Insurance news

• XL Catlin pulls line on Marsh energy facility

  01-03-2016 22:14
  XL Catlin has ended its involvement in the major Marsh energy
  facility, The Insurance Insider can
  reveal.
  Sources said that XL Catlin had a substantial share of
  Marsh's energy book across both upstream and downstream risks,
  believed to be in excess of 5 percent.
  It is understood that XL Catlin gave notice on the facility a
  number of months ago, and it is said to no longer be binding new
  risks.
  In an illustration of the strong appetite for both...
  
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• UK proposes ILS framework

  01-03-2016 22:14
  The UK Treasury has provided details on the proposed regulatory
  framework that it hopes will attract insurance-linked securities
  (ILS) business to London, envisaging a six-to-eight-week timeframe
  for the Prudential Regulation Authority (PRA) to approve new
  structures.
  The Treasury will take feedback on the proposals until 29 April
  and aims to publish draft regulations for a new ILS framework later
  this year.
  Senior adviser to the Cabinet Office Michael Wade said that the
  global ILS market was he
  
  Read more

• UK flood losses continue to leak out

  01-03-2016 22:14
  Further loss figures arising from UK winter storms have begun to
  emerge in the annual and Q4 results published by carriers in recent
  weeks.
  Results included estimated loss burdens from storms Desmond,
  Frank and Eva, which struck the UK in December and January.
  UK personal lines insurer Direct Line suffered the largest hit
  among the recent reporters, booking a £130mn ($181mn) loss
  across its home and commercial books from the UK storms in
  December.
  Next in line was QBE, which...
  
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• Securitisation the route to 'insurance v.2.0': Shah

  01-03-2016 22:14
  Insurers should consider much greater use of securitisation to
  move to a more efficient "version 2.0" operating model,
  according to former American International Group executive Samir
  Shah.
  Speaking at the Sifma IRLS conference in New York last week (24
  February), he noted that the insurance sector ranked poorly among
  both institutional investors and customers at present.
  This partly reflected an "artificially high" cost of
  holding risk on a carrier's balance sheet, which in turn
  created greater
  
  Read more

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• RSA weighs up Lloyd's entry

  01-03-2016 22:14
  RSA is actively considering establishing a Lloyd's business,
  continuing a trend for some of the largest European insurers to
  seek entry to the 328-year-old market.
  Steve Lewis, RSA's CEO for the UK and western Europe, told
  this publication that having taken some office space in
  Lloyd's, the London-listed carrier was undertaking a
  "strategic assessment" on whether to apply to join the
  Society.
  "We're giving it active consideration, but I've got
  no view as I stand today on any timelines or...
  
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• Pool Re increases retro cover to £1.95bn

  01-03-2016 22:14
  UK government-backed terrorism mutual Pool Re has expanded its
  retrocessional protection to £1.95bn of limit in excess of a
  £500mn retention, The Insurance
  Insider can reveal.
  According to sources, Pool Re has exercised a clause in its
  existing policy which allows it to break the contract two years
  early and negotiate a new policy.
  Under the new deal, which incepted on 1 March, Pool Re has
  secured an additional £150mn layer on top of the single
  £1.8bn layer featured in...
  
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• Millette lines up cornerstone backing from Blackstone

  01-03-2016 22:14
  Michael Millette's start-up asset manager Hudson Structured
  Capital Management has lined up funding from Blackstone for a 1
  April launch of its reinsurance and transport finance funds, sister
  publication Trading Risk revealed last
  week.
  Sources said the $336bn asset management giant has allocated up
  to $250mn to Hudson, to be split evenly between its reinsurance and
  transport finance strategies.
  Hudson is targeting total initial fundraising of
  close to $250mn for each strategy.
  This will make Hu
  
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• Markets highly sensitive to Q4 results

  01-03-2016 22:14
  As the fourth quarter earnings season continued to
  unfold, strong market reactions impacted carriers' stocks,
  resulting in a volatile month for investors.
  United Insurance Holdings experienced the sharpest monthly share
  price increase, as its stock soared by 19.9 percent following its
  results release to reach $18.62 as of 26 February.
  Randall & Quilter's share price increased by 10.4
  percent in the past month to 91.5p, after falling to 80.5p per
  share in late January.
  Aon also enjoyed a posi
  
  Read more

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• London cyber market witnessing 'hourglass pricing'

