Insurance news

• US and UK December storms to cost insurers $4bn: Aon Benfield

  06-01-2016 20:23
  The violent tornadoes in the US and a deluge of floods on both
  sides of the Atlantic in December contributed to an insurance bill
  in the region of $4bn, according to Aon Benfield's Impact
  Forecasting unit.
  The cat model development team reported that preliminary
  estimates suggest economic losses from the US weather events will
  exceed $4bn, with insured losses likely to approach or exceed
  $2bn.
  The report noted that The Insurance Council of Texas has flagged
  $1.2bn of losses in...
  
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• James and Maidment beat Aubert to Lloyd's Council seats

  06-01-2016 20:23
  Allied World president Julian James and Beazley chief
  underwriting officer Neil Maidment have been elected to the Council
  of Lloyd's for three-year terms beginning in February.
  Both candidates beat Willis GB CEO Nicolas Aubert, who also
  stood for election for the two working member vacancies,
  Lloyd's announced today (6 January).
  Maidment polled 323 votes, with 207 for James against 168 for
  Aubert.
  Maidment and James will serve as members of the Council when
  Talbot CEO Rupert Atkin and JLT Re...
  
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• Ryan Direct to buy Midas Underwriting

  06-01-2016 16:44
  Ryan Specialty UK subsidiary Ryan Direct Group (RDG) has entered
  into an agreement to buy Northern Ireland-based managing general
  agency (MGA) Midas Underwriting for an undisclosed amount.
  Paul Donaldson, currently non-executive director at RDG, will
  chair the acquired business, which also has an additional office in
  Chelmsford, Essex. The deal is expected to close in the first
  quarter of this year.
  Midas is a motor specialist that provides cover for private,
  classic and performance cars, as wel
  
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• RDG continually evaluating acquisition opportunities

  06-01-2016 15:38 via insuranceage.co.uk
  
  Insurer has just boughtMGA Midas Underwriting.
  
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• Ageas takes from Zurich and promotes from within for New Year reshuffle

  06-01-2016 14:19
  
  Peta Fuller Postonline Ageas has made moves in underwriting and broker development, with Niraj Shah moving from chief actuary to underwriting director and Joel Markham back from Zurich to head regional broker development.
  
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• XL Catlin reshuffles energy team

  06-01-2016 14:12
  XL Catlin has promoted Stephen Hawkins to global product head of
  upstream energy amid a string of appointments in its energy team.
  Luis Prato has also been appointed the role of regional product
  leader for the UK and Ireland, completing XL Catlin's 10-strong
  team of UK and Ireland business leaders.
  Additionally, Peter Welton has been promoted to senior
  underwriter for downstream energy and power while Laura Mobbs has
  been appointed upstream class underwriter.
  Huw Jones, global head of energy at.
  
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• RSA boosts specialty with new execs

  06-01-2016 14:12
  UK carrier RSA has hired a brace of new broker-facing executives to
  work in its UK commercial and global specialty teams.
  Regan Shaw joins as global specialty lines strategic account
  director from Aviva, where he was head of broker management. He had
  worked at Aviva for 28 years.
  Michelle Taylor has also joined RSA in the same role, having
  previously worked as head of broker development and planning at
  ERS.
  Prior to this Taylor spent 23 years at Aviva, most...
  
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• PIB hires Towergate's M&A director

  06-01-2016 14:12
  PIB, the UK start-up broker consolidator formed by ex Willis UK
  & Ireland CEO Brendan McManus, announced today (6 January) that
  Ryan Brown had been hired as its group CFO.
  Brown was most recently finance director of Towergate
  Underwriting, but was best known in the market for his role leading
  Towergate's acquisition strategy as group M&A director.
  Towergate disbanded the M&A team in April last year in the
  wake of its restructure and refinancing.
  In his new role at PIB...
  
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• Canopius expands US D&F business with Breen hire

  06-01-2016 14:12
  Canopius, the international specialty arm of Japanese insurer
  Sompo, has further expanded its New York-based US direct and
  facultative (D&F) business with the appointment of Ivan Breen,
  sister title Inside FAC revealed
  yesterday (5 January).
  Sources said Breen has been hired as a senior vice president in
  the US direct property team and is reporting to Bradley Winfield,
  head of US direct property for Canopius, who launched the start-up
  D&F unit in January 2015.
  Breen joins the carrier fro
  
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• ArgoGlobal makes credit and political risk hire

  06-01-2016 14:12
  ArgoGlobal has appointed Jeremy Shallow as credit and political
  risks class underwriter with immediate effect, the Lloyd's and
  international insurer said today (6 January).
  He will report to John Moffatt, head of specialty.
  Shallow joins from Aspen, where he served as deputy head of its
  credit and political risks division and played a significant role
  in expanding and diversifying the book.
  He began his career at WestLB AG - now Portigon Financial
  Services - as a graduate trainee.
  Commenting on.
  
