Insurance news

• CNA Hardy plots regional expansion with fifth branch

  24-11-2015 17:48
  The insurer has also made a raft of appointments to support the expansion plans
  
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• The Insurance Debate: Innovate to rebuild trust

  24-11-2015 16:35 via insuranceage.co.uk
  
  Jonathan Howe, UK insurance leader at PwC says change is equally likely to be driven by new entrants to the sector as existing insurers.
  
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• Insurance debate: We need to combat customer apathy, says PwC

  24-11-2015 16:10
  
  Michèle Bacchus Postonline Jonathan Howe, UK insurance leader at PWC, continues the discussion by wondering whether the industry gives itself enough ‘touch points' with customers and believes it needs to be more innovative.
  
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• US reinsurers' top line shrinks as expenses widen: RAA

  24-11-2015 15:44
  Data compiled by the Reinsurance Association of America (RAA) has
  shown that its members' gross written premiums shrank by 5.3
  percent during the third quarter, taking the total to $50.5bn.
  The survey, which takes responses from 18 US P&C reinsurers,
  also found that net written premiums fell 21 percent to
  $30.1bn.
  The combined ratio worsened by 0.5 points as the expense ratio
  increased by 5.1 percentage points, more than offsetting a marked
  improvement in the loss ratio from 71.4 percent...
  
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• Talanx announces job cuts at HDI

  24-11-2015 15:44
  Talanx has begun talks with staff over the potential loss of 600
  employees by 2020, the German insurance group announced today (24
  November).
  Most of the staff cuts would come from HDI's customer
  services department, with further redundancies planned at HDI's
  corporate unit, and will be determined in the first quarter of next
  year.
  The discussions are expected to result in job losses from early
  summer 2016.
  In a statement, CEO of Talanx Germany Dr Jan Wicke said that all...
  
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• P&C heading for 2016 underwriting loss: Swiss Re

  24-11-2015 15:44
  Swiss Re expects the non-life insurance industry in major global
  markets to slip into a normalised underwriting loss in 2016 and for
  the deficit to deepen in 2017, chief economist Kurt Karl has
  explained.
  During a media briefing in London today (24 November), Karl said
  the P&C industry's underwriting result will deteriorate
  into a loss when average catastrophe losses are taken into account.
  This deterioration will be accelerated by a slowdown in reserve
  releases, he added.
  An increase in wag
  
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• Marketform CUO Lotter leaves

  24-11-2015 15:44
  Marketform's chief underwriting officer (CUO) Simon Lotter
  has resigned from the managing agency after 17 years as the
  company's most senior underwriter, The Insurance
  Insider can reveal.
  Lotter was also active underwriter of Marketform's Syndicate
  2468 and acted as underwriting director before the CUO role was
  created.
  Sources said that Lotter had already tendered his resignation
  ahead of the appointment of new CEO Martin Reith, who joined the
  business a fortnight ago.
  However, sweeping changes
  
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• IRB-Brasil IPO delayed again

  24-11-2015 15:44
  Banco Bradesco and Itaú Unibanco, the Brazilian banks behind
  former state-owned reinsurer IRB-Brasil Re's initial public
  offering (IPO), have applied to the country's stock exchange to
  delay the listing.
  In statements released last night (23 November) from both banks,
  the backers have asked for a 60-day extension for the listing
  without disclosing any reasons for the delay.
  Itaú and Bradesco have 15 percent and 20 percent stakes in
  the IRB respectively, with competitor state-contro
  
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• Haley urges shareholders to approve Willis takeover

  24-11-2015 15:44
  Towers Watson chairman and CEO John Haley has written a letter to
  shareholders urging them to support the company's takeover by
  broker Willis and accept the $10 per share special dividend.
  Under the new terms, published earlier this month, Towers Watson
  shareholders will receive a one-off cash dividend of $10 per share
  ahead of the deal closing, up from the original offer of $4.87.
  The change followed a number of damning comments made by proxy
  firms Institutional Shareholder Services and...
  
