Insurance news

• Co-op GI aims to connect to Flood Re by third quarter

  07-04-2016 16:55
  
  Co-op’s general insurance (GI) business aims to connect to Flood Re by early in the third quarter this year, according to products, pricing and propositions director James Hillon.
  
  Read more

• Cherish in talks to provide Welsh-translated Axa policy to broker Tarian

  07-04-2016 16:24
  
  Essex-based wholesale broker Cherish Insurance brokers is in discussion to translate its Axa policy into Welsh for bilingual high street broker Tarian, Post can reveal.
  
  Read more

• Ongoing losses forecast for Co-op Insurance as transformation continues

  07-04-2016 15:38
  
  Co-operative Insurance expects 2016 to be another loss-making year due to continuing investment in its transformation programme, as the business today (7 April) reported a £66.1m statutory loss.
  
  Read more

• Greater MRO regulation called for as Medco review welcomed

  07-04-2016 14:21
  
  The Ministry of Justice decision to leave formal regulation of Medco’s medical reporting organisations on the backburner is a “missed opportunity”, according to commentators, amid hopes the government department’s pledge to keep the issue under review could see change in the future.
  
  Read more

• Advertisement

• Start your entries – UK Broker Awards 2016 now open

  07-04-2016 10:45
  
  Celebrate your achievements by entering the UK Broker Awards.
  
  Read more

• Bluefin responds to Bruce and GRP counterclaim

  07-04-2016 10:40
  
  Latest updates in the court case between Bluefin versus Global Risk Partners and Mike Bruce.
  
  Read more

• Bruce and GRP defend Bluefin claims

  07-04-2016 10:35
  
  Defendants submit counter claim following injunction which barred GRP from hiring Bluefin staff.
  
  Read more

• Co-op's GI division makes a loss of £13m

  07-04-2016 10:33 via insuranceage.co.uk
  
  The business also made a loss of £1m in 2014.
  
  Read more

• Advertisement

• Mental health: The last taboo?

  07-04-2016 10:30
  
  Insurer attitudes towards mental health issues are not always enlightened - as the number of Financial Ombudsman Service complaints shows - but there are signs of greater understanding and that includesemployees too
  
  Read more

• Co-op says impact of December floods causes £13m GI profit loss in 2015

  07-04-2016 10:14
  
  The Co-operative group today posted a £13m profit loss for its general insurance division in 2015, marking a significant drop from £1m the previous year.
  
  Read more

• 'Nobody is prepared to say the unpopular things' - Amanda Blanc

  07-04-2016 09:45
  
   
  AXA’s Amanda Blanc was voted Insurance Times’s Insurer CEO’s CEO of the year for the second time in 2015
  Here she talks about her passion for claims, innovation and concerns over broking business models
  
  Read more

• Ex European regulator chief joins PwC's insurance advisory team

  07-04-2016 09:22
  
  PwC said it has appointed former top European regulator Carlos Montalvo Rebuelta (pictured) to its global insurance regulatory practice.
  
  Read more

• Co-op GI crashes to £66.1m loss and 108.7% COR in 2015

  07-04-2016 08:47
  
  Co-op’s general insurance (GI) business made a £66.1m loss before tax in 2015, compared with a loss of £6.8m the previous year.
  
  Read more

• Watford targets E&S casualty

  07-04-2016 04:52
  Watford Re's new US excess and surplus lines (E&S)
  insurance platform will underwrite lines of business similar to
  those it already targets on the reinsurance side, with a focus on
  casualty on a programme basis.
  News of the vehicle emerged last week after AM Best announced it
  had granted New Jersey-based Watford Specialty Insurance Company
  (WSIC) a financial strength rating of A- (excellent) and an issuer
  credit rating of a-.
  The start-up will operate on a similar basis to Watford...
  
