Insurance news

• XL achieves savings on $300mn Galileo Re cat bond

  25-01-2016 20:05
  XL managed to trim 50 basis points (bps) off the targeted
  insurance-linked premium on its new $300mn Galileo Re cat bond,
  sister publication Trading Risk reported
  last week.
  The deal will provide the carrier with annual aggregate cover
  against earthquakes and storms in the US and European windstorms on
  an industry loss basis.
  XL pitched the deal at a relatively high risk level for the
  insurance-linked securities (ILS) market. Investor demand for yield
  allowed the sponsor to shave between 4...
  
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• Trio of deals caps Darag's year of growth

  25-01-2016 20:05
  Run-off specialist Darag saw its liabilities under management
  increase by 388 percent from EUR77mn to EUR376mn in 2015.
  In a statement released today (25 January), Darag said it signed
  three deals last year, taking its deal volume to EUR299mn.
  Two of the transactions were structured as share deals, with
  Darag Group acquiring the entire company, while one transaction
  entailed a portfolio transfer. Counterparties of the deals were
  based in the UK, Germany and Greece.
  One deal has been approved, wh
  
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• Top 10 ILS funds expand 7% in 2015

  25-01-2016 20:05
  The top 10 ILS funds have grown their assets under management
  (AuM) to $44bn - up by 4 percent from six months earlier and 7
  percent from January 2015, according to the latest
  Trading Risk investor survey.
  The 4 percent achieved in the second half of 2015
  represents a slight acceleration from the growth posted in the
  first six months of the year, although it lags behind the pace of
  expansion over the same period a year earlier.
  One manager...
  
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• Paris attacks a 'game-changer' for contingency market

  25-01-2016 20:05
  The terrorist attacks on Paris last year have fundamentally
  changed how insurers operate in the contingency and terrorism
  space, according to Robertson Taylor CEO John Silcock.
  Speaking to The Insurance Insider, the
  specialist contingency and entertainment broker said the nature of
  the attacks had made insurers look again at the rates they had
  previously applied to contingency policies.
  "It was so frightening in its randomness," he said.
  "And the fallout that followed, with a football match bein
  
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• National General to pay $315mn for Californian carrier

  25-01-2016 20:05
  National General has agreed a deal to buy California-based P&C
  underwriter Century-National for a consideration expected to total
  $315mn.
  The insurer - which has a significant cross ownership with
  AmTrust - said the estimated purchase price for Century-National is
  equivalent to a $50mn premium to tangible book value (TBV).
  That implies a multiple of 1.18x TBV of $265mn will be paid to
  buy the carrier in a transaction scheduled to close in the second
  quarter of 2016.
  National General said...
  
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• London riots judgment reaches UK Supreme Court

  25-01-2016 20:05
  The ongoing legal dispute between select Lloyd's insurers
  and the London Mayor's Office for Policing and Crime reached
  the Supreme Court on Thursday (21 January), where five judges
  considered whether insurers can recover consequential losses under
  the Riot (Damages) Act 1886.The case stems from the destruction of a Sony warehouse during
  the London riots of August 2011, which resulted in a loss of more
  than £50mn ($71mn).The case was brought against the Mayor's Office for Policing
  and Crime
  
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• Lloyd's looks to tighten up new entrant framework

  25-01-2016 20:05
  Lloyd's is close to unveiling plans to refresh its new
  entrant framework after initiating a market-wide review in the face
  of criticism.
  The Corporation told this publication that the current framework
  had been in place since 2007, prompting it to consider whether the
  regime needed amending.
  But sources told The Insurance Insider
  that a decision was taken to review the procedures around new
  entrants amid growing disquiet in the market about delays and
  issues with coordination.
  Under the sponsors
  
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• Ironshore hires global energy head

  25-01-2016 20:05
  Ironshore has appointed Ronald Gleason as global energy industry
  practice leader, effective immediately.
  Gleason currently serves as Ironshore's regional executive
  for South Central, based in Houston, and will continue in that
  role.
  "Ironshore energy lines realised a growth rate of nearly 10
  percent last year, signalling an opportunity to further broaden
  specialty sector coverage offerings across our various lines of
  business worldwide," said Kevin Kelley, CEO of Ironshore.
  "Ron will assume lead
  
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• Insurers sue bin Ladens for $4bn over 9/11

  25-01-2016 20:05
  More than 50 insurers have brought a $4bn case against a number
  of companies accused of providing financing and assistance to the
  mastermind of the 9/11 attacks.The defendants include the Saudi Binladin Group - a construction
  conglomerate founded by Osama bin Laden's father and now
  controlled by the late terror leader's family.The suit, filed in a Pennsylvania district court, accused the
  Binladin Group of providing "critical construction services
  and other assistance" to al-Qaeda in Sudan and Af
  
