Insurance news

• Zenkyoren to top up cat bond cover

  01-12-2015 22:53
  Zenkyoren is seeking to top up its cat bond cover for Japanese
  earthquake perils with a new $200mn Nakama Re transaction, sister
  publication Trading Risk reported last
  week.
  The indemnity transaction has a similar structure to the mutual
  insurer's $375mn Nakama Re 2014 issuance, with the deal split
  between a per-occurrence cover and a rolling three-year aggregate
  layer.
  However, both layers in the latest deal have a five-year risk
  period, whereas the 2014 per-occurrence layer was only on risk fo
  
  Read more

• WR Berkley hires Chubb's James Bronner

  01-12-2015 22:53
  US-headquartered specialty (re)insurance group WR Berkley has
  appointed James Bronner to oversee a portion of its international
  insurance operation.
  Bronner was most recently senior vice president and managing
  director of Chubb's Asia Pacific insurance operations, based in
  Singapore.
  WR Berkley said the newly hired senior vice president had more
  than 30 years of experience in the global property casualty
  insurance industry.
  Bill Berkley, executive chairman of WR Berkley said: "We
  are pleased to
  
  Read more

• UK government to help SME brokers expand globally

  01-12-2015 22:53
  UK government department UK Trade & Investment (UKTI) is on
  a mission to help EC3's small and medium-sized brokers expand
  internationally, The Insurance Insider
  can reveal.
  As part of the government's wider "Exporting is
  GREAT" campaign to encourage British businesses to increase
  their exports, UKTI has been tasked with helping SME brokers to
  bring down barriers to accessing international markets and to help
  them trade overseas.
  Trade teams working for the government department will provide
  
  Read more

• TransRe and AIG in $400mn commutation deal

  01-12-2015 22:53
  TransRe will pay American International Group (AIG) and Berkshire
  Hathaway's National Indemnity Company (Nico) $400mn to wipe out
  90 percent of asbestos-related and environmental liabilities.
  An 8-K announcement from parent company Alleghany published
  today (1 December) stated that TransRe had entered into a
  commutation and release agreement with AIG and Nico with respect to
  certain reinsurance contracts, including those covering
  asbestos-related illness and environmental liabilities for 1986 an
  
  Read more

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• THB to merge units to form THB Worldwide Property

  01-12-2015 22:53
  THB is set to merge its London-based North American property and
  global risks divisions to create a new unit called THB Worldwide
  Property, The Insurance Insider can
  reveal.
  Late last month THB told staff the new unit would begin
  operating under the THB Worldwide Property banner from 1 January
  2016. On a pro-forma basis the unit will place over $620mn of
  premium into the London market.
  Mark Cody, THB's managing director for North America, will
  head the new division. It...
  
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• RFIB sale price was knocked down at 11th hour

  01-12-2015 22:53
  The consideration that Calera Capital paid for RFIB was cut from
  the level initially agreed after the independent broker missed its
  projected numbers, The Insurance Insider
  has learned.
  The San Francisco private equity house had initially agreed to
  buy into RFIB in a deal that valued the whole business at
  £53mn - a valuation said to be in excess of 12x unadjusted
  forward earnings.
  However, with RFIB short of its projected earnings figures, the
  Fleming Family Trust and management had...
  
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• Reith puts together Marketform taskforce

  01-12-2015 22:53
  New Marketform CEO Martin Reith has appointed a number of people
  to staff a taskforce he has established to reform the misfiring
  Lloyd's business, The Insurance
  Insider has learned.
  Ascot founder Reith has hired Ian Martin, a cross-sector
  turnaround specialist, as chair of the group. He has also recruited
  former Ascot head of analytics and reinsurance Matt Washington from
  CV Starr as chief operating officer.
  Darren Lednor, currently active underwriter of Ariel Syndicate
  1910, will join as CUO an
  
  Read more

• Perils hopes Turkish coverage will benefit trades

  01-12-2015 22:53
  Loss reporting agency Perils has extended its coverage database
  to include Turkey, a move that it hopes will benefit the trading
  and transferral of catastrophe risk in the country.
  The company will track losses from earthquake and flood events
  in the country and has also collected information on property sums
  insured for these perils in the market.
  Earlier this year, fellow industry loss tracker PCS also set up
  operations in Turkey, working with the Istanbul Underwriting Centre
  to track claims..
  