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• RDG plots major entry into non-standard market with MGA acquisition

  06-01-2016 14:05
  
  Purchase of £30m GWP Midas will also enable RDG to expand insurer relationships
  
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• Ryan Direct Group buys Midas

  06-01-2016 14:00
  
  Former RSA chief Paul Donaldson to chair the acquired business.
  
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• Ageas names Niraj Shah as new underwriting director

  06-01-2016 13:32
  
  Shah moves up to fill Retail Direct MD Adam Clarke’s old role
  
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• Swinton commercial director departs

  06-01-2016 12:00
  
  Gerald McLarnon’s replacement will be announced ‘in due course’.
  
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• PIB hires Ryan Brown as CFO from Towergate

  06-01-2016 11:59
  
  Brown will work on PIB's acquisition plans.
  
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• PIB hires former Towergate M&A head Ryan Brown

  06-01-2016 11:05
  
  Start-up broker PIB Insurance Brokers has hired former Towergate mergers and acquisitions head Ryan Brown as its group chief financial officer.
  
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• Reinsurance capital flattens as pricing falls: Guy Carp

  06-01-2016 10:53
  Overall capital levels dedicated to reinsurance stabilised in
  2015, showing no growth for the first time in several years,
  according to a new report from Guy Carpenter.
  At year-end, total capital dedicated to reinsurance was
  approximately $400bn, unchanged from the previous year. A 2 to 3
  percent decline in the amount of capital dedicated by rated markets
  was offset by convergence capital increasing by 13 percent to
  $68bn.
  The decline in rated capital was driven in large part by the...
  
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• RSA looks to Aviva and ERS for broker relations hires

  06-01-2016 10:44
  
  Peta Fuller Postonline RSA has hired from Aviva and ERS to add two strategic account directors at the insurer.
  
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• Blog: Plentiful capital, soft markets and the case for the specialist mutual

  06-01-2016 10:30
  
  Brian Wood Postonline In an insurance market where seemingly never-ending new capital results in a perpetually soft market, with large insurers capable of undercutting their smaller competitors, the established expertise of specialist mutuals will continue to provide an enduring and stable solution for brokers and their clients alike.
  
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• Technology: The future of farming

  06-01-2016 10:00
  
  Francesca NymanPostonline The rural idyll of the UK's farmlands may be the last place many would expect to find a technological revolution. However, as the Internet of Things continues its steady creep into every aspect of life, Britain's agricultural industry has not been left untouched and this is impacting its risk profile and insurance cover.
  
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• RSA looks to Aviva and ERS for new broker-facing execs

  06-01-2016 09:57
  
  Regan Shaw and Michelle Taylor join insurer’s strategic account team
  
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• Aston Scott becomes chartered insurance broker

  06-01-2016 09:36
  
  Chief executive Heidi Carslaw ‘very proud’ of new status
  
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• Direct Line to be hit hardest by floods – analysts

  06-01-2016 08:49
  
  Canaccord Genuity predicts 19% earnings-per-share cut for insurer
  
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• Innovation Broking hires two directors and opens London office

  06-01-2016 07:30
  
  Start-up broker looks to Stackhouse Poland and Gallagher for new directors
  
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• Reinsurance rate falls slowed at January 1 – Guy Carpenter

  06-01-2016 07:25
  
  Property catastrophe reinsurance prices fell by between 7% and 10%
  
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• China's insurers establish government investment fund

  06-01-2016 03:20
  
  Andrew Tjaardstra Postonline China's insurers and reinsurers have established the China Insurance Investment fund in Shanghai's free trade zone.
  
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• Florida insurance commissioner steps down

  06-01-2016 00:52
  Florida's insurance commissioner Kevin McCarty is set to step
  down and "pursue other job opportunities" his office
  announced today (5 January).
  The commissioner - who has been in the role for more than 12
  years - is set to stand down on 2 May this year.
  McCarty has been at the helm of the Florida Insurance Commission
  since it was set up in 2003.
  But today he said: "I am looking forward to exploring new
  opportunities that will allow me...
  
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