Insurance news

• Vibe hires trio of underwriters

  19-11-2015 21:44
  Legacy-to-live Lloyd's syndicate Vibe has hired a trio of
  underwriters as the carrier looks to push into the credit, surety,
  political risk and terrorism markets.
  Steve Hart is set to "spearhead" the move when he
  joins the syndicate next year. He will join from AmTrust's
  Lloyd's syndicate, where he has been class underwriter for the
  past three years.
  Hart, who has more than 15 years' experience in the sector,
  will be joined by Andy Palmer, who is set to become...
  
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• Travelers hires international SVP

  19-11-2015 21:44
  Travelers has hired Michael Casella as senior vice president for
  international insurance, the firm announced today (19 November).
  Casella joins Travelers after 32 years at Chubb, where he
  managed strategy and operations in 22 countries in North America,
  Europe and Asia. Most recently, he was global alternative markets
  field officer based in New York. Prior to that he was president and
  CEO of Chubb Insurance Company of Europe and the insurer's
  Lloyd's managing agent.
  Casella will be responsible f
  
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• Towers Watson and Willis revise deal terms

  19-11-2015 21:44
  Towers Watson and Willis have amended the terms of their
  proposed merger in an attempt to secure sufficient approval to get
  the deal over the line.Under the revised terms, announced today (19 November), Towers
  Watson shareholders will receive a one-off cash dividend of $10 per
  share ahead of the closing of the deal, up from the original offer
  of $4.87.
  There will be no change to the number of Willis shares that
  Towers Watson shareholders will receive, to the...
  
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• Top execs go as AIG jobs cull begins

  19-11-2015 21:44
  UK managing director Jacqueline McNamee, New York-based president
  of financial lines Jim Shea and Emmanuel Brulé, chief risk
  officer for EMEA P&C, are among the first high-ranking American
  International Group (AIG) departures as it begins a global
  cost-cutting and reorganisation programme, The
  Insurance Insider can reveal.
  Sources said the trio would be joined by Debbie Morris, senior
  vice president and zonal executive for Lexington Insurance, and by
  Jon Kennett, EMEA financial instit
  
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• PartnerRe shareholders approve Exor takeover

  19-11-2015 21:44
  PartnerRe shareholders approved its proposed acquisition by Italian
  investment vehicle Exor at a special general meeting held today (19
  November).
  The Bermudian carrier also declared a special dividend of $3.00
  per share contingent upon the consummation of Exor's
  acquisition of the company.
  In August PartnerRe agreed a $6.9bn sale to Exor, ending a
  long-running and bitter M&A battle with Bermudian carrier Axis
  for the pure-play reinsurer.
  Exor will pay $140.50 a share, which comprises a $137
  
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• Insurers must welcome fintech innovation: Lloyd's

  19-11-2015 21:44
  (Re)insurers must accept help from financial technology
  (fintech) companies before global tech giants look for a piece of
  the industry, according to Lloyd's director of operations
  Shirine Khoury-Haq.
  During a Lloyd's fintech event last night (18 November), the
  audience heard that (re)insurers could make better use of fintech
  innovations to not only improve processes but also underwriting and
  products through data analysis.
  However, the industry should move fast, as global tech
  corporations such
  
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• Environmental regulations push up insurance demand: Marsh

  19-11-2015 21:44
  The uptake of environmental impairment liability insurance across
  the European Union rose by 13.6 percent per annum between 2006 and
  2014, according to Marsh.
  In a report released today (19 November), the broker said this
  reflected the broader scope and scale of EU environmental
  legislation after the implementation of the Environmental Liability
  Directive.
  The increased demand was driven by sectors such as energy,
  waste, and industrial manufacturing involved in dangerous
  activities.
  In 2006, bef
  
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• Cooper Gay welcomes ratings response to US sale

  19-11-2015 21:44
  Cooper Gay Swett & Crawford (CGSC) has welcomed the response
  from Standard & Poor's (S&P) and Moody's to plans
  to sell its lucrative North American business.
  Last week, The Insurance Insider
  revealed that the debt-laden broker was auctioning its US wholesale
  arm Swett & Crawford, which was thought to have a valuation in
  the region of $600mn.
  And the company confirmed it also plans to sell other parts of
  CGSC North America, including specialty managing general agencies
  and its US.
  
