Insurance news

• FHCF considers repeat of $1bn reinsurance placement

  31-03-2016 22:33
  The Florida State Board of Administration (SBA) has recommended the
  state's cat fund should return to the private reinsurance
  market to buy $1bn of limit for the 2016 hurricane season.
  At a Florida cabinet meeting earlier this week (29 March) the
  SBA presented a series of risk transfer options to offload exposure
  to the private market despite the state-backed cat fund being in
  its best ever financial position ahead of the upcoming hurricane
  season.
  The recommended option was for a...
  
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• First marine cat model due in May: RMS

  31-03-2016 18:33
  RMS is set to unveil the insurance industry's first marine
  cargo and specie catastrophe model in May this year following
  collaboration with a number of carriers.In an announcement today (31 March) the modelling company said that
  it had developed the model in partnership with Chubb, Aon Benfield,
  Axis, Liberty, MS Amlin, Munich Re and Sompo Canopius.The development partners will get first access to the RMS Marine
  Cargo Model.Chris Folkman, director of product management at RMS, said that...
  
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• Bank of Scotland launches car insurance with BGL's Junction

  31-03-2016 17:56
  
  Bank of Scotland, part of the Lloyd’s Banking Group, has partnered with BGL Group’s Junction to offer car insurance.
  
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• Keoghs to focus on PI changes as it joins ABI as associate member

  31-03-2016 16:56
  
  Law firm Keoghs has become the third associate member of the Association of British Insurers and aims to work closely with the trade body on changes to the personal injury process.
  
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• Keoghs joins BLM, DAC Beachcroft as third ABI associate member

  31-03-2016 16:56
  
  Keoghs has become the third associate member of the Association of British Insurers, joining two other law firms in the process.
  
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• UK regulators approve Flood Re

  31-03-2016 15:24
  The UK's Prudential Regulation Authority (PRA) and Financial
  Conduct Authority (FCA) have approved state-backed flood reinsurer
  Flood Re.
  In an announcement made today (31 March) Flood Re confirmed the
  authorisation meant that the company would go live on 4 April.
  Flood Re CEO Brendan McCafferty said that the scheme would be
  ready to accept policies on that date.
  "A list of insurers that will be using the scheme will be
  available on the Flood Re website from the evening of...
  
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• Reserve movements hit FM Global profits

  31-03-2016 15:24
  Commercial property specialist FM Global saw its profits shrink in
  2015 after changes to prior-year loss provisions hit the bottom
  line.
  The mutual's pre-tax income fell by 22 percent to $1.09bn,
  while net income dropped by 23.6 percent year-on-year to
  $737.8mn.
  The carrier noted that, as a result of changes in estimates of
  insured events related to prior years, the provision of losses and
  loss adjustment expenses increased by $52.4mn for 2015.
  This was a negative swing of more than...
  
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• CSC edges closer to Xchanging takeover with EC approval

  31-03-2016 15:24
  Computer Sciences Corporation (CSC) has cleared another hurdle in
  its pending acquisition of Xchanging after receiving European
  Commission approval for the deal.
  The firm satisfied US takeover regulations in February, but must
  still meet the conditions set by the UK Financial Conduct Authority
  (FCA) and German banking regulators before the transaction is
  wholly unconditional.
  CSC became the sole bidder for Xchanging after insurance
  software specialist Ebix allowed a 6 February deadline for makin
  
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• AIG mortgage unit files for IPO

  31-03-2016 15:24
  American International Group (AIG)'s mortgage unit United
  Guaranty Corporation (UGC) has filed for an initial public
  offering.
  United Guaranty, which plans to list on the New York Stock
  Exchange, won't receive any of the proceeds of the share sale,
  according to its IPO filing.
  JPMorgan Chase & Co and Morgan Stanley are underwriting the
  deal.
  The mortgage guarantor reported net income of $359.8mn last
  year, down 8.6 percent from 2014, while revenue declined 11 percent
  year-on-year to $922.6mn
  
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• Premium finance firm Bexhill hires commercial director amid growth plans

  31-03-2016 14:00
  
  Bexhill says it is a seeing a demand from brokers for new premium finance solutions
  
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• Royal London’s life and pensions sales rise to £6.7bn

  31-03-2016 13:42
  
  Royal London’s sales for its life and pensions business increased to £6.7bn in 2015, from £4.8bn the previous year.
  
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• Flood Re receives regulatory approval

  31-03-2016 11:52
  
  Organisation confirms 4 April launch date.
  
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• Flood Re gets PRA and FCA authorisation

  31-03-2016 11:48
  
  Regulators have confirmed Flood Re will be authorised from tomorrow ahead of the scheme’s 4 April start date.
  
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• LGBT broker set up

  31-03-2016 11:39
  
  Peter Hubbard is special adviser to the firm which claims to be the first LGBT insurance intermediary.
  
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• InsurTech Futures: Tech gets Downing St discussion

  31-03-2016 11:28
  
  InsurTech leaders meet to examine issues facing the sector and outline challenges and opportunities.
  
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• Flood Re gets PRA and FCA approval

  31-03-2016 11:12
  
  Scheme now clear to go live on 4 April
  
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• Gable misses 1 January 2016 Solvency II deadline, £7-8m losses expected for 2015

  31-03-2016 11:06
  
  Liechtenstein-based insurer Gable Holdings said it missed the January 1 deadline to fully comply with Solvency II and now has until 31 December 2017 to meet the regulatory requirements.
  
