Insurance news

• US P&C carriers diverge on reserves: Nomura

  14-03-2016 22:24
  The US P&C sector is bifurcating into "haves and have
  nots", analysts at Japanese banking group Nomura found in a
  statutory reserve review.
  In a note, Nomura's Cliff Gallant said that as a group the
  health of reserves among companies that provide useful statutory
  data looked good. However, the analyst warned that there were some
  exceptions.
  The review found that after a "rough year" auto
  carriers were "aggressively addressing" adverse reserve
  trends, pointing to State Farm, which reported a
  
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• UK flood losses near $1.5bn

  14-03-2016 22:24
  Losses from the UK flooding events in Q4 are approaching $1.5bn,
  as the end-of-year reporting season comes to an end.
  Loss estimates from Hannover Re, Aviva and UK motor insurer
  Esure have brought the total disclosed figure to $1.47bn,
  surpassing the $1.3bn forecast by Aon Benfield in January.
  XL Catlin and Aspen did not provide a breakdown for the UK
  floods, although even when the total Q4 loss figures for the two
  firms are stripped out, disclosed losses are still...
  
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• TransRe expands Pangaea sidecar support

  14-03-2016 22:24
  Major reinsurer TransRe was among the sidecar sponsors to expand
  its retro support in the January renewals, sister publication
  Trading Risk reported last week.
  The Alleghany-owned carrier now has more than $400mn of sidecar
  support from Pangaea Re and other vehicles for 2016.
  This was an increase of about 14 percent from the
  $350mn of retro support TransRe drew on through sidecar
  arrangements in 2015.
  The carrier was among a number to expand sidecar relationships
  with third-party investors for t
  
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• Ryan family claims it was duped into share sale

  14-03-2016 22:24
  Aon founder Pat Ryan was duped out of hundreds of millions of
  dollars in gains after his family investment vehicle was allegedly
  tricked into selling its shares in a data analytics company,
  according to court filings.
  Ryan's investment fund, Walworth, responded to a
  "desperate" plea from Dhiraj Rajaram, who was looking for
  start-up capital for Mu Sigma.
  In early 2006, the fund invested $1.5mn in exchange for a 17.5
  percent stake in Mu Sigma.
  At the time, the start-up trumpeted...
  
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• Qianhai Re brings Chinese reinsurance market to four

  14-03-2016 22:24
  China's domestic reinsurance industry looks set to grow
  meaningfully over the coming months after the China Insurance
  Regulatory Commission (CIRC) granted approval for the establishment
  of Qianhai Re.
  Qianhai Re's backers have been given the go-ahead a year
  after they first announced their intention to launch the 3bn yuan
  ($460mn) carrier.
  Shenzhen Qianhai Finance Holdings, China Post Group and
  investment firm SZ Capital will be the three largest shareholders
  in the reinsurance venture, each hol
  
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• Obituary: Trevor Jones – Insurance Security Services

  14-03-2016 22:24
  People often associate Disney and Johnny Depp with Pirates of
  the Caribbean, but the first person to talk about them was Trevor
  Jones: Uncovering the pirates of the market was his specialty.Trained as a chemist, he moved into insurance and then became
  one of its first true investigative journalists, setting up
  Insurance Security Services in 1985. His work paved the way for the
  financial journalism that is now the province of The Insurance
  Insider, years before big data and...
  
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• Nine brokers among those testing PPL

  14-03-2016 22:24
  Some nine terrorism brokers and 44 terrorism underwriters have
  signed up for the Placing Platform Limited (PPL) launch, according
  to PPL chairman David Ledger.Speaking to The Insurance Insider,
  Ledger said that there had been widespread support for the market
  testing of the PPL technology and that the numbers ensured critical
  mass when the system goes live.The first business class to be rolled out on the new technology
  will be terrorism, with others following afterwards.Ledger said that there...
  
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• National Indemnity victorious in $41mn arbitration

  14-03-2016 22:24
  Berkshire Hathaway subsidiary National Indemnity Company has come
  out on top after a protracted dispute over a reinsurance contract
  with Brazilian carrier IRB Brasil Resseguros (IRB).
  The dispute related to a $168mn business interruption claim
  dating back to 2007.
  The claim stemmed from Brazil's largest natural resources
  producer Companhia Siderúrgica Nacional (CSN).
  CSN originally bought $750mn of cover from Mapfre's local
  Brazilian carrier. Mapfre then reinsured the policy with IRB, whi
  
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• Munich Re CEO will not renew contract

  14-03-2016 22:24
  Long-standing Munich Re CEO Nikolaus von Bomhard will step down
  when his contract expires at the end of the year, according to
  reports.
  Von Bomhard, who has headed the carrier since 2004, will turn 60
  this year, the maximum age limit for senior executives in Germany,
  according to German finance publication Manager
  Magazin.
  After the age of 60, senior executives at German firms may
  request to renew their contract one year at a time. However,
  sources told the German publication...
  