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• Judge clears broker boss in motorcycle death collision trial

  19-11-2015 17:14
  
  Judge ordered jury to return a not guilty verdict to Sean McClarron 
  
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• RSA transfers home and injury adjusting team to Cunningham Lindsey

  19-11-2015 16:37
  
  Katie Marriner Postonline More than 120 RSA home and injury loss adjusters are to transfer to Cunningham Lindsey from 31 December.
  
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• RSA loss adjusting team to move to Cunningham Lindsey

  19-11-2015 15:44 via insuranceage.co.uk
  
  Insurer says the 120 home and injury loss adjusters will continue to deliver service to RSA following the transfer.
  
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• Atkin steps up to become Talbot chairman

  19-11-2015 15:29
  Rupert Atkin will retire next year as CEO of Validus's
  Lloyd's arm Talbot, the global specialty (re)insurer said today
  (19 November).
  Atkin, a respected figure in the market, will step down on 29
  February next year, with managing director Peter Bilsby set to take
  over the CEO role on 1 March.
  The 57-year-old will then take over as chairman from incumbent
  Michael Carpenter, who will remain a non-executive director of
  Talbot and a member of the Validus board of directors....
  
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• RSA transfers 124-strong adjusting team to Cunningham Lindsey

  19-11-2015 15:19
  
  Insurer shifts home and injury adjusting service to external provider
  
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• Chemical or nuclear terrorism covered by Pool Re

  19-11-2015 14:18
  
  Peta Fuller Postonline Pool Re CEO Julian Enoizi said the government-backed terrorism reinsurance scheme would be ready to respond to biological or chemical attacks, after French prime minister Manuel Valls raised concerns about such incidents on French soil.
  
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• Guernsey Finance selects new chairman as Gilligan retires

  19-11-2015 13:13
  
  Callum BrodiePostonline The board of Guernsey Finance has appointed Lyndon Trott as its chairman following Jim Gilligan's decision to step down from the role.
  
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• New chief executive for Lloyd’s insurer Talbot

  19-11-2015 12:39
  
  Peter Bilsby to take over as current chief Rupert Atkin moves to chairman role
  
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• Towers Watson and Willis delay merger vote amid fresh deal offer

  19-11-2015 12:30
  
  Firms say shareholders need more time
  
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• Towers Watson and Willis delay merger vote

  19-11-2015 12:30
  
  Firms say shareholders need more time
  
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• Cooper Gay downgrade threat remains despite North America sale

  19-11-2015 11:37
  
  Moody’s continues to review broking group’s B3 rating
  
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• Industry body reaffirms commitment to help combat climate change

  19-11-2015 11:22
  
  Peta Fuller Postonline Leaders in the re/insurance sector are today (19 November) confirming their commitment to climate change ahead of the United Nations conference in Paris later this month.
  
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• Underwriting Service Awards 2015: The Winners

  19-11-2015 11:13
  
  Callum BrodiePostonline The great and the good of the underwriting service community descended upon the Royal Garden Hotel last night (18 November) for Post’s annual awards bash.
  
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• Post docu-video: European Windstorm

  19-11-2015 10:47
  
  Jonathan Swift Postonline In recent weeks European wind storms have been very topical.
  
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• Europe: Vineyard insurance - putting a cork in the risk

  19-11-2015 10:30
  
  Veronica Cowan Postonline "Salute!" was the toast at the International Organisation of Vine and Wine in Paris in October, as Italy looked set to become the world's biggest wine producer in 2015, ahead of France, then Spain.
  
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• Das increases commercial legal expenses cover to £250,000

  19-11-2015 10:22 via insuranceage.co.uk
  
  Insurer increases standard limit of indemnity for standalone commercial legal protection policies.
  