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• Gable expects losses of £7-8m for 2015 as it updates on Solvency II compliance

  31-03-2016 11:06
  
  Gable Holdings has confirmed its regulator the Financial Market Authority Liechtenstein has approved its funding arrangements announced in December, whereby its subsidiary Gable Insurance AG has a two-year transitional period to meet the Solvency Capital Requirements under the full Solvency II regime
  
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• Zurich Group boss Greco confident insurer will improve profitability

  31-03-2016 10:51
  
  Mario Greco has told has told shareholders the group will see better results after a disappointing 2015.
  
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• Legal: An opportunity to crack whiplash

  31-03-2016 10:30
  
  The government is making a concerted effort to reduce the number of whiplash claims and consequently reduce the cost of motor insurance
  
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• Europe: Market realities could trump cross-border aims

  31-03-2016 10:30
  
  Although the European Commission is considering moving cross-border barriers for insurance sales, detractors are making their voices heard
  
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• Metlife wins 'too big to fail' court hearing

  31-03-2016 10:11
  
  US life insurance giant Metlife has won a court victory over the US Treasury's decision to classify the insurer as a systemically important financial institution.
  
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• New portal matches consumer demand, says Davey

  31-03-2016 10:00
  
  CEO of HugHub says insurance needs to move with the times as consumers do not view themselves in silos.
  
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• Aviva detected one crash-for-cash claimant every three hours in 2015

  31-03-2016 10:00
  
  Insurer says Birmingham is top spot for crash-for-cash fraudsters.
  
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• Gable misses Solvency II capital deadline

  31-03-2016 09:11
  
  Insurer has entered transitional measures which gives an insurer until 31 December 2017 to fully comply
  
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• Gable expects up to £8m pre-tax loss in 2015

  31-03-2016 09:08
  
  Claims bill from December floods is expected to be between £2m and £3m after reinsurance arrangements
  
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• ZTrade 'meeting targets' as Zurich irons out 'teething problems'

  31-03-2016 09:01
  
  Since launch insurer has been investing a lot of time in improving platform’s technical capabilities
  
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• Zurich commercial broking arm to give branches more control

  31-03-2016 08:48
  
  Insurer says changes will improve the way Zurich trades from its branches
  
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• Aviva uncovers new crash for cash claim every three hours

  31-03-2016 01:05
  
  More than 3,000 organised crash for cash claimants were detected by Aviva in 2015 - one every three hours - with accidents targeting innocent motorists remaining high.
  
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• Tianjin drives increase in man-made losses in 2015

  31-03-2016 00:15
  Global insured catastrophe losses totalled around $37bn in 2015,
  well below the inflation-adjusted 10-year average of $62bn,
  according to Swiss Re's Sigma unit.
  Of the insured losses in 2015, $28bn was attributed to natural
  catastrophes and $9bn to man-made events, Sigma said in its report,
  released today (30 March).
  However, Sigma noted that there had been a 29 percent increase
  in man-made losses largely due to the two massive explosions at the
  Port of Tianjin in China in August, which...
  
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• Metlife shakes Sifi status with court battle win

  31-03-2016 00:15
  US life insurer MetLife has won a legal battle against the US
  Financial Stability Oversight Council (FSOC) to shake its label as
  too big to fail.
  Bloomberg News reported today (30 March) that a federal judge in
  Washington rejected the FSOC's rationale for classing Metlife
  as a non-bank systemically important financial institution
  (Sifi).
  The reasons for the ruling were sealed by the judge.
  Designated Sifis are subject to more intense regulatory scrutiny
  and are forced to hold higher levels of...
  
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• Everest adds Kerner and names Doucette reinsurance chief

  31-03-2016 00:15
  Everest Re has hired former Zurich general insurance CEO Mike
  Kerner as head of strategy and risk management.
  The Bermudian carrier has also named John Doucette president and
  CEO of its reinsurance division and Jonathan Zaffino as president
  of its North America insurance division.
  The appointments, effective 1 April, define the management
  structure of Everest Re's expansive underwriting platform.
  Kerner stepped down from his position at Zurich in September for
  personal reasons.
  He had spent 24 y
  
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• Ehrhart moves to strategic growth role at Aon

  31-03-2016 00:15
  Bryon Ehrhart has been appointed global head of strategic growth
  and development at Aon Group, The Insurance
  Insider can reveal.
  His former role of CEO of Aon Benfield Americas will not be
  filled, with his team at the reinsurance broker taking up the
  responsibilities between them and reporting to Aon Benfield CEO
  Eric Andersen.
  Reporting directly into CEO Greg Case, Ehrhart will take on a
  broad remit that will see him explore ways to accelerate growth
  initiatives across the Aon...
  
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• AJG adds transportation intermediary to wholesale platform

  31-03-2016 00:15
  AJ Gallagher (AJG) has added to its wholesale and managing general
  agent (MGA) platform with the acquisition of Connecticut-based
  transportation specialist Joseph Distel & Co.
  The firm, founded in 1955, is an MGA and wholesaler providing
  excess and surplus, P&C, professional business liability and
  other specialty insurance products and services to independent
  agents and retail brokers throughout the Northeast of the US.
  Ken Distel and his associates will continue to operate out of
  Farmin
  
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