  Read more

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• Nephila among Lloyd's cat consortium

  01-12-2015 22:53
  Eight Lloyd's syndicates including leading insurance-linked
  securities manager Nephila have pledged $400mn of reinsurance
  capacity to provide catastrophe solutions for under-insured
  developing economies.
  The initial group of Lloyd's players participating in the
  initiative comprises Amlin, Beazley, Hiscox, Mitsui Sumitomo
  Insurance Group, Nephila, RenaissanceRe, Tokio Marine Kiln and XL
  Catlin.
  However, the Corporation said that other managing agents were
  welcome to join.
  The group hopes to work
  
  Read more

• MPCI reforms hang over Wells Fargo crop sale

  01-12-2015 22:53
  The sale of Wells Fargo's $600mn-surplus US crop insurer is
  being conducted amid uncertainty over proposed reforms to the US
  multi-peril crop (MPCI) mechanism that could hit the profitability
  of the business.
  Rural Community Insurance Services (RCIS) was put up for auction
  in August after regulatory restrictions on US banks forced the
  board to reconsider underwriting insurance.
  Sources have suggested that interest in the carrier has come
  from a spectrum of potential buyers including - perhaps
  su
  
  Read more

• Milligan to join MAP

  01-12-2015 22:53
  Former Ariel co-CEO Tom Milligan will join Names-backed
  Lloyd's carrier Managing Agency Partners (MAP) as a
  non-executive director, The Insurance
  Insider can reveal.
  It is understood that the executive is also in the early stages
  of launching a comeback vehicle.
  Milligan joined Lancashire's board after the sale of Ariel
  to Brazilian investment bank BTG Pactual in 2014.
  The executive has more than 20 years' experience, having
  started his career at Guy Carpenter in 1991 before working as a
  reinsur
  
  Read more

• Mapfre Global Risks hires construction specialist

  01-12-2015 22:53
  Alex Haines has joined Mapfre Global Risks as senior construction
  underwriter, the Spanish carrier announced today (1 December).
  Haines previously worked for QBE as construction portfolio
  manager, and has also worked at Heath Lambert as a construction
  account handler. Prior to this, he worked at HSB as a
  construction/engineering underwriter.
  Reporting in to Greg Harris, UK director for Mapfre Global
  Risks, Haines will be focussing on building a portfolio of
  international construction business wi
  
  Read more

• Lonmar looking for buyer

  01-12-2015 22:53
  Independent wholesaler Lonmar, one of the biggest bloodstock
  brokers in the London market, has appointed Fenchurch Advisory to
  handle the sale of the company, The Insurance
  Insider can reveal.
  Centrix Insurance Holdings, the top holding company for the
  staff-owned group, fell to a loss last year largely owing to
  financing costs, and has seen its top line fall steeply since
  2012.
  In the 12 months to 31 December 2010, Centrix reported operating
  income of £20.8mn - a figure that declined...
  
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• Late payment clause to be considered further

  01-12-2015 22:53
  The proposed Enterprise Bill that will leave UK insurers liable for
  damages if they fail to pay a claim has advanced to the third
  reporting stage in the House of Lords.
  During a lively debate, two proposed amendments were tabled for
  the bill, with one advanced but ultimately withdrawn and a second
  "not moved" but set to be considered further.
  One proposal was to amend the statute of limitation and reduce
  the time period in which a claimant could protest...
  
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• Insurance law 'going underground': Rix

  01-12-2015 22:53
  Having disputes heard away from court could have a detrimental
  effect on the insurance industry, arbitrator and former Lord
  Justice of Appeal Sir Bernard Rix told members of the London Market
  Claims Council (LMCC).
  "It's not for me to tell the insurance market its
  business if it desires arbitration. But I do think that in the
  medium term to long run it will not be helpful to the industry
  because it means that insurance law is going underground," Rix
  said...
  
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• FCA probe on 'big data' use concerns Lime Street

  01-12-2015 22:53
  The news that UK regulator the Financial Conduct Authority (FCA) is
  planning to examine insurers' use of so-called "big
  data" has left brokers feeling wary of even more regulation.
  Last Tuesday (24 November), the watchdog said it was calling for
  inputs from the general insurance market on how information from
  sources such as loyalty cards, social media and aggregator sites
  was being collated and used by their organisations.
  The FCA normally uses "calls for inputs" as a first
  step before...
  
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• Covered agreement talks 'not before time': Matcham

  01-12-2015 22:53
  International Underwriting Association (IUA) chief executive Dave
  Matcham has welcomed the start of US negotiations on an EU covered
  agreement.
  Earlier this month, the US Treasury Department and the US Trade
  Representative notified congressional leaders that they intended to
  launch negotiations towards a covered agreement governing the
  international treatment of insurance prudential matters.
  Matcham told this publication that the developments were
  positive but long awaited.
  "It's not before time
  
  Read more

• Ace delays internal model approval as London market awaits go-ahead

  01-12-2015 22:53
  Ace has deferred its application for internal Solvency II model
  approval from the Prudential Regulation Authority (PRA),
  The Insurance Insider understands.
  The news comes as carriers in the UK wait to find out whether
  their internal capital models have been approved by the PRA, with
  Lloyd's widely expected to receive approval when final verdicts
  are handed to carriers in the first week of December.
  Ace is likely to seek internal model approval at a later date
  and will use the...
  