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• Markets continue to show high sensitivity to results

  14-03-2016 22:24
  Following its fourth quarter results disclosure on Monday (7
  March), Federated National's share price collapsed by 12.1
  percent to reach $21.10.
  The Floridian insurer reported earnings of $0.66 per
  share, missing the Wall Street consensus of $0.73 per share, and
  closed the week 17.9 percent lower at $19.81.
  Direct Line's shares dropped at the end of last week after
  the carrier paid out a special dividend of 8.8p on 10 March. The
  insurer's stock price fell 8.1 percent week-on-week to...
  
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• Lottery payout in ILS market

  14-03-2016 22:24
  The insurance-linked securities (ILS) market will face its
  second claim this year after Lottoland said that its ILS
  transaction would pay out to cover a EUR14mn jackpot win in a
  German lottery draw.
  The claim relates to a EUR100mn collateralised reinsurance
  transaction completed in April 2015 in Gibraltar.
  Norbert Kranz of Inea, the firm that structured the Lottoland
  agreement, told Trading Risk at the time that the two-year deal had
  four different risk layers, with some reinstatements offered.
  
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• Lack of disclosure leaves questions over AIG-Swiss Re deal

  14-03-2016 22:24
  American International Group (AIG) has started to deliver on its
  pledge to buy more reinsurance after agreeing a two-year deal to
  cede a share of its new and renewal US casualty book to Swiss
  Re.
  But with details of the transaction scant, observers have
  suggested the move may do little to satisfy investor concerns over
  the insurer's strategy as it looks to turn around its
  underperforming commercial insurance business.
  The deal was negotiated on a direct basis without the
  involvement...
  
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• Israeli insurers face regulatory barriers to sale

  14-03-2016 22:24
  The owners of Israeli insurers Clal and Phoenix are facing an
  uphill regulatory battle in their attempts to sell the companies,
  despite the imposition of a legal requirement for them to do so,
  according to reports.Reports in the Israeli media indicated that the director of the
  country's capital markets, insurance and savings department,
  Dorit Salinger, is determined that holding company IDB Development
  (IDB) will sell its 55 percent controlling stake Clal in 5 percent
  increments on the Tel Aviv.
  
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• Gen Re to close 6 offices in efficiency drive

  14-03-2016 22:24
  US reinsurer Gen Re is the latest carrier to address its expense
  base as it looks to implement processes to keep the cost of doing
  business low.Last week Gen Re said it would close six offices as part of a
  reorganisation of its global P&C business.Following a review, the Berkshire Hathaway subsidiary announced
  it will close its Charlotte, Seattle and St Paul operations in
  North America, its Riga office in Europe, and its Hong Kong and
  Melbourne offices...
  
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• BHSI tasks Bolt with European growth

  14-03-2016 22:24
  The news that Lloyd's performance director Tom Bolt is set
  to join Berkshire Hathaway Specialty Insurance (BHSI) is a pivotal
  moment in the strategic direction of the rapidly expanding global
  carrier.
  The Peter Eastwood-headed carrier announced last week (10 March)
  that Bolt would join in June to take on the role of president for
  the UK and Southern Europe.
  He will be joined by Gregor Koehler, most recently CEO of Pallas
  Versicherung, who will take up the role of president...
  
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• BB&T Insurance revenues to hit $1.8bn on Swett deal

  14-03-2016 22:24
  BB&T's proposed acquisition of Swett & Crawford is
  projected to add more than $200mn of annual revenue to its
  wholesale division, taking revenues for its insurance operations to
  $1.8bn.But although the $500mn deal will significantly bolster
  BB&T's top line, the additional revenue may not be
  sufficient to overtake Amwins - the number one player in the sector
  by size based on 2015 figures.With the acquisition slated to close in the first
  half of the year, attention has also...
  
