Insurance news

• Gibraltar unveils SPV protected cell company rules

  11-11-2015 18:36
  The government of Gibraltar has announced the introduction of
  protected cell legislation to target the insurance-linked
  securities (ILS) reinsurance market.
  The EU jurisdiction hopes to attract ILS fund managers writing
  collateralised reinsurance business after establishing a new
  category of protected cell company (PCC) specifically tailored for
  the space.
  The special purpose vehicle (SPV) PCC will be regulated under
  the domicile's existing insurance company regulations dating
  from 2009.
  The SPV
  
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• Endurance hires Quinn to head North American fac drive

  11-11-2015 18:36
  Endurance has hired Timothy Quinn from Berkley Re America to become
  head of North American facultative reinsurance as it looks to
  expand into the sector.
  As senior vice president and head of North American fac, New
  Jersey-based Quinn will focus on professional lines business.
  He will report to Chris Donelan, president and chief
  underwriting officer of Endurance Re US.
  Commenting on the hire, Donelan said: "We are extremely
  pleased that Tim is joining our Endurance Re team to launch new...
  
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• Arch promotes Grandisson to COO

  11-11-2015 18:36
  Arch Capital Group has appointed Marc Grandisson to the position of
  president and chief operating officer, effective 1 January, the
  company announced today (11 November).
  Grandisson, who is currently chairman and CEO of the Arch
  Worldwide reinsurance and mortgage groups, will continue to report
  to Dinos Iordanou, chairman of the board and Arch CEO. He will have
  responsibility for all of the company's operating units
  comprising insurance, reinsurance and mortgages.
  Prior to his current role Grand
  
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• Aon to offer Lloyd's direct access to retail network

  11-11-2015 18:36
  Global broker Aon is set to enable Lloyd's syndicates to
  connect directly to its retail network all over the world, in a
  move that will give participants the ability to access a material
  portion of its almost $80bn premium global insurance book,
  The Insurance Insider revealed earlier
  today.
  The new distribution channel, dubbed Aon Carrier Link for
  Lloyd's, is set to go live early in 2016 and is primed to
  further reinforce the global intermediary's relationship with
  the Lloyd's market....
  
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• AmTrust announces $383mn capital raise

  11-11-2015 18:36
  AmTrust announced a capital raise of 5 million common shares after
  markets closed in New York yesterday (10 November).
  The company has also granted the underwriters a 30-day option to
  purchase up to an additional 750,000 shares.
  Overall, this will equate to a gross raise of around $383mn,
  according to FBR analyst Randy Binner.
  "We intend to use a portion of the net proceeds from this
  offering to finance our previously announced Nationale Borg and
  Republic acquisitions," AmTrust said in...
  
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• Flood Re one step closer with regulations signed

  11-11-2015 17:48
  
  Peta Fuller Postonline Flood coverage for high risk properties is one step closer today (11 November) with regulations for Flood Re coming into force.
  
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• Post magazine - 12 November 2015

  11-11-2015 17:04
  
  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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• Bexhill UK enables brokers to lend their own funds to clients

  11-11-2015 13:54
  
  Premium finance provider says Broker Invest facility will allow brokers to earn up to 20% on lending.
  
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• Long road to digital success for insurers, Accenture survey finds

  11-11-2015 13:17
  
  Peta Fuller Postonline Improving customers’ experience is a top priority for insurers but most are failing to stand out from the crowd online, according to a survey of industry leaders.
  
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• In Focus: Jitters in trade credit market

  11-11-2015 13:15 via insuranceage.co.uk
  
  However, brokers remain positive and look to new opportunities.
  
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• Novae grows GWP 16.5% at Q3 despite pricing fall

  11-11-2015 13:08
  Lloyd's (re)insurer Novae posted a 20.3 percent increase in
  gross written premium to £619.5mn for the nine months to 30
  September - an increase of 16.5 percent at constant rates of
  exchange.The growth was achieved despite a 3.4 percent fall in rates on
  renewal business for the period across the whole account.
  The firm attributed its underlying growth to investment in new
  underwriting teams and new business opportunities.The top line was also boosted by the strengthening of the...
  
