Insurance news

• Zenkyoren set to add $300mn to cat bond cover

  14-12-2015 20:31
  Zenkyoren is set to add a further $300mn of cover to its
  catastrophe bond arrangements through a new Nakama Re transaction,
  sister publication Trading Risk reported.
  The carrier expanded the size of the new bond to $300mn from a
  $200mn target as it chose to double the bond's aggregate
  layer.
  Pricing on the transaction was expected to settle at the upper
  end of marketing forecasts, sources said.
  The Japanese mutual insurer will pay investors an
  insurance-linked coupon of 3.25 percent...
  
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• Willis and Towers Watson get $18bn merger over line

  14-12-2015 20:31
  Willis and Towers Watson confounded widespread expectations that
  their "merger of equals" would fail last week (11
  December) by getting resounding shareholder approval for the
  transaction.
  The markets reacted favourably to the news, with Willis and
  Towers Watson shares up 3.8 percent and 4.4 percent respectively as
  of market close the same day.
  At an extraordinary shareholders' meeting, Towers Watson
  shareholders overwhelmingly voted in favour of the firm's $18bn
  merger with Willis, with 72 perc
  
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• The Hartford gets green light for legacy consolidation

  14-12-2015 20:31
  The Hartford has received UK court approval to consolidate
  £452mn ($684mn) of its old London market liabilities into a
  single vehicle.
  The approved Part VII transfer will amalgamate three of the US
  P&C giant's existing run-off books into a single
  £452mn portfolio, which is expected to be sold off.
  Sources have said that BarCap has been appointed handle the sale
  of the business.
  The majority of the liabilities come from The Hartford's
  wholly owned UK subsidiary Excess Insurance Co
  
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• Swett bidders include Ryan Specialty and BB&T

  14-12-2015 20:31
  Ryan Specialty and BB&T are among the bidders that remain in
  the Swett & Crawford sale process alongside 10 private equity
  firms, The Insurance Insider can
  reveal.
  This publication reported last month that Lightyear
  Capital-backed Cooper Gay had decided to put its crown jewel up for
  sale in order to clear debt and focus on fixing the remainder of
  its ailing business.
  More than 30 interested parties are understood to have made
  contact with Cooper Gay about the US wholesale...
  
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• SII implementation to have no effect on ratings actions

  14-12-2015 20:31
  AM Best does not expect to take rating actions as a direct
  consequence of the implementation of Solvency II, it announced last
  week.
  On 5 December, UK regulator the Prudential Regulation Authority
  approved the internal capital models of 19 insurers - including
  Amlin, Aspen UK and Lloyd's of London - for use under the
  regime.
  In a 7 December briefing, AM Best said that it was extremely
  unlikely that rated European entities would be in breach of their
  Minimum Capital...
  
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• Pioneer COO resigns

  14-12-2015 20:31
  Jonathan Matthews, chief operating officer at Pioneer
  Underwriting, has resigned, The Insurance
  Insider can reveal.
  It is understood that a replacement is not being sought, as the
  responsibilities will be carried out by Eamon Brown, group director
  of underwriting, and David Foster, who will be joining as CFO from
  XL Catlin in Q1 next year.
  Matthews has been with Pioneer since April 2013 and was formerly
  group COO for Ryan Specialty Group.
  He has also held roles at Liberty Syndicates...
  
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• Market waits on new Cathedral leadership

  14-12-2015 20:31
  The London market is awaiting further news on the fallout from
  the dismissal of Cathedral CEO Peter Scales, after an announcement
  from Lancashire last week gave no details on a new management
  team.
  Last week (7 December) The Insurance
  Insider revealed that the Cathedral CEO and his CFO
  John Lynch had been dismissed.
  Sources in the market have said that the partners in
  Cathedral were extremely close before the Lloyd's carrier was
  acquired by Lancashire in November 2013, and there...
  
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• Global P&C stocks down 3.5%

  14-12-2015 20:31
  Global P&C stocks closed down 3.5 percent on
  Friday (11 December), but the sector avoided the brunt of a
  downturn that has heavily impacted indices on both sides of the
  Atlantic following a crash in the global oil price.
  The FTSE 100 was down 6.35 percent last week while the S&P
  500 dropped by 4.29 percent as crude oil prices hit a seven-year
  low.
  Despite significant losses in the wider market, the share price
  falls at P&C stocks tracked by...
  