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• Ergo to sell Italian businesses

  24-11-2015 15:44
  Munich Re primary insurance subsidiary Ergo is to sell its Italian
  life and P&C businesses to private equity firm Cinven.
  Ergo Italia and subsidiaries Ergo Previdenza and Ergo
  Assicurazioni will be sold for an undisclosed price, Ergo announced
  yesterday (23 November).
  Insurance mediator Ergo Italia Direct Network and the group
  service company Ergo Italia Business Solutions will also be sold as
  part of the deal.
  Ergo Italia Group operates in the P&C, life and health
  insurance segments wit
  
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• Eliminate discriminatory US collateral requirements: Insurance Europe

  24-11-2015 15:44
  Trade body Insurance Europe has welcomed the opening of
  negotiations between the US Federal Insurance Office and the US
  Trade Representative over a covered agreement with the EU.
  The prospect of a deal to trade Solvency II equivalence for US
  carriers with federal US regulation and a potential removal of
  collateral requirements for EU (re)insurers is producing positive
  responses on both sides of the Atlantic.
  Insurance Europe welcomed the intention to afford nationally
  uniform treatment to all EU
  
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• Allianz receives Solvency II internal model approval

  24-11-2015 15:44
  Allianz has received approval for its Solvency II internal model
  from German regulator Bafin.
  At its Capital Markets day today (24 November) the German
  insurer said it had been given the green light earlier this month
  (18 November) for all of its entities.
  Allianz reconfirmed the group's capital adequacy ratio of
  200 percent as of 30 September, subject to the pending European
  regulation on third-country equivalence.
  Allianz also revealed a three-year business plan targeting
  annual earnings per s
  
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• Parabis exodus continues as PI teams defect to Horwich Farrelly

  24-11-2015 15:02
  
  Callum BrodiePostonline Parabis Group has seen seven partners and 36 other lawyers and support staff move to Horwich Farrelly, as the beleaguered business continues to downsize.
  
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• Benefits of blockchain championed to slow starters in the UK

  24-11-2015 14:40
  
  Katie Marriner Postonline The UK insurance industry is "woefully behind" in its take up of blockchain technology, which commentators say will radically change the way insurance contracts and settlements are handled as well as potentially reducing insurance fraud.
  
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• UK rivals tipped to benefit from McNamee's AIG exit

  24-11-2015 14:20
  
  Peta Fuller Postonline The expected departure of AIG's UK managing director Jacqueline McNamee is a “significant loss” for the company and could result in rival firms pegging back last year’s biggest UK insurer, according to market observers.
  
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• Broker bites video part 2: The Great Debate

  24-11-2015 13:35
  
  What can be done to improve the public perception of the insurance sector?
  
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• Cyber policies are currently a 'mess' of many different risks

  24-11-2015 13:21
  
  Cyber policy wordings need refining if they are to be sold better, said the panel at Cyber Insights 2015
  
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• Cyber policies are a ‘mess’ of many different risks

  24-11-2015 13:21
  
  Cyber policy wordings need refining if they are to be sold better, delegates at Cyber Insights 2015 hear
  
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• Insurance debate: Aviva says it's all about the customer

  24-11-2015 12:45
  
  Michèle Bacchus Postonline For Lindsey Rix, chief operating officer at Aviva, the key to adding value to insurance is to make insurance products relevant and accessible, by using digital and social technologies to increase customer engagement.
  
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• The Insurance Debate: Use tech to drive professionalism

  24-11-2015 12:35 via insuranceage.co.uk
  
  Aviva COO Lindsey Rix says sector should embrace technology to build trust
  
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• FCA kicks off Big Data probe with call for information

  24-11-2015 12:05
  
  Regulator wants views on how data use affects customers and competition in general insurance
  
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• ICO writes to 1000 companies trading data as LV calls for single CMC regulator

  24-11-2015 11:46
  
  Callum BrodiePostonline LV has applauded a decision from the Information Commissioner's Office to write to more than 1000 companies involved in buying and selling data as part of its ongoing crackdown on nuisance calls.
  
