Insurance news

• FM Global blames dollar strength for premium decline as combined ratio rises

  30-03-2016 17:59
  
  FM Global said its financial results for 2015 were ‘outstanding’ despite a drop in its gross in-force premium and an increase in its combined ratio.
  
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• Saga and New Re sign motor QS agreement

  30-03-2016 16:59
  UK specialist over-50s insurer Saga has signed an exclusive quota
  share agreement with Munich Re subsidiary New Re, the company
  announced today (30 March).
  The agreement will cover 75 percent of the risk from Saga's
  in-house motor underwriter AICL.
  The initial agreement is for three years, after which it can be
  extended under the same terms for a further three years.
  Saga said the move was in line with its broader strategy, and
  would significantly reduce the company's exposure to...
  
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• Irdai publishes Lloyd's India regulations

  30-03-2016 16:59
  Indian regulator the Insurance Regulatory and Development Authority
  (Irdai) has demanded that syndicates on the Lloyd's India
  platform must retain a minimum of 30 percent of Indian reinsurance
  business, or face a penalty.
  Under the regulations, which were published earlier this week
  (28 March), Irdai stipulates that each Lloyd's syndicate must
  retain a minimum of 30 percent or 50 percent of Indian reinsurance
  business, depending on the type of registration it holds.
  Each syndicate will also need
  
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• Former Axa head to lead Watford Specialty

  30-03-2016 16:59
  Alexandre Scherer, former CEO and president of Axa Insurance
  Company, will lead the newly established Watford Specialty
  Insurance Company (WSIC).
  As reported by sister title Reactions, hedge fund
  reinsurer Watford Re has brought in the ex head of Axa's US arm
  to lead its new US excess and surplus lines operation.
  Scherer was at Axa until March last year.
  Earlier this week (28 March), AM Best gave the New Jersey-based
  WSIC a financial strength rating of A- (excellent) and an...
  
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• Chubb appoints head of risk engineering for Asia Pacific

  30-03-2016 16:59
  Chubb has appointed Darren Cant head of risk engineering for
  P&C in Asia Pacific, the global insurer announced last week (23
  March).
  In his new role Cant will lead the company's P&C risk
  engineering services team while retaining his responsibility for
  overseeing the P&C risk engineering team in Melbourne, where he
  is based.
  Cant joined Ace in 1996 as a property risk engineer, serving in
  a variety of roles throughout the Asia Pacific region, before
  beginning his current role in...
  
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• CCR grows FY profits but scales back GWP

  30-03-2016 16:59
  French state carrier Caisse Centrale de Réassurance (CCR) grew
  its full-year profit by 11.9 percent to EUR216mn ($242mn) in 2015
  following a 22 percent rise in underwriting profit.
  The overall underwriting result net of retrocession amounted to
  EUR315mn in the year.
  The full-year combined ratio improved by 5.8 percentage points
  to 76.8 percent, while net return on assets fell by 0.3 percentage
  points to 2 percent.
  However, gross written premium (GWP) was down 2.7 percent to
  EUR1.29bn, whi
  
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• 40% of Chinese insurers miss information disclosure benchmark

  30-03-2016 16:59
  Some 40 percent of Chinese insurance companies do not meet
  information disclosure standards, according to a study by the China
  Insurance Regulatory Commission (CIRC).
  The Asia Insurance Review reported that an information
  audit of 133 Chinese insurance organisations by the regulator found
  55 companies fell short of information disclosure standards.
  The inspection in the first half of last year focused on each
  insurer's information management and execution system and the
  scope of information publ
  
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• New broker launched to cater for LGBT community

  30-03-2016 16:23
  
  Emerald Life to offer four products from launch, with travel to follow
  
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• In or out?

  30-03-2016 14:59
  
  What impact would Brexit have on brokers and the wider insurance industry? Tony Cornell considers the issues on whether to remain or leave
  
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• Brexit: In or out?

  30-03-2016 14:59
  
  What impact would Brexit have on brokers and the wider insurance industry? Tony Cornell considers the issues on whether to remain or leave
  
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• FCA: general insurance complaints dropped 3% in second half

  30-03-2016 13:12
  
  Consumers made 296,505 general insurance complaints in six months to 31 December 2015
  
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• RAC reveals drop in convicted uninsured drivers, but warns IPT rise might reverse trend

  30-03-2016 12:50
  
  There has been a 9% fall in the total number of convictions for driving without insurance among men holding full driving licences, according to a Freedom of Information request made by the RAC to the DVLA.
  
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• FCA finds PPI complaints rise but other GI concerns continue to fall

  30-03-2016 12:46
  
  Payment protection insurance complaints have increased but general insurance claims outside of this category have continued to fall, according to the Financial Conduct Authority's latest report.
  
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• FCA spent over £200,000 recruiting Andrew Bailey

  30-03-2016 11:58
  
  Regulator interviewed four candidates for the CEO role.
  
