Insurance news

• Zurich's Tianjin loss totals marine programme

  21-12-2015 19:48
  Global carrier Zurich has exhausted its marine reinsurance cover
  following an outsized loss from the Tianjin port explosions in
  August, The Insurance Insider has
  learned.
  Sources said that Zurich's two-layer programme has an
  exhaustion point of $60mn, with the carrier effectively running
  huge net exposures.
  The global carrier has not provided a formal loss number to its
  reinsurers but it has told them that the programme will be
  totalled, with some estimating gross claims from its marine book
  alo
  
  Read more

• Trust Risk CEO character questioned in AmTrust dispute

  21-12-2015 19:48
  The owner of the Italian medical malpractice broker currently
  embroiled in a legal dispute with US specialty insurer AmTrust
  "cannot be dealt with as an honourable commercial man",
  it was alleged in a court hearing late last week.
  Trust Risk Group is pursuing the US specialty insurer in Italian
  arbitration proceedings following an acrimonious breakdown in the
  exclusive distribution arrangement between the two companies. The
  company is led by CEO Antonio Somma.
  The relationship between the two co
  
  Read more

• QBE considering UK EL legacy sale

  21-12-2015 19:48
  QBE is exploring a sale of its legacy UK employers' liability
  (EL) book, The Insurance Insider
  understands.
  The exact size of the book is not yet clear, but it is
  understood to be less than £400mn in gross liabilities and to
  contain exposures far broader than those for asbestos
  compensation.
  The sale process is underway, although frontrunners for the book
  are yet to emerge. Those most likely to be interested in the
  portfolio could include large legacy players Enstar, Catalina...
  
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• Markel Re discontinues New Point Re

  21-12-2015 19:48
  Markel Re has decided not to renew $200mn retro sidecar New
  Point Re for 2016, The Insurance Insider
  can reveal.
  Sources said that Markel Re had taken the decision not to create
  an eighth incarnation of the retrocession writer, although it is
  possible that the franchise will be rebooted at a later stage if
  market conditions become more propitious.
  It is understood that New Point VII had written only
  three deals this year owing to the soft pricing environment.
  Experienced...
  
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• Howard to head Beach & Associates' London office

  21-12-2015 19:48
  Jason Howard, the former CEO of Lloyd's start-up Acappella
  Group Holdings, will join expansive reinsurance broker Beach &
  Associates to head its London and international operations,
  The Insurance Insider can reveal.
  The move, which is expected in April 2016, will see the former
  Willis Re executive reunited with former Willis group president
  Grahame Millwater, who joined Beach as president and CEO at the
  beginning of 2013.
  It is understood that Beach's London office has grown
  rapidly in recen
  
  Read more

• Hong Kong regulator to charge 0.1% levy on premiums

  21-12-2015 19:48
  Hong Kong's new insurance regulatory body will establish a new
  oversight regime by 2018, with the organisation funded by a 0.1
  percent levy on premiums.
  The Independent Insurance Authority (IIA) was created this year
  to oversee insurers as part of a push for greater professionalism
  in financial services within the territory.
  It is anticipated that funding for the new regulator will
  primarily come from a levy of 0.1 percent on insurance premiums for
  all policies apart from reinsurance contracts.
  
  Read more

• Higher rates could impact alt capital appetite

  21-12-2015 19:48
  The increase in US interest rates could have an impact on
  alternative capital's appetite for the (re)insurance industry,
  according to panellists at the EY (Re)Insurance Outlook event in
  Bermuda last week.
  The US Federal Reserve's decision to increase its interest
  rates for the first time in a decade with a 0.25 percent hike could
  signal further increases in 2016 and 2017.
  And against a backdrop of deteriorating underwriting conditions,
  Ironshore CEO Kevin Kelley suggested that matching the retur
  
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• Finger pointed at ship manager in $85mn fraud case

  21-12-2015 19:48
  The manager of a ship that is the subject of an $85mn fraud case
  involving the murder of a British loss adjuster has been accused of
  collusion in yet the latest twist in a long-running UK court
  battle.
  In a hearing on Friday (18 December), the manager of the
  Brillante Virtuoso, which was destroyed in disputed
  circumstances in 2011, was accused of colluding with the ship's
  owner in an alleged fraud.
  The manager, Central Mare, is currently engaged in confidential...
  
