Insurance news

• Toffanello takes the reins as Faraday CEO

  15-01-2016 17:45
  Pietro Toffanello has been appointed CEO of Berkshire
  Hathaway-owned Lloyd's syndicate Faraday, the carrier announced
  today (15 January).
  He succeeds Paul Ceurvorst, who is set to retire from the
  business at the end of April.
  The Gen Re subsidiary said Ceurvorst would remain on the board
  of directors until his retirement.
  "Pietro has been with the Gen Re group for 21 years and
  brings extensive international industry knowledge to his new
  role," said Faraday chairman Damon Vocke.
  "We are grateful.
  
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• Ryan out of Swett sale process as BB&T progresses

  15-01-2016 17:45
  BB&T-owned CRC Crump is the only trade buyer left in the
  Swett & Crawford sale process after Ryan Specialty exited in
  the last week, The Insurance Insider can
  reveal.
  Ryan Specialty is believed to have been working with Chicago
  private equity firm BDT Capital Partners on its approach before
  withdrawing its interest.
  According to sources, over 30 initial interested parties have
  now been whittled down to a handful, including BB&T and private
  equity firms.
  The process is now at the...
  
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• Ebix Xchanging bid deadline reaffirmed as CSC appeal rejected

  15-01-2016 17:45
  The UK's Takeover Appeal Board has rejected a complaint from
  Computer Sciences Corporation (CSC) about Ebix's potential bid
  for Xchanging, giving its rival until 31 January to table a formal
  offer.
  CSC had claimed that the 53-day period within which Ebix has to
  table a formal bid for Xchanging should have started when early
  bidder Capita filed its formal proposal on 17 October, and not when
  CSC tabled its subsequent firm offer on 9 December.
  But in a statement today...
  
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• Rate reductions mooted as industry calls on government to follow NI lead on GDL

  15-01-2016 16:57
  
  Callum BrodiePostonline Pressure is building from the insurance industry on government to introduce graduated driver licensing across the rest of the UK, following the roll out of new laws for young drivers in Northern Ireland.
  
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• Review questions FCA independence from government

  15-01-2016 16:50
  
  Recent government interventions and intense public scrutiny have also negatively impacted FCA culture and morale
  
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• Jelf network Purple takes Manchester broker from Willis N2

  15-01-2016 16:30
  
  Wilsons Insurance Group becomes Purple’s 100th member
  
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• Purple reaches 100 as Wilson Insurance Group joins

  15-01-2016 15:45
  
  Manchester-based broker is the 19th new joiner in the past 12 months.
  
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• Penta buy makes Liberty top insurer in Chile

  15-01-2016 14:16
  Liberty Mutual has announced that its acquisition of 99.6 percent
  of Penta Security has completed, making it the largest P&C
  insurer in Chile.
  Fernando Cámbara Lodigiani was named CEO of its Chile
  operations in addition to leading Penta Security, which is the
  fourth-largest P&C carrier in the country.
  In 2014 Liberty and Penta Security generated 171bn pesos
  ($236mn) and 226bn pesos of direct written premiums
  respectively.
  Liberty Mutual said its acquisition of Penta reaffirmed its
  
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• Guernsey urged to toughen stance on money laundering

  15-01-2016 14:16
  Guernsey has been urged to strengthen its penalties in relation
  to money laundering and terrorist financing, after its current
  legal framework was found to be insufficient by the Council of
  Europe.
  The Council of Europe said overall Guernsey has a mature legal
  and regulatory system. However, the council's evaluation team
  said that given the size and nature of Guernsey's financial
  sector the available maximum financial penalty for money laundering
  and terrorist financing breaches for legal person
  
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• Former Napslo president dies

  15-01-2016 14:16
  Kurt Bingeman, who was president of the National Association of
  Professional Surplus Lines Offices (Napslo) between 1991 and 1992,
  died at his home on 10 January, the body announced on Wednesday.
  Bingeman began his career with Russell Bond in 1972 and
  purchased the firm in 1983. He went on to serve on the Napslo board
  between 1987 and 1993 as well as working as a partner in Chevy
  Chase, which offers insurance premium financing through insurance
  brokers.
  In addition to...
  
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• Australian summer losses exceed A$515mn

  15-01-2016 14:16
  Insured losses from the string of catastrophes that hit
  Australia over the summer have passed A$515mn ($358mn), according
  to the Insurance Council of Australia (ICA).
  Over the past seven weeks, the ICA has declared catastrophes for
  South Australia's Pinery bushfires, the Sydney tornado, the
  Great Ocean Road bushfires in Victoria and the bushfires in parts
  of Western Australia.
  The updated figures reflect a rise in the insured loss tally for
  the Pinery bushfires, which now stands at A$170mn from
  
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• Ace-Chubb rebrands after acquisition completes

  15-01-2016 14:16
  Ace has completed its $29.5bn acquisition of Chubb to create the
  world's largest publicly traded P&C insurer.
  On a pro-forma basis the company has market capitalisation of
  $51.2bn, annual gross written premiums of $37bn and total assets of
  approximately $150bn.
  From today (15 January) the carrier will be known as Chubb, and
  will trade on the New York Stock Exchange under the ticker CB.
  The giant merger took many in the market by surprise when it was
  announced last summer,...
  
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• Big data risk increasing as tech disruptors impact industry

  15-01-2016 13:53
  
  Peta Fuller Postonline Determining appropriate social media use by insurers is one of the challenges outlined in a report into industry disruptors launched today (15 January) by the Chartered Insurance Institute.
  
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• Big data increases political risk, says report

  15-01-2016 13:51 via insuranceage.co.uk
  
  Report also mentions FinTech as a major threat for established financial institutions.
  
