Insurance news

• Xchanging targets secondary trades

  18-04-2016 20:51
  Xchanging said it hoped secondary "trades" of
  reinsurance contracts would become an integral facility of its
  X-gRm platform after reinsurance broker TigerRisk announced it had
  completed the first such transaction.TigerRisk said the transaction related to the last year of a
  three-year reinsurance contract.Private reinsurance transactions are not tradeable securities,
  so the original carrier remains the risk bearer. However, it has
  transferred part of its position to another underwriter -
  effectiv
  
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• US market scrambles for cyber solution

  18-04-2016 20:51
  The great debate over coverage for cyber exposures beyond the
  core network security and privacy product continued in earnest at
  the Rims annual conference last week, with little sign of
  resolution.
  Buyers have become increasingly aware of the potential for cyber
  events to cause physical damage to property, as well as business
  interruption and a host of third party-liability exposures.
  Marsh managing director Bob Parisi told The
  Insurance Insider: "We are seeing a very heated
  debate emerge around
  
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• Trust Risk CEO denies AmTrust bribery accusations

  18-04-2016 20:51
  Antonio Somma, the CEO of Italian broker Trust Risk, today (18
  April) denied all allegations against him and his company, claiming
  he has "nothing to fear" after AmTrust made bribery
  accusations in a US court filing earlier this month.
  In court documents filed at a New York court on 4 April, AmTrust
  claimed Somma attempted to defraud the US insurer out of "not
  less" than hundreds of millions of dollars by bringing its
  European division into arbitrations that the CEO...
  
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• Swiss Re closing in on Brazilian JV

  18-04-2016 20:51
  Swiss Re is nearing a deal with Brazilian insurer Bradesco Seguros
  to create a large risks joint venture, according to local media
  reports.
  Brazilian daily Valor Econômico reported on Friday
  (15 April) that both companies had signed a pre-contract, with a
  formal announcement expected next month.
  Under the joint venture, which is valued at around 750mn reais
  ($213mn), Bradesco will transfer its large risks portfolio to Swiss
  Re, which will then place it in a separate company, according to
  t
  
  Read more

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• Sompo Canopius exits food and drink recall

  18-04-2016 20:51
  Sompo Canopius has withdrawn from the food and beverage product
  recall market globally, The Insurance
  Insider understands.
  The carrier will still maintain a position in the automotive
  product recall insurance market, sources told this publication.
  The food and beverage product recall market is entering what
  some sources have described as a "perfect storm", as new
  entrants have flooded the space with capacity in their search for
  diversification.
  Increased competition has led to broader coverage,
  
  Read more

• RenRe buys into northeast insurer Kingstone

  18-04-2016 20:51
  RenaissanceRe has bought into expansive northeast US insurer
  Kingstone Companies in a private placement.
  In a statement, the Kingston, New York-based property and
  casualty carrier said new common shares were sold to the Bermudian
  reinsurer for $8.40 per share.
  The net proceeds of $4.85mn will be used to support the
  continued growth of its subsidiary, Kingstone Insurance Company,
  and for general corporate purposes.
  Kingstone Companies chairman and CEO Barry Goldstein commented:
  "We are pleased to
  
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• M&A inversion deals now off the table for carriers

  18-04-2016 20:51
  New anti-inversion tax rules have removed the possibility for
  insurers to move offshore in M&A deals.Earlier this month, the US Treasury proposed new rules o
  The new rules: a rundown of key parts• "Skinny-Down" rule: This is intended to
  prevent a US corporation from reducing its size prior to the
  inversion by making extraordinary dividends in order to reduce the
  ownership fraction of its former shareholders. This rule applies to
  dividends and stock buybacks
  • Third-country transact
  
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• La Niña transition key for hurricane outlook

  18-04-2016 20:51
  Hurricane forecasters are split on the outlook for the 2016
  season amid uncertainty over a potential transition to a La
  Niña weather pattern.The US National Oceanic and Atmospheric
  Administration last week (14 April) said that the current El
  Niño pattern - one of the strongest to occur since 1950 -
  should continue to weaken, with a transition to neutral conditions
  likely during the late spring or early summer.The agency predicted an increasing chance of La Niña
  conditions du
  
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• Kumamoto quake raises prospect of BI losses

  18-04-2016 20:51
  The 7.0 magnitude earthquake that struck the Kumamoto prefecture
  of Japan in the early hours of Saturday morning (16 April) local
  time has forced the closure of factories belonging to Toyota,
  Honda, Mitsubishi and Sony.
  AIR Worldwide noted that the prefecture is home to almost 25
  percent of Japan's semiconductor production, as well as
  automobile, steel and ship manufacturers.
  "The quake could cause business interruption losses and
  further impact supply chains, but that has yet to be seen,"
  the f
  
  Read more

• High Zurich NA client retention in 2016: Horgan

  18-04-2016 20:51
  Account retention in Zurich's global corporate business in
  North America has remained high in 2016, despite the
  well-publicised challenges facing the insurer, according to unit
  CEO Paul Horgan.
  Horgan told The Insurance Insider that
  after exiting its troubled trucking and machinery breakdown books,
  it had been "business as usual" for the operation.
  "We've addressed the volatility through buying some
  reinsurance covers on the back end, but other than those two small
  portfolios we are really in th
  
  Read more

• Cyber should be written as QS: Kuhn

  18-04-2016 20:51
  As the industry tries to develop cyber solutions that respond to
  buyers' broader needs, carriers are continuing to grapple with
  the fast-changing exposures to the