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• Insurance falling behind on fintech

  01-12-2015 17:45
  
  Number of fintech patents from insurance show lack of innovation compared to other financial institutions.
  
  Read more

• Editor's Comment: Fighting for recognition

  01-12-2015 17:37
  
  Stephanie Denton Postonline Last week Post, with its sister title Insurance Age, launched its first online Oxford-style debate, asking readers if insurance will ever match medicine, law or accountancy as a profession.
  
  Read more

• A-Plan chief operating officer Mark Selby departs

  01-12-2015 17:00
  
  Broker hires Capita’s Mike Edgeley to replace him
  
  Read more

• Ageas promotes Adam Clarke to MD of Ageas Retail Direct

  01-12-2015 16:16
  
  Insurer makes number of internal leadership appointments across its Retail and Partnerships businesses.
  
  Read more

• Penny Black's Social World - 3 December 2015

  01-12-2015 16:02
  
  Penny Black Postonline All the latest online news
  
  Read more

• Penny Black's Insurance week - 3 December 2015

  01-12-2015 16:02
  
  Penny Black Postonline We recently heard why robbers shouldn’t target any insurer’s chief digital officers as they are likely to be caught on camera by high tech gadgets.
  
  Read more

• AM Best: Cyber attacks pose ‘substantial threat’ to insurers

  01-12-2015 16:00
  
  All insurers should be concerned about aggregation of cyber risks, ratings agency says
  
  Read more

• Management changes for Ageas Retail and Partnerships

  01-12-2015 15:35
  
  Peta Fuller Postonline Ageas has announced several key moves across the business in its retail and partnerships divisions.
  
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• Zurich CEO steps down

  01-12-2015 15:27
  Martin Senn, Zurich's CEO, has stepped down from his role by
  "mutual agreement", the insurance giant announced this
  morning (1 December).Tom de Swaan, a member of the board of directors, has stepped in
  as interim CEO until a replacement has been found.In addition, Fred Kindle, vice chairman of the board, will take
  on "certain additional responsibilities" to ensure good
  governance.Zurich said Senn's departure was not expected to have any
  impact on the insurer's strategic focus or financial...
  
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• Xuber wins Cigna contract

  01-12-2015 15:27
  Xchanging's software business Xuber has signed a multi-year
  contract with health service and insurance group Cigna Corporate
  Services, the firm announced today (1 December).
  The contract is for the provision of Xuber Health software and
  related services to deliver a policy administration solution for
  the end-to-end business processing of Cigna's international
  policies across the global business.
  The win follows the business acquisitions from US-headquartered
  insurance software company Agencyport
  
  Read more

• UN climate initiative to build on (re)insurance partnerships

  01-12-2015 15:27
  A UN Climate Resilience Initiative launched at the COP21 Paris
  Climate Conference yesterday (30 November) is aiming to work with
  (re)insurance partners to tackle climate risks to vulnerable
  nations.
  The initiative has a target of ensuring that by 2020 more than
  30 vulnerable countries have $2bn of coverage against the risk of
  drought, flood and cyclones. This includes a $500mn budget for
  adaptation financing.
  The UN said the initiative would build on existing partnerships
  such as the Africa Risk
  
  Read more

• Marsh completes Jelf acquisition

  01-12-2015 15:27
  Big-three broker Marsh has completed its acquisition of mid-sized
  UK intermediary Jelf, it announced today (1 December).
  Marsh agreed to buy the company for 215p a share in September,
  in a move that gave it entry to the UK retail insurance space.
  The acquisition valued Jelf's existing issued and to be
  issued ordinary share capital at £204mn and the existing
  issued Jelf non-voting shares at £54mn.
  The valuation was equivalent to a 42 percent premium to
  Jelf's 12-month average share...
  