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• Ex-insurance boss jailed for fraud after threatening judge

  14-12-2015 20:31
  A former insurance executive has been jailed for 37 years and
  ordered to pay $137mn after he hid the failure of his business from
  regulators in an elaborate fraud that eventually saw him threaten a
  US judge.
  Jeffrey Cohen's Indemnity Insurance Company, which wrote
  $35mn of premiums in 2012, began to unravel after a lengthy
  investigation by the Delaware Insurance Department.
  Allegations of fraud and forgery eventually came to light and
  the insurer, which sold liability policies to clubs and...
  
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• E&S carrier Maxum up for sale

  14-12-2015 20:31
  Atlanta-headquartered excess and surplus (E&S) lines insurer
  Maxum Specialty Insurance has been placed up for sale,
  The Insurance Insider can reveal.
  Sources said that the mandate to sell the business,
  which has $110mn of surplus, has been awarded to financial adviser
  Evercore.
  It is understood that first-round bids are due in on Tuesday 15
  December, with due diligence set to commence after Christmas.
  Sources said that the business could fetch between 1.4x and 1.5x
  year-end 2015 book value,
  
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• Central Bank of Ireland approves Beazley internal model

  14-12-2015 20:31
  Beazley has received approval for its internal model from Irish
  regulator the Central Bank of Ireland, it announced last week (11
  December).
  The London-listed insurer will use its internal model to
  calculate its group solvency capital requirement when Solvency II
  comes into effect on 1 January 2016.
  The news comes almost a week after UK regulator the Prudential
  Regulation Authority approved the internal models of 19
  insurers....
  
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• Berkshire Hathaway cuts stake in Munich Re

  14-12-2015 20:31
  Warren Buffett has displayed his scepticism about the prospects
  of the reinsurance market after slashing his stake in Munich Re
  again to take it down to little more than a third of its peak
  level.
  This is the second time that Berkshire Hathaway has reduced its
  stake in the German reinsurer this year, after it sold down its
  holding from 12.02 percent to 9.7 percent in September.
  After the most recent round of share disposals, which was
  reported over the...
  
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• Axis abandons January launch for start-up

  14-12-2015 20:31
  The launch of the joint venture reinsurer planned by Axis and
  Blackstone has been delayed into 2016, sister title
  Trading Risk reported at the end of last
  week.
  The two parties revived work on the project around September,
  after it was temporarily shelved while Axis management concentrated
  on its ultimately unconsummated deal with PartnerRe.
  At the time, Axis let it be quietly known within the industry
  that it was going to fast-track its fundraising efforts to ensure
  that the joint...
  
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• Ascot enters A&H with Channel hire

  14-12-2015 20:31
  Ascot Underwriting has entered the accident and health (A&H)
  market with the hire of Neil Whitbread from Lloyd's peer
  Channel Syndicate, The Insurance Insider
  understands.
  Whitbread is currently head of A&H at Scor-backed Syndicate
  2015, with Alex Wright as his assistant underwriter.
  It is understood both will leave the company to join Ascot.
  Whitbread, an alumnus of Alterra at Lloyd's and QBE, first
  joined Channel in 2013 as A&H class underwriter, reporting to
  Ian Fordham, who heade
  
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• Arch hires Canopius UK specialty CUO

  14-12-2015 20:31
  Paul Dilley, chief underwriting officer of Canopius' UK
  specialty division, has left the company, The Insurance
  Insider has learned.
  Dilley is to join Arch Syndicate 2012 at Lloyd's, although
  his new role is not yet clear.
  Sources have suggested that Steve Snook, head of UK property at
  Canopius, has been promoted to replace Dilley.
  Dilley first joined Canopius in 2012, after being hired from
  Brit to become head of underwriting for UK retail. After taking on
  the job of CUO...
  
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• AIG reshuffle raises fears over ILS direction

  14-12-2015 20:31
  The departure of American International Group (AIG)'s head
  of insurance capital markets Samir Shah has raised concerns among
  insurance-linked securities (ILS) investors about whether the
  carrier will remain as active in the cat bond market as it has been
  in recent years.
  Shah was among a swathe of senior executives let go
  in November as AIG aimed to pare back its 1,400 senior executive
  leaders by 23 percent.
  Shah joined AIG in 2010 and presided over a sweeping
  rationalisation of...
  
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• AIG, Ace among carriers without SII model approval

  14-12-2015 20:31
  American International Group (AIG) and Ace are among a group of
  non-Lloyd's focused carriers that were conspicuously absent
  from the list of insurers granted Solvency II internal model
  approval by the Prudential Regulation Authority (PRA) earlier this
  month.
  On 5 December, the PRA released the full list of 19
  insurers that had successfully completed the internal model
  approval process.
  The Insurance Insider had previously
  reported that Ace had deferred its application for internal model
  approval
  
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• Expertise From A-Z: Full Year Market Spotlight – The Game Changers

  14-12-2015 19:03
  
  Simon McGinn Postonline How will changes during 2015 impact the industry in the coming year?
  