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• Insider 30 stocks lag behind broader recovery

  25-01-2016 20:05
  The Insider 30 ended the week in negative territory
  as shares in the sector trailed behind a recovery in global indices
  during another volatile week of trading.Novae reported the greatest decrease among I30 shares with a
  3.02 percent fall. Meanwhile, Hiscox shares were 2.6 percent lower
  by Friday (22 January), followed by Axis with a 2.1 percent fall.
  London carriers showed a 1.16 percent drop-off in share prices
  overall.The Insider 30 was down 0.22 percent by the end...
  
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• Endurance takes Keegan and Metcalfe for aviation launch

  25-01-2016 20:05
  Endurance has continued to build out its London international
  insurance platform with a raid on the aviation ranks of Hiscox and
  Amlin and the appointment of a casualty head from CV Starr,
  The Insurance Insider can reveal.
  According to sources, the Bermudian has recruited Hiscox's
  aviation line underwriter Ian Keegan as it prepares to launch its
  own aviation insurance business from London.
  Keegan will be joined by Amlin's class underwriter for
  aviation Andrew Metcalfe.
  Both executives are unders
  
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• Chubb unit in cyber claim dispute

  25-01-2016 20:05
  Chubb unit Federal Insurance Company has been taken to court by
  a client after it refused to pay a $480,000 loss on a cyber
  insurance policy.Texas-based Ameriforge Group, known as AFGlobal, is seeking $1mn
  from the defendant after a hacker posing as its CEO convinced its
  head accountant to transfer $480,000 of funds to a Chinese bank in
  May 2014.According to court documents filed with the US District Court in
  Harris County, Texas, AFGlobal's director of accounting Glen...
  
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• Aspen in further Liberty raids

  25-01-2016 20:05
  Aspen has continued its raids on Liberty International
  Underwriters (LIU) as it builds out its insurance platform in the
  US and internationally.
  Robert Rokicki is the latest underwriter to defect
  to Aspen from its rival LIU.
  Rokicki will join the Bermudian's primary insurance division as
  senior vice president and head of onshore energy and construction
  for the Americas.
  Based in New York, Rokicki will be responsible for driving growth
  in the region and will report to Tim Kania, the carrier...
  
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• Aspen continues to leak cyber talent

  25-01-2016 20:05
  Aspen has lost the last of its cyber underwriters in London
  weeks after the head of the team departed, The
  Insurance Insider understands.
  Matt Northedge has resigned from Aspen to join AmTrust at
  Lloyd's, according to sources.
  His departure means Aspen has no remaining cyber underwriters on
  the ground in London. The carrier is awaiting the arrival of
  Liberty's Oliver Brew, who was hired in December to become head
  of cyber for the UK, US and Bermuda, based in London....
  
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• Aspen buys into crop appeal despite Endurance comments

  25-01-2016 20:05
  Aspen's purchase of AgriLogic Insurance Services comes less
  than two years after it described US crop insurance business as
  "troubled, low margin, recently volatile and exposed to major
  risks".
  The Chris O'Kane-headed company announced last Wednesday (20
  January) that it had acquired the Kansas-based specialist US crop
  managing general agency with integrated consultancy, which produces
  an estimated $185mn in gross written premiums.
  O'Kane described the development of a US agriculture
  insurance p
  
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• Penny Black's Social World - 28 January 2016

  25-01-2016 17:47
  
  Stephanie Denton Postonline All the latest online news.
  
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• Career Development: Digital future for training

  25-01-2016 17:33
  
  Peta Fuller Postonline I-COG Claims Management has launched an online training course for claims managers, developed for the UK insurance industry but available worldwide.
  
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• Career Development: Sterling service at Covéa Insurance

  25-01-2016 17:30
  
  Peta Fuller Postonline Reading-based Covéa Insurance saw high scores in customer satisfaction and likelihood to refer following a survey by the Institute of Customer Service.
  
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• Career File: Richard Ward: Former Lloyd’s CEO takes on roles at DLG

  25-01-2016 17:29
  
  Stephanie Denton Postonline
  
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• Market Moves - 28 January 2016

  25-01-2016 17:27
  
  Stephanie Denton Postonline All the latest movers and shakers in the industry.
  
