Insurance news

• XL expands Catlin aggregate to $1.5bn

  18-01-2016 21:13
  XL expanded an aggregate retro programme formerly placed by Catlin
  during the January renewals in what sources described as the
  biggest ever retro programme, sister publication
  Trading Risk has reported.
  The carrier placed a $1.5bn xs $1bn aggregate programme that
  provides cover up to $2.5bn on a ground-up basis.
  Last year, Catlin's aggregate programme provided around
  $500mn of cover, with an exhaustion point of roughly $1bn.
  The size of the order filled by broker Aon Benfield is a closely
  guard
  
  Read more

• Swett process down to BB&T and PE

  18-01-2016 21:13
  The Swett & Crawford sales process is now a straight
  shootout between BB&T-owned CRC Crump and private equity after
  rival trade bidder Ryan Specialty Group bowed out, The
  Insurance Insider revealed last week.
  Sources said that veteran dealmaker Pat Ryan, who was working on
  a bid with long-time collaborator BDT Capital Partners, had
  withdrawn his interest, leaving the field clear for the other
  bidders.
  Ryan was one of a handful of bidders that had been taken through
  to due diligence...
  
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• Sidecar returns still in double digits

  18-01-2016 21:13
  Returns from reinsurer sidecars are showing signs of softening
  but investors are still deriving double-digit results on average as
  these vehicles have avoided major catastrophe claims.
  Research from sister publication Trading
  Risk tracked returns from a group of sidecars using
  regulatory filings by US mutual fund managers and major sidecar
  investors Stone Ridge and Pioneer.
  Returns for the quarter from July to October 2015 averaged 7.28
  percent for a subset of the larger publicly-disclosed sidec
  
  Read more

• Restrained IG renewal sees cover widen and order shrink

  18-01-2016 21:13
  The International Group (IG) of protection and indemnity clubs
  is set to renew its $3bn treaty with a rate reduction of just under
  10 percent.
  However, it has again reduced the size of its order after
  striking a three-year deal with Hannover Re.
  The renewal saw the scope of the reinsurance cover
  widened to include nuclear risks liabilities arising under approved
  certificates, guarantees or undertakings, up to a limit of
  $1bn.
  Sources said that the three renewing layers of the...
  
  Read more

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• PacRe runs into dead end

  18-01-2016 21:13
  Validus announced last week that its Paulson & Co joint
  venture PacRe had been placed in run-off from January, in another
  demonstration of the difficulties facing the hedge fund reinsurance
  model.
  It is understood that Validus decided to pull the plug on the joint
  venture, which dropped its rating from AM Best in August last
  year.
  Validus initially said it would be prepared to write
  business on its own balance sheet to transfer to PacRe, but sources
  said the reinsurer...
  
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• North American life reinsurer Aurigen for sale

  18-01-2016 21:13
  Aurigen, a Canadian and US life reinsurer with embedded value of
  around C$600mn ($413mn), is set to be auctioned by its private
  equity owners, The Insurance Insider can
  reveal.
  It is understood that Soros Fund Management, Bregal Capital,
  Pine Brook Capital and EdgeStone Capital Partners have appointed
  Evercore to run a sales process, which is due to begin in the first
  quarter.
  The business could present an interesting diversification
  prospect for specialty non-life players, as more carriers look
  
  Read more

• Lloyd's mulls centralising R&D

  18-01-2016 21:13
  Lloyd's is considering centralising research and development
  (R&D) in the market in order to start tackling more complex and
  emerging risks, the Corporation's CEO Inga Beale has said.
  During a press conference following the release of the World
  Economic Forum (WEF)'s 2016 global risk report, Beale said
  Lloyd's could play a central role in bringing together brokers
  and syndicates in the market for innovation purposes.
  "This may be through more consortia," Beale explained.
  "There is an issue w
  
  Read more

• Liberty tops Chilean carriers with Penta buy

  18-01-2016 21:13
  Liberty Mutual has completed its acquisition of 99.6 percent of
  Penta Security, making it the largest P&C insurer in Chile.
  Penta Security chief executive Fernando Cámbara Lodigiani
  has been named as CEO of Liberty's newly enlarged Chilean
  operations.
  In 2014 Liberty generated 171bn pesos ($236mn) of direct written
  premiums in Chile, compared to the 226bn pesos written by Penta
  Security.
  Liberty Mutual said its acquisition of Penta reaffirmed its
  commitment to Chile and its continued
  
  Read more

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• Hyperion targets debt over equity for 2016

  18-01-2016 21:13
  London-based insurance group Hyperion has put going public onto the
  backburner for the time being as it targets raising debt, rather
  than equity, to fund future growth.
  Speaking to The Insurance Insider in
  the wake of Hyperion's annual results, CEO David Howden said
  that while pursuing an IPO wasn't completely off the table, it
  wasn't "a current priority".
  Howden went on to explain that Hyperion's debt levels had
  remained relatively stable despite the acquisition of RK Harrison
  and a number...
  