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• EU reform challenges existing cyber capacity

  21-12-2015 19:48
  Pending EU data protection regulations have highlighted the lack of
  cyber insurance capacity in the European market.
  The new regulations, due to come into force in 2017, include
  mandatory notification of data breaches to customers, requirements
  to report data breaches to regulators within three days, and
  restrictions on how customer data is used.
  The regulations will apply to any company that has customers in
  the EU. In the event of regulation breach, a fine is chargeable of
  up to 4...
  
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• ESRB highlights systemic risks in EU insurance sector

  21-12-2015 19:48
  An EU financial supervisory body has detailed the top four systemic
  risks that arise from the activities of European (re)insurers.
  The European Systemic Risk Board (ESRB)'s Insurance Expert
  Group found that underpricing of products could lead to a lack of
  substitutes in classes of insurance that are vital to economic
  activity, thus posing a systemic risk.
  Classes the ESRB considered vital to economic activity included
  marine, aviation and transport insurance, liability insurance and,
  in some cas
  
  Read more

• Credit market set to dodge $3bn Abengoa exposure

  21-12-2015 19:48
  Spanish renewable energy and engineering group Abengoa appears to
  have been offered a lifeline by creditors, saving the credit and
  surety (re)insurance market from potentially billions of dollars in
  payouts.
  Creditors including Banco Santander and HSBC were reported to
  have finally reached an agreement that will provide the distressed
  corporate with a EUR113mn ($122mn) credit line to pay wages and
  suppliers until the end of the year, according to Bloomberg.
  The deal consists of a EUR93mn loan, w
  
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• Consultation will determine success of Lloyd's index

  21-12-2015 19:48
  Timing and segmentation of results could be two key factors in
  making the new Lloyd's insurance index attractive to investors.
  Last week the Corporation announced plans to launch an insurance
  index in mid-2016 and said it would begin a period of consultation
  as it develops the project.
  The index will be based on loss ratios reported by syndicates,
  which means that it will offer exposure only to underwriting rather
  than investment risk taken by Lloyd's players.
  However, the scope of...
  
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• Charles Taylor boosts tech team

  21-12-2015 19:48
  Professional services firm Charles Taylor has hired four new
  members of staff to boost its technology division, The
  Insurance Insider can reveal.Jason Sahota is leading the division after joining as CEO of
  Charles Taylor Tech and group chief information officer of Charles
  Taylor from KPMG, where he was a director.He has also formerly worked at Atos, where he was UK data centre
  director and head of programmes and projects.Tom Maleczek joins as chief technology officer, having
  previously...
  
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• CEA adds 5-year reinsurance to multi-year renewals

  21-12-2015 19:48
  The California Earthquake Authority (CEA) placed $200mn of
  five-year traditional reinsurance cover in the mid-year renewals,
  sister publication Trading Risk reported
  last week.
  The CEA has placed significant volumes of two- and three-year
  deals in the past couple of years, but this was its longest
  transaction to date.
  Another major US buyer, Allstate, obtained $439mn of seven-year
  cover from the traditional market earlier this year.
  The non-profit CEA staggers its reinsurance buying throughout
  t
  
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• Aspen hires Liberty talent for London cyber team

  21-12-2015 19:48
  Aspen has hired Liberty's Oliver Brew to become head of cyber
  for the UK, US and Bermuda, based in London, The
  Insurance Insider can reveal.
  Brew is currently senior vice president and head of errors and
  omissions for Liberty International Underwriters in New York, and
  is a respected underwriter in the market.
  He started his career in London at managing general agent (MGA)
  CFC Underwriting, before moving to Hiscox in 2004 and joining
  Liberty in 2011.
  The move comes after...
  
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• Amendment agreed as UK Enterprise Bill advances to Commons

  21-12-2015 19:48
  The UK House of Lords has agreed to amend the late payment
  clause in the UK Enterprise Bill in a move backed by the industry
  as a positive step for London market competitiveness.
  The bill had its third reading last week (15 December) where the
  amendment was agreed by the UK's upper legislative chamber.
  The amendment would reduce the time period in which a claimant
  could protest a late claim payment and financial suffering from six
  years down to one....
  