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• Aon sets up $600mn Lloyd's co-insurance 'Treaty'

  11-11-2015 13:08
  Aon is set to roll out a portfolio underwriting initiative with
  more than half a dozen different Lloyd's carriers that will
  offer a 20 percent line to its entire London market wholesale
  client base, The Insurance Insider
  revealed earlier today.
  XL Catlin is the overall leader for the all-class, global
  "Treaty", which could write $500mn-$600mn of premium in
  its first year, making it far and away the biggest piece of
  portfolio underwriting in the history of the market.
  Aon provided...
  
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• Aon brings major 'treaty' and retail link to Lloyd's

  11-11-2015 13:08
  Global broker Aon has unveiled two major new broking initiatives
  to the Lloyd's market today; one to open the market to its
  global retail network and another that is to pre-place a 20 percent
  share of its London market wholesale book with more than half a
  dozen Lloyd's carriers led by XL Catlin, The
  Insurance Insider has learned.
  Aon gathered senior leaders from almost all Lloyd's carriers
  this morning (11 November) to discuss the new approaches to
  managing its retail...
  
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• AGCS hires Dubai engineering head

  11-11-2015 13:08
  Allianz Global Corporate & Specialty (AGCS) has named Andreas
  Hoelscher as head for engineering in the Dubai branch of subsidiary
  ART AG, it announced today (11 November).
  Most recently, Hoelscher was the firm's head of engineering
  for the Nordic region and central and eastern Europe. He was also
  formerly regional engineering manager for Brazil and South America,
  and has worked in several other engineering roles in Switzerland
  and Germany since joining Allianz in 2001.
  In his new role he wil
  
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• In focus: Making the most of trade credit

  11-11-2015 12:32 via insuranceage.co.uk
  
  Rachel Gordon examines the opportunities for brokers in the specialist trade credit market.
  
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• MGA Gresham Underwriting-owner hires ex-Oval Group MD as chair

  11-11-2015 12:31
  
  Appointment of Jeff Herdman will help Tasker Group with its growth plans
  
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• MGA Gresham-owner hires ex-Oval Group MD as chair

  11-11-2015 12:31
  
  Appointment of Jeff Herdman will help Tasker Group with its growth plans
  
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• Integro buys Ellis Clowes

  11-11-2015 12:28
  
  Integro claims it is now the world's leading motorsports insurance broker following acquisition.
  
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• Integro acquires motorsports broker Ellis Clowes

  11-11-2015 12:14
  
  Acquisition will help Integro to build its sports specialty practice
  
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• Premium finance firm Bexhill launches broker-funded lending scheme

  11-11-2015 11:28
  
  Broker Invest enables brokers to lend their own funds and earn up to 20% from their premium finance business
  
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• SSP-owned distributors Keychoice adds trio to its management team

  11-11-2015 11:19
  
  The distribution business is looking to widen its management structure
  
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• Household premium falls continue but tax rise could see reversal

  11-11-2015 11:19
  
  Peta Fuller Postonline Home insurance premiums are continuing to fall with the average price dropping 5.8% to £114 in the year to September, according to research from Consumer Intelligence, but a reversal could be on the cards.
  
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• Keychoice unveils new leadership team amid growth plans

  11-11-2015 11:16
  
  Callum BrodiePostonline SSP’s distribution business Keychoice has recruited staff from BGL Group, Marsh and Swinton to form a new team as it launches the next phase of its growth and evolution plan.
  
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• Travel: Winter Sports: Prang on the piste

  11-11-2015 11:15
  
  Ed Murray Postonline Snowflakes have barely started falling in the Alps but already the media is asking how well our travel insurance policies will protect holidaymakers if their trip is hit by cancellation or calamity
  
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• Keychoice appoints new team

  11-11-2015 11:15 via insuranceage.co.uk
  
  Boss Coupland says the new proposition is taking Keychoice “back to the future”.
  
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• In Series: Windstorms: Postcode lottery

  11-11-2015 11:14
  
  Sam Barrett Postonline The nature of windstorms requires a different, broader approach to underwriting.
  
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• Episode 1: Broker Apprentice 2015 – meet the teams

  11-11-2015 10:56
  
  See the six candidates in action at the Broker Expo in the Ricoh Arena in Coventry on Thursday 12 November.
  