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• GI complaints fall 3%

  30-03-2016 11:47
  
  FCA reveals that non-PPI general insurance complaints fell to 296,505 between July and December 2015.
  
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• The Insurance Marketing and PR Awards shortlist is out today

  30-03-2016 11:43
  
  Today Post can reveal the shortlist for the Insurance Marketing and PR awards.
  
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• Howden awarded chartered status

  30-03-2016 11:05
  
  Broker gets corporate chartered status from the CII.
  
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• Global disasters cost insurers £26bn in 2015

  30-03-2016 10:30
  
  Level is well below £43bn average despite record number of natural catastrophes, according to Swiss Re data
  
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• Unicorn says ‘diversifying’ the next step after Berkshire backing

  30-03-2016 09:32
  
  Unicorn Underwriting has confirmed it will not limit itself to UK commercial lines but aims to move into all classes and territories after partnering with Berkshire Hathaway.
  
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• Saga to pass 75% of its motor risk to Munich Re subsidiary

  30-03-2016 08:46
  
  Three-year quota share deal will lead to capital reduction at Gibraltar-based Acromas Insurance Company
  
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• Aviva boss Mark Wilson’s 2015 pay more than doubled to £5.7m

  30-03-2016 07:30
  
  Insurer’s executive directors to get 3% rises in base salary from April
  
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• RSA criticised for limiting vet choice in pet insurance - report

  30-03-2016 07:26
  
  Insurer’s More Than and Tesco policies limit policyholders to 28 approved vets
  
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• State Farm launches E&S homeowners' insurer

  30-03-2016 01:52
  US insurance giant State Farm has launched a new excess and surplus
  lines (E&S) carrier to write homeowners' insurance in
  selected markets on a non-admitted basis.
  Dover Bay Specialty Insurance Company is a subsidiary of State
  Farm Mutual Automobile Insurance Group (SFMAIG) based in
  Bloomington, Illinois.
  The company has been assigned an A financial strength rating by
  AM Best with a stable outlook.
  In a statement, AM Best said the new vehicle would provide State
  Farm with more flexibility in
  
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• Starr and Travelers lose UK non-disclosure dispute

  30-03-2016 01:52
  The UK High Court has forced Starr and Travelers to honour a
  combined £17.6mn ($25mn) energy claim, after allegations the
  insured failed to disclose vital information were thrown out.According to court documents, Northern Irish energy provider
  Mutual Energy brought a case against Starr Underwriting Agents and
  Travelers Syndicate Management after the carriers refused to pay
  their share of a £41mn claim resulting from two power failures
  in 2011.The outages, which led to loss of power f
  
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• SII equivalence for Bermuda goes live

  30-03-2016 01:52
  Bermuda's (re)insurance industry is now officially compliant
  with the European Union's Solvency II regulatory regime.The Association of Bermuda Insurers and Reinsurers (ABIR)
  announced this week that equivalence had taken effect, retroactive
  to 1 January.The jurisdiction is equivalent for all three measures under
  Solvency II, namely group capital, group supervision and
  reinsurance regulation.Bermuda and Switzerland are the only two jurisdictions that have
  been found to be fully equivalent by the
  
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• RT Specialty in Hartan deal

  30-03-2016 01:52
  RT Specialty has agreed a deal to buy New York-based wholesaler
  Hartan Brokerage on undisclosed terms.
  Hartan was launched in 1986 and operates as a wholesale broker
  and managing underwriting agent.
  A statement from RT Specialty described its latest addition as a
  "nimble, service-oriented" firm with a regional focus
  that "maximises" national leverage for clients.
  The broker was launched in 1986 and is led by president Ed Pray,
  who will now take the same position at RT NY.
  Commenting on...
  
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• Rebranded Cooper Gay will be global wholesaler: Hearn

  30-03-2016 01:52
  Cooper Gay will attempt to transition from a London wholesale
  broker with a regional retail footprint to a global wholesale
  distribution group represented in all major regional hubs."This business is going to evolve from a London wholesaler
  to a global wholesaler," group CEO Steve Hearn told
  The Insurance Insider.Last month Cooper Gay, the broking group controlled by private
  equity house Lightyear Capital, concluded the auction of its US
  wholesale broking unit Swett & Crawford, with BB&T
  
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• New law will remove 'draconian' warranties rule

  30-03-2016 01:52
  The UK's Insurance Act will mark a victory against the
  "draconian" laws surrounding the breach of warranties
  rule, according to 7KBW barrister Harry Wright.Speaking at an Insurance Institute of London lecture in the
  Lloyd's Old Library last week, Wright said that under the new
  legislation insurers will no longer be able to permanently waive
  their liabilities to coverholders in the event of a breach of
  warranty if the insured party remedies the breach.The new legislation is due to...
  