  Read more

• The Hartford to build E&S platform beyond small commercial

  07-04-2016 04:52
  The Hartford will look to use its Maxum acquisition as a platform
  to hire teams and build out its E&S presence beyond the small
  commercial space, Inside E&S has learned.
  According to sources, in the short term, the US insurer will use
  E&S carrier Maxum to add a non-admitted capability to its
  leading small business presence in the admitted small commercial
  segment.
  "Primarily it's going to be a vehicle for their small
  commercial guys. Agents and brokers have been making...
  
  Read more

• Talbot and Markel boost D&O capacity in MEA

  07-04-2016 04:52
  Lloyd's carriers Talbot Underwriting and Markel have launched a
  combined directors' and officers' (D&O) operation in
  Lloyd's Dubai, the companies announced yesterday (5 April).
  The binder will have capacity of up to $30mn per risk,
  substantially increasing the level of potential D&O cover in
  the Middle East and Africa (MEA) region.
  Rajul Gohil, head of financial lines underwriting at Talbot
  (MEA), said the facility could be accessed by any broker or insurer
  in the region, including those
  
  Read more

• Syndicate 2003 profits fall 89% in 2015

  07-04-2016 04:52
  Profits at XL Catlin's flagship Syndicate 2003 slumped 89
  percent year-on-year in 2015 to $53.8mn, after its reinsurance
  business turned a loss amid "challenging market
  conditions".
  The underwriting result at the Lloyd's market's largest
  syndicate by gross written premium (GWP) also fell by 82.4 percent
  to $53.8mn.
  XL Catlin said the underwriting performance was caused by
  challenging market conditions affecting treaty reinsurance and
  energy GWP in particular. In addition, 2014 had benefited from
  
  Read more

• Pool Re appoints non-executive chairman

  07-04-2016 04:52
  UK government-backed terror mutual Pool Re has appointed Geoff
  Riddell as non-executive chairman, the company announced today (6
  April).
  He replaces the departing Tony Latham, who has retired from the
  position after 12 years as chairman and 20 years on the board.
  The appointment is effectively immediately. Latham will remain
  on the board until after the company's annual general meeting
  on 28 June.
  Riddell first joined the Pool Re board as a director in August
  last year, before which he...
  
  Read more

• Pardus completes capital raise

  07-04-2016 04:52
  London-based managing general agent (MGA) Pardus has completed a
  £1.6mn capital raise, bringing a variety of new investors into
  the business.
  Pardus was advised by West Hill Corporate Finance and the
  capital was raised through West Hill Capital.
  The MGA said that it would use the capital to develop existing
  lines and identify new opportunities. Pardus launched five
  insurance products in its first 18 months.
  Alongside the capital-raising Pardus has appointed Simon Byrne
  and Brian King as no
  
  Read more

• Newson out of Novae after three months

  07-04-2016 04:52
  Paul Newson has been dismissed less than three months into his
  role as head of accident and health (A&H) at Novae,
  The Insurance Insider can reveal.
  Newson, a 30-year A&H broking and underwriting market
  veteran, was part of the team which moved across from Marketform
  earlier this year.
  The team includes Guy Bonwick as senior underwriter, Victoria
  Rodrigues Da Costa and Sophie Baker as underwriters, and Abby
  Thomas as underwriting assistant.
  Sources have indicated that Newson's exit was d
  
  Read more

• Nephila syndicate profits double in first full year

  07-04-2016 04:52
  Nephila's Syndicate 2357 declared a profit of $16.7mn for
  2015, more than double the $7.9mn reported in 2014, following its
  first full year of underwriting.
  Gross written premiums also more than doubled to $73mn in 2015
  from the $33mn recorded in 2014, while the combined ratio improved
  by 23 points to 31 percent.
  Syndicate 2357 benefits from collateralised reinsurance provided
  by Poseidon Re, Nephila's Bermudian reinsurer. It ceded $22.7mn
  of premiums to this vehicle throughout the year, up from
  
  Read more

• March storms cost US insurers $2bn

  07-04-2016 04:52
  Insurers face a bill of at least $2bn after storms caused damage
  across much of the US in March, according to Aon Benfield.
  The broker's Impact Forecasting unit said seven major storms
  hit the country last month and 1,000 tornadoes had been
  reported.
  In Texas alone, insured losses are estimated at above $1.1bn,
  following more than 125,000 home and car claims.
  The economic loss resulting from the US storms and flooding was
  likely to reach $3.5bn while the insured loss...
  
