Insurance news

• JLT Specialty boosts entertainment practice

  26-01-2016 19:40
  JLT Specialty USA has hired Brian Taliaferro as senior vice
  president for its entertainment and hospitality practice, the
  broker announced today (26 January).
  Taliaferro, who will be based in JLT's Los Angeles office,
  will lead the company's gaming and hospitality segment, in
  addition to developing and managing relationships with clients in
  the entertainment practice.
  He joins from Aon Risk Solutions, where he led the gaming
  practice. Prior to this, Taliaferro served as a process analyst at
  Acce
  
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• Generali shares fall 5% on CEO exit reports

  26-01-2016 19:40
  Generali shares fell nearly 5 percent this afternoon (26
  January) following media reports CEO Mario Greco has left the
  company.
  Shares in the Italian-headquartered insurer fell to a low of
  EUR13.88 ($15.01) per share after Reuters reported the executive
  had departed, after months of speculation.
  At market close, the share price had recovered to EUR14.15, down
  3.15 percent.
  Sources told Reuters Greco had left for personal reasons, and
  not because of differences with Generali shareholders. It is
  t
  
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• AIG strengthens reserves by $3.6bn

  26-01-2016 19:40
  American International Group (AIG) has boosted its loss reserves by
  $3.6bn after suffering adverse development in casualty, financial
  lines and run-off business, it announced today (26 January).
  A total of $1.3bn has been set aside for the accident years 2004
  and prior, while the remaining $2.3bn has resulted in an average
  increase of just under 0.7 percentage points for the 2005-2014
  accident year loss ratios.
  The strengthening of reserves reflects adverse development on
  prior accident years on
  
  Read more

• AIG sets out defence against break-up

  26-01-2016 19:40
  American International Group (AIG) has confirmed the partial IPO
  of its mortgage business and announced the sale of its US
  broker-dealer network to Lightyear Capital in a raft of measures
  aimed at streamlining operations and refocusing its business.
  As part of a strategy update, AIG again rejected calls to
  break-up the business into P&C, life and mortgage insurance
  arms.
  The measures announced to appease investors include a commitment
  to return at least $25bn of capital to shareholders over
  
  Read more

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• AIG pares back to achieve planned $25bn shareholder return

  26-01-2016 18:31
  
  Peta Fuller Postonline AIG plans to return $25bn (£17.5bn) to shareholders through measures including a part-IPO of its mortgage insurance subsidiary and a series of reinsurance transactions, a strategic announcement revealed today (26 January).
  
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• Director of Content’s Comment: The right man for the FCA job?

  26-01-2016 17:26
  
  Jonathan Swift Postonline The news that then Financial Conduct Authority CEO Martin Wheatley was not to have his contract renewed by Chancellor of the Exchequer George Osborne was followed by plenty of column inches predicting who his successor would be and what it would mean for the financial service sector.
  
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• Henderson Insurance Brokers names new chief executive

  26-01-2016 17:10
  
  Joe Henderson retains group chief executive role as Michael Wright heads up broker
  
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• Industry bosses encouraged to take on 'hundreds' more apprentices

  26-01-2016 16:33
  
  Marcus Alcock Postonline The Prime Minister’s advisor for apprenticeships has called on the insurance industry to do more to embrace apprenticeships by taking on “hundreds” of new starters.
  
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• Henderson appoints Andy White as new managing director

  26-01-2016 16:20 via insuranceage.co.uk
  
  Former Zurich employee will begin work at the broker on 1 February.
  
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• Claimant legal bodies unite in bid to shape whiplash consultation

  26-01-2016 16:20
  
  Peta Fuller Postonline Three prominent legal bodies are joining forces in a bid to counter insurance industry-backed proposals to remove general damages from soft tissue injuries that will form part of a government consultation document.
  
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• AIG's buybacks, restructure not enough, says Bernstein

  26-01-2016 16:14
  
  Analyst says actions not enough to turn around underperforming P&C business
  
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• Hyperion buys UK surety broker PMG

  26-01-2016 15:15
  
  Broker aims to be a leader in the surety market
  
  Read more

• CII launches employer apprenticeship guide

  26-01-2016 14:48
  
  Callum BrodiePostonline The Chartered Insurance Institute has launched its employer apprenticeship guide as part of a drive to support firms with an appetite to take on apprentices.
  
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• Anti-competition concerns quelled as insurers back subrogation portal

  26-01-2016 14:07
  
  Katie Marriner Postonline The use of electronic portals for subrogation claims is set to become widespread among motor insurers as concerns such systems could be anti-competitive were quashed by the first companies to use the technology.
  
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• AIG injects $3.6bn into non-life reserves

  26-01-2016 13:57
  
  Company vows “aggressive” underwriting remediation in US casualty
  
  Read more

• Covéa confirms involvement in subrogation portal pilot

  26-01-2016 13:56
  
  Katie Marriner Postonline Covéa Insurance has confirmed it is piloting the electronic subrogation portal on which Aviva and Ageas went live last week.
  