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• UK storm Desmond to cost $775mn: ABI

  21-12-2015 17:20
  Trade body the Association of British Insurers (ABI) has estimated
  that its members will pay out £520mn ($775mn) for damage
  caused by Storm Desmond, which hit the UK earlier this month.
  The figure dwarves those offered by other organisations last
  week: UK motoring association the AA said on 17 December that it
  expected carriers to pay out £250mn in losses, while PwC
  estimated that economic losses would be £400mn-£500mn and
  insured losses between £250mn and £35
  
  Read more

• L&G to underwrite pet insurance from 2016

  21-12-2015 17:06
  
  Katie Marriner Postonline Legal & General is to start underwriting all new business for its pet insurance product from 1 January 2016.
  
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• Aviva appoints Lindsey Rix as personal lines MD

  21-12-2015 16:38
  
  Rix replaces Steve Treloar who left last month.
  
  Read more

• Blog: Why resilient repairs are the long-term solution

  21-12-2015 16:34
  
  Stephen Garvin Postonline In the immediate aftermath of this month's floods in Cumbria, the focus of the locals and the press was on the flood defences and how they had performed - or not performed, as it was perceived.
  
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• Covéa sees 180% claims volume surge as a result of Storm Desmond

  21-12-2015 16:27
  
  The storm has mainly effected Cumbria and northern UK areas
  
  Read more

• Aviva appoint Lindsey Rix as MD amid management reshuffle

  21-12-2015 16:16
  
  Rix is replacing LV= bound Steve Treloar 
  
  Read more

• Ex-RSA UK CEO McIntyre takes on NED role at Saga

  21-12-2015 16:04
  
  Callum BrodiePostonline Saga has appointed former RSA UK CEO Bridget McIntyre as an independent non-executive director with effect from 1 January 2016.
  
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• Aviva picks Rix as personal lines MD

  21-12-2015 16:03
  
  Katie Marriner Postonline Aviva has appointed Lindsey Rix as managing director of its UK general insurance personal lines business, replacing Steve Treloar.
  
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• King back in the hot-seat at Ingenie as CEO McKee steps down

  21-12-2015 13:17
  
  Callum BrodiePostonline Ingenie co-founder Richard King has returned to lead the telematics business just six months after stepping down from the position of CEO.
  
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• Post and CII launch 'Raising Standards' series in Hong Kong

  21-12-2015 12:33
  
  Andrew Tjaardstra Postonline Post and the Chartered Insurance Institute will launch a 'Raising Standards' webinar series in Hong Kong next year.
  
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• Ace launches D&O cover for not-for-profit organisations in the UK and Ireland

  21-12-2015 12:02
  
  Cover includes insured person liability up to a maximum of £10m.
  
  Read more

• Insurers urged to keep abreast of construction sector developments

  21-12-2015 12:01
  
  Katie Marriner Postonline Allianz and Euler Hermes are urging insurers and brokers to keep up-to-date with changes in the construction industry following the publication of a joint report.
  
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• Skuld quadruples bottom line

  21-12-2015 11:54
  Protection and indemnity (P&I) mutual Skuld's bottom line
  increased by 400 percent in the first nine months of 2015, driven
  by new member funds and favourable reserve development.
  The P&I club, which also manages Syndicate 1897 at
  Lloyd's, reported profits of $20mn during the period, up from
  $5mn during the first nine months of last year.
  The mutual said the result included a $5mn provision for
  members' credit and had benefited from positive run-off from
  old claims.
  Skuld said that...
  
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• AJG launches Shanghai joint venture

  21-12-2015 11:54
  The international division of broker Arthur J Gallagher has
  launched Jiang Tai Re, a joint venture with Chinese brokerage Jiang
  Tai Insurance Brokers, it announced today (21 December).
  The launch of Jiang Tai Re is hoped to be the first step in
  establishing Shanghai as a new regional reinsurance hub. It is the
  first domestic reinsurance brokerage to be granted a licence by the
  China Insurance Regulatory Commission.
  The venture, which has opened offices in Shanghai, aims to help
  Chinese...
  
