Insurance news

• Nephila affiliate behind Florida Citizens' take-out

  09-12-2015 21:37
  Nephila Capital has demonstrated its growing appetite for insurance
  risk with regulatory approval granted for it to participate in a
  take-out of policies from Florida Citizens through an affiliate.
  A subsidiary of Nephila's fronting partner State National
  was one of three carriers, alongside Heritage and Avatar, approved
  today (9 December) by the Florida Office of Insurance Regulation
  (Floir) to take over polices from the state's insurer of last
  resort in the February round of depopulation appli
  
  Read more

• Liberty falls to loss despite improved underwriting results

  09-12-2015 21:37
  Liberty Mutual reported improving underwriting performance for
  the third quarter that was offset by charges relating to its
  Venezuelan subsidiary and hits on energy investments that sent it
  to a $427mn net loss.
  The Boston-based insurance giant took a $700mn non-recurring
  loss on the deconsolidation of its Venezuelan subsidiary, which it
  agreed a deal to sell after the end of the quarter.
  There were also $167mn of net realized losses on investments,
  compared to just $27mn in the prior-year perio
  
  Read more

• Ebix still considering rival Xchanging bid

  09-12-2015 21:37
  Insurance software specialist Ebix is still considering an offer
  for Xchanging, despite the UK outsourcer agreeing a 190p a share
  cash deal to be bought by Computer Sciences Corporation (CSC).
  The third party still in the bid process, Capita, does not
  intend to revise its previously announced 160p a share offer for
  Xchanging, however, it confirmed in a statement.
  US firm Ebix was the last of the potential bidders to enter the
  fray as it tabled a 175p a share...
  
  Read more

• ABI outlines 10 point commitment to flood-affected customers

  09-12-2015 18:08
  
  Peta Fuller Postonline UK insurers have a critical role to play in the floods according to the Association of British Insurers, who today (9 December) outlined the industry’s commitments to those affected by this week's rainfall in Cumbria.
  
  Read more

• Advertisement

• Fitch warns of insurers' ability to absorb cost of further storms

  09-12-2015 17:34
  
  Katie Marriner Postonline Fitch Ratings has deemed losses from Storm Desmond will be manageable for insurers but will impact the sector's ability to absorb further weather-related losses over the winter, should they occur.
  
  Read more

• JLT: Aviation rates fall 19%

  09-12-2015 17:21
  The aviation market has seen another round of double-digit rate
  declines at the November renewals, with the combined rate for
  airline hull and liability insurance down 19 percent.
  The aviation industry also suffered 19 percent reductions in the
  combined rate during October.
  The 19 percent decline in the combined rate compares to 11
  percent for the year to date, JLT said in its latest Plane Talking
  report.
  The fourth quarter is considered the most significant renewal
  period in the aviation...
  
  Read more

• Changes to insurance contracts standard proposed after insurer concerns

  09-12-2015 16:17
  
  Katie Marriner Postonline The International Accounting Standards Board has today (9 December) published proposals to amend the existing insurance contracts standard, IFRS 4, after concerns were raised about implementing two significant changes in accounting on different dates.
  
  Read more

• Post magazine - 10 December 2015

  09-12-2015 15:55
  
  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.
  
  Read more

• Advertisement

• VIDEO: Insurance Times Awards 2015

  09-12-2015 15:54
  
  See all the highlights of the 2015 Insurance Times Awards
  
  Read more

• Insurance Times Awards 2015

  09-12-2015 15:54
  
  See all the highlights of the 2015 Insurance Times Awards
  
  Read more

• Fitch: US P&C underwriting result to flatten

  09-12-2015 15:24
  The underwriting result for the US P&C industry is expect to
  deteriorate in 2016 to a break-even level, according to Fitch
  Ratings.
  The rating agency said yesterday (8 December) that a softening
  premium environment would cause future deterioration in
  underwriting results, especially in commercial lines.
  A continuation of intense competition and overcapacity meant the
  three-year run of profitable industry results from 2013 to 2015 may
  end next year, Fitch said.
  Meanwhile, the rating agency pr
  
  Read more

• Aviation rates fall 19% for second consecutive month: JLT

  09-12-2015 15:24
  The aviation market has seen another round of double-digit rate
  declines at the November renewals, with the combined rate for
  airline hull and liability insurance down 19 percent.
  The aviation industry also suffered 19 percent reductions in the
  combined rate during October.
  The 19 percent decline in the combined rate compares to 11
  percent for the year to date, JLT said in its latest Plane Talking
  report.
  The fourth quarter is considered the most significant renewal
  period in the aviation...
  
  Read more

• AGCS: average large BI claim rises to EUR2mn

  09-12-2015 15:24
  Business interruption (BI) claims are increasing in severity,
  with the average large BI claim now costing EUR2.21mn ($2.38mn),
  according to research from Allianz Global Corporate & Specialty
  (AGCS).
  A new report from AGCS showed that the average large BI claim is
  36 percent higher than the EUR1.63mn average direct property damage
  loss.
  The report analysed more than 1,800 large BI claims totalling
  over EUR3bn from 68 countries for the period from 2010 to 2014, for
  which AGCS was lead or...
  