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• Sompo Canopius boosts Asian engineering team

  14-03-2016 17:06
  Lloyd's (re)insurer Sompo Canopius has announced two new senior
  appointments to its Asian engineering business.
  Wah Chuang Ng has moved from Lloyd's peer Chaucer to become
  the company's head of engineering in Singapore, while Alex Li
  has joined as senior engineering underwriter based at the
  Lloyd's China platform.
  Ng was deputy class underwriter at Chaucer for seven years,
  prior to which he served as underwriter at corporate risk
  underwriter Alba Group Pte and as senior business development
  offi
  
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• QFCA Barometer: Further commercial price erosion expected

  14-03-2016 17:06
  The commercial insurance pricing outlook in the Middle East and
  North Africa (Mena) region remains depressed, with the majority of
  executives expecting further softening in the next 12 months.
  The annual Mena Insurance Barometer, conducted by the Qatar
  Financial Centre Authority (QFCA), found that 42 percent of
  executives expected a further erosion of rates over the next 12
  months, up from 19 percent a year ago.
  The survey interviewed senior executives at 36 regional and
  international (re)insura
  
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• Munich Re CEO to step down at year-end 2016

  14-03-2016 17:06
  Long-standing Munich Re CEO Nikolaus von Bomhard will step down
  when his contract expires at the end of the year, according to
  German finance publication Manager Magazin.
  Von Bomhard, who had headed the carrier since 2004, will turn 60
  this year, the maximum age limit for senior executives in
  Germany.
  After the age of 60, senior executives at German firms may
  extend their contract one year at a time. However, sources told the
  German publication Von Bomhard had decided against...
  
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• JLT Re builds out US casualty practice

  14-03-2016 17:06
  JLT Re North America has appointed Jason Choi as senior vice
  president, the company announced late last week (11 March).
  Choi, who will be based in San Francisco, will focus on the
  continued expansion and development of the casualty practice.
  He was most recently senior vice president at Willis Re and
  served as a member of the workers' compensation segment.
  Ed Hochberg, CEO of JLT Re's North American operation said:
  "With Jason's specialist knowledge and expertise, we are
  confident he...
  
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• CFC launches new product recall covers

  14-03-2016 17:06
  Specialist lines underwriting agency CFC has today (14 March)
  announced the launch of a range of insurance products aimed at the
  product recall market.
  The new policies will be available globally and will target a
  number of industries, including the food and beverage, automotive
  component parts and consumer products sectors.
  CFC said the products would also protect against emerging risks,
  including cyber cover for events stemming from hacking or
  electronic attacks.
  The announcement follows the c
  
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• CII apprenticeships up by 50% since 2013

  14-03-2016 13:26
  
  Burhan Khadbai Postonline Technical insurance apprenticeships at the Chartered Insurance Institute have increased by 50% since 2013.
  
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• LV=’s O’Roarke warns of rate inadequacy in SME

  14-03-2016 13:19
  
  Company bolstering regional branches with more staff
  
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• LV boss O'Roarke backs broker channel for profit in 2016

  14-03-2016 13:03 via insuranceage.co.uk
  
  John O’Roarke slams potential rise in IPT as “outrageous”.
  
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• Sentiment Survey Open: share your views

  14-03-2016 12:55 via insuranceage.co.uk
  
  The Spring 2016 Sentiment Survey is now open for brokers to get their opinions heard.
  
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• O'Roarke confident broker division will return to profit

  14-03-2016 12:44
  
  Katie Marriner Postonline Bad weather, claims inflation and the distribution of large losses were the drivers of LV's general insurance broker division reporting a loss in 2015, but GI managing director John O'Roarke is confident that segment will make a return to profit.
  
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• Cheltenham 2016: Insurance Times insider gives his tips

  14-03-2016 12:21
  
  Insurance Times’s very own tipster and diarist, the Horse Whisperer, will be sending updates from the horse racing festival insurance people love 
  
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• Ageas and Darwin Clayton launch online product for small businesses

  14-03-2016 12:09 via insuranceage.co.uk
  
  Darwinsure provides bespoke specialist cover for firms in trades such as cleaning and security equipment installation.
  
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• Dickson buys Newry broker

  14-03-2016 11:48 via insuranceage.co.uk
  
  Northern Ireland broker expands as it acquires Sam McCullough Insurance Services.
  
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• Over-50s worst hit from motor premium hike

  14-03-2016 11:42
  
  Burhan Khadbai Postonline Those over the age of 50 are being worst hit from the rise in motor insurance, according to insurance market researcher Consumer Intelligence.
  
