Insurance news

• JLT appoints new US construction head

  03-02-2016 21:52
  JLT's expansive US subsidiary, JLT Specialty USA, has
  appointed Jeff Segall as construction risk leader.
  Segall has extensive experience of the construction insurance
  sector, having previously served as sen-ior vice president of the
  national construction practice and Florida construction practice
  leader at Willis. Before that he was vice president of excess and
  surplus lines and construction at CNA.
  He will join a team focused on large-scale construction
  projects.
  Mike Rice, CEO of JLT Specialty
  
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• Hub International acquires Equity Risk Partners

  03-02-2016 18:15
  US retail broker Hub International has acquired brokerage and
  consulting firm Equity Risk Partners, it announced today (3
  February).
  The terms of the transaction were not disclosed.
  San Francisco-based Equity Risk specialises in providing
  P&C, employee benefits and executive liability products for
  private equity firms worldwide. Its CEO Michael Marcon will move
  with the firm to join the top-10 brokerage.
  Marcon commented: "Equity Risk had many opportunities to
  partner with different firms.
  "
  
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• Hannover Re: Cat XoL returns don't cover cost of capital

  03-02-2016 18:15
  German reinsurance giant Hannover Re has disclosed that returns
  from its catastrophe excess-of-loss portfolio are no longer
  expected to cover its cost of capital.
  During a call with analysts, the reinsurer also revealed that it
  expected its aviation business to fall short of its overall target
  of 9 percent above risk-free interest rates.
  Writing in a note following the call, Keefe Bruyette & Woods
  analyst William Hawkins said it was concerning to hear a company
  justify doing business below i
  
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• American Financial Group grows profits in Q4

  03-02-2016 18:15
  American Financial Group (AFG) has reported an 11.5 percent
  increase in net operating earnings to $136mn for the fourth quarter
  of 2015.
  The carrier pointed to higher underwriting profits in its
  specialty and casualty insurance division as the key driver for the
  increased earnings, along with an improved performance in its
  annuity, run-off, long-term care and life segments.
  Underwriting income for specialty P&C reached $100mn for the
  period, an increase of 26.6 percent on Q4 2014.
  AFG's top
  
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• Alliant acquires aviation MGA

  03-02-2016 18:15
  US specialty retail broker Alliant has acquired specialist
  aviation managing general agency John F Throne & Co for an
  undisclosed sum.
  While the exact terms of the deal remain undisclosed, Alliant
  confirmed that the Seattle-based company's leadership, client
  services and business development teams will remain in place.
  John F Throne had previously been one of the largest
  independently owned aviation insurance agents in the US, having
  established the region's first aviation insurance underwri
  
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• AJG records 4.2% organic growth for Q4

  03-02-2016 18:15
  Arthur J Gallagher (AJG) reported a slowdown in organic growth
  to 4.2 percent in the final quarter of 2015, compared with the 5.6
  percent generated a year earlier.
  The group's adjusted total brokerage and risk management
  revenues rose 10 percent to $1.03bn in the fourth quarter of
  2015.
  Adjusted Ebitdac for the brokerage and risk management divisions
  increased by 12 percent to $242mn.
  The risk management segment saw organic revenues increase by
  10.5 percent to $178.7mn, while its adjusted Ebitda
  
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• Axa invests in "pioneering" blockchain technology specialist Blockstream

  03-02-2016 18:04
  
  Jonathan Swift Postonline Axa Strategic Ventures, the €230m venture capital fund set up by the French insurance giant, has today announced it is co-leading a $55m Series A funding round for Blockstream.
  
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• Gallagher won’t focus on big deals in 2016

  03-02-2016 17:39
  
  CEO says most UK integration is complete and the broker will now only focus on smaller “tuck in” mergers.
  
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• ‘Misleading’ Gocompare ad pulled after complaint from rival

  03-02-2016 17:15
  
  Confused.com challenged Gocompare’s ‘over 40 million customers’ claim
  
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• 4 February 2015

  03-02-2016 15:18
  
  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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• RenRe beats Wall Street estimates for Q4

  03-02-2016 14:31
  RenaissanceRe has exceeded analysts' expectations with its
  Q4 2015 results, the first since it fully integrated its 2015
  acquisition of Platinum.
  The carrier's top line surged by 153.1 percent to $336.1mn
  for the fourth quarter, as its specialty premium base more than
  tripled.
  However, underwriting income across the group fell by 19.4
  percent to $139.9mn, while the radically changed business mix meant
  the combined ratio almost doubled, increasing from 32.3 percent in
  Q4 2014 to 61.3 percent in t
  
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• PIB hires Mageean for MGA launch

  03-02-2016 14:31
  PIB Insurance Brokers has hired Bernard Mageean as managing
  director for underwriting and placement, with the aim of building a
  new managing general agent (MGA).
  Mageean has been managing director at Lloyd's syndicate and
  managing agent ProSight for the past two years. He has also
  previously been director of commercial underwriting at RSA.
  In his new role, Mageean will be responsible for the growth and
  development of PIB's strategy to build the new MGA through a
  combination of acquisitions and..
  