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• Industry likely to follow suit as Allianz tackles SME underinsurance

  26-01-2016 13:54
  
  Peta Fuller Postonline Other insurers are expected to follow Allianz’s lead in addressing underinsurance in the SME market, despite the likely adverse impact on trading results.
  
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• Biba welcomes new FCA boss

  26-01-2016 13:41 via insuranceage.co.uk
  
  Brokers admit to not having heard of new appointee.
  
  Read more

• Munich Re to increase stake in Indian health venture

  26-01-2016 13:35
  Munich Re will increase its stake in Indian health insurer Apollo
  Munich Health Insurance Co Ltd to 48.75 percent as part of its
  continued expansion in the country.
  A share purchase was signed yesterday (25 January) with an
  agreed price of 163.5 crore rupees ($24.2mn), based on a total
  company value of 703 crore ($104.1mn).
  The company purchased an additional 23.27 percent of shares in
  Apollo Munich Health Insurance from its Indian partner the Apollo
  Hospitals Group, increasing its shareholding.
  
  Read more

• IUA lists market modernisation in 2016 priorities

  26-01-2016 13:35
  The International Underwriting Association (IUA) has placed market
  modernisation projects among its six key priorities for 2016, as
  the London market works to create a new operating model.
  An electronic placing platform and the Central Services Refresh
  Programme - which aims to update accounting and claims processing -
  are two of the six priorities outlined in the IUA's 2016
  business plan.
  These two projects are also part of the programme of work to
  deliver modernisation through a Target Operati
  
  Read more

• RKH Specialty draws up surety plans following PMG acquisition

  26-01-2016 13:34
  
  Callum BrodiePostonline Hyperion Insurance Group has acquired independent specialist surety broker PMG Financial Services, subject to regulatory approval.
  
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• AIG to return $25bn to shareholders, spin off mortgage business

  26-01-2016 13:16
  
  Embattled insurer announces new strategy to fend off activist investor Carl Icahn
  
  Read more

• CII launches apprenticeships guide

  26-01-2016 12:26
  
  Guide covers apprenticeships levy and trailblazer apprenticeships
  
  Read more

• 'Big player' Bailey backed by industry as FCA CEO

  26-01-2016 12:26
  
  Callum BrodiePostonline The appointment of the Prudential Regulation Authority’s highly regarded CEO Andrew Bailey to the top job at the Financial Conduct Authority has been welcomed by industry leaders who have praised Bailey’s clout and “deep regulatory experience”.
  
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• Biba chief White backs 'big player' Bailey as FCA CEO

  26-01-2016 12:26
  
  Callum BrodiePostonline The appointment of the Prudential Regulation Authority’s highly regarded CEO Andrew Bailey to the top job at the Financial Conduct Authority demonstrates the growing importance placed on the conduct regulator by government.
  
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• ABI: On the ropes?

  26-01-2016 12:20
  
  Edmund Tirbutt Postonline A loss of members has raised concerns about the future of the ABI, but is the esteemed trade association weakened – or poised to make a resurgence?
  
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• Vulnerable Customers: Access at a price

  26-01-2016 12:15
  
  Katie Marriner Postonline Insurers deny giving disabled customers a raw deal, but could they be doing more?
  
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• Cobra buys commercial broker Robert Edward Southern

  26-01-2016 11:50 via insuranceage.co.uk
  
  Cobra confident of announcing more acquisitions in the coming months.
  
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• Sure Thing posts £9.5m pre-tax loss

  26-01-2016 11:33 via insuranceage.co.uk
  
  Broker's turnover was £1m in its first year of trading.
  
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• IUA to poll members on EU membership as 2016 agenda is unveiled

  26-01-2016 11:29
  
  Callum BrodiePostonline Market modernisation projects and an increase in the international services offered to the London company market are among the top priorities for the International Underwriting Association in 2016.
  
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• Eiopa stress tests raise questions over interest rates

  26-01-2016 11:23
  Insurers with pension liabilities remain vulnerable to low
  interest rates and changes to inflation, according to the European
  Insurance and Occupational Pensions Authority (Eiopa).
  The watchdog has conducted its first serious stress test to
  challenge the resilience of occupational retirement provision
  institutions, which revealed a number of risks and vulnerabilities
  that require attention from pension providers and their
  regulators.
  Countries with more than EUR500mn in pension assets were
  asses
  
  Read more

• Bailey named FCA CEO

  26-01-2016 11:23
  Andrew Bailey, CEO of the UK's Prudential Regulation Authority
  (PRA), is to become head of the Financial Conduct Authority (FCA).
  Bailey will leave his position as PRA CEO and as deputy governor
  of prudential regulation at the Bank of England, the central bank
  announced today (26 January).
  However, he will continue in full in both roles until his
  replacement has been appointed, with an exact departure date yet to
  be confirmed.
  As CEO of the FCA Bailey will also be...
  
