Insurance news

• United increases winter storm aggregate cover

  27-01-2016 17:43
  Florida insurer United Insurance Holdings (UPC Insurance) has
  renewed and expanded its non-windstorm reinsurance cover as it
  placed a $20mn aggregate programme in January.
  The deal covers winter storms, tornadoes, hail and other perils
  excluding windstorm.
  The 2016 calendar year contract replaces a per-occurrence $22mn
  excess $3mn non-windstorm cover that UPC had for 2015, meaning the
  limit placed was up by 5 percent.
  The aggregate layer on the new programme also has a higher
  attachment point of
  
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• Moody's downgrades AIG P&C operations

  27-01-2016 17:43
  Moody's has downgraded American International Group (AIG)'s
  P&C insurance ratings today (27 January) to A2 from A1, citing
  persistent adverse loss development, weak underwriting results and
  ongoing reserving challenges.
  The ratings hold a stable outlook.
  Yesterday, AIG announced it had boosted its loss reserves by
  $3.6bn after suffering adverse development in casualty, financial
  lines and run-off business.
  Historically, the company has battled with its reserves, having
  already injected $7bn
  
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• GFIA criticises 'overly complex' NTNI proposals

  27-01-2016 17:43
  The Global Federation of Insurance Associations (GFIA) has said
  proposals by the International Association of Insurance Supervisors
  (IAIS) on defining non-traditional non-insurance activities and
  products (NTNI) are "overly complex".
  While supporting the IAIS's attempt to clarify the
  definition of NTNI, the trade body said that the factors that
  define NTNI activity were difficult to measure. It suggested that
  the IAIS reflect further before implementing any recommendations
  proposed by the consul
  
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• RSA Birmingham closure to affect around 190 staff

  27-01-2016 17:31
  
  Insurer to open new commercial trading site in city in September
  
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• RSA Birmingham closure to affect around 150 staff

  27-01-2016 17:31
  
  Insurer to open new commercial trading site in city in September
  
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• Staff put on notice as RSA closes Birmingham site

  27-01-2016 17:21
  
  Katie Marriner Postonline RSA has confirmed it is closing its current Birmingham office and will open a new commercial trading site in the city in September.
  
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• Claimant law firm ordered to pay defendant's costs in landmark case

  27-01-2016 17:05
  
  Callum BrodiePostonline The solicitors acting on behalf of a fraudulent claimant have been ordered to pay all of the defendant bus company’s legal costs in a landmark case heard at Gateshead County Court.
  
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• RSA closes Birmingham office

  27-01-2016 16:53
  
  Insurer silent on number of jobs that will be lost.
  
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• CII chief operating officer to leave

  27-01-2016 15:57
  
  Jamie Heath is set to leave at the end of January after 11 years with the organisation.
  
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• Cat bond issuance falls in Q4: GC Securities

  27-01-2016 14:54
  The fourth quarter of 2015 saw the lowest catastrophe bond
  issuance volume for the period since 2009 and the second-lowest
  since 2005, according to a report from GC Securities.
  However, the firm said it believed some sponsors had delayed
  deals until the first quarter of 2016 in an attempt to time their
  transactions for better execution, rather than to fit in with a
  specific renewal date.
  The report also showed there had been a trend for cat bond
  sponsors and...
  
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• Comparethemarket owner BGL plotting stock market float

  27-01-2016 13:49
  
  But broking group said no firm decisions have yet been made on listing
  
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• BGL considers Stock Exchange listing

  27-01-2016 13:46
  
  Company owns aggregator Comparethemarket.
  
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• CII urges insurer proactivity in climate report

  27-01-2016 13:42
  
  Katie Marriner Postonline The insurance sector must be more proactive and collaborate with external stakeholders in working to combat the effects of climate change, a Chartered Insurance Institute report has urged.
  
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• Value of £1bn mooted as analysts give thumbs up to BGL float

  27-01-2016 13:22
  
  Callum Brodie , Katie Marriner Postonline Market analysts have given their seal of approval to BGL Group’s potential listing on the London Stock Exchange, with one analyst suggesting the entry could be valued at more than £1bn.
  