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• Government unwilling to mandate AEB systems in new cars

  15-01-2016 13:30
  
  Callum BrodiePostonline Thatcham CEO Peter Shaw claims the government is not prepared to legislate for mandatory autonomous emergency braking systems in new cars, despite broadly supporting the research centre in its call for AEB technology to be fitted as standard.
  
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• David Bowie: The insurance industry reflects on the music legend

  15-01-2016 13:23
  
  Jonathan Swift Postonline With the sad passing of music icon David Bowie this week, Post asked a number of insurance industry music fans for their own personal reflection on what the Brixton-born legend meant to them.
  
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• Biba flood cover solution for SMEs to involve large brokers

  15-01-2016 12:43
  
  The alternative proposition the trade body is working on will not require a levy on insurers
  
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• Transactor reveals further growth in 2015

  15-01-2016 12:07
  
  Software specialists set to open new office in Macedonia.
  
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• Ace completes Chubb deal predicting $650m savings by 2018

  15-01-2016 11:55
  
  Katie Marriner Postonline Ace has completed its acquisition of Chubb, adopting the Chubb name and commencing trading today (15 January) on the New York Stock Exchange under the symbol CB.
  
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• Willis Towers Watson's Rowan Douglas awarded CBE

  15-01-2016 11:39
  
  Award cited for promoting role of re/insurane in major social, economic issues 
  
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• Accelerate seals three year capacity deal with sports specialist JRW

  15-01-2016 11:23
  
  Callum BrodiePostonline Specialist managing general agent Accelerate Underwriting has agreed a three year deal with Manchester-based sports player JRW Group.
  
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• Biba seeks to develop SME flooding solution

  15-01-2016 11:02
  
  Association working on a solution for affordable flood insurance for businesses excluded from Flood Re.
  
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• Quiz of the week – 15 January

  15-01-2016 11:00
  
  Peta Fuller Postonline Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
  
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• Perils puts Desmond flood losses at $1.03bn

  15-01-2016 10:53
  The independent catastrophe insurance data firm Perils has released
  its first loss estimate for the floods resulting from Storm Desmond
  in the UK last month.
  For insured property, Perils has estimated that the total flood
  loss would be £717mn ($1.03bn), with an additional £42mn
  from windstorm losses.
  This figure is somewhat higher than that estimated by the
  Association of British Insurers at the end of last year, which
  pegged the insurer payout for Desmond at £520mn.
  In line wi
  
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• ACE completes Chubb acquisition

  15-01-2016 10:34
  
  Merged group adopts Chubb name, new logo
  
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• Quizzical questions: 15 January 2016

  15-01-2016 10:30
  
  Test your knowledge of the week’s news with our topical news quiz.
  
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• New MGA Accelerate Underwriting in 3-year sports deal with JRW

  15-01-2016 10:30
  
  JRW says deal will help group achieve ambitious plans
  
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• Blog: Solvency II to fuel further consolidation in 2016

  15-01-2016 10:30
  
  Bill Cooper Postonline During the last 12 months, insurers have responded to the prevalent commercial, economic and regulatory pressures by stepping up mergers and acquisitions activity, cutting costs and rationalising non-core activities.
  
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• Telematics firm Quartix profit, revenue boosted by insurance division

  15-01-2016 10:13
  
  Installations in insurance sector grow by 74% in year 
  
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• Aviva: Who will step into Maurice Tulloch's shoes?

  15-01-2016 10:09 via insuranceage.co.uk
  
  The rumour mill is turning, but strangely slowly.
  
  Read more

• Moneysupermarket.com insurance revenue slides 10% in fourth quarter

  15-01-2016 10:02
  
  Aggregator chooses to maintain margins in face of effects of technology change and stronger competitor marketing 
  
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• Storm Desmond cost insurers £759m, says Perils

  15-01-2016 09:42
  
  Andrew Tjaardstra Postonline Perils, which provides consolidated catastrophe insurance data, has estimated the insured cost of Storm Desmond for properties affected by flooding and wind at £759m.
  
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• Brightside, Slater & Gordon in five year deal

  15-01-2016 09:21
  
  Broker, law firm look to expand partnership 
  
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• Markham strengthens team with three new hires

  15-01-2016 09:09
  
  Private client broker recruits two more account executives and strengthens its finance department
  
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• Storm Desmond to cost insurers £759m – PERILS

  15-01-2016 08:01
  
  Storm caused £717m of flood damage and £42m of wind damage
  
  Read more

• Strong premium growth expected across Asia, says Swiss Re

  15-01-2016 04:38
  
  Andrew Tjaardstra Postonline Swiss Re is predicting robust growth across Asia for general insurance over 2016 and 2017 despite economic headwinds.
  
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• Mitchell steps aside at RenRe US

  15-01-2016 03:40
  Former Platinum executive Liz Mitchell is stepping down from her
  position as president and CEO of RenaissanceRe's US operations
  to take an "extended sabbatical".
  The reins will effectively be handed to David Marra, who assumes
  the position of president at Renaissance Reinsurance US Inc.
  Marra was previously senior vice president and CUO of casualty
  and specialty lines at the Bermudian and added the role of CUO of
  its US operations last June.
  Mitchell was president and CEO of Platinum's US...
  
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• Argo adds US CUO and chief claims officer

  15-01-2016 03:40
  Argo Group has appointed Frank Mike-Mayer as chief underwriting
  officer and Mark Wade as chief claims officer for its US
  operations, the carrier announced today (14 January).
  Mike-Mayer joins from AIG Commercial where he served as head of
  technical underwriting and was responsible for establishing a
  "consistent and robust" risk selection framework for
  underwriters, said Argo.
  Prior to joining AIG in 2012, Mike-Mayer also held roles at
  Zurich North America, ACE and Reliance National.
  Wade formerl
  
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