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• Acrisure mulls $2bn sale

  26-01-2016 11:23
  Genstar Capital-owned US retail broker Acrisure is considering a
  sale that could value it at as much as $2bn.
  Evercore Partners has been hired to run an auction for the
  company, Reuters reported yesterday (25 January), citing
  sources.
  Michigan-based Acrisure, one of the top 15 insurance brokerages
  in the US, generates annual earnings before interest, taxes,
  depreciation and amortisation of $164mn. The $2bn valuation figure
  is said to include debt.
  Acrisure, which was acquired by Genstar for an u
  
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• Cobra acquires Croydon-based broker

  26-01-2016 11:18
  
  Acquisition of Robert Edward Southern is part of Cobra’s expansion plans to strengthen retail business 
  
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• FCA appoints PRA's Bailey as CEO

  26-01-2016 11:11
  
  Peta Fuller Postonline The Financial Conduct Authority has a new CEO with HM Treasury appointing Prudential Regulation Authority boss Andrew Bailey to the role.
  
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• AXA UK publishes personal lines claims payment stats

  26-01-2016 11:10
  
  Insurer paid out 99.8% of motor claims and 83.7% of home claims
  
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• FCA head revealed

  26-01-2016 10:55 via insuranceage.co.uk
  
  Andrew Bailey will become chief executive of the Financial Conduct Authority replacing Tracey McDermott.
  
  Read more

• PRA boss named as new FCA chief executive

  26-01-2016 10:54
  
  Andrew Bailey was hand-picked by the Chancellor
  
  Read more

• Broker Network launches member-only unoccupied property scheme

  26-01-2016 10:51
  
  Scheme underwritten by Lloyd’s insurer ProSight
  
  Read more

• Axa begins publishing claims statistics for individual products

  26-01-2016 10:48
  
  Callum BrodiePostonline Axa has begun publishing claims statistics for its individual products in a bid to improve customer trust via increased transparency.
  
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• Brendan Devine's Sure Thing! hits £25.3m GWP in first trading year

  26-01-2016 10:43
  
  Broker made a loss of £9.5m - reflecting the ‘significant costs’ associated with setting up the company from scratch
  
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• Europe: Ukrainian insurance market ready for structural reforms

  26-01-2016 10:30
  
  Alexander Saus Postonline The past year has been full of contradictions for the Ukrainian insurance market. On one hand, on-and-off military conflict in the eastern regions contributed to depreciation of the hryvnia against the dollar, deepening the economic crisis that had been brewing since 2013. On the other hand, the need for reforms manifested itself more clearly, triggering significant developments in the market.
  
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• ABI publishes insurance claims success rates for the first time

  26-01-2016 10:10 via insuranceage.co.uk
  
  Trade body reveals that 99% of motor claims in 2013 and 2014 were successful.
  
  Read more

• Chubb names product line management team

  26-01-2016 09:58 via insuranceage.co.uk
  
  Changes to UK and Ireland roles follow the merger of Ace and Chubb.
  
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• US storms bring heavy rain to UK and risk of further floods

  26-01-2016 09:46
  The Environment Agency has warned those in Cumbria, Lancashire, Yorkshire, Devon and Cornwall to prepare for flooding.
  
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• Shevlin to lead Chubb's Southeast US team

  26-01-2016 09:29
  James Shevlin has been named senior vice president of North
  American insurance and regional executive officer of Ace's
  newly-amalgamated Chubb operation.
  The carrier had previously tipped Shevlin as regional chief
  operating officer for the region with Scott Dalton tapped to take
  on the regional executive role.
  But in a statement yesterday (25 January), Chubb said Dalton
  would retire from Chubb on 15 February.
  Shevlin will now report to Harold Morrison who was named senior
  vice president of the n
  
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• RLI misses as top line grows

  26-01-2016 09:29
  RLI Corp reported operating profits of $24.6mn, or $0.56 per share,
  for the fourth quarter of 2015, missing Wall Street's consensus
  estimate of $0.65.
  The result marks a deterioration since the same period last year
  when the US-listed carrier reported profits of $31.3mn and $0.71
  per share.
  Gross written premium grew by 3 percent to $201mn for the
  quarter, up from $194mn for Q4 2014.
  But the combined ratio for the period deteriorated to 87.4
  percent, a 2.7 percentage point...
  
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• Brown & Brown reports 2.5% organic growth

  26-01-2016 09:29
  Brown & Brown saw organic revenue grow by 2.5 percent in the
  final quarter of last year, while its earnings per share (EPS) beat
  Wall Street's consensus of $0.36 at $0.41.
  It was a bumpy year for the broker which began the year with
  organic growth of 3.8 percent in the first quarter, but saw it slow
  to just 1.9 percent in Q2.
  The second half of the year improved with the broker reporting a
  2.4 percent increase in organic...
  
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• Willis Networks market development director to join Marsh

  26-01-2016 08:57
  
  Ben Wright is joining Marsh’s markets division
  
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• Willis Networks market development director to depart

  26-01-2016 08:57
  
  Insurance Times understands Ben Wright is leaving Willis to join Marsh’s markets division
  
  Read more

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