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• Cameron lobbies to sue Liberty over Deepwater denial

  18-01-2016 21:13
  The manufacturer of a blowout preventer used on the Deepwater
  Horizon oil rig has asked the Texas Supreme Court for permission to
  sue Liberty Insurance Underwriters (LIU) after the carrier failed
  to pay its portion of a $250mn settlement.
  The Houston-based subcontractor Cameron International settled a
  dispute with the rig's operator BP in the wake of the 2010
  disaster.
  But LIU, which had written a $50mn layer of Cameron's $500mn
  excess policy, refused to fund its portion of the settlement,...
  
  Read more

• Armour invests in Cobalt

  18-01-2016 21:13
  Bermuda-based legacy specialist Armour Group has made a strategic
  investment in Shariah-compliant (re)insurance provider Cobalt
  Insurance Holdings, it was announced today (18 January).
  The size of the investment was not disclosed. Armour joins
  investors including Capita and the Bank of London and the Middle
  East.
  Cobalt has also appointed former Lloyd's chairman Max Taylor
  as chairman of the board, while Armour management board member Sean
  Dalton has been appointed as non-executive director.
  Joh
  
  Read more

• Argo in legal dispute over Ribeiro dismissal

  18-01-2016 21:13
  Argo's former head of international Jose Ribeiro is suing
  the Bermuda-based company for around £300,000 in the UK High
  Court, claiming he was wrongfully dismissed from his role last
  year.
  At a court hearing on Thursday (14 January), Queen's Bench
  Master Leslie heard how Ribeiro lost his job less than six months
  after starting at Argo International following a lengthy period of
  sick leave.
  Ribeiro, formerly CEO of Generali Brazil and director of
  international markets at Lloyd's, was hired b
  
  Read more

• Allianz latest to bring UK EL book to market

  18-01-2016 21:13
  Global insurance giant Allianz is the latest carrier to attempt
  to offload a major legacy book of UK employers' liability (EL)
  business, The Insurance Insider can
  reveal.
  The development follows similar moves from Aviva - which struck
  a £1bn+ deal to transfer its EL book to Swiss Re in September
  - and Axa, which looks set to announce the conclusion of a
  transaction with Riverstone.
  Sources said that Allianz has appointed KPMG to advise on the
  sale of the portfolio,...
  
  Read more

• All eyes on Ebix after CSC offer becomes unconditional

  18-01-2016 21:13
  Insurance software specialist Ebix will have to offer at least 209p
  a share to be in with a chance of buying Xchanging, after rival
  Computer Sciences Corporation (CSC) announced that its bid was now
  unconditional.
  CSC announced this morning (18 January) that it had received the
  backing of 87.05 percent of Xchanging shareholders, surpassing its
  original 75 percent target.
  The development means that unless Ebix tables an alternative bid
  that is attractive enough to persuade some of those investors
  
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• ABIR responds to Clinton's swipe at Bermuda

  18-01-2016 21:13
  The Association of Bermuda Insurers and Reinsurers (ABIR) has
  responded to criticism from US Democratic presidential hopeful
  Hillary Clinton over a perceived taxation loophole in Bermuda.
  Speaking to The Insurance Insider,
  ABIR president and executive director Bradley Kading said that ABIR
  members and other Bermudian insurers played an important role
  providing capacity for high-severity, low-frequency lines of
  business.
  "Our involvement helps make global markets more
  competitive, offering greate
  
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• ABI prioritises flood efforts in 2016

  18-01-2016 21:13
  The Association of British Insurers (ABI) has said the role that
  its membership plays with dealing with floods in the UK is one of
  its key areas of focus for 2016.
  Speaking at an Insurance Institute of London lecture in the
  Lloyd's Old Library last week (12 January), ABI director
  general Huw Evans said it was imperative that Flood Re got off to a
  good start.
  He added that a different approach was needed to tackle small
  and medium-sized enterprises&...
  
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• $85mn fraud dispute hangs in the balance

  18-01-2016 21:13
  A UK Commercial Court judge has accused a Greek shipowner of
  conjuring a "cock and bull story" to explain why
  documents are missing in an increasingly embattled $85mn fraud
  case.
  In a 12 January hearing, Mr Justice Flaux gave the ship's
  owner Marios Iliopoulos just seven days to produce the documents
  and declared that if he failed to do so his claim would be struck
  out.
  The ship owner brought the claim against 10 Lloyd's carriers
  after they refused to...
  