  Read more

• Government sets up £50m flood emergency fund

  09-12-2015 14:57
  
  Cash grants to homes and businesses to help recover from Storm Desmond damage
  
  Read more

• Ecclesiastical appoints Edward Creasy as non-executive director

  09-12-2015 14:48
  
  Stephanie Denton Postonline Ecclesiastical Insurance Group has appointed Edward Creasy as a non-executive director, subject to regulatory approval.He will also sit on the board of Ecclesiastical Insurance Office.
  
  Read more

• Episode 5: The apprentices pitch their products for votes at The Broker Expo

  09-12-2015 13:44 via insuranceage.co.uk
  
  Which team wowed the delegates and won the digital innovation task?
  
  Read more

• Markel launches product for not-for-profits

  09-12-2015 13:31
  
  Katie Marriner Postonline Markel UK has launched a product for not-for-profit organisations covering three main areas of risk: responsibility to third parties, responsibility as an employer, and protection of property and physical assets.
  
  Read more

• Brokers gaining professional indemnity insurance business

  09-12-2015 13:00
  
  Insurers withdrawing from a tough sector says Brunel Professional Risks.
  
  Read more

• Blog: Devastation - and determination - a personal account of flooded Kendal

  09-12-2015 12:46
  
  Dave Hughes Postonline If there is one word to describe what I have seen in Kendal over the last few days, it is devastation. Having lived in the town most of my life, it's heart-breaking to see the usually tidy streets of semi-detached houses with their well-tended gardens turned into a dumping ground for people's ruined possessions.
  
  Read more

• Tokio Marine Kiln names new property head

  09-12-2015 12:09
  Tokio Marine Kiln (TMK) has promoted Paul Dreblow to head of
  corporate and commercial property in its London office, it
  announced today (9 December).
  In a newly created position Dreblow will be responsible for
  large commercial and mid-market property insurance at the
  company.
  He was previously based in TMK's Singapore office as
  regional underwriting director, where he was responsible for all
  underwriting activities in Asia and facilitating business growth in
  the region.
  Dreblow's Asian position
  
  Read more

• RSA announces sale of Russian operations

  09-12-2015 12:09
  UK insurer RSA has agreed to sell its entire holding in Intouch
  Insurance to Russian pension fund Blagosostoyanie for £5mn in
  cash, exiting the Russian market in the process.
  RSA Russia accounted for net written premiums of £27mn and
  an underwriting loss of £5mn within RSA's 2014 group
  results (before deduction of non-controlling interests).
  It is anticipated that the sale will be completed in early
  2016.
  RSA has been steadily selling off divisions that it no longer
  considers t
  
  Read more

• Markel closes CatCo acquisition

  09-12-2015 12:09
  Markel has closed its deal to buy substantially all of the assets
  of collateralised retro specialist Catco Investment Management.
  The deal sees Markel pay a total purchase price of around $200mn
  in cash for the Bermudian fund manager, which is projected to have
  assets under management exceeding $3bn for 2016.
  Catco will now operate as Markel Catco Investment Management.
  All members of the Catco team, led by founding CEO Tony Belisle,
  have transferred to Markel Catco.
  Richard Whitt, president and
  
  Read more

• IAG reveals restructure

  09-12-2015 12:09
  Australian carrier IAG has shaken up its internal structure, moving
  its Asian and New Zealand business into a new international
  division.
  The division will focus on growth in Malaysia, Thailand, Indian,
  Indonesia and Vietnam, as well as maintaining its presence in New
  Zealand.
  CFO Nick Hawkins will take additional responsibility for the
  international divisions, along with the "challenger"
  consumer segment, which includes Coles Insurance.
  Duncan Brain remains CEO of Asia and Craig Olsen has becom
  
  Read more

• Great American enters M&A liability arena

  09-12-2015 12:09
  US insurer Great American has launched a new M&A liability
  division after hiring Roy Reynolds from Endurance to lead the
  venture.
  The division will offer primary and excess representations and
  warranties and tax indemnity insurance coverage for US-based
  corporate transactions, acquisitions or disposals.
  Reynolds joins as divisional senior vice president and US
  practice leader, having spent more than 13 years in the M&A
  insurance field.
  The executive previously held positions at Chubb, Th
  
  Read more

• BHSI enters surety market in Asia

  09-12-2015 12:09
  Berkshire Hathaway Specialty Insurance (BHSI) is to enter the
  surety market in Asia.
  Andrew Ho will lead the new division, having joined the firm
  from Standard Chartered Bank, where he was director for trade
  programmes and credit insurance.
  Prior to that, Ho worked at QBE for more than 17 years in a
  variety of surety and credit roles, including a stint as regional
  underwriting manager for credit and surety accounts in Asia.
  In his new role, Ho will be working...
  