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• PartnerRe premium down 5% at January renewal

  03-02-2016 14:31
  PartnerRe said it expected to have written and bound some $2.5bn
  of non-life treaty premium at the January renewals, representing a
  decrease of 5 percent on the previous year.
  Around 65 percent of the reinsurer's annual treaty book is
  renewed on or around 1 January.
  In a statement yesterday (2 February), PartnerRe president
  Emmanuel Clarke said the January renewal was characterised by
  further erosion of prices and terms, driven by an oversupply of
  capital.
  The reinsurer registered premium volume
  
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• Hannover Re sees double-digit specialty rate declines

  03-02-2016 14:31
  Hannover Re saw a 1.5 percent fall in premium volume during the
  January renewals, despite recording double-digit rate declines in
  specialty lines.
  In a statement today (3 February), the global reinsurer said it
  was "largely satisfied" with the outcome of the treaty
  renewals, despite sustained significant competition in most areas
  of P&C reinsurance.
  In specialty lines, Hannover Re scaled back its aviation premium
  volume by 17.8 percent after seeing rates fall by between 10 and 15
  percent.
  Th
  
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• Eiopa tackles auditors' interaction with regulators

  03-02-2016 14:31
  A lack of formal rules on how auditors and supervisors should
  exchange information has prompted the European regulator to issue a
  set of guidelines.
  Existing rules require auditors to report promptly any facts
  likely to have a serious effect on the financial situation or the
  administrative organisation of a (re)insurance company.
  However, the European Insurance and Occupational Pensions
  Authority (Eiopa) believes national regulators could also benefit
  from more effective dialogue between themsel
  
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• Women of the World festival to feature CII and AIG input

  03-02-2016 13:19
  
  Callum BrodiePostonline The Chartered Insurance Institute has teamed up with AIG to lead the conversation at the forthcoming Women of the World festival about risks faced by women in society and how the insurance profession can respond.
  
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• Aviva’s James Barnard joins Towergate as change director

  03-02-2016 13:16
  
  Barnard to report to chief operating officer Adrian Brown
  
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• Towergate hires James Barnard as chief transformation and change director

  03-02-2016 12:30
  
  Barnard joins from Aviva.
  
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• LV= Broker enhances ABC Home offering

  03-02-2016 12:26
  
  LV= says offering provides flexibility on cover so that brokers can meet specific needs of customers
  
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• Markerstudy to rebrand Chaucer Direct as Geoffrey Insurance Services

  03-02-2016 11:41
  
  New name is a homage to poet Geoffrey Chaucer
  
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• LV enhances ABC Home product

  03-02-2016 11:27
  
  Insurer makes changes to cover above £75,000 contents threshold and standard offering.
  
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• PIB hires Bernard Mageean as underwriting and placement head

  03-02-2016 11:10
  
  New broker also announces 18 further hires, including two from Willis
  
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• Smaller brokers are being pushed out of market, says MP

  03-02-2016 11:06
  
  Politicians and Biba criticise FCA for burden of regulation on insurance brokers.
  
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• Chaucer Direct to be rebranded as Geoffrey Insurance Services

  03-02-2016 11:04
  
  Callum BrodiePostonline Markerstudy is to rebrand Chaucer Direct as Geoffrey Insurance Services from March.
  
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• Bernard Mageean joins PIB

  03-02-2016 10:56
  
  Mageean takes MD role as the business also appoints 18 other new staff.
  
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• Gallagher posts Q4 broker profit fall

  03-02-2016 10:45
  
  Company says UK consolidation will be “nearly done” by the end of 2016.
  
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• Zurich mulls shrinking businesses in light of poor underwriting results

  03-02-2016 10:34
  
  Callum BrodiePostonline Poor underwriting results at Zurich has led the Swiss-based insurer to consider shrinking parts of its businesses, according to chief risk officer Cecilia Reyes.
  
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• Davies becomes claims partner with sports specialist JRW

  03-02-2016 09:35
  
  Callum BrodiePostonline Davies Group has been appointed by sports and leisure specialist The JRW Group as claims partner across all lines.
  
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• Davies appointed claims partner by JRW

  03-02-2016 09:21
  
  Davies will manage JRW claims across consumer brands
  
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• Zurich 'prepared to shrink' some businesses after scale of 2015 claims

  03-02-2016 09:14
  
  Risk chief Reyes says the group should re-price or walk away from some risks
  
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• AXA sells Hungarian banking business

  03-02-2016 08:47
  
  Sale will result in €80m exceptional loss
  
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• Gallagher UK integration work will be ‘nearly done’ by year end

  03-02-2016 08:38
  
  Broking group sees further scope for efficiency in UK retail and underwriting
  
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• Gallagher full-year broking profit edges up 1% after Q4 drop

  03-02-2016 08:34
  
  Organic growth slips to 3.6% but chief executive hails ‘excellent year’
  
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• I bought a deal of trouble from Cargiant

  03-02-2016 08:00
  
  The number plates on the car didn’t match, yet it had passed its MOT and ‘rigorous checks’I bought a car for £3,799 two days before Christmas from Cargiant, which claims to be the world’s largest used-car dealership. After driving it for three days I realised that the front number plate differed by two digits from the rear one. This put me at risk of a fine. Due to the Christmas holiday Cargiant said that a manager would not be available for three more days but, in
  
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• Durrant to join Marsh's claims team in Hong Kong

  03-02-2016 03:56
  
  Andrew Tjaardstra Postonline Kevin Durrant, head of customer management claims - Hong Kong at Zurich, will join Marsh later this month.
  
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• WR Berkley profits grow in Q4

  03-02-2016 01:01
  US-headquartered specialty (re)insurance group WR Berkley saw
  operating income grow by almost 20 percent in the final quarter of
  2015.The group reported income of $115mn in the most recent quarter, a
  significant uplift from the $97mn it reported for the same period
  in 2014.Whilst gross written premium remained relatively flat at $1.76bn,
  premium income shrank in all but the group's largest division,
  domestic insurance, which grew by 8 percent to $1.4bn.International insurance premiums declined b
  
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