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• Lloyd's (re)insurers resume Iranian petroleum business

  18-01-2016 18:31
  Lloyd's (re)insurers are able to write Iranian petroleum
  business as of today (18 January), after a round of international
  sanctions on the country was lifted over the weekend.
  Relief on sanctions placed on Iran, under the terms of the Joint
  Comprehensive Plan of Action (JCPOA) became effective on 16
  January, known as "Implementation Day."
  From a European Union (EU) perspective, the transport of Iranian
  oil and petroleum products and the provision of (re)insurance,
  including protection and indem
  
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• Dowling: traditional hedge fund reinsurers are 'dead'

  18-01-2016 18:31
  The traditional hedge fund reinsurer model of asset managers
  launching new independent carriers is "absolutely dead",
  Dowling & Partners managing director VJ Dowling has
  claimed.
  Speaking at a lecture at Lloyd's today (18 January), Dowling
  said the traditional hedge fund reinsurance model championed by the
  likes of Third Point Re and Greenlight Re "will not happen
  again", as newer start-ups established with existing carriers
  enter the market.
  "These are the old masters of the universe, where
  
  Read more

• Penny Black's Social World - 21 January 2016

  18-01-2016 18:21
  
  Penny Black Postonline All the latest online news.
  
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• Penny Black's Insurance Week - 21 January 2016

  18-01-2016 18:08
  
  Penny Black Postonline While many of the insurance news stories at the turn of the year concerned the misery of the floods there was also some good news to start 2016.
  
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• Market Moves - 21 January 2016

  18-01-2016 18:01
  
  Stephanie Denton Postonline All the latest movers and shakers in the industry.
  
  Read more

• Insurance Fraud Taskforce recommends crackdown on late claims

  18-01-2016 18:00
  
  Recommendations include ways to tackle nuisance calls
  
  Read more

• Fraud taskforce calls for SRA and government action in final report

  18-01-2016 18:00
  
  Callum BrodiePostonline The government has been challenged to deliver a regulatory strategy to clamp down on nuisance calls as part of the Insurance Fraud Taskforce’s final recommendations, which also call on the Solicitors Regulation Authority to get tougher on fraud.
  
  Read more

• Biba and the government welcome fraud recommendations

  18-01-2016 18:00 via insuranceage.co.uk
  
  Insurance Fraud Taskforce has made suggestions on how to tackle fraud in the insurance sector.
  
  Read more

• Biba Manifesto 2016: Elderly customers agreement extended with ABI

  18-01-2016 17:49
  
  Katie Marriner Postonline The British Insurance Brokers' Association and the Association of British Insurers are continuing their 2012 agreement with government to improve transparency and access to insurance for elderly customers.
  
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• Biba teams up with government on cyber

  18-01-2016 17:45 via insuranceage.co.uk
  
  Trade body, ABI and government also continues agreement to improve transparency for older customers.
  
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• Biba and government team up to help brokers give better cyber advice

  18-01-2016 17:45
  
  Biba will sponsor members to join government’s information sharing scheme and benefit from real-time cyber threat information.
  
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• Legal Update: Everybody's talking

  18-01-2016 17:40
  
  Helen Grimberg Postonline Reputation damage can have catastrophic effects – Helen Grimberg looks at how insurers can help.
  
  Read more

• Risk Management: What next for risk?

  18-01-2016 17:35
  
  Thomas Garside and Ofir Eyal Postonline There remains regulatory pressure on insurers despite Solvency II models gaining approval.
  
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• Ex-Lloyd’s CEO Ward joins Direct Line board

  18-01-2016 17:19
  
  Marcus Alcock Postonline Richard Ward, the former CEO of Lloyd's, has joined Direct Line Insurance Group's board as a non-executive director and senior independent director.
  
  Read more

• Consumer Focus: 2016: The year of the ‘switcher’?

  18-01-2016 17:17
  
  Ian Hughes Postonline The insurance industry saw huge changes in 2015, with changes in regulation and government tax rises. The effecton consumers will be seen over the next year – and they may not be happy
  
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• Ex-Lloyd's of London boss Ward joins Direct Line

  18-01-2016 16:47
  
  Ward impressed with Direct Line’s results since 2012 flotation 
  
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• Aviation loss-making as rates fall 25%: JLT

  18-01-2016 15:44
  Combined hull and liability rates fell by 25 percent in the key
  December 2015 renewals to push the airline insurance market into
  overall loss-making territory for a second consecutive year,
  according to JLT.
  In its latest Plane Talking report, the broker noted
  that airline rates had remained consistent, with combined hull and
  liability pricing falling by 18 percent during the full year.
  Hull and liability combined premium volumes fell by 20 percent
  over the year and JLT noted that overall...
  