  Read more

• Argenta joins Lloyd's China platform

  09-12-2015 12:09
  Argenta Syndicate Management, the managing agency subsidiary of
  Argenta Holdings, has become the latest managing agency to join
  Lloyd's China platform in Shanghai.
  WR Berkley, Axis and Markel are among the other carriers that
  have recently joined Lloyd's China.
  Coco Peng will lead Syndicate 2121's newly established
  underwriting division on the platform.
  Peng, who will be based in Shanghai, has worked in the insurance
  industry for more than 10 years and has experience in the marine
  and energy sec
  
  Read more

• AJG buys McPherson Benefits

  09-12-2015 12:09
  Acquisitive broking giant AJ Gallagher as added to its operations
  with the acquisition of McPherson Benefits Group for undisclosed
  terms.
  The Mississippi-based employee benefits specialist focuses on
  self-funded medical plans and voluntary products....
  
  Read more

• Storm could add 7 points to UK home combined ratio - Fitch

  09-12-2015 11:51
  
  Fitch says insurers can handle Desmond losses but ability to absorb further loses is weakened 
  
  Read more

• Markel launches comprehensive cover for non-profit sector

  09-12-2015 11:47 via insuranceage.co.uk
  
  Insurer says the product is designed to meet the insurance needs for not-for-profit organisations.
  
  Read more

• Chubb revamps private clients cover to include cyber-bullying

  09-12-2015 11:27 via insuranceage.co.uk
  
  Insurer has made several changes to Initial, Masterpiece and Signature tiers.
  
  Read more

• Chubb introduces cyber-bullying cover for HNW products

  09-12-2015 11:19
  
  Stephanie Denton Postonline Chubb policyholders who become victims of cyber-bullying may claim up to £50,000 towards professional support, lost income and temporary relocation costs under their home policy following changes to the insurer’s private clients offering.
  
  Read more

• Expertise From A-Z: The future of fleet

  09-12-2015 11:17 via insuranceage.co.uk
  
  Our expert panel examines the future for commercial fleet broking.
  
  Read more

• Gallagher MGA Pen promotes Gareth Crosbie to claims director

  09-12-2015 11:10
  
  Crosbie joined Pen from Fusion last year
  
  Read more

• AIG to invest £900m in to Camden Markets owner

  09-12-2015 10:42
  
  The markets are valued at £866.7m
  
  Read more

• Fidelis Insurance to underwrite in the UK

  09-12-2015 10:28
  
  The insurer is run by former Lancashire chief Richard Brindle
  
  Read more

• EU lawmakers in milestone ruling on cyber security

  09-12-2015 10:17
  
  Cyber crime has increased expontentially in recent years
  
  Read more

• CSC bids 190p a share for Xchanging

  09-12-2015 10:16
  UK outsourcer Xchanging has announced that it has reached an
  agreement with Computer Sciences Corporation (CSC) that will see
  Xchanging shareholders receive 190p a share in cash for the
  company.
  The offer represents a 72 percent increase on Xchanging's
  111p share price on 2 October and a 19 percent increase on the 160p
  a share offer submitted by Capita on 14 October.
  The latest offer values Xchanging at approximately
  £480mn.
  Xchanging's directors announced their intention to
  unanimously re
  
  Read more

• Insurance pricing complaints to FOS increasing

  09-12-2015 10:07
  
  Katie Marriner Postonline The Financial Obudsman Service has seen an increase in the number of complaints about the price of insurance premiums in the 2015/16 year.
  
  Read more

• Xchanging's board backs increased CSC takeover bid

  09-12-2015 09:54
  
  CSC’s original offer of 170 pence per share was trumped by Ebix at 175 pence per share
  
  Read more

• RSA to sell entire Russian operations for £5m

  09-12-2015 09:31
  
  The entity, known as Intouch Insurance, accounted for £27m net written premiums in 2014.
  
  Read more

• Cunningham Lindsey using drone technology to assess Storm Desmond

  09-12-2015 09:17
  
  Around 3,000 homes have been flooded
  
  Read more

• Storm Desmond: Flood Re on track for April 2016 - McCafferty

  09-12-2015 09:02
  
  The scheme was initially slated for launch in the summer of 2015, but has received regular knock backs
  
  Read more

• RSA sells entire stake in Russia division

  09-12-2015 08:42
  
  Andrew Tjaardstra Postonline RSA has sold its 75% stake in general insurer Intouch Insurance in Russia.
  
  Read more

• Reprieve for crop insurers as $3bn MPCI cuts reversed

  09-12-2015 01:12
  Writers of US multi-peril crop insurance (MPCI) have been handed a
  reprieve after measures that would have cut $3bn from the federally
  subsidized mechanism were reversed last week.
  As previously reported, the bipartisan budget deal agreed in
  November proposed cuts of $3bn to the MPCI programme over a 10-year
  period.
  The cuts included changes to the Standard Reinsurance Agreement
  (SRA) governing MPCI that would have reduced the target rate of
  return for private writers of the business from the cu
  
  Read more

• Man-made BI risk greater than threat from natural disaster

  09-12-2015 01:05
  
  Peta Fuller Postonline Business interruption claims are largely from man-made events despite risk managers fearing natural catastrophes disrupting supply, according to a report by Allianz Global Corporate & Specialty.
  
  Read more

Follow @Insurance_UKnws on Twitter!