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• Mind the terror insurance gap, warns JLT

  30-03-2016 01:52
  (Re)insurers must reinvent their terrorism policies to
  accommodate the changing nature of the threat if they are to
  continue to serve their clients' needs, according to
  international specialty broker JLT.
  In a report published on 24 March, the broker
  highlighted the existing gap between economic and insured costs
  arising from terrorist events globally since 9/11, reflecting the
  fact that traditional policies remained too focused on property
  damage.
  Economic costs from global terrorism in 2014 to
  
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• McAuley trades RT for Worldwide

  30-03-2016 01:52
  Bob McAuley has resigned as managing director at RT Specialty,
  Inside E&S revealed last week.
  The executive joined RT Specialty in October 2010 with its
  acquisition of boutique wholesaler McAuley Woods & Associates
  (MWA).
  It has not been officially confirmed where McAuley will head,
  but it is understood that expansive wholesaler Worldwide Facilities
  is the destination once his contractual obligations have been
  fulfilled.
  MWA focused on various specialty lines, including property and
  prop
  
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• Hacking allegations emerge in Brilliante Virtuoso case

  30-03-2016 01:52
  Insurers fighting an increasingly bitter $100mn trial with a
  Greek ship owner accused of scuttling his own ship have alleged
  that their lawyers' computers were hacked.In a hearing last week, allegations emerged that an
  "unidentified third party" on the ship owner's
  "side of the fence" had hacked into computers at law firm
  Norton Rose's Greek offices.That person is accused of extracting a "whole load" of
  material, including emails to which "they were not
  entitled".The information ultimately ended
  
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• Eiopa builds framework for low interest rate world

  30-03-2016 01:52
  The European Insurance and Occupational Pensions Authority
  (Eiopa) is working on a framework designed to help insurers manage
  the risks presented by today's low interest rate environment.So far, European discussions on macroprudential policy have
  focused on the banking sector, due to its systemic importance and
  the negative externalities involved.But Eiopa believes there is a need to develop an approach that
  takes insurance specifics into account. Further, it believes a
  macroprudential approach
  
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• EgyptAir hijack highlights security risk

  30-03-2016 01:52
  Questions are likely to be asked about aviation security
  following the hijacking of EgyptAir flight MS181 earlier today (29
  March).
  The incident occurred less than six months after the Russian
  Metrojet 7K9268 was downed by Islamic State in Egyptian
  airspace.
  At around 6:00 BST today, EgyptAir flight MS181, an Airbus A320
  flying from Alexandria to Cairo, was diverted to Larnaca in Cyprus
  after a man hijacked the flight, telling cabin crew he had a
  suicide belt.
  A statement from Egypt...
  
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• Carlyle targets US consolidation with Wholesale acquisition

  30-03-2016 01:52
  Private equity giant The Carlyle Group has signalled its intent
  for further M&A in the US broking and managing general agency
  (MGA) space after closing a deal to buy the assets of Wholesale
  Trading Co-Op Insurance Services (WTC).
  The transaction also saw the New York-based investment manager
  take a majority stake in JenCap Holdings.
  Carlyle said the vehicle would be positioned as a consolidator
  of specialty insurance distribution and programme management
  businesses, as well as the holding co
  
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• BI losses dwarf energy property claims

  30-03-2016 01:52
  Business interruption (BI) losses in the energy sector often
  outpace property claims, with the typical payout amounting to two
  or three times the cost of repairing underlying damage, a new
  report from Marsh has warned.
  The broker said the cost of claims stemming from energy losses
  tended to be dominated by commercial loss compensation resulting
  from a facility being shut down while it is repaired.
  "Typically, BI claims following losses in the energy sector
  are two or three times the...
  
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• Bermuda regulator to increase transparency

  30-03-2016 01:52
  The Bermuda Monetary Authority (BMA) is set to name and shame
  firms that are subject to enforcement actions in the wake of
  regulatory scrutiny.
  Previously, the regulator has released very limited details of
  action taken against carriers operating on the island, with
  citations usually limited to a brief footnote in its annual
  report.
  But under the new regime the BMA will make public any use of its
  enforcement powers.
  The information is set to include the nature of the action...
  
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• Aviation broker moves continue

  30-03-2016 01:52
  The aviation reinsurance broker merry-go-round continued this
  month with two senior figures at Aon Benfield jumping ship to rival
  firms and a former head of aviation retiring at JLT Re.
  Aon Benfield confirmed that former executive director Kevin
  Clouter was moving to Willis Re, while senior broker Andy Edward is
  to switch to Guy Carpenter.
  According to sources, Clouter was initially thought to be moving
  to Guy Carpenter, but chose to switch to Willis Re.
  Edward originally moved to Aon...
  
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• Peter Hubbard-backed Emerald Life to offer LGBT-tailored products in UK first

  30-03-2016 01:05
  
  Full-service insurance provider Emerald Life launches today (30 March) with its first products designed specifically for the LGBT community.
  
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• Emerald Life to offer LGBT-tailored products in UK first

  30-03-2016 01:05
  
  Full-service insurance provider Emerald Life launches today (30 March) with its first products designed specifically for the LGBT community.
  
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