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• Insurers top fintech innovator list but none from UK

  14-12-2015 19:00
  
  Peta Fuller Postonline Insurers have conquered a leading fintech innovation list revealed today (14 December), but the top spots went to those outside the UK.
  
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• Incoming Zurich CEO advised to 'regroup' as possible Senn successors are mooted

  14-12-2015 18:46
  
  Katie Marriner Postonline Zurich's next global CEO must focus on improving the company's property and casualty underwriting performance, with commentators pitching Mark Wilson and Tom Bolt among the front runners for the insurer's top job.
  
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• Supersonic Cars: The need for speed

  14-12-2015 18:30
  
  David Worsfold Postonline Ask a meerkat or a moustachioed opera singer for a quote for a supersonic car and you would be met with bewilderment and a rapid search for the exit door. Yet it is not as unusual a question as you might think.
  
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• Key legal topics to be debated at All Party Group

  14-12-2015 18:13
  
  David Worsfold Postonline
  
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• Brain Training: 10 things you need to know about... corporate manslaughter

  14-12-2015 18:07
  
  Searchlight training Postonline 10 things you need to know about... corporate manslaughter
  
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• Market Moves - 17 December 2015

  14-12-2015 18:04
  
  Stephanie Denton Postonline All the movers and shakers in the insurance industry.
  
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• Letter of claim submitted on behalf of 342 Quindell investors

  14-12-2015 18:04
  
  Callum BrodiePostonline The law firm representing disgruntled shareholders of the technology solutions provider formerly known as Quindell has submitted its letter of claim on behalf of an initial 342 retail investors to the re-named Watchstone Group.
  
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• Caravan Guard sponsors wheelchair racing champion Hannah Cockroft

  14-12-2015 17:52
  
  Cecile Brisson Postonline Halifax-based insurer Caravan Guard is sponsoring Paralympic and triple world champion Hannah Cockroft for the seventh year running.
  
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• Penny Black's Insurance Week - 17 December 2015

  14-12-2015 17:42
  
  Penny Black Postonline Penny marvels at ‘movel’ approvals.
  
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• Penny Black's Social World - 17 December 2015

  14-12-2015 17:40
  
  Penny Black Postonline
  
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• C-Suite - Insurer: Foresight is a wonderful thing

  14-12-2015 17:17
  
  Mike Holliday-Williams Postonline It is vital that insurers look ahead to try and offer products to customers before they demand them.
  
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• European Council adopts Insurance Distribution Directive

  14-12-2015 16:45
  
  Member states now have two years to embed the directive into their regulatory framework
  
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• Specialist cover launched for motorbike riders

  14-12-2015 16:41
  
  Peta Fuller Postonline A motorcycle product that allows riders to choose how much to insure their helmets and leathers is on offer from Loss Insurance Services.
  
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• Blog: Flood-resilience certificates might be the way forward

  14-12-2015 13:07
  
  Ian Woodhead Postonline Storm Desmond and the Cumbria floods have highlighted that flood risk in the UK is both inevitable and increasing.
  
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• National Accident Helpline hires Simon Trott as MD

  14-12-2015 12:56
  
  Trott’s appointment will enable Russell Atkinson to focus on his role as chief executive of the NAHL group
  
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• Burglars busiest on 23 December, says Direct Line

  14-12-2015 12:18
  
  Bicycles, phones and tablets top of the pops for thieves
  
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• Allianz makes two senior hires to replace John Knowles

  14-12-2015 12:13
  
  One of the roles will be filled by Stephanie Smith who has been promoted to chief operating officer
  
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• McManus-Giles vehicle PIB gets PE backing

  14-12-2015 12:03
  PIB Insurance Brokers, the intermediary launched by former Willis
  UK & Ireland CEO Brendan McManus and UK broker consolidator
  Chris Giles earlier this year, has received financial backing from
  private equity house The Carlyle Group.
  The news, first broken by Sky News on 10 December, was confirmed
  today (14 December) in an announcement by PIB.
  It is thought Carlyle will use the intermediary as a vehicle to
  become a consolidator of the broker market.
  Although no detail on the size...
  