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• Lloyd's Australia moves under one roof

  25-01-2016 17:19
  Lloyd's Australia operations are to move into a new premises in
  an effort to boost its brand presence and present a united front in
  the country.
  The operations will move into a new office in Sydney in March,
  Lloyd's said today (25 January). The office will be occupied by
  Lloyd's, syndicates Argenta and Talbot, and managing agent
  Ironshore.
  For the 120 Lloyd's coverholders across the country, the
  community concept is aimed at supporting their growth by promoting
  strong collaboration and...
  
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• Axis extends Benchimol contract to end of 2018

  25-01-2016 17:19
  Axis Capital has extended the contract of president and CEO Albert
  Benchimol to the end of 2018, according to a regulatory filing.
  The executive's previous contract, dated 3 May 2012, was due
  to expire after three years.
  But with Axis and PartnerRe signing up to a proposed $11bn
  merger in January 2015, the agreement included an extension of
  Benchimol's contract until the deal was either concluded or
  terminated.
  If the amalgamation had been consummated, the former PartnerRe
  CFO would have...
  
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• Fraud Focus: Looking to the future

  25-01-2016 15:54
  
  Jamie Taylor Postonline Insurance Fraud Taskforce recommendations will ensure government stays focused on fighting fraud.
  
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• RSA names UK and Europe CRO

  25-01-2016 15:31
  RSA has appointed Doug Stewart as chief risk officer (CRO) for
  the UK and Europe, it announced today (25 January).
  Stewart will join the company on 1 March to take on the newly
  created role, leaving his previous position as risk director at
  Deloitte, which he has held for seven years.
  At RSA, he will be responsible for the governance of significant
  risks to the UK and western European businesses, including
  strategic, insurance, reputational, operational and financial risk.
  He will...
  
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• Liberty Specialty Markets joins Lloyd's China

  25-01-2016 15:31
  Liberty Specialty Markets (LSM) has joined the Lloyd's China
  platform and appointed its first representative in Beijing, the
  carrier announced today (25 January).
  Eve Li is based at the Beijing branch of Lloyd's Insurance
  Company (China) Limited (LICCL).
  She will underwrite a range of reinsurance business lines for
  LSM's underwriting division at the Corporation's licenced
  fronting company.
  Previously LSM underwrote Chinese reinsurance business via its
  London and Paris offices. Li's appointment m
  
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• Hubbard to exit UK General

  25-01-2016 15:31
  Peter Hubbard has announced his intention to step down as group CEO
  for UK General Insurance at the end of February.
  He has held the role since 2012 and has overseen a period of
  significant change at the managing general agency (MGA), including
  its separation into personal lines, rural insurance and commercial
  business last year.
  Lord Carter of Coles, chairman of Primary Group, the owner of UK
  General, commented: "Peter has been an exemplary leader of UK
  General for the...
  
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• C-Suite - MGA: Calling all advocates

  25-01-2016 15:18
  
  Paul Upton Postonline The industry needs happy policyholders to help turn its reputation around.
  
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• US winter storms spell multi-billion economic loss

  25-01-2016 14:00
  As blizzards and coastal flooding brought chaos to the Eastern
  United States, killing at least 29 people, the economic loss from
  the historic winter storm at the weekend is expected to be in the
  billions of dollars.
  Aon Benfield's Impact Forecasting division said in a
  catastrophe alert today (25 January) that the physical damage to
  homes, businesses and other structures and automobiles, plus
  significant levels of business interruption suggested the event
  will end up being a multi-billion-dollar
  
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• GIC Re appoints female chairman

  25-01-2016 14:00
  GIC Re has named Alice Vaidyan as chairman and managing
  director, making her the first woman to be appointed to a chairman
  position in the Indian insurance industry.
  She will replace Sanath Kumar, who took over the role in August
  in addition to his position of general manager and director.
  Vaidyan has worked at GIC Re since 2008, when she joined the
  firm as deputy general manager for reinsurance.
  She is also a director on the board of GIC Bhutan...
  
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• UK General chief Peter Hubbard to step down

  25-01-2016 13:59
  
  Hubbard will continue as non executive director of several of parent company Primary Group’s businesses
  
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• Hubbard: the "natural time" to move on from UK General

  25-01-2016 13:35
  
  CEO hails the staff at “powerhouse” MGA.
  
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• Jon Hancock’s role grows as RSA broker relations head exits

  25-01-2016 13:33
  
  Derek Walsh to leave after five and a half years with insurer
  
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• Peter Hubbard retires from UK General

  25-01-2016 13:30
  
  CEO to stay with MGA until the end of February.
  
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• Executive reshuffle at RSA as Derek Walsh departs

  25-01-2016 13:29
  
  Callum BrodiePostonline RSA group general counsel, company secretary and global broker relationship director Derek Walsh is to step down at the end of February, leading to a reshuffle of the insurer’s executive team.
  