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• BGL Group considering stock market entry

  27-01-2016 12:56
  
  Callum BrodiePostonline Insurance business BGL Group is considering listing on the London Stock Exchange.
  
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• Towergate names new CUO

  27-01-2016 12:24
  UK broker consolidator Towergate has named RSA's Andy Baughan
  as chief underwriting officer (CUO) today (27 January).
  Baughan, who was previously product and pricing director for
  RSA's UK personal lines division, replaces Paul Jewell, who has
  been Towergate CUO since 2013 and leaves "to pursue his next
  career move".
  Baughan has previously worked for Tesco Underwriting, Zurich
  Financial Services, Churchill Insurance Group and Hiscox in a
  variety of senior underwriting roles.
  He will report to Adr
  
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• Pen Underwriting forms financial lines division

  27-01-2016 12:24
  Pen Underwriting has promoted Jennifer Martin to managing
  director of its financial lines division, it announced today (27
  January).
  The new team brings together direct and delegated authority
  underwriting expertise across professional indemnity,
  directors' and officers', personal accident and travel and
  cyber for UK and international coverholders and brokers.
  The financial lines team is part of Pen Underwriting's
  specialty division, led by managing director Tom Downey.
  Martin joined AJ Gallaghe
  
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• Marsh launches global excess cyber facility

  27-01-2016 12:24
  Marsh has launched a global excess cyber facility with up to
  $50mn of capacity, it announced today (27 January).
  The facility, named Cyber Echo, provides follow-form cyber
  coverage for any industry sector and risk profile globally.
  Marsh said the facility is underwritten by Lloyd's
  syndicates, but did not state which.
  The broker said follow-form language helped to mitigate coverage
  ambiguities, which can sometimes lead to costly disputes and/or
  delays in claims payments.
  Cyber Echo also includes
  
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• LMG unveils Tom Steering Board

  27-01-2016 12:24
  The London Market Group (LMG) has announced the establishment of
  a steering board for the Target Operating Model (Tom), which will
  be chaired by Lloyd's CEO Inga Beale.
  Among the other 16 members are London and International
  Insurance Brokers' Association CEO Chris Croft, the Lloyd's
  Market Association's CEO David Gittings, LMG CEO Benedict Reid,
  Aon group president Steve McGill and Hiscox CEO Bronek
  Masojada.
  Reid said the board had been established to make the decisions
  on the overall outcome,
  
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• Hyperion buys surety broker PMG

  27-01-2016 12:24
  UK-headquartered insurance group Hyperion has acquired
  independent UK surety broker PMG Financial Services for an
  undisclosed fee.
  PMG managing director Paul Philand will become global practice
  leader for surety within Hyperion.
  Barnaby Rugge-Price, CEO of Hyperion subsidiary RKH Specialty,
  commented: "PMG's considerable experience in arranging
  solutions for the world's largest corporations, and reputation
  for handling the most complex bond needs, will provide the platform
  for RKH Specialty to b
  
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• Ace and Chubb profits fall in Q4

  27-01-2016 12:24
  Both Ace and Chubb saw profits fall in the final quarter of 2015,
  in the last time that the carriers will report independently after
  their merger closed earlier this month.
  Ace's operating income net of tax fell by 5.8 percent
  year-on-year to $780mn or $2.38 per share in Q4.
  Despite the reduction in earnings per share, the $2.38 figure
  still surpassed Wall Street's consensus estimate of $2.26.
  The top line fell marginally year-on-year, with the group
  reporting that gross written...
  
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• More than one-third of businesses victim of cybercrime

  27-01-2016 11:00
  
  Aviva survey shows 44% of businesses believe they are unlikely to be targets, while 23% don't know how to protect themselves.
  
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• Bray bullish on Lorica future

  27-01-2016 10:41
  
  CEO discusses ongoing losses, future profits and culture.
  