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• Marketform hires global M&A insurance chief

  14-12-2015 12:03
  Great American-owned Lloyd's managing agent Marketform has
  hired Robert Brown as global practice leader of its M&A
  insurance operations, effective immediately.
  In a statement today (14 December), the firm said Brown is
  "the longest serving M&A underwriter in the London
  market", with more than 20 years' underwriting experience,
  most of which was spent at Chubb and Ironshore.
  Marketform's M&A insurance team underwrites a £50mn
  ($76mn) line on a Lloyd's market consortium basis, an
  
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• Lockton expands marine with PL Ferrari and LCH buys

  14-12-2015 12:03
  International broker Lockton has entered exclusive negotiations to
  acquire specialist Italian protection and indemnity broker PL
  Ferrari & Co and has unveiled a major stake in Singaporean
  marine broker LCH.
  PL Ferrari was established in 1959 and is headquartered in
  Genoa. The respected privately held niche broker also has offices
  in Ferrara, Naples, Athens, Monaco and London.
  Commenting upon the PL Ferrari deal, Lockton deputy CEO Neil
  Nimmo said: "PL Ferrari & Co is a fantastic cultural
  
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• Integro buys Robertson Taylor

  14-12-2015 12:03
  Expansive global brokerage Integro has acquired London-based
  specialist entertainment insurance broker Robertson Taylor's
  parent company Entertainment Insurance Partners (EIP) for an
  undisclosed sum.
  As well as owning Robertson Taylor Insurance Brokers, EIP owns
  Robertson Taylor International, Walton & Parkinson, Longreach
  International and ESIX, and has offices in London, New York, Los
  Angeles, Atlanta and Nashville.
  According to the latest documents filed with UK registrar
  Companies House,
  
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• Chairman Guo attends Fosun AGM

  14-12-2015 12:03
  Guo Guangchang, the chairman of Chinese conglomerate Fosun,
  attended a company meeting this morning (14 December) in his first
  public sighting since media reports suggested he had gone missing
  last week.
  Guo received a standing ovation at the company meeting, a person
  in the audience told Reuters, and then went on to discuss
  Fosun's strategy and performance.
  Rumours of Guo's disappearance first appeared after
  financial publication Caixin published a story on Thursday citing
  unconfirmed reports t
  
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• Buffett cuts Munich Re holding again

  14-12-2015 12:03
  Berkshire Hathaway has reduced its stake in German reinsurance
  giant Munich Re to 4.6 percent in a further sign of Warren
  Buffett's revaluation of the reinsurance market.
  This is the second time this year that it has reduced its Munich
  Re stake after selling down from 12.02 percent to 9.7 percent in
  September.
  Buffett remains by far Munich Re's biggest single
  stakeholder, with People's Bank of China, BlackRock and Allianz
  Global Investors all owning around 3 percent of the company....
  
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• Advent launches asset recovery service

  14-12-2015 12:03
  London market service provider Advent Insurance Management has
  launched an asset recovery service, it announced today (14
  December).
  The new service will target funds that become trapped due to the
  multiple parties involved in delegated authority processes. Such
  funds are estimated to amount to hundreds of millions of pounds
  annually.
  Advent has been appointed to recover funds in excess of
  £10mn ($15mn).
  Sharon Sharkey has joined the firm as asset recovery manager to
  lead the development o
  
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• Allianz apppoints Smith and Abboud to its board

  14-12-2015 11:56
  
  Stephanie Denton Postonline Allianz Insurance has appointed Stephanie Smith and Jacob Abboud to its management board, to replace John Knowles who has decided to retire from the business.
  
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• Charles Taylor names Barile as CEO of insurance services

  14-12-2015 11:49
  
  She replaces Stephen Card
  
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• Bluefin buys Scottish broker Lomond MacDonald

  14-12-2015 11:40
  
  AXA-owned broker says it is looking for more acquisitions
  
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• Lomond MacDonald bought by Bluefin

  14-12-2015 11:22
  
  Deal follows purchases of Leven Insurance and MasterPolicy and all three brokers were previously part of Broker Network.
  
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• Carlyle confirms stake in Giles consolidator PIB

  14-12-2015 11:19
  
  Giles predicts PIB will be ‘a major consolidator’
  
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• Lorica Insurance Brokers operating losses narrow to £1.95m

  14-12-2015 11:15
  
  Broker reports 9.5% increase in turnover for 2015.
  
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• LMA Academy sees its biggest year to date

  14-12-2015 11:13
  
  Stephanie Denton Postonline With almost 7000 insurance professionals having taken part in events organised by the Lloyd's Market Association Academy since January, 2015 is set to be the biggest ever year for the LMA’s training and development team.
  
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• The Carlyle Group buys stake in PIB Insurance Brokers

  14-12-2015 11:07
  
  Brendan McManus and Chris Giles firm targets acquisition programme after investment.
  
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