Insurance news

• Pioneer Cat wins PICC line

  02-12-2015 20:42
  Specialist catastrophe managing general agency (MGA) Pioneer Cat
  has signed up PICC Property & Casualty Company as a new
  capacity provider for 2016.
  The leading Chinese carrier is now the third reinsurer
  supporting the MGA's US business, alongside facilities for Peak
  Re and Taiping Re.
  Pioneer Cat writes US property treaty business separately on
  behalf of each facility, rather than aggregating their
  capacity.
  The MGA is on track to write gross premium of $25mn across its
  US portfolio in 2016
  
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• Everest Re builds out commercial management liability

  02-12-2015 20:42
  Everest Re has appointed Zurich's Keith Beach to lead its
  commercial management liability executive solutions group, in one
  of several new hires across the unit, it announced today (2
  December).
  The division offers commercial management liability coverage for
  non-financial institutions on both a primary and excess basis and
  is part of Everest Specialty Underwriters (ESU).
  Beach, who will be based in Chicago, was previously senior vice
  president and head of the diversified financial group at Zuri
  
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• Everest builds out US management liability insurance team

  02-12-2015 20:42
  Everest Re has continued the rapid build-out of its US specialty
  insurance business with a raft of hires in its executive solutions
  division.
  The Bermudian has appointed Zurich's Keith Beach to lead the
  unit, which offers commercial management liability coverage for
  non-financial institutions on both a primary and excess basis and
  is part of Everest Specialty Underwriters (ESU).
  Beach, who will be based in Chicago, was previously senior vice
  president and head of the diversified financial group
  
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• African Risk Capacity to double coverage

  02-12-2015 20:42
  Catastrophe insurance pool African Risk Capacity (ARC) is
  planning to double the insurance coverage it offers by opening up
  to UN agencies and non-governmental organisations.
  The pool already offers nine governments about $180mn of
  coverage and it hopes other organisations will take out cover to
  match this existing limit.
  ARC aims to provide $850mn of cover direct to sovereigns by
  2020, which it said could almost double to $1.5bn including
  "replica coverage" bought by other organisations.
  Curren
  
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• JLT Re hires Cooper Gay duo

  02-12-2015 15:31
  JLT Re has expanded its programme and facility capabilities by
  recruiting Jon Calverley and Paul Steiner, the broker announced
  today (2 December).
  Calverley joins as a director, while Steiner takes on the role
  of associate director. Both have arrived from Cooper Gay, where
  Calverley was managing director for Australia and Steiner was a
  senior wholesale broker.
  Calverley has worked at JLT previously, while Steiner was at QBE
  prior to his role at Cooper Gay.
  Stuart Beatty, CEO for JLT Re...
  
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• Eiopa names trio of board members

  02-12-2015 15:31
  The European Insurance and Occupational Pensions Authority (Eiopa)
  has elected three members to its management board, the body
  announced today (2 December).
  Julia Cillikova, director of the regulation department of the
  National Bank of Slovakia; Frank Grund, CEO and director of the
  German Federal Financial Supervisory Authority (BaFin); and Misu
  Negrițoiu, president of the Romanian Financial Supervisory
  Authority, have all joined Eiopa's board.
  They replace three outgoing board members: Jan
  
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• Ascot appoints Bermuda CUO

  02-12-2015 15:31
  Simon Kimberley has been appointed CUO of Ascot Underwriting
  Bermuda (AUB), which serves as the managing general agency (MGA)
  for reinsurance platform AIG-Ascot Re.
  The MGA began writing assumed business on 1 January 2015 on
  behalf of American International Group's subsidiary American
  International Reinsurance Company.
  Kimberley, who transferred to AUB in 2014, was formerly an
  underwriter with Ascot's treaty team in London.
  Commenting on the appointment, Mark Pepper, CUO of Ascot
  Underwriting, s
  
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• Ace reshuffles North American E&S wholesale

  02-12-2015 15:31
  Ace has made a string of new appointments following the
  formation of a combined North American excess and surplus (E&S)
  wholesale unit, which will come into effect upon completion of its
  acquisition of Chubb in Q1 2016.
  The business will be called Westchester, a Chubb company, and
  will include wholesale business currently written by Ace
  Westchester, Ace Commercial Risk Services, Chubb Custom Market,
  Chubb Specialty Insurance and Chubb Commercial Insurance.
  As previously announced, Bruce Kess
  
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• Post magazine - 3 December 2015

  02-12-2015 15:28
  
  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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• NIG launches SME products on Powerplace

  02-12-2015 15:01
  
  NIG to distribute tradesman and property owners cover via the software house.
  