  Read more

• Endurance retains Faure on 1-year consulting deal

  07-04-2016 04:52
  Endurance will pay its former global reinsurance CEO Jerome
  Faure $115,000 a month for exclusive reinsurance consulting
  services, following his retirement on 31 March.
  According to an 8-K filing, the consulting agreement between
  Faure and the Bermudian carrier lasts for one year, meaning the
  executive's gross fees for the period would total $1.38mn.
  The arrangement, which became effective on 1 April, is subject
  to restrictions regarding the solicitation of Endurance's
  employees and customers unt
  
  Read more

• Carlyle-backed JenCap aims to roll-up small binder/MGA business

  07-04-2016 04:52
  Wholesale consolidator JenCap will look to roll-up small binding
  authority, program and MGA business in the E&S space with
  significant backing from new majority owner The Carlyle Group.
  The New York-based private equity giant closed a deal last month
  to take a majority stake in JenCap and buy the assets of Wholesale
  Trading Co-Op Insurance Services (WTC).
  WTC will be renamed as Wholesale Trading Insurance Services
  (WTIS) and sit as a subsidiary of JenCap, which will be positioned
  as a...
  
  Read more

• Below-average Atlantic hurricane season predicted

  07-04-2016 04:52
  Climate research group Tropical Storm Risk (TSR) has predicted
  that the frequency of tropical storms in the Atlantic will fall
  well below average in 2016.
  In a statement released yesterday (5 April), the group said that
  Atlantic basin tropical cyclone activity should fall around 15
  percent below the 10-year average and an estimated 20 percent below
  the 66-year long-term norm.
  TSR added that if the predictions were correct this would
  "easily" mark the lowest four-year total since
  1991-1994.
  This
  
  Read more

• Bank of England warns on soft market

  07-04-2016 04:52
  The Bank of England (BoE) has warned (re)insurers to be
  extra-vigilant about their capital levels due to continued
  softening in the market.
  In a speech earlier this week (4 April) Chris Moulder, BoE
  director of general insurance, said the soft market is "likely
  to continue in the same vein" in 2016, absent of any
  significant market-changing event.
  Underwriting results have been helped along by the benign loss
  environment and prior-year reserve releases, which have
  "somewhat insulated" many firms
  
  Read more

• Aquiline closes 3rd fund at $1.1bn

  07-04-2016 04:52
  Aquiline Capital Partners has closed its third fund with over
  $1.1bn in total capital commitments, exceeding its target by 10
  percent.
  The New York-based private equity firm has now raised over
  $6.5bn in capital across its three funds, which focus on investing
  in the financial services sector and have backed several P&C
  insurance ventures.
  Aquiline chief executive Jeff Greenberg commented: "We are
  gratified by the support of our existing and new
  investors."
  "We believe that this latest fund
  
  Read more

• Anbang buys Allianz South Korean life business

  07-04-2016 04:52
  China-headquartered Anbang Insurance Group has acquired two of
  Allianz's South Korean insurance businesses for an undisclosed
  sum.
  In a statement today (6 April), Allianz said it had agreed to
  sell Allianz Life Insurance Korea and Allianz Global Investors
  Korea to Anbang following an extensive review aimed at securing
  long-term growth for its Korean businesses.
  Anbang said the acquisition was consistent with its investment
  strategy, which is focused on globalisation. It added that it was
  committ
  
  Read more

Follow @Insurance_UKnws on Twitter!