Insurance news

• BB&T pulls Miller buy-in transaction

  28-01-2016 20:23
  Major US retail and wholesale broker BB&T has pulled its
  proposed buy-in to Willis-controlled Lloyd's broker Miller.
  A Miller statement said BB&T was no longer pursuing the
  transaction because of "unanticipated regulatory hurdles in
  the US related to the investment".
  The broker added that BB&T continues to be a key trading
  partner of Miller in the London market.
  BB&T's insurance division includes US wholesalers CRC
  and Crump, as well as retailer McGriffs - one of Miller's
  biggest
  
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• Willis Towers Watson unveils GB leadership team

  28-01-2016 18:25
  Alastair Swift has been revealed as leader of newly merged Willis
  Towers Watson's corporate risk and broking division in Great
  Britain.
  The executive will also look after the group's transport
  lines division for the region.
  Swift previously served as global head of transportation for
  Willis and is a former CEO of Willis Global Placement.
  In an announcement today (28 January), the big three broker said
  Phil Smaje would serve as head of its GB broking division - a role
  that...
  
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• Marsh promotes Powell to global claims leader

  28-01-2016 18:25
  Marsh has promoted Rob Powell to the new position of claims
  advocacy international leader with immediate effect.
  Powell, who was managing director in the international claims
  advocacy practice, will lead a team of several hundred claims
  advocates around the world while identifying new ways to support
  Marsh clients.
  Before joining Marsh in 2014, Powell was global chief claims
  officer at Torus Insurance. He has more than 25 years of experience
  in international loss adjusting, including on some of
  
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• Bains made permanent Dual CEO

  28-01-2016 18:25
  Talbir Bains will become permanent CEO at Hyperion-owned managing
  general agent (MGA) Dual, the parent company confirmed today (28
  January).
  Bains has been in the CEO role on an interim basis since Shane
  Doyle left the firm to start an independent venture in October.
  Before becoming CEO Bains was chief underwriting officer at the
  MGA. He worked previously in a number of senior roles at QBE
  Europe, where he was most recently director of motor and business
  performance (retail).
  The...
  
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• Ifed interviews 13 suspected fraudsters in two days of intense activity

  28-01-2016 17:45
  
  Callum BrodiePostonline A woman who was seen bungee jumping on TV after claiming she injured her back at work was among those targeted by officers from the Insurance Fraud Enforcement Department in two days of activity aimed at suspected bogus claimants.
  
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• Willis unveils senior leadership roles in GB business

  28-01-2016 17:10
  
  Under the changes Ailsa King will head up client organisation in the UK
  
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• Willis announces senior leadership roles in GB business

  28-01-2016 17:10
  
  Under the changes Ailsa King will head up client organisation in the UK
  
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• Foote to head ArgoGlobal exposure management team

  28-01-2016 16:31
  Lloyd's insurer ArgoGlobal has appointed Matthew Foote as head
  of exposure management, effective immediately.
  Foote joins from MSIG at Lloyd's, where he served as head of
  exposure management and catastrophe risk. He was responsible for
  the syndicate's exposure analytics strategy, the development of
  its catastrophe management function and the significant growth of
  its analytics team.
  Prior to this, Foote served as senior director for natural
  catastrophe and portfolio solutions at RMS, where he wa
  
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• Dual Group interim CEO takes on role permanently

  28-01-2016 16:15
  
  Peta Fuller Postonline Hyperion Insurance Group has confirmed interim Dual Group CEO Talbir Bains will step into the role full time.
  
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• Chubb partners with Crawford on cyber incident response platform

  28-01-2016 16:15
  
  Callum BrodiePostonline Global loss adjuster Crawford & Company has teamed up with Chubb to provide the insurer’s clients with a single point of contact and an around the clock response platform to report cyber incidents.
  
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• Chubb and Crawford launch one-stop cyber claims service

  28-01-2016 15:57
  
  Brokers and clients have told Chubb they want to see less pushing of cyber products and more coordinated risk management solutions
  
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• Chubb unveils new UK underwriting team following ACE merger

  28-01-2016 14:52
  
  All product lines will report into David Robinson 
  
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• AIG's credit outlook cut to negative by S&P

  28-01-2016 14:31
  
  Ratings agency sees potential for weaker earnings after new strategic plan unveiled
  
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• S&P puts AIG on negative outlook

  28-01-2016 14:19
  Standard & Poor's (S&P) today (28 January) revised
  the outlook on American International Group (AIG) from stable to
  negative, while affirming its A+ financial strength rating for the
  group.
  S&P also affirmed its A- long-term counterparty credit
  rating for the global insurer.
  In addition, it placed the ratings of AIG's mortgage
  insurance businesses United Guaranty (UGC) and AIG United Guaranty
  Asia on creditwatch negative, after the group announced it would
  float 19.9 percent of UGC a
  
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• Liberty hires fine art and specie head