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• Thomas Carroll moves to Acturis

  11-11-2015 10:54
  
  Broker transfers business from Open GI.
  
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• IPT to blow home premiums “off course”

  11-11-2015 10:53
  
  Analysis says IPT will boost premiums but customers will look to switch with a third threatening to cancel policies.
  
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• Pen appoints Phil Nichols as underwriting director

  11-11-2015 10:51
  
  He will be responsible for expanding e-traded business.
  
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• Novae CEO Fosh confident for Q4 despite softening market

  11-11-2015 10:44
  
  Callum BrodiePostonline Novae Group CEO Matthew Fosh believes the specialist Lloyd’s player is “well positioned” for the final quarter, despite a softening rating environment, after achieving a 20.3% uptick in gross written premiums over the opening nine months of 2015.
  
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• Esure's GWP rises by 5% to £430.5m

  11-11-2015 10:24
  
  CEO Stuart Vann says insurer has implemented rate increases in motor while home remains competitive.
  
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• Eldon signs breakdown cover deal with RAC

  11-11-2015 10:23
  
  Broker to offer RAC product though GoSkippy and Footprint brands
  
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• Zurich's GI turnaround plan 'unconvincing' says Berenberg

  11-11-2015 10:13
  
  Bank says business needs ‘fundamental change’
  
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• The Uber of premium finance

  11-11-2015 10:13
  
  Insurance Age meets PremFina’s chairman, Bundeep Rangar, and learns more about how it works.
  
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• Fraud specialists urge importance of mutually beneficial IFB affiliate model

  11-11-2015 09:59
  
  Katie Marriner Postonline Fraud experts have urged the Insurance Fraud Bureau to ensure its proposed affiliate membership model is mutually beneficial to existing and prospective members and that data security sits at the heart of the initiative.
  
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• RAC to provide breakdown products to Eldon policyholders

  11-11-2015 09:54
  
  Callum BrodiePostonline Eldon Insurance has teamed up with the RAC in a partnership deal that will see the latter provide a range of breakdown products to Eldon policyholders.
  
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• Pen hires Nichols for e-business expansion

  11-11-2015 09:49
  
  Nichols joins from Canopius
  
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• Esure GWP rises 5% at nine month stage as rating actions bed in

  11-11-2015 09:49
  
  Callum BrodiePostonline Positive rating actions and footprint expansion in home and motor lines of business have seen Esure increase gross written premium by 5% to £430.5m in the first nine months of 2015 (9M 2014 £410m).
  
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• Esure GWP rises 5% at 9 month stage as rating actions bed in

  11-11-2015 09:49
  
  Callum BrodiePostonline Positive rating actions and footprint expansion in home and motor lines of business has seen Esure increase gross written premium by 5% to £430.5m in the first nine months of 2015 (9M 2014 £410m).
  
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• TalkTalk says one-off costs from hack could reach £35m

  11-11-2015 09:38
  
  Chief executive offers no estimate of customer compensation costs
  
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• The State of the Insurer Nation: Week Four: Data, social insurance and emerging risks

  11-11-2015 09:26
  
  Mairi MacDonald Postonline In the fourth report covering the resultsof Post’s latest State of the Nation survey, Mairi MacDonald asks how important data is, how social insurance and social media tools fit into the sector and what the emerging threats are for our CEOs and managing directors.
  
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• Esure 9 months GWP £430.5m vs £410m

  11-11-2015 08:57
  
  Performance boosted by rate increases and expansion in motor and home
  
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• Novae 9 months GWP up a fifth to £619m

  11-11-2015 08:40
  
  Renewal rates and investment returns fall
  
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• Expansive Everest National adds inland marine platform

  11-11-2015 03:38
  Everest Re is continuing the build-out of its US specialty
  insurance platform with the launch of a dedicated inland marine
  team headed by Mike Warfield.
  Former Colony Insurance Company president Warfield joined the
  Bermudian in 2013 to oversee marketing, distribution and business
  development at the Everest National US specialty operations.
  He is joined in the inland marine team by Matt Bisig, vice
  president and underwriting leader, who was previously inland marine
  manager for the Central and Sou
  
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