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• JLT Specialty USA boosts property division

  19-11-2015 10:19
  Expansive JLT Specialty USA has continued its build-out with the
  hires of Sarah Sherman and Tim Edwards as senior vice presidents of
  property brokerage, the intermediary announced yesterday (18
  November).
  Sherman and Edwards both arrive from Marsh, where they had
  extensive property programme experience.
  Edwards worked at Marsh for just under two years as a property
  client adviser prior to his move, and spent almost eight years
  working at Arch as regional vice president before that. He began
  his
  
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• Keith Jackson leaves Brightside

  19-11-2015 10:12
  
  Brightside group carrier and capacity director is the latest departure from the broker.
  
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• RBS scraps bonuses for retail staff in bid to stem PPI mis-selling

  19-11-2015 10:08
  
  Union welcomes 74% taxpayer owned bank’s move to give pay rises to staff in NatWest and RBS branches as well as call centres instead
  Royal Bank of Scotland is scrapping bonuses for 20,000 staff in an attempt to avoid future mis-selling scandals.Instead, those who work in NatWest and RBS branches as well as those who work in customer service in call centres are being given pay rises intended to compensate them for the loss of bonus potential. Continue reading...
  
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• RBS scraps bonuses for retail staff in bid to stem mis-selling

  19-11-2015 10:08
  
  Union welcomes 74% taxpayer owned bank’s move to give pay rises to staff in NatWest and RBS branches as well as call centres instead
  Royal Bank of Scotland is scrapping bonuses for 20,000 staff in an attempt to avoid future mis-selling scandals.Instead, those who work in NatWest and RBS branches as well as those who work in customer service in call centres are being given pay rises intended to compensate them for the loss of bonus potential. Related: Packaged bank accounts: a good deal or
  
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• Brightside Group capacity head departs

  19-11-2015 08:50
  
  Keith Jackson has left the broker and is on garden leave
  
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• Brightside Group capacity director departs

  19-11-2015 08:50
  
  Keith Jackson has left the broker and is on garden leave
  
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• Willis Networks launches mobile phone web-app for members

  19-11-2015 08:39
  
  The app allows clients to submit information to their broker instantly
  
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• Brokerbility's broking business targets £100m GWP

  19-11-2015 08:35
  
  Broker wants to grow organically and through acquisitions
  
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• Brokerbility broking business targets £100m GWP

  19-11-2015 08:35
  
  Broker wants to grow organically and through acquisitions
  
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• RSA tipped as frontrunner to win Nationwide deal from DLG

  19-11-2015 08:32
  
  In its half-year results in August DLG revealed that Nationwide was reviewing its home insurance contract
  
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• Trakglobal makes senior hire from Mapfre

  19-11-2015 08:00
  
  Carrot (pictured) telematics company looks to expand in Southern Europe, Latin America
  
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• Top 50 Insurers 2015: Industry enjoys improved performance

  19-11-2015 07:30
  
  Industry reports underwriting profit for first time since 2006
  
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• Top 50 Insurers 2015: Aviva retakes the top spot

  19-11-2015 07:30
  
  Zurich included in the ranking for first time
  
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• Universal stock rallies after short seller attack

  19-11-2015 06:13
  Shares in Florida-based homeowners' insurance company Universal
  staged a partial recovery today (18 November) after a short seller
  attack yesterday sent their price spiralling by almost a third.
  The stock was sent plummeting by 31 percent after an investor
  presentation by Lakewood Capital Management at the annual Robin
  Hood Investors Conference reportedly identified the insurer as a
  short candidate.
  But the shares rallied today to close at $23.49, albeit still 22
  percent below yesterday's openin
  
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• AIG pays S$40,000 a day for Singaporean travel claims

  19-11-2015 04:46
  
  Andrew Tjaardstra Postonline Singaporeans favourite reason for going abroad is to go shopping according to research from AIG.
  
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• LaRocco to take on State Auto chairman role

  19-11-2015 00:05
  State Auto's president and CEO Michael LaRocco is set to assume
  the position of chairman once Bob Restrepo steps down from the role
  at the end of this year.
  The news comes amid a significant restructure at the Ohio-based
  carrier, which was implemented shortly after LaRocco took the reins
  in May as the insurer looks to turnaround flagging results.
  A string of management changes were announced in August after
  the carrier significantly underperformed earnings expectations,
  recording an operating lo
  
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