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• Cyber crime is the biggest threat posing UK companies – CFC chief

  24-11-2015 11:44
  
  Graeme Newman says the insurance industry must help small businesses build awareness to cyber risks
  
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• Cyber crime is the biggest threat facing UK companies – CFC chief

  24-11-2015 11:44
  
  Graeme Newman says the insurance industry must help small businesses build awareness to cyber risks
  
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• Fractured cyber insurance market is at ‘difficult stage’

  24-11-2015 11:37
  
  Speakers at Cyber Insights 2015 said the industry is failing to communicate on cyber risk
  
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• FCA investigates how GI firms use big data

  24-11-2015 11:36 via insuranceage.co.uk
  
  Regulator issues call for information about how retail general insurance firms use big data with a focus on how it affects customer outcomes.
  
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• Ace unveils future European leadership

  24-11-2015 11:27
  Ace has unveiled the leadership team in its general insurance
  operations for the European division of the new Chubb group.
  Announced yesterday, (23 November) the leadership appointments
  will take effect when the acquisition of Chubb completes, which is
  expected to occur in the first quarter of 2016.
  The leadership team will report to Andrew Kendrick, who was
  announced as senior vice president of the new Chubb group and
  regional president, European group.
  Jalil Rehman will be executive vice presi
  
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• Law firm Parabis broken up in pre-pack administration

  24-11-2015 11:26
  
  Group’s companies sold to series of buyers
  
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• Insurance Debate: Ex-DLG and Flood Re boss Woolgrove says without licences insurance can't be a profession

  24-11-2015 11:20
  
  Michèle Bacchus Postonline Former Chartered Insurance Institute president Tom Woolgrove doesn't believe insurance will ever be viewed as a proper profession, primarily because anyone can call themselves an insurer without a proper qualification or licence.
  
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• Andrew Kendrick to lead Chubb's European executive team

  24-11-2015 11:13 via insuranceage.co.uk
  
  Ace makes multiple promotions ahead of completing its acquisition of Chubb.
  
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• Davies buys Argent’s loss adjusting businesses

  24-11-2015 10:58
  
  66 staff join Davies under deal
  
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• A customer-driven journey to professionalism

  24-11-2015 10:54 via insuranceage.co.uk
  
  Ex-CII president Tom Woolgrove enters the Insurance Debate.
  
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• High profile cyber attacks are encouraging SME uptake – AJG head of tech

  24-11-2015 10:52
  
  Richard Hodson is speaking at Cyber Insights 2015
  
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• More than £29bn working capital trapped in UK economy, AIG finds

  24-11-2015 10:46
  
  Katie Marriner Postonline Limited access to working capital finance and inflexible payment terms are having an adverse impact on UK business, research from AIG and Prime Revenue has found.
  
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• AIG offers mid-market supply chain finance product

  24-11-2015 10:08
  
  Teams up with PrimeRevenue to help fund non-investment grade businesses
  
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• Allianz refreshes excess of loss product

  24-11-2015 10:00 via insuranceage.co.uk
  
  New product to allow brokers to buy higher limits of indemnity.
  
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• Icahn plans to force shareholder vote on AIG breakup plan

  24-11-2015 09:55
  
  Activist investor now owns 3.4% of US insurance company
  
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• Allianz aims for €1bn savings, looking for acquisitions

  24-11-2015 09:31
  
  Sets 3 year financial targets, refocusing business on growth
  
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• Jelf shares suspended as Marsh deal nears completion

  24-11-2015 08:56
  
  Trading in Jelf shares to end 7.30am tomorrow
  
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• Ross: Towergate small business unit a ‘catastrophe’

  24-11-2015 08:38
  
  Chief executive praises SBU staff for their tolerance
  
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• Icahn seeks shareholder support for AIG breakup

  24-11-2015 07:57
  
  Andrew Tjaardstra Postonline AIG has said it would not "make financial sense" to breakup the insurer after renewed pressure from activist investor Carl Icahn.
  
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• Universal shares slump

  24-11-2015 00:10
  In a week when The Insider 30 companies traded
  broadly in line with leading stock indices, Florida homeowners'
  insurer Universal was a dramatic outlier as its shares slumped
  after it was identified as an attractive short opportunity.
  As we report on page 8, the insurer was singled out by short
  seller Lakewood Capital, sending its stock plummeting 31 percent on
  Tuesday (17 November).
  Despite a strong response and a detailed rebuttal by Universal,
  the stock ended the week 39.4 percent...
  