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• Post Digital Insurance Collective: Aviva CDO Brem - digital needs its own P&L to make it a board room reality

  14-03-2016 11:26
  
  Jonathan Swift Postonline To succeed in the digital space insurer boards need to have the "guts" to make it a strategic priority, pull capital in from elsewhere to prove it, give it its own profit and loss "teeth" and build a few icons to underline a commitment to the cause.
  
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• Post Digital Insurance Collective Blog: Design thinking, feeling uncomfortable and three centuries of caffeine fuelled innovation

  14-03-2016 11:22
  
  Jonathan Swift Postonline Following last week's Digital Insurance Collective meeting, I promised to put together a blog consisting of my top eight take homes from my discussions and observations. So here are my thoughts, please share your own in the comment box below.
  
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• CFC launches product suite for recall market

  14-03-2016 11:16 via insuranceage.co.uk
  
  Offering aimed at automotive and food industries among others according to the underwriting agency.
  
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• Insurers need 'massive mind-shift' to create Amazon one click revolution, claims Aviva’s Brem

  14-03-2016 11:08
  
  Jonathan Swift Postonline Insurers need to focus on the "ultimate tailoring" of their offerings and take the plunge on "appification", if they are going to compete with online giants like Amazon.
  
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• #Insagepeople: 14 - 20 March 2016

  14-03-2016 10:40 via insuranceage.co.uk
  
  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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• General insurance operating profits fall at LV in 2015

  14-03-2016 10:18 via insuranceage.co.uk
  
  Insurer posts £19m operating loss for broker channel business.
  
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• AA warns of IPT hike in Osborne's Budget

  14-03-2016 10:15 via insuranceage.co.uk
  
  Broker believes Insurance Premium Tax could go up again in less than six months in “double-whammy con on drivers”.
  
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• Momentum expands network with three new appointed representatives

  14-03-2016 10:00 via insuranceage.co.uk
  
  Naomi Cresswell, formerly of Aon, is among the new ARs.
  
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• LV's GI operating profit drops 22% alongside broker division loss

  14-03-2016 09:49
  
  Katie Marriner Postonline LV's general insurance business has reported a 22% drop in operating profit to £72m (2014: £92m) and a 14% decrease in underwriting profit to £44m (£51m) for the 12 months to 31 December 2015.
  
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• Car premiums up 13% in year to February - Consumer Intelligence

  14-03-2016 09:31
  
  Insurance Premium Tax rise blamed as over-50s see biggest increase while telematics keeps lid on younger drivers’ costs
  
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• LV= 2015 GI operating profit falls to £72m from £92m

  14-03-2016 08:52
  
  Gross written premiums rise to £1.47bn from £1.39bn
  
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• AA: Chancellor could hike IPT to 12.5% in Budget

  14-03-2016 07:30
  
  ‘Drivers are not wallets on wheels’ says AA president
  
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• Towergate’s Paul Jewell joins UK General owner

  14-03-2016 07:26
  
  Jewell to head Primary Group’s risk-bearing businesses
  
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• Biba: Live telematics motor policy numbers up 41%

  14-03-2016 07:15
  
  Figures based on survey of 30 UK telematics providers
  
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• Telematics policy take-up accelerates by 40% in past year

  14-03-2016 07:00
  
  Callum BrodiePostonline The number of live telematics based motor insurance policies has increased by 40% of the course of the past year, according to research by the British Insurance Brokers’ Association.
  
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• Post 'Shaping the Profession' Webinar: Hong Kong qualifications

  14-03-2016 06:32
  
  Andrew Tjaardstra Postonline In the first of a quarterly webinar series hosted by Post, in association with the Chartered Insurance Institute, fourexperts discussed the role and scope of qualifications in Hong Kong insurance.
  
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• Post 'Raising Standards' Webinar: Hong Kong qualifications

  14-03-2016 06:32
  
  Andrew Tjaardstra Postonline In the first of a quarterly webinar series hosted by Post, in association with the Chartered Insurance Institute, fourexperts discussed the role and scope of qualifications in Hong Kong insurance.
  
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• Anbang offers $6.5bn for US hotel chain

  14-03-2016 03:56
  
  Andrew Tjaardstra Postonline Chinese insurance giant Anbang has offered around $6.5bn (£4.5bn) for Blackstone-owned Strategic Hotel Resorts which runs 16 luxury US-based hotels and resorts.
  
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