their UK payroll 
  
  Read more

• TalkTalk hackers stole almost 1.2 million names and numbers

  03-11-2015 07:30
  
  Almost 21,000 bank account numbers and 28,000 obscured credit card number were also accessed
  
  Read more

• MPs don't rule out future Laspo inquiry

  03-11-2015 07:30
  
  Transport committee chair Louise Ellman concerned at Laspo’s problems
  
  Read more

Follow @Insurance_UKnws on Twitter!