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• Universal fights back against short seller claims

  24-11-2015 00:10
  Universal Insurance Holdings has fought back strongly against
  claims made in a short seller presentation that caused its share
  price to plummet last week.
  The Florida homeowners' insurer was identified as a short
  candidate by hedge fund Lakewood Capital Management at the annual
  Robin Hood Investors Conference early last week.
  In a presentation, Lakewood co-founder Anthony Bozza attacked a
  number of aspects of the carrier's business.
  Universal shares fell 31 percent on Tuesday (17
  November) befor
  
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• Towers voters may still block revised Willis deal

  24-11-2015 00:10
  Towers Watson shareholders might yet block the proposed merger with
  Willis despite the terms of the deal being revised, according to JP
  Morgan analyst Sarah DeWitt.
  A vote on the transaction has been postponed a number of times
  in the face of mounting opposition from Towers shareholders, after
  two reports from proxy firms advised them to vote against the
  merger.
  The pushback from shareholders forced the two firms to change
  the terms of the deal in a bid to secure...
  
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• RAA praises US/EU Solvency II talks

  24-11-2015 00:10
  The Reinsurance Association of America (RAA) has said it was
  "encouraged" by proposed talks between the US Treasury
  and the European Union over a covered agreement once Solvency II
  comes into force.
  The trade body said that without third-country equivalence,
  US-domiciled insurers with European operations would stand at a
  competitive disadvantage.
  The talks will see the Treasury along with the United States
  Trade Representative enter into negotiations with the EU to
  establish how the US will be t
  
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• PwC anticipates clarification on UK ILS plans

  24-11-2015 00:10
  Further details on the work being done to bring insurance-linked
  securities (ILS) business to the UK are expected to be unveiled in
  this week's Autumn Statement, according to PwC.
  Amendments to the Bank of England and Financial Services Bill
  came before the House of Lords in the committee stage on 11
  November. The draft made provisions for HM Treasury to facilitate
  and regulate the establishment and operation of transformer
  vehicles, as well as the trading of investments issued by such...
  
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• NYU sues FM Global over $1.5bn Sandy claim

  24-11-2015 00:10
  New York University (NYU) is suing FM Global after it did not
  cover a $1.47bn loss when a number of buildings were rendered
  unusable by Superstorm Sandy.
  The university has accused the insurer of breach of contract
  after it refused to pay the bulk of the claim, which falls under a
  $1.85bn all-risk policy that incepted on 1 July 2012.
  The cover included a $250mn aggregate sublimit for flood damage,
  which was subject to a further $40mn "sub-sublimit" for a...
  
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• Novae to play big in E&S with Securis sidecar

  24-11-2015 00:10
  Novae will look to write close to $150mn of excess and surplus
  lines (E&S) property business in the US in 2016 as it draws on
  capital backing from top-10 alternative fund manager Securis, the
  listed Lloyd's business told The Insurance
  Insider.
  Sponsoring managing agent Novae and capacity provider Securis
  last week received formal approval from Lloyd's to launch
  Special Purpose Syndicate (SPS) 6129 for 1 January.
  The vehicle will have a stamp capacity of £75mn
  on a gross basis. Netting.
  
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• Marsh's UK claims chief exits

  24-11-2015 00:10
  Barry Jones, chief claims advocate for Marsh, has left to set up
  his own consultancy, The Insurance
  Insider understands.
  Jones had worked at Marsh since July 2008 after joining from
  Lockton, where he was head of UK claims for 13 years.
  He had held the role of UK head of claims up until February this
  year, after which the responsibilities were taken over by Ian
  Martin, the former head of claims advisory.
  Martin has worked at Marsh since joining CT...
  
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• Industry rallies for charity race day

  24-11-2015 00:10
  Around 240 guests from the (re)insurance industry are expected to
  gather at Sandown Racecourse on 4 December in an effort to raise
  thousands of pounds for charity.
  The Insurance Industry Race Day is raising funds for two
  charitable causes this year, Walking with the Wounded and Macmillan
  Cancer Support.
  The event is in its second year, following a sell-out in 2014
  that raised more than £28,000 for charity.
  Sponsors for the day include Amlin, Zurich and Griffiths &
  Armour, along...
  
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