Insurance news

• Willis suing JLT for $98.3mn in specie dispute

  15-02-2016 20:03
  Willis is suing rival broker JLT for a total of $98.3mn after 32
  employees from its fine art, jewellery and specie team left in a
  mass exodus last year.
  In a UK High Court hearing on Thursday (11 February), Willis
  barrister Gavin Mansfield QC said the broker was pursuing JLT for
  lost profits out to 2025.
  Willis is also suing JLT for "wasted management time",
  although the court has made the financial breakdown of the claim
  confidential.
  The trial is...
  
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• Willis Re sues Hearn brothers for $3.6mn

  15-02-2016 20:03
  Willis Re is suing its ex-chairman Peter Hearn and his brother
  David Hearn, formerly an executive vice president, for $3.6mn after
  the pair resigned last year.
  In May 2015, Peter resigned to become CEO of Marsh's
  reinsurance broking arm Guy Carpenter, and David subsequently led a
  trio of defections from Willis Re's Philadelphia office three
  months later.
  But now the pair's former employer is pursuing them through
  a Pennsylvania district court in a bid to recoup some of the money...
  
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• Ventus marks MGU comeback for Reeth

  15-02-2016 20:03
  The start-up from Validus Re co-founder George
  Reeth announced last week highlights an increased focus on the
  opportunities in sourcing and delivering risk rather than bearing
  it.
  The trend could help open new routes to the
  primary insurance market for insurance-linked securities (ILS)
  funds, as well as other reinsurance carriers that lack the
  licensing to write the business directly.
  Ventus Risk Management is a managing general
  underwriter (MGU) that will target commercial property cover for
  ca
  
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• US sanctions still weighing on Iranian risk appetite

  15-02-2016 20:03
  Some 85 percent of London market insurance professionals are
  still unwilling to write Iranian business due to ongoing US
  sanctions.
  A survey of 52 respondents by law firm Clyde & Co said the
  remaining US sanctions negatively impacted their risk appetite for
  Iranian business, despite the vast majority of Iran-related EU
  sanctions and US "secondary" sanctions being lifted in
  January.
  Around 67 percent said risk appetite for Iran-related business
  had increased in light of the easing of sanction
  
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• Tide likely to go out on Fosun M&A

  15-02-2016 20:03
  Fosun's M&A spree is likely to slow in the coming months
  as the acquisitive Chinese conglomerate faces up to a number of
  challenges, according to multiple banking sources.
  Fosun has been at the top of most sell-side bankers' lists
  of likely acquirers for insurance businesses outside of the
  Lloyd's market for the last two years, but the focus for those
  looking to draw in Chinese capital is now likely to shift towards
  other conglomerates that are not currently active in...
  
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• Third-largest ILS fund reaches $5.5bn

  15-02-2016 20:03
  The third-largest insurance-linked securities
  (ILS) fund manager LGT increased its assets under management (AuM)
  by $300mn to reach $5.5bn in February, the company told sister
  publication Trading
  Risk last week.
  LGT now trails the second-largest specialist
  ILS manager, Credit Suisse Asset Management, by $1bn.
  This constitutes an increase of 6 percent since
  the last reported figure of $5.2bn in Q4 2015, slowing the
  manager's pace of growth after it took in more than $1bn of new
  capital in the fir
  
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• The Hartford expands international capabilities

  15-02-2016 20:03
  The Hartford is building out a new platform to service the
  international requirements of its US commercial insureds with
  overseas exposures, The Insurance Insider can reveal.
  The new international underwriting practice is understood to be
  marketing its various offerings to bind risks incepting on 1 March
  across multiple lines of business. It is writing initially on the
  paper of its US insurance operations.
  The new unit is being led by Joe Coray as vice president, with
  the executive moving from..
  
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• Share price fall 'an aberration, not a correction': Navigators CEO

  15-02-2016 20:03
  The sharp drop in Navigators' share price after last
  week's results reflected a nervousness around the macroeconomic
  environment and the broader sector rather than investors' view
  of the business, according to group CEO Stan Galanski.
  On 10 February New York-listed specialty insurer Navigators
  reported fourth quarter operating earnings of $1.10 per share -
  well below the $1.38 analyst consensus.
  The earnings miss sent the shares into the red, with the stock
  price diving by 11.5 percent to $74.74
  
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• IFG parts company with Levinson

  15-02-2016 20:03
  IFG Companies has parted company with president Lou Levinson after
  less than 18 months, The Insurance Insider can reveal.
  According to sources, Levinson left the US insurance group last
  month, although the exact circumstances of his departure are not
  yet known.
  The company has appointed Chris Lewis as acting president
  following his recent arrival from The Hartford, where he served as
  enterprise chief insurance risk officer.
  Levinson officially arrived at IFG in August 2014, a year after
  resignin
  
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• GA summarises outcomes for insurers from COP21

  15-02-2016 20:03
  The Geneva Association (GA) has summarised the most important
  implications for the (re)insurance industry following the COP21
  Paris Climate Conference that took place at the end of 2015.In a note published late last week (12 February), the insurance
  industry think tank said that the COP21 conference had opened the
  doors for innovative insurance solutions in both developed and
  developing nations.The GA highlighted developments of some of the plans that were
  launched at COP21, including the Antici
  
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• Enstar: legacy to live in 3 years

  15-02-2016 20:03
  Three years ago Enstar was a pure-play legacy carrier. By April
  it will be a diversified legacy and live business with a specialty
  insurer, a Lloyd's quasi-MGA play and a major share of a total
  return reinsurer, in addition to one of the biggest legacy
  franchises in the world.
  The verdict on the transformation of the New York-listed group
  is still out but there has probably been no bolder strategic shift
  from any company in the space over the same...
  
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• Disappointing results affect carriers' stocks

  15-02-2016 20:03
  The Insider 30 closed the week essentially flat, yet
  the lack of overall movement masked some large weekly
  fluctuations.
  The biggest positive change was recorded by Fairfax, with the
  company's shares climbing 7.2 percent from the previous week to
  reach an all-time high of $763.22 a share.
  This was offset by AmTrust, which fell by 9.1 percent to $25.05
  a share despite growing operating earnings and showing generally
  positive results.
  Meanwhile, Assurant suffered its biggest one-day share price
  dr
  
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• Dale expands into med-mal with Hornsblow hire

  15-02-2016 20:03
  Fledgling Lloyd's managing agent Dale Underwriting Partners
  is set to enter the medical malpractice space with the appointment
  of Andrew Hornsblow, The Insurance
  Insider can reveal.Hornsblow was previously class underwriter for international and
  US open market med-mal at American Financial Group's
  Lloyd's platform Marketform.Earlier this year, The Insurance
  Insider revealed that the carrier looked set to place
  its international medical malpractice and general liability books
  into run-off.Sources
  
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• Amlin downgraded following MSI merger

  15-02-2016 20:03
  Ratings agency Fitch has downgraded the insurer financial
  strength ratings on two Amlin subsidiaries - Amlin AG and Amlin
  Insurance SE - to A from A+ following the completion of the
  group's acquisition by Mitsui Sumitomo Insurance (MSI).
  It affirmed Amlin's holding company issuer default rating at
  A- and removed all three entities from negative ratings watch.
  Fitch said that the Amlin ratings had been capped at its new
  owner's rating, due to the risk that MS&AD Insurance Group
  could...
  
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• Alliant team raid 'decimates' Aon's San Jose office

  15-02-2016 20:03
  Alliant has "decimated" Aon's San Jose office in a
  mass team raid that has again seen the US broker come to blows with
  its larger global rival.
  At the end of last month Michael Heffernan, head of Aon's
  San Jose office and regional managing director of its construction
  services group, tendered his resignation along with 26 of his
  colleagues. The former Aon employees joined Alliant later that
  day.
  Aon has since accused Heffernan of orchestrating a "mass
  exodus" and stealing...
  
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• Aligned Re will write 35% StarStone quota share

  15-02-2016 20:03
  Total return reinsurance start-up Aligned Re will initially draw
  all of its live business from Enstar's operating subsidiaries
  StarStone and Atrium, according to its fundraising presentation.Aligned Re will target underwriting leverage of 0.4x, equivalent
  to $280mn of premiums based on its expected $700mn capitalisation.The lion's share of the assumed business will
  come from StarStone (formerly Torus), the global specialty insurer
  Enstar acquired in 2014 for $646mn.Aligned Re will write a 35 per
  
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• AIG to buy more reinsurance as casualty pullback continues

  15-02-2016 20:03
  American International Group (AIG)'s exit from lawyers'
  professional liability (LPL) is part of a remediation plan for its
  US casualty business that will also lead to it buying more
  reinsurance.
  The Insurance Insider revealed on
  Friday (12 February) that the insurance giant is exiting LPL
  business and conducting full or partial withdrawals from the
  environmental and construction casualty sectors.
  The company is also understood to have told brokers it is
  pulling out of much of its excess trucking
  
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• AIG activist deal and P&C measures win analyst support

  15-02-2016 20:03
  American International Group (AIG)'s board deal with
  activist investors and update on measures to turn around its core
  commercial insurance business found favour with analysts and
  shareholders at the end of last week.The insurer announced it had agreed to expand its board by two
  seats to accommodate representatives of Icahn Capital and Paulson
  & Co.AIG president and CEO Peter Hancock said the addition of John
  Paulson and Icahn Capital's Samuel Merksamer to the board had
  averted a &quot..
  
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• Fraud Focus: Joining up the dots …

  15-02-2016 16:54
  
  Jamie Taylor Postonline Financial services sectors must work together to fight against fraud despite facing their own problems
  
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• C-Suite - Insurer: Supporting flooded businesses

  15-02-2016 16:54
  
  Dominic Clayden Postonline Is a commercial version of the domestic Flood Re needed to provide a long-term solution for SMEs?
  
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• IFED working to make it easier for insurers to report fraud

  15-02-2016 15:30
  
  New case referrals team and technology upgrade to help in industry’s fight against fraud
  
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• Storm and flood claims to cost Lloyds Banking Group £60m

  15-02-2016 15:15
  
  Callum BrodiePostonline Lloyds Banking Group expects to fork out around £60m on claims for household damage caused by the floods and storms that wracked the UK over December and the New Year.
  
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• Bluefin ‘very happy’ with judge’s ruling in Bruce/GRP hearing

  15-02-2016 14:49
  
  Judge said there was enough evidence to keep injunction in place
  
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• Bluefin 'very happy' with judge’s ruling in Bruce/GRP hearing

  15-02-2016 14:49
  
  Judge said there was enough evidence to keep injunction in place
  
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• Accelerate Underwriting targets £50m GWP in six years

  15-02-2016 13:52
  
  The MGA was officially launched on Friday and will focus on niche and specialist areas.
  
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• Bluefin and GRP issue court case statements

  15-02-2016 13:09
  
  Bluefin says it is happy with ruling and GRP states no wrongdoing has been proven as it looks forward to an early trial.
  
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• Your opportunity to help shape the SME insurance market of the future

  15-02-2016 12:53
  
  Jonathan Swift Postonline SMEs are often described as the life blood of the UK economy.
  
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• Fidelis appoints legal head

  15-02-2016 12:47
  Bermuda-headquartered (re)insurance start-up Fidelis has appointed
  Patricia Roufca as the group's general counsel with immediate
  effect.
  She will be based in the company's London offices.
  Roufca was most recently Aspen group head of legal, associate
  group general counsel and group company secretary, advising on
  matters related to board governance and strategy.
  She joined Aspen from law firm LeBoeuf, Lamb, Greene &
  MacRae LLP.
  Fidelis group chief executive Richard Brindle said:
  "Patricia is a
  
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• CSC receives US approval for Xchanging takeover

  15-02-2016 12:47
  Computer Sciences Corporation (CSC) has satisfied US takeover
  regulations for its pending acquisition of London back office
  outsourcer and software firm Xchanging.
  The company must now meet the conditions of the European
  Commission, the UK Financial Conduct Authority and German banking
  regulators before the takeover is wholly unconditional.
  CSC effectively won the bidding war for Xchanging after the
  deadline for Ebix to submit a formal offer lapsed on 6
  February.
  As previously reported by The In
  
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• Compre completes Gjensidige marine deal

  15-02-2016 12:47
  Legacy specialist Compre has completed the takeover of the marine
  and energy legacy portfolio of Norwegian insurer Gjensidige
  Forsikring ASA (Gjensidige).
  The deal is Compre's 18th portfolio deal, and to date the
  company has acquired 10 companies in run-off.
  The transaction should provide operational and economic finality
  to Gjensidige's worldwide marine and energy business, which
  mainly comprises long-tail liability claims.
  Compre said that the move would negate the need for Gjensidige
  to provi
  
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• New IFED chief aims to continue "good work" of predecessors

  15-02-2016 12:41
  
  DCI Oliver Little says extra resources will help the fight against fraud.
  
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• Claimant law firm billed £27k as Allianz PI claim is struck out

  15-02-2016 12:40
  
  Callum BrodiePostonline A claimant solicitors firm has been ordered to pay £27,000 of defendant legal costs after a personal injury claim lodged with Allianz was struck out by a court.
  
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• Data to change network market, says SSP

  15-02-2016 12:16
  
  Keychoice managing director Adrian Coupland says data and technology will lead to new network models.
  
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• SRA proposes changes to solicitors’ PI policy terms

  15-02-2016 11:29
  
  Changes designed to bring terms into line with Insurance Act
  
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• SRA consults on minimum terms changes to PII policies

  15-02-2016 10:56
  
  Callum BrodiePostonline The Solicitors Regulation Authority is consulting on technical changes to the minimum terms and conditions that need to be included in professional indemnity insurance policies.
  
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• Financial fraud value more than doubles to £567m

  15-02-2016 10:46
  
  Finance and insurance most susceptible to fraud, BDO finds
  
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• #Insagepeople: 15 - 21 February 2016

  15-02-2016 10:38
  
  Get your fix of the market movers each week in one place with our new way of bringing you the latest recruitment changes.
  
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• One in five brokers say insurer data is ‘poor’ – survey

  15-02-2016 09:44
  
  A further 50% describe the data as ‘average’
  
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• MoJ proposes fee caps for CMCs

  15-02-2016 09:23
  
  Charges for claims over £2,000 will be limited to £300 under plans
  
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• AIG shares rise 5% after Icahn gets seat on board

  15-02-2016 08:50
  
  Increase comes despite $1.8bn fourth-quarter loss
  
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