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• In Pictures: The Insurance Times Awards 2015

  02-12-2015 14:23
  
  See our gallery of winners from the 2015 Insurance Times Awards
  
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• CMC fined £850,000 for nuisance deafness claim calls

  02-12-2015 13:59
  
  Lancashire-based National Advice Clinic receives regulator’s biggest fine so far
  
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• XL Catlin's Foster joins Pioneer

  02-12-2015 11:29
  
  Stephanie Denton Postonline Pioneer Underwriters has appointed David Foster as group chief financial officer.
  
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• Pioneer hires XL Catlin’s David Foster as finance chief

  02-12-2015 11:26
  
  Foster will join Minova-owned MGA on 7 March next year
  
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• Episode 4: The students pick their Broker Apprentice winners

  02-12-2015 11:17
  
  The two teams pitch their videos promoting a career in broking – which one will the students prefer?
  
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• Pioneer appoints David Foster as group CFO

  02-12-2015 11:14
  Minova Insurance-owned managing general agency Pioneer
  Underwriters has announced the appointment of David Foster as group
  chief financial officer.
  He will take up his post on 7 March 2016 and will also join the
  board of Pioneer Underwriting Holdings and relevant subsidiary
  boards. The appointment is subject to regulatory approval.
  Foster has extensive financial expertise in the specialty
  insurance sector having previously held senior roles at XL Catlin,
  most recently as deputy corporate control
  
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• Aon and Scor develop French flood model

  02-12-2015 11:14
  Aon Benfield's Impact Forecasting unit has developed a French
  flood scenario model with Scor, the company announced today (2
  December).
  Aon Benfield said the model would help companies better
  understand and prepare for the potential cost of a flood in
  France's major cities.
  The new model will quantify losses for historical and
  hypothetical flood scenarios in Paris, Lyon and Toulouse, which
  will provide a view of catastrophe risk in these high exposure
  areas.
  Detailed data and analysis from histo
  
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• AJG buys New Zealand retail brokerage

  02-12-2015 11:14
  US-headquartered broking group Arthur J Gallagher (AJG) has
  acquired New Zealand retail brokerage Reid Manson for an
  undisclosed sum.
  Reid Manson provides commercial, rural, property and personal
  lines insurance services to middle-market and individual clients
  throughout south and mid-Canterbury, AJG said in a 30 November
  statement.
  The Timaru-based firm specialises in developing tailored
  programmes for commercial as well as small business, motor, home
  and contents insurance coverage.
  The compan
  
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• CRIF launches application fraud detection tool

  02-12-2015 11:12
  
  System uses external data sources to help weed out fraudsters at point of quote
  
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• Hiscox opens York office

  02-12-2015 10:45
  
  New building to be company’s northern hub
  
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• Risk managers, underwriters reach deal on late payment law

  02-12-2015 10:10
  
  New law allowing policyholders damages for late payment to include a one-year cut-off
  
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• Oric records 2014 operational loss events cost £301m

  02-12-2015 10:00
  
  Katie Marriner Postonline Members of operational risk group Oric International submitted 884 loss events during 2014 with a total value of £301m.
  
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• Saga's largest shareholder reduces holding

  02-12-2015 09:30
  
  Acromas sells 13% stake in insurer to institutional investors
  
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• Hiscox opens £19m York office

  02-12-2015 09:20
  
  Katie Marriner Postonline Hiscox has today (2 December) opened its office in York, a £19m investment.
  
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• Axis approved for Lloyd's China entry

  02-12-2015 05:10
  Axis' Lloyd's syndicate is latest to receive approval to
  write reinsurance business through the market's platform in
  China.
  The Bermudian said it had received approval from Lloyd's for
  the new underwriting division of Syndicate 1686 to commence writing
  business at the start of 2016.
  The carrier's operation will have a dedicated underwriter
  based in Shanghai and will write treaty reinsurance business.
  The Axis syndicate is the latest in a flurry of carriers to join
  the Corporation's Chinese platf
  
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• Hong Kong investigates claims database

  02-12-2015 03:30
  
  Andrew Tjaardstra Postonline The Hong Kong Federation of Insurers has set-up a provisional board to investigate establishing a claims database for Hong Kong.
  
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• Insurance Times Awards 2015: winners revealed

  02-12-2015 00:00
  
  The great and the good of UK general insurance gathered together at Battersea Evolution for The 2015 Insurance Times Awards, celebrating the best achievements across the industry.
  
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