  28-01-2016 14:19
  Liberty Specialty Markets has appointed David Saillen as head of
  fine art and specie for continental Europe, it announced today (28
  January).
  Saillen, who joined Liberty's Zurich office at the beginning
  of January, was previously managing director at Axa
  Versicherung.
  He will report to Michael Burle, global product line leader for
  fine art and specie.
  Burle said: "This is a class of business where we see a
  considerable number of opportunities across Europe as well as
  internationally. David's exp
  
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• AM Best: Jonas an earnings, not a capital event

  28-01-2016 14:19
  Ratings agency AM Best said yesterday (27 January) it expected
  insurers' capital to absorb losses from Winter Storm Jonas,
  which hit the US east coast earlier this month.
  AM Best said the losses should be within companies' risk
  management tolerances and that rating actions due solely to the
  event would be limited.
  A combination of improved rate adequacy and underwriting
  initiatives should assist in mitigating overall losses from the
  event, the rating agency added.
  "Although companies with greate
  
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• Bailey planning more moderate FCA approach

  28-01-2016 13:25
  
  Katie Marriner Postonline Incoming Financial Conduct Authority CEO Andrew Bailey will not take the "shoot first ask questions later" approach of his predecessor Martin Wheatley when he joins the regulator in July.
  
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• Compass adds ten new members

  28-01-2016 11:51
  
  Gallagher network says brokers have joined in 2016.
  
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• New FCA boss says no return to "shoot first" mentality

  28-01-2016 11:32
  
  Andrew Bailey to take softer approach than Martin Wheatley.
  
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• National General acquires Illinois mutual

  28-01-2016 11:05
  Acquisitive US personal lines insurer National General has agreed
  to buy Illinois-based P&C underwriter Standard Mutual Insurance
  Company.
  The mutual, which wrote approximately $49mn of direct written
  premium in 2014 and approximately $37mn through the first nine
  months of 2015, will be converted into a stock company as part of
  the transaction.
  National General - which has a significant cross-ownership with
  AmTrust - said the deal, which is set to close in the second
  quarter of this year, wa
  
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• Generali to replace CEO by mid-February

  28-01-2016 11:05
  Generali is aiming to replace departing CEO Mario Greco by
  mid-February, according to media reports.
  Earlier this week, Zurich confirmed longstanding rumours that it
  had hired Greco for the top job, starting on 1 May. He will replace
  Martin Senn, who stepped down in December following a number of
  troubled quarters at the global insurer.
  Reuters reported yesterday (27 January) that, according to
  sources, Generali's aim is to make a decision quickly.
  People familiar with the matter told the newswi
  
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• Blog: Telematics from niche to mainstream

  28-01-2016 10:40
  
  Jonathan Hewett Postonline As the sector develops, expect to see advances from insurers and growing acceptance from consumers - this technology is here to stay
  
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• Post Magazine - issue date 28 January 2016

  28-01-2016 10:30
  
  Cecile Brisson Postonline The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS app edition on the App Store or read the Post digital edition online.
  
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• Compass gets 10 new members as GWP hits £660m

  28-01-2016 10:12
  
  Network managing director said new member numbers were being driven by the completion of insurer deals early in the year
  
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• Brightside hires Sweeney as managing director

  28-01-2016 10:08
  
  Former Sterling director of GI to be responsible for broker's Southampton and Torquay business.
  
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• AXA South West and Wales branch premiums jump 35%

  28-01-2016 09:31
  
  Branch manager Ian Bromfield says insurer is aiming to continue the growth it has seen over the past 5 years
  
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• Incoming FCA boss to change 'philosophy' at the regulator

  28-01-2016 09:04
  
  Andrew Bailey has said his approach will be very different from the former chief
  
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• Brightside appoints Sterling director Sweeney for MD role

  28-01-2016 09:00
  
  Callum BrodiePostonline Former Sterling general insurance director David Sweeney is to join Brightside as managing director with responsibility for the Southampton and Torquay business and group insurer relationships.
  
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• Brightside grows new management with former Sterling MD hire

  28-01-2016 08:50
  
  David Sweeney has more than 35 years industry experience 
  
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• Howe given QBE emerging markets risk role after Kuk departs

  28-01-2016 04:27
  
  Andrew Tjaardstra Postonline QBE has made several changes to its emerging markets executive team following the departure of chief risk officer Victor Kuk for Swiss Re.
  
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• AM Best places AIG under negative review

  28-01-2016 03:38
  
  Andrew Tjaardstra Postonline AM Best has placed AIG's credit ratings under review with negative implications.
  
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• AM Best turns negative on AIG

  28-01-2016 00:27
  AM Best has put the rating of American International Group (AIG)
  under review with negative implications after the insurance giant
  announced a massive reserve-strengthening exercise and a strategic
  update.The news follows a decision by Moody's to downgrade the
  carrier's P&C rating to A2 from A1, citing persistent
  adverse loss development, weak underwriting results and ongoing
  reserving challenges.AM Best said it was reviewing the carrier's financial strength
  rating and the issuer credit rati
  
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