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• One Commercial hires senior sales manager from Willis Networks

  18-01-2016 15:28
  
  Steve Moore has joined the MGA as regional sales manager for the Midlands and the South West region
  
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• North of the Border: The end of shopping?

  18-01-2016 15:24
  
  Kate Donnachie Postonline Two cases were struck out of the English courts – the judge ruling they should be raised in Scotland.
  
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• Signposting agreement for older policyholders renewed

  18-01-2016 15:00
  
  Since launch of agreement in 2012 around 200,000 older motorists and holiday makers have been signposted
  
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• Broker fee for running FSCS to increase by 44%

  18-01-2016 13:38
  
  But for insurers the amount could go down by 23.6%
  
  Read more

• Novae enters A&H with Marketform hires

  18-01-2016 13:07
  Novae has launched an accident and health (A&H) team with the
  hire of class underwriter Paul Newson and his team from Marketform,
  the Lloyd's carrier announced today (18 January).
  Newson, a 30-year A&H broking and underwriting market
  veteran, will lead the team as unit head and will report to Stuart
  Heath, divisional head of property.
  The team includes Guy Bonwick as senior underwriter, Victoria
  Rodrigues DaCosta and Sophie Baker as underwriters, and Abby Thomas
  as underwriting assistant
  
  Read more

• MacDonald joins ArgoGlobal from Zurich

  18-01-2016 13:07
  Ross MacDonald has been announced as the new deputy general
  liability class underwriter for Lloyd's insurer ArgoGlobal.
  MacDonald joins from Zurich, where he was team leader for
  casualty specialty lines. He headed up a team of seven underwriters
  writing product lines including general liability, employers'
  liability, product recall and environmental liability.
  Prior to joining Zurich, MacDonald spent more than a decade as a
  broker, including as stint as a senior casualty broker at JLT.
  Nick Lawr
  
  Read more

• IUA: Insureds receiving 'patchy' cyber cover

  18-01-2016 13:07
  Traditional lines of business are not providing cover for cyber
  losses where insureds might expect protection, according to the
  International Underwriting Association (IUA).
  In a report released today (18 January) in association with law
  firm Norton Rose Fulbright, the IUA said that the coverage of cyber
  risks by conventional insurance classes was patchy currently and in
  some cases cover might not be provided for cyber-related
  perils.
  The report said that exclusions were commonly found in marine
  
  Read more

• Armour invests in Cobalt Insurance

  18-01-2016 13:07
  Bermuda-based legacy specialist Armour Group has made a strategic
  investment in Shariah-compliant (re)insurance provider Cobalt
  Insurance Holdings, it was announced today (18 January).
  The size of the investment was not disclosed. Armour joins
  investors including Capita and the Bank of London and the Middle
  East.
  Cobalt has also appointed former Lloyd's chairman Max Taylor
  as chairman of the board while Armour management board member Sean
  Dalton has been appointed as non-executive director.
  John
  
  Read more

• Advent hires McArthur as CEO

  18-01-2016 13:07
  London-based insurance services provider Advent Insurance
  Management has appointed Jerry McArthur as chief executive.
  McArthur joins from FTI Consulting, where he founded and led the
  firm's London-based Europe, Middle East and Africa insurance
  practice as senior managing director.
  He boasts more than 25 year's of senior executive experience
  in the UK, US and continental European insurance markets, and is a
  specialist in transforming insurance service businesses through
  organic growth and acquisi
  
  Read more

• Flood claims not enough to halt rate cutting – Moody’s

  18-01-2016 13:07
  
  DLG, Lloyds Bank, Aviva, RSA and AXA will be hardest hit by claims
  
  Read more

• Brokers anticipate the Biba manifesto

  18-01-2016 13:01 via insuranceage.co.uk
  
  Brokers share what they would campaign on ahead of the launch of the 2016 Biba manifesto.
  
  Read more

• Accelerate agrees three-year deal with JRW Group

  18-01-2016 12:13 via insuranceage.co.uk
  
  Underwriter will provide exclusive capacity for sports broker.
  
  Read more

• Novae takes five from rival Marketform for new A&H team

  18-01-2016 11:20
  
  Team headed by Paul Newson
  
  Read more

• Accelerate eyeing more opportunities following JRW deal

  18-01-2016 11:09
  
  Recent hire Keith Jackson to help new MGA pursue business in Scotland and north of England
  
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• LV= chooses Guidewire for underwriting admin software

  18-01-2016 11:00
  
  The software provider already serves LV=’s claims department
  
  Read more

• Covéa hires household underwriting manager from Zurich

  18-01-2016 10:23
  
  Linda Granger joins the insurer as it integrates with HNW insurer Sterling
  
  Read more

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