  01-03-2016 22:14
  Pricing for the middle layers of cyber insurance placements
  remains unattractive for London underwriters, as the market works
  towards finding a consensus.
  Market sources told The Insurance
  Insider the London cyber market was witnessing
  "hourglass pricing", with underwriters on layers between
  xs $50mn and xs $100mn not always sufficiently paid for the risk
  they are taking on.
  Meanwhile, carriers writing high excess layers are securing
  relatively attractive pricing.
  If a large retailer with a $200
  
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• Lloyd's pushes for greater war and NBCR oversight

  01-03-2016 22:14
  Lloyd's has launched a push for more stringent oversight of the
  war and nuclear, chemical, biological and radioactive (NCBR)
  exposures taken on by syndicates.
  Writing in a Market Bulletin, Lloyd's director of
  performance management Tom Bolt said the Corporation would increase
  its focus on syndicates' monitoring their own exposure to war
  and NCBR risks.
  He said there was an expectation that all exposures should be
  reported in syndicates' own aggregation monitoring and exposure
  control, regardless
  
  Read more

• Lack of ILS correlation proven by 2015 results

  01-03-2016 22:14
  Shaky markets in 2015 provided new insurance-linked securities
  (ILS) investors with further proof of the low correlation of the
  asset class, K2 Advisors managing director Jonathan Malawer
  suggested at the Sifma IRLS 2016 conference held in New York last
  week (24 February).
  However, as spreads began rising in other high-yield debt
  markets, with energy holdings in particular hit by uncertainty in
  that industry, the relative value of the ILS sector has dimmed in
  the past nine months.
  But panellists
  
  Read more

• Kiskadee on track for $1bn

  01-03-2016 22:14
  Hiscox's asset management platform Kiskadee Investment
  Managers is on track to reach $1bn of assets under management in
  2016, the (re)insurer announced as it released its 2015
  results.
  This would pull it closer to the top five reinsurer-backed asset
  managers with more than $1bn of assets under management.
  Kiskadee currently has about $800mn under management, after
  doubling its asset base in the second half of 2015. The platform
  launched in 2014 with $110mn of capital.
  Hiscox CEO Bronek Masojada
  
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• Insurance market to escape Mars product recall loss

  01-03-2016 22:14
  The Mars product recall that led to the withdrawal of chocolate
  bars from shops in 55 countries is not commercially insured,
  The Insurance Insider understands.
  The privately held conglomerate does not buy product recall
  cover in the open market, according to underwriting sources.
  But it is thought that Mars, which is headquartered in the US,
  may have cover in place from a captive that could allow it to
  recover some of its losses.
  In response to a request for comment...
  
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• Cyber MGAs in capacity-building battle

  01-03-2016 22:14
  New cyber-focused managing general agents (MGA) are finding it
  increasingly difficult to source capacity amid heightened
  competition and a renewed focus on measuring cyber exposures.
  Sources told The Insurance Insider
  that London-based MGAs have been slower to gather capacity than
  perhaps first anticipated, after a flurry of start-ups in the
  fourth quarter.
  Newly launched MGAs have found themselves competing against
  consortium placements and some larger lines sourced behind
  reinsurance and quota
  
  Read more

• Buffett highlights specialty growth and reinsurance challenge

  01-03-2016 22:14
  Berkshire Hathaway's specialty insurance unit has built a
  book with $1bn of annual premium volume since its launch less than
  three years ago.
  In his annual letter to shareholders, Warren Buffett said the
  decision to put former American International Group executive Peter
  Eastwood in charge of Berkshire Hathaway Specialty Insurance (BHSI)
  had been "a home run".
  The investment conglomerate's CEO said that under
  Eastwood's direction BHSI was destined to become "one of
  the world's leading P&C in
  
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• BB&T's Swett deal further narrows the wholesale field

  01-03-2016 22:14
  BB&T Corporation's deal to buy Swett & Crawford
  narrows the field of independent US wholesale brokers and continues
  to blur the lines of distribution across the sector.
  The $500mn deal to buy the firm from Lightyear-backed Cooper Gay
  Swett & Crawford (CGSC) is projected to add more than $200mn of
  annual revenue to BB&T's insurance division, which already
  includes previously acquired wholesalers CRC and Crump.
  That will push BB&T's wholesale revenues closer to those
  generated
  