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• Paul Baker Insurance Services buys RK Shipman

  25-01-2016 12:52
  
  Acquisition creates a larger dedicated park home insurance team.
  
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• Unified Covéa and Sterling teams develop executive motor product

  25-01-2016 12:48
  
  Callum BrodiePostonline Covéa has launched a motor product aimed at mid to high net worth customers wanting to insure between two and 10 cars.
  
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• New broker Paul Baker buys park home specialist

  25-01-2016 12:39
  
  Target company RK Shipman to rebrand
  
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• Regulation tops list of insurer concerns, according to brokers

  25-01-2016 12:30
  
  Callum BrodiePostonline The majority of brokers believe regulation poses the biggest threat to their insurer partners, according to a study carried out by information management firm EDM Group.
  
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• Divestments expected from AIG in strategic statement

  25-01-2016 12:26
  
  Katie Marriner Postonline AIG CEO Peter Hancock is expected to outline his strategy for the company including support for divesting non-core parts of the business in a live webcast tomorrow (26 January), reports claim.
  
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• Zurich heading for fourth quarter net loss - Moody's

  25-01-2016 12:08
  
  Ratings agency says loss will hit group’s key financial ratios
  
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• Allianz to pay claims in full for underinsured SMEs

  25-01-2016 11:50
  
  Insurer says move designed to help customers and protect their relationship with brokers.
  
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• Winter Storm Jonas to top $1bn in damage

  25-01-2016 11:31
  The biggest winter storm to hit the US east coast in decades is
  predicted to cause at least $1bn in damage, according to the
  National Weather Service.
  While it's too early to provide estimates of insured losses
  at this stage, Aon Benfield's Impact Forecasting noted that
  Winter Storm Jonas has killed at least 29 people dying with dozens
  more injured.
  The event also caused widespread travel disruption, with more
  than 13,800 flights being cancelled between 22 January and 25
  January....
  
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• UK and US weather events dent Catco returns

  25-01-2016 11:31
  The Catco Reinsurance Opportunities Fund delivered an 11.58
  percent gain for 2015 after UK flooding and US tornadoes impacted
  returns by 1.75 percent.
  The manager had been targeting an annual return of 12-15 percent
  above Libor rates, in line with the slightly higher 14 percent gain
  it recorded in 2014 and which it was hoping to top last year.
  After a clean first half of 2015, Catco created side pocket
  reserves for potential claims worth about 5.5 percent of net...
  
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• KBW: AIG mortgage insurance unit sale 'close to useless'

  25-01-2016 11:31
  The spin-off of American International Group (AIG)'s $5bn+
  mortgage insurance business would be "close to useless",
  according to Keefe, Bruyette & Woods (KBW) analyst Meyer
  Shields.
  Both Reuters and the Wall Street Journal published
  articles at the weekend stating that the insurer had decided the
  fate of its mortgage insurance business United Guaranty, after
  considering a sale over the last three months.
  Reuters reported that the whole business would be divested,
  while the Wall Street Journa
  
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• AM Best maintains Zurich ratings

  25-01-2016 11:31
  AM Best has maintained Zurich's financial strength rating at
  A+ (superior) and its issuer credit rating at aa- despite a second
  successive quarterly profit warning from the carrier.
  In October 2015, concerns over Zurich's general insurance
  unit led the agency to revise its outlook on the insurer's
  ratings to negative from stable.
  However, on Friday (22 January) AM Best said it had decided not
  to downgrade the carrier given "the short-term nature of the
  affected contracts [and] a material improve
  
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• In Focus: Digital insurance - The importance of CRM

  25-01-2016 11:30
  
  Daryl Henwood Postonline Customers love to feel special, in both their personal lives and their professional roles. They simply don’t respond well to impersonal service.
  
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• Paul Baker to buy fellow park home insurance firm RK Shipman

  25-01-2016 11:12
  
  Callum BrodiePostonline Newly launched park and leisure home insurance specialist Paul Baker Insurance Services is acquiring fellow park home insurance firm RK Shipman.
  
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• Broker Network targets budding entrepreneurs for start-up scheme

  25-01-2016 11:10
  
  Network already helped to set up five firms in 2015
  
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• Allianz to stop cutting claims payouts for underinsured SMEs

  25-01-2016 11:01
  
  Insurer says move will hit results but ‘it is the right thing to do’
  
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• Allianz shifts all SME business to e-trading platform

  25-01-2016 11:01
  
  Migration to complete on 1 March
  
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