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• Turnover breaks through £10m at Abbey Insurance Brokers

  21-12-2015 11:36
  
  Operating profit up nearly a third but post-tax profits down due to exceptional costs.
  
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• Christmas Q&A with Phil Bunker

  21-12-2015 11:32
  
  As he prepares to step down from being managing director of LV Broker, Bunker reflects on 2015 and looks at the challenges of next year.
  
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• Liberty poaches TMK property team for Madrid office

  21-12-2015 11:30
  
  Katie Marriner Postonline Liberty Specialty Markets is writing property insurance business from its Madrid office for the first time with the appointment of a new team from Tokio Marine Kiln.
  
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• Legal Update: Hover with caution

  21-12-2015 11:24
  
  Nick Rogers Postonline The arrival of hoverboards in 2015 suggested that, as in Back to the Future, technology had found yet another innovative and entertaining way to enhance our transport options, even if it was difficult to know if a hoverboard was just an advanced toy or a serious choice for commuters looking for something less than a bicycle but more than two feet.
  
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• Post tax profits double at Green Insurance Brokers

  21-12-2015 11:00
  
  Broker reports rises in turnover and operating profit.
  
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• PartnerRe receives approval for Dubai branch

  21-12-2015 10:55
  PartnerRe's European arm has secured a licence to operate in
  the Dubai International Financial Centre (DIFC), it announced today
  (18 December).
  The licence became effective on 16 December.
  Partner Reinsurance Europe SE Dubai branch will begin
  underwriting on 1 January. The office will be focused on providing
  regional facultative support in property and construction lines, to
  our clients based in the Middle East region.
  John Ramesh has been appointed as senior executive officer of
  the Dubai branc
  
  Read more

• AM Best downgrades ACR ReTakaful operations

  21-12-2015 10:55
  AM Best has downgraded the financial strength rating of ACR
  ReTakaful MEA and ACR ReTakaful Berhad from A- to B++.
  The rating agency also downgraded the issuer credit ratings of
  the two units from a- to bbb+, while ACR ReTakaful Holdings
  Limited's issuer credit rating was downgraded from bbb- to
  bb+.
  The ratings have a stable outlook, the rating agency said in a
  statement on Friday (18 December).
  ACR ReTakaful Holdings was established in 2008 as a joint
  venture between...
  
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• Proposal for compulsory pet insurance backed by software firm

  21-12-2015 10:53
  
  Callum BrodiePostonline Aquarium Software has backed calls for pet insurance to be made compulsory by law in Scotland as a step in the right direction for owners, animals, vets and insurers.
  
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• Insurers to welcome increased penalties for drivers caught on phones

  21-12-2015 10:17
  
  The industry already increases premiums for mobile phone use more than for drivers caught speeding 
  
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• Flood bill rises to £520m and now Wales faces washout

  21-12-2015 10:13
  
  Flood cost set to erode UK combined operating home ratios by double digit figures
  
  Read more

• Aviva notes 19% rise in cash for crash as 4000 suspect claims are studied

  21-12-2015 10:08
  
  Callum BrodiePostonline Aviva has revealed it is looking into more than 4000 suspect whiplash claims after confirming it received five of the 28 fraudulent claims involved in a major cash for crash ring in Wales that cost insurers more than £763,000.
  
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• IPT hike causes 10.9% increase in motor premiums

  21-12-2015 10:00
  
  The rise in Insurance Premium Tax has ended year on year drops in premium prices for young drivers
  
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• Christmas Q&A with David Quick

  21-12-2015 10:00
  
  Ceta's managing director shares his thoughts on the most shocking moment of 2015 and what he thinks will be the biggest challenge of 2016.
  
  Read more

• Motor rates accelerate as government's IPT hike is rolled out

  21-12-2015 09:36
  
  Callum BrodiePostonline The government’s introduction of higher insurance premium tax last month has served to accelerate average annual best buy motor policy deals by 10.9% to £696, according to market research conducted by Consumer Intelligence.
  
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