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• Why a speed awareness course could hike up your insurance premiums

  27-01-2016 10:37
  
  Drivers who opt to attend a course, rather than accept penalty points, could be in for a nasty surprise when they inform their insurer Most drivers realise that if you get caught speeding, you are going to be punished. In the UK, motorists committing minor offences for the first time have a choice: instead of a three-point penalty and a £100 fine they can opt to attend a speed awareness course.Most police forces offer a course to drivers who are caught speeding between 10% plus 2 and 10% p
  
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• Pen Underwriting promotes from within for new divisional head

  27-01-2016 10:17
  
  Peta Fuller Postonline Jennifer Martin will head up a dedicated financial lines division at the underwriter, taking responsibility for UK and international business.
  
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• Moody’s downgrades AIG’s main non-life units

  27-01-2016 10:13
  
  Ratings cut to A2 from A1 after $3.6bn reserve strengthening
  
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• Generali boss Greco moves to lead at Zurich

  27-01-2016 10:01
  
  He replaces former global CEO Martin Senn.
  
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• Gallagher MGA Pen names financial lines MD

  27-01-2016 09:50
  
  Jennifer Martin promoted after firm consolidates financial lines business
  
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• Towergate takes from RSA to fill chief underwriting role

  27-01-2016 09:24
  
  Peta Fuller Postonline Towergate has hired Andy Baughan as chief underwriting officer, replacing Paul Jewell in the role.
  
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• Towergate confirms Andy Baughan as chief underwriting officer

  27-01-2016 09:07
  
  Baughan joins from RSA as Paul Jewell departs.
  
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• Zurich confirms Greco as new chief executive

  27-01-2016 08:40
  
  Generali boss to join Swiss insurer on 1 May
  
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• AIG's $25bn restructure gets lukewarm reception from stock market

  27-01-2016 08:38
  
  Share price rises less than 1% despite promises of a large capital return
  
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• Towergate hires RSA’s Andy Baughan as chief underwriter

  27-01-2016 08:28
  
  Baughan replaces departing Paul Jewell
  
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• Hotshot Greco to quit Generali to head up Zurich - reports

  27-01-2016 07:00
  
  Speculation mounting that Greco will join Zurich as reports emerge of him ready to quit Generali 
  
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• Greco leaves Generali to become Zurich global CEO

  27-01-2016 03:45
  
  Andrew Tjaardstra Postonline Mario Greco is leaving his role as CEO of Generali to join Zurich as global CEO starting on 1 May.
  
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• Aviva survey finds widespread cyber complacency

  27-01-2016 01:07
  
  Marcus Alcock Postonline Research from Aviva shows more than two fifths (44%) of UK businesses believe they are unlikely to be a target for cyber crime.
  
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• Demand for M&A assets to outweigh supply, survey finds

  27-01-2016 01:05
  
  Katie Marriner Postonline Competition for attractive insurance industry merger and acquisition targets is set to intensify in the next three years as more than 80% of insurers plan to acquire while only one third plan to divest, a Willis Towers Watson survey has found.
  
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• Zurich confirms Greco for CEO role

  27-01-2016 00:32
  Following months of speculation, Zurich has finally named
  former-Generali boss Mario Greco as its incoming CEO.This evening (26 January), Zurich announced that the 56-year old
  would take the reins as CEO on 1 May.The move comes after a series of profit warnings that have plagued
  the Swiss carrier in recent months."Mario offers the rare combination of entrepreneurial spirit,
  deep industry knowledge and proven CEO experience that anchored our
  search for Zurich's next leader," said Tom de Swaan,...
  
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• AIG to cut $1.5bn commercial insurance premium by 2016

  27-01-2016 00:32
  American International Group's (AIG) strategy to improve the
  underwriting performance of its commercial insurance business will
  drive a further reduction in net written premiums (NWP) of around
  $1.5bn over the next two years.
  In its strategy update today (26 January), the insurer unveiled
  a series of actions aimed at increasing profitability in the
  business, as it seeks to cut its accident year loss ratio by 6
  percentage points by 2017.
  They included greater use of reinsurance and other risk
  mit
  
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