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• Capita extends Xchanging bid deadline

  01-12-2015 15:27
  Outsourcing giant Capita has extended the window for
  Xchanging's investors to accept its 160p a share offer to 16
  December.
  As of 1pm yesterday (30 November), Capita owned or had received
  valid acceptances from 24 percent of Xchanging's shareholders
  for its £412mn takeover bid.
  This result is unchanged since the last Capita deadline on 16
  November.
  Rival bidders Computer Sciences Corporation (CSC) and Ebix have
  until 9 December to make firm offers for Xchanging, in accordance
  with the UK T
  
  Read more

• Australian bushfire insured losses hit A$88.2mn

  01-12-2015 15:27
  Insured losses from the recent bushfires in South Australia have
  now reached A$88.2mn ($64mn), according to the Insurance Council of
  Australia (ICA).
  The body said in a statement this morning (1 December) that the
  number of claims from the north of Adelaide had reached 605.
  Insured losses are expected to rise significantly in the coming
  days as assessors continue to investigate claims from
  policyholders.
  Last week (26 November) the ICA officially declared the
  bushfires around Adelaide a catastro
  
  Read more

• Ace hires Mena trio

  01-12-2015 15:27
  Global insurer Ace has hired three underwriters for its Middle
  East and North Africa (Mena) team as it looks to expand its
  capabilities within the region.
  Warda Saeed Habib joins as regional underwriting manager from
  Hannover Re, where she was facultative reinsurance manager in
  Bahrain.
  In her new role, she will report to Mojgan Khoshabi, regional
  managing director for Ace in Mena. Habib's appointment follows
  the recent promotion of Carlos Beltran to regional head of
  placement and facultative re
  
  Read more

• Adam Clarke to replace Peter Corfield as Ageas Retail Direct MD

  01-12-2015 15:24
  
  Nick Lemans to resume role as Ageas Retail finance director
  
  Read more

• The County Group buys Heath Insurance Brokers

  01-12-2015 15:15
  
  All staff to stay with the firm.
  
  Read more

• County Group acquires Cheshire-based broker

  01-12-2015 14:28
  
  Heath Insurance Services controls around £1.4m in GWP
  
  Read more

• Northampton broker makes seventh acquisition

  01-12-2015 14:14
  
  Insurance Linx has bought the business of Southend-based firm Rimington’s Finance and Insurance Brokers,
  
  Read more

• Aviva augments wholesale ambitions with Lloyd's trading location

  01-12-2015 14:01
  
  Katie Marriner Postonline Aviva is to open an office adjacent to Lloyd's to bring its underwriters closer to brokers in the international wholesale arena.
  
  Read more

• FCA posts alert about unauthorised insurer

  01-12-2015 13:31
  
  Katie Marriner Postonline The Financial Conduct Authority has issued a warning about an unauthorised insurance company, AJ Cox Insurance.
  
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• Marsh finalises Jelf deal

  01-12-2015 13:17
  
  Global broker completes deal following approval by Jelf shareholders.
  
  Read more

• Insurance Linx buys Southend-based broker

  01-12-2015 13:01
  
  Broker says purchase of Rimington's will add close to £1m GWP to its business.
  
  Read more

• Marsh completes Jelf takeover

  01-12-2015 12:34
  
  Acquired broker will delist from stock exchange tomorrow
  
  Read more

• Career development: Microfinance drives surge in financial inclusion

  01-12-2015 12:14
  
  Stephanie Denton Postonline Research has found both microfinance providers and mobile carriers are driving a surge in financial inclusion for the unbanked populace in developing nations, through the provision of sophisticated mobile finance services.
  
  Read more

• Market Moves - 3 December 2015

  01-12-2015 12:08
  
  Stephanie Denton Postonline All the movers and shakers in the market
  
  Read more

• Uptick in CMC activity predicted as insurers eye long-term motor rate reductions

  01-12-2015 12:04
  
  Peta Fuller Postonline Insurers have widely committed to pass on savings set to flow from the government’s heightened whiplash reforms, despite a predicted surge of activity among claims management companies in the interim period.
  
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• Industry disputes claimant solicitor criticism of move to 'care, not cash' claims model

  01-12-2015 11:45
  
  Peta Fuller Postonline Criticism of the government’s acceleration of personal injury reforms in the motor market by the claimant legal fraternity has been dismissed by the wider insurance industry, which has welcomed a shift in claims from cash to care.
  
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• Cyber liability – insurance de jour

  01-12-2015 11:12
  
  Dawn Johnstone of Kerry London asks what the opportunities are for brokers in the growing cyber market.
  
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• Cyber and economy increasing concerns in financial system risk

  01-12-2015 10:10
  
  Peta Fuller Postonline Economic downturn, cyber attack and geopolitical risk pose the most concern for the UK’s financial system, according to the Bank of England’s biannual systemic risk survey.
  
  Read more

• Zurich global boss Martin Senn departs

  01-12-2015 09:50
  
  Tom de Swann appointed interim CEO.
  
  Read more

• FSCS: no interim levy expected for 2015/16

  01-12-2015 09:42
  
  Both insurers and broker considered at low risk of additional charge
  
  Read more

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