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• ANV increases M&A capacity to $30mn

  01-03-2016 22:14
  Specialty insurance group ANV's managing general underwriter
  segment will increase its M&A underwriting capacity to $30mn
  and EUR30mn, the company announced today (1 March).
  This represents an increase of 10mn in each currency unit
  compared to the beginning of 2015.
  The limit for M&A coverage in sterling is £20mn.
  Thomas M. Mannsdorfer, director of M&A Insurance, ANV Global
  Services Ltd., said: "I am very pleased that a new capacity
  partner has chosen to support our growing M&a
  
  Read more

• AGCS names London marine head

  01-03-2016 22:14
  Allianz Global Corporate & Specialty (AGCS) has promoted Andrew
  Whitehouse to London head of marine, effective immediately, it
  announced today (1 March).
  Whitehouse, who has worked at AGCS since 2010, was most recently
  London head of cargo for the firm. In his six years at AGCS, he has
  been fundamental in growing the portfolio and creating a strong
  marine team, the company said.
  In addition to his role at AGCS, Whitehouse is also a member of
  the Lloyd's market Joint...
  
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• GI CEO's urge against IPT increase in letter to Osborne

  01-03-2016 18:43
  
  Katie Marriner Postonline Twenty-three general insurance executives have written to Chancellor of the Exchequer George Osborne ahead of the 16 March Budget announcement, urging against a further increase in insurance premium tax.
  
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• Penny Black's Social World - 3 March 2016

  01-03-2016 18:16
  
  Penny Black Postonline All the latest news from the worldwide web
  
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• Penny Black's Insurance Week - 3 March 2016

  01-03-2016 18:16
  
  Penny Black Postonline Penny is famous for getting about town in her immaculately kept Rolls Royce and doesn’t need to be told she’s a wonderful driver.
  
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• Technology and big data key focuses for the FCA in 2016

  01-03-2016 18:08 via insuranceage.co.uk
  
  Director of general insurance and protection Simon Green says 2016 will be year of significant change.
  
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• Career Development: Big data will only bring big insights with human capital

  01-03-2016 17:57
  
  Paul Stacy Postonline Insurers and brokers are investing in big data, in a big way. But while many firms are spending significant sums on the tools and systems to pool and analyse this information, investing in the necessary human expertise to extract value from this data has been somewhat limited in scope.
  
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• NIG Appoints Neil Manser as MD

  01-03-2016 17:53 via insuranceage.co.uk
  
  He will oversee broker markets and e-trade.
  
  Read more

• InsurTech Futures: Insurance for home sharers launched

  01-03-2016 17:50 via insuranceage.co.uk
  
  Belong Safe launches on-demand host insurance for ‘airbnb style’ home sharers.
  
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• InsurTech Futures: airbnb-style home insurance launched

  01-03-2016 17:50 via insuranceage.co.uk
  
  Belong Safe launches on-demand host insurance for ‘airbnb style’ home sharers.
  
  Read more

• Cash-for-Crash Fraud: Beating the fraudsters

  01-03-2016 17:43
  
  Emil EifremPostonline The Welsh Police have done a sterling job breaking a large car insurance fraud ring in South Wales – but there are fears such scams will go undetected unless the British insurance industry improves its detection powers
  
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• Innovation appoints Tim Griffiths as new chief executive

  01-03-2016 17:35
  
  Appointment follows investment by private equity group Carlyle
  
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• Editor's Comment: I want that one!

  01-03-2016 17:27
  
  Stephanie Denton Postonline I imagine Google is a bit like a child after opening all its presents on Christmas day.
  
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• Swinton insists it is “committed to branches”

  01-03-2016 16:22 via insuranceage.co.uk
  
  Distribution director says branch cuts are down to customer feedback and strategic review.
  
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• JLT could cut 10% of UK employee benefits staff in restructure

  01-03-2016 15:58
  
  Unit employed 1,700 people at end of 2015
  
  Read more

• Direct Line investor relations head Neil Manser to run NIG

  01-03-2016 15:30
  
  Manser to report to commercial MD Jon Greenwood
  
  Read more

• Brokers stoic as RSA shrinks regional presence vowing to work with 'new structure'

  01-03-2016 15:20
  
  Katie Marriner Postonline Brokers resigned to changes at insurer RSA, which last week revealed further cost-cutting plans at several regional sites, amid predictions poor 2015 general insurance results will lead to regional cuts elsewhere in the market.
  
