Insurance news

• XL Catlin expands US excess casualty unit

  12-11-2015 23:11
  XL Catlin has expanded its excess casualty insurance business in
  the US with two hires and a new underwriting operation in Los
  Angeles.
  The (re)insurer has appointed Mark Smith to set up the facility in
  LA. The new recruit joins from Starr Indemnity, where he was
  regional excess casualty underwriting manager.
  XL Catlin said Smith's career has included underwriting
  positions in the US and UK as well as experience as a wholesale and
  retail broker in both Bermuda and the...
  
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• Southwest Risk hires O'Connor

  12-11-2015 23:11
  US wholesale intermediary Southwest Risk has appointed Joe
  O'Connor as senior vice president, broker and underwriter, the
  ClearView Risk Holdings subsidiary announced today (12 November).
  O'Connor will be responsible for developing a number of new
  marine and energy products as the broker looks to increase its
  geographic reach.
  The new recruit joins from Ryan Specialty Group subsidiary Global
  Special Risks.
  Southwest Risk said O'Connor had served in senior leadership
  capacities with large carrier
  
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• Endurance strikes deal with aviation MGU

  12-11-2015 23:11
  Endurance has entered an exclusive joint underwriting agreement
  with aviation managing general underwriter (MGU) W. Brown
  Associates, it announced today (12 November).
  The partnership will provide general liability and property
  coverages for a wide range of general aviation risks across the US
  market.
  Products offered include hull and liability coverage as well as
  general liability coverage for ground-based risks, such as fixed
  base operators, airport owners and aircraft manufacturers and
  distri
  
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• Profit forecast for TMK Syndicate 510 improves

  12-11-2015 19:07
  Lloyd's managing agent Tokio Marine Kiln (TMK) has unveiled
  improved forecasts for its flagship Syndicate 510 for the 2014 year
  of account.
  The £1.06bn capacity syndicate upgraded its forecast from a
  previous profit range of 4.1 percent to 9.1 percent to profits of
  between 4.5 percent and 9.5 percent of capacity. This equates to a
  0.4 percentage point improvement in the midpoint.
  Meanwhile, forecast ranges for syndicates 308 and 557
  deteriorated slightly for the 2014 year.
  The £46mn
  
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• Market divided over Aon Client Treaty

  12-11-2015 19:07
  More than half a dozen Lloyd's managing agents look set to sign
  up to Aon's mammoth facility the Aon Client Treaty (ACT) with
  the Corporation's blessing, but the response from
  non-participating carriers has been largely negative, according to
  a range of senior market sources.
  Participating carriers are reticent about discussing the deal
  given the non-disclosure agreements that are in place. However,
  canvassing suggests that those writing lines are attracted by the
  major expense advantage, the bo
  
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• Ace the lead market for $450mn mining loss

  12-11-2015 19:07
  Ace is the lead insurer for the Brazilian mining company facing a
  $450mn loss after a dam collapsed earlier this month, sister title
  Inside FAC revealed today (12 November).
  On 5 November a tailings dam at Samarco
  Mineração's Minas Gerais iron ore mine burst, causing
  significant damage downstream.
  The property programme for Samarco is understood to be placed by
  Willis, with a $50mn retention.
  The loss will come as yet another blow to the beleaguered mining
  sector, which has stung..
  
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• CSC joins Capita in race for Xchanging after Apollo drops out

  12-11-2015 17:15
  
  The technology provider has entered the race with a bid of £437m 
  
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• Be Wiser sponsors TV Apprentice winner school speech

  12-11-2015 14:34
  
  Mark Wright, last year’s winner of TV’s ’The Apprentice’ extends partnership with broker
  
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• Talanx reports Q3 profit growth despite Tianjin loss

  12-11-2015 13:47
  Talanx today (12 November) reported an 18.8 percent increase in
  third quarter group net income to EUR177mn ($190mn), despite
  booking a EUR114mn loss from the August explosions in Tianjin.
  Gross written premium (GWP) in the quarter grew 11.4 percent on
  the previous year to EUR7.53bn.
  The increase partially reflected foreign exchange effects,
  Talanx said, with constant currency growth of 5 percent.
  Operating profit was up 12.1 percent at EUR492mn, having been
  boosted by an improved underwriting re
  
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• Specialty business boosts Beazley top line by 6%

  12-11-2015 13:47
  A 19 percent year-on-year increase in specialty gross written
  premium (GWP) boosted Beazley's top-line growth to 6 percent
  overall for the nine months to 30 September, the Lloyd's
  carrier reported today (12 November).
  In a third quarter interim management statement the carrier
  reported group GWP of $1.64bn, after its specialty lines division
  booked premiums of $748mn.
  The growth in specialty lines, its largest business unit by
  premium, continued to offset the highly competitive market
  conditions
  
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• Grandisson seen as Iordanou successor at Arch

  12-11-2015 13:47
  Arch Capital's promotion of Marc Grandisson to president and
  COO is being viewed as a logical step in identifying a successor
  for longstanding CEO Dinos Iordanou, whose current contract expires
  in 2018.
  Grandisson was yesterday named COO from the start of 2016, when
  he will move up from CEO of Arch's worldwide reinsurance and
  mortgage groups.
  In his new role, the executive will have responsibility for all
  of the company's operating units, including insurance,
  reinsurance and mortgages.
  All other
  
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• Parliament approves Flood Re legislation

  12-11-2015 13:37
  
  Regulations governing running of scheme are now in force
  
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• First 4 Lawyers fears 'unintended consequences' of CMC regulation

  12-11-2015 13:25
  
  Callum BrodiePostonline The Ministry of Justice must focus on claims management companies in the financial products market in its review of CMC regulation and not impinge on the wider claims management sector, according to First 4 Lawyers.
  
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• Engineering insurer HSB launches SME cyber policy

  12-11-2015 13:23
  
  Cover mainly aimed at businesses with turnover of up £10m
  
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• SME cyber product launched by HSB to target gap in market

  12-11-2015 12:53
  
  Peta Fuller Postonline A cyber insurance product targeted for small to medium-sized businesses was launched by HSB Engineering Insurance today (12 November).
  
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• Albion Ventures invests £2m in Innovation Broking

  12-11-2015 12:51
  
  Venture capitalists say they will help broker's growth plans.
  
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• Ex-Gallagher duo’s new broker gets £2m VC funding

  12-11-2015 12:29
  
  Albion Ventures invests in Dickson and Pearson’s Innovation Broking
  
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• Quinn Insurance managers subject to regulatory inquiry

  12-11-2015 11:50
  
  Katie Marriner Postonline The Central Bank of Ireland is to conduct an inquiry into former managers of Quinn Insurance who it has "reasonable grounds" to suspect were involved in breaches of insurance regulations.
  
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• Talk Talk reveals cyber attack cost but stays on track for financial targets

  12-11-2015 11:08
  
  Peta Fuller Postonline Talk Talk is aiming to hit its fiscal targets for 2016, set before last month’s cyber attack on the telecoms company.
  
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• Transactor splits into seperate broking and insurance units

  12-11-2015 10:57
  
  Transactor London Market chief Chris Newman will oversee both units
  
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• Transactor splits into separate broking and insurance units

  12-11-2015 10:57
  
  Transactor London Market chief Chris Newman will oversee both units
  
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• Rutter to fight rising court fees after becoming twentieth Foil president

  12-11-2015 10:38
  
  Callum BrodiePostonline DAC Beachcroft partner Duncan Rutter has vowed to maintain access to justice and improve the claims process after today (12 November) becoming the twentieth president of the Forum of Insurance Lawyers.
  
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• Blog: What the Data & Tech Awards entries reveal about the state of the insurance sector

  12-11-2015 10:30
  
  Jane Tweddle Postonline I was thrilled to be invited by Post to help judge the Data, Analytics and Technology Awards for Insurance 2015. The process provided a welcome opportunity to broadly assess how the insurance has adopted new technology and to review a number of best-in-class examples.
  
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• HSB launches cyber insurance product

  12-11-2015 10:00
  
  Product aimed at businesses with a turnover of up to £10m.
  
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• Broker Apprentices team e-volve unveil digital trading platform

  12-11-2015 10:00
  
  Trading platform prototype for independent brokers on show at Broker Expo.
  
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• Beazley chalks up 6% premium growth in opening nine months

  12-11-2015 09:49
  
  Callum BrodiePostonline Beazley CEO Andrew Horton has heralded his firm’s strategy of targeting attractive opportunities in a highly competitive market after delivering premium growth of 6% to $1.64bn (£1.08bn) in the first nine months of 2015.
  
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• GB Underwriting snaps up UK property book from Kay International

  12-11-2015 09:23
  
  Callum BrodiePostonline GB Underwriting has acquired Kay International’s portfolio of UK property business in a deal that is billed as a “significant enhancement” to the independent managing general underwriter’s properties insurance capabilities.
  
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• Irish central bank to probe former Quinn management

  12-11-2015 09:18
  
  Inquiry launched to determine whether administrative and accounting controls were in place
  
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• Live: Broker Expo

  12-11-2015 09:00
  
  Stay-up-to-date with all the news from Broker Expo in Coventry with our live stream
  
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• Blog: Broker Expo as it happened

  12-11-2015 09:00
  
  Missed out on the Broker Expo in Coventry, or just want to relive the action?
  
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• Blog: Broker Expo as it happend

  12-11-2015 09:00
  
  Missed out on the Broker Expo in Coventry, or just want to relive the action?
  
  Read more

• Beazley 9 months GWP up 6% to $1.64bn

  12-11-2015 08:37
  
  Renewal rates fell 2%, but claims experience favourable
  
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• Minister signs regulation to enact Flood Re

  12-11-2015 02:06
  UK floods minister Rory Stewart has signed the regulations enacting
  the foundation of state-backed flood reinsurer Flood Re, following
  parliamentary approval.
  It means that the UK government has now put into force the
  legislation that gives Flood Re its statutory underpinning.
  Commenting on the news, Stewart said that access to affordable
  insurance would give people peace of mind after the devastating
  effects of a flood.
  "Flood Re will for the first time ensure access to
  affordable flood insuran
  
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• LMA committee will examine CRO requirements

  12-11-2015 02:06
  The Lloyd's Market Association (LMA) has established a new
  committee of chief risk officers (CROs) to encourage efficient
  operation and technical standards in risk management for
  Lloyd's managing agents.
  The LMA announced the formation of the CROs committee today (11
  November), although it said that the group was officially formed
  when its first meeting took place on 16 July.
  "We are announcing this now as the committee has finalised
  its aims and objectives," the LMA said.
  Some 19 CROs from...
  
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• Bolt: cyber exposure monitoring not a capital-loading exercise

  12-11-2015 02:06
  Lloyd's latest push for syndicates to measure their cyber risk
  exposures is "not a capital-loading exercise", director
  of performance management Tom Bolt has told The
  Insurance Insider.
  In a 9 November market bulletin, Lloyd's outlined the
  methodology for syndicates to calculate their aggregate exposures
  across all lines of business.
  The methodology involves syndicates devising at least three
  internal cyber attack scenarios to calculate gross aggregate
  exposure to an event.
  The bulletin follows
  
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• Aspen raids LIU for McElroy to head environmental

  12-11-2015 02:06
  Aspen has made a second senior hire from Liberty International
  Underwriters (LIU) in little over a week with the addition of Bill
  McElroy as global head of environmental in its insurance
  operations.
  The executive was most recently senior vice president at LIU and
  follows David Cohen over to Aspen.
  As previously reported, Cohen was announced as president and CUO
  of Aspen's insurance segment last Tuesday (3 November),
  confirming market speculation that the veteran executive was about
  to emerge at
  
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