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• JLT Specialty benefiting from global distribution of the group

  01-03-2016 15:08 via insuranceage.co.uk
  
  Trading profit increased by 19% to £68.3m for JLT Specialty in 2015.
  
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• QBE comes under fire for price promise to undercut SME rivals by at least 5%

  01-03-2016 14:59
  
  Marcus Alcock Postonline QBE Insurance has come under fire from a number of quarters following a guarantee to "beat any price" from major insurers on selected quotes before the end of March.
  
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• Hiscox teams up with start-up broker for pay-as-you-go host insurance

  01-03-2016 14:15
  
  Burhan Khadbai Postonline Online platform Belong Safe has today launched the first on demand host insurance product to cater for the rising home-sharing market.
  
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• Interview: James Reader – Passing the test for success

  01-03-2016 14:09
  
  Katie Marriner Postonline Covéa Insurance CEO James Reader updates Post on progress following the recent acquisition of Sterling, as well as the firm’s plans for the future
  
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• Profit cannibalisation and regulation concerns pushed Google's aggregator exit

  01-03-2016 14:04
  
  Peta Fuller Postonline Cannibalisation of profits and regulatory concerns were among key reasons behind Google's decision to exit the competitive aggregator space, but this may not be its last venture into this sector according to market analysts.
  
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• Slater & Gordon says UK redundancies likely after 155% profit crash and £448m goodwill write down

  01-03-2016 13:58
  
  Jonathan Swift Postonline Slater & Gordon has said there will “likely” be redundancies and office closures following a review of its UK operations and a goodwill write down of A$876.4m (£448.4m).
  
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• Slater & Gordon say UK redundancies likely after 155% profits crash and £448m goodwill write down

  01-03-2016 13:58
  
  Jonathan Swift Postonline Slater & Gordon has said there will “likely” be redundancies and office closures following a review of its UK operations and a goodwill write down of A$876.4m (£448.4m).
  
  Read more

• Product round-up: A bumper crop for brokers

  01-03-2016 13:43 via insuranceage.co.uk
  
  The policy experts at QBE have been hard at work as the insurer introduced not one, not two but three products to the market.
  
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• Review: Energy boost

  01-03-2016 13:38 via insuranceage.co.uk
  
  Renewable Energy Environmental Protection. This product has been reviewed by brokers and rated from one to five stars, based on the policy’s key benefits. * = Poor ** = Average *** = Good **** = Very good ***** = Excellent
  
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• Insurers back Axa's call for consistent injury awards in Ireland amid 30% motor premium increases

  01-03-2016 13:20
  
  Katie Marriner Postonline Insurers in Ireland are backing a call by Axa for more consistent personal injury awards amid concerns the body established to handle personal injury claims and compensation in 2004 has lost its way.
  
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• Direct Line's shares up 5% on strong results

  01-03-2016 13:19
  
  Direct Line Group (DLG) impresses investors 
  
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• Brokers battle over Brexit

  01-03-2016 13:19 via insuranceage.co.uk
  
  Biba and most insurers back remaining in the EU, but would leaving benefit smaller brokers?
  
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• Bluefin Network adds 12 new members

  01-03-2016 13:16 via insuranceage.co.uk
  
  Bluefin says new joiners include three former Willis Network members and three from Broker Network.
  
  Read more

• Thistle management changes ‘likely’ following JLT Specialty merger

  01-03-2016 12:59
  
  Merger will drive focus on UK regional growth, says JLT deputy chief executive
  
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• FCA to pilot general insurance scorecards

  01-03-2016 12:52
  
  Peta Fuller Postonline The regulator has announced plans to pilot general insurance ‘scorecards’ on a select number of products.
  
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• C-Suite - Insurer: Been around the world

  01-03-2016 12:47
  
  Anthony Baldwin Postonline Diversity in business experience can be an asset for companies looking to bring in new recruits
  
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• Claims Club: Late payment legislation to add ‘new pressure’ to difficult fraud cases

  01-03-2016 12:32
  
  Stephanie Denton Postonline Insurers have been urged to prepare a late payment strategy now, after an insurance barrister warned the late payment clause, due to be introduced with the Enterprise Bill, will add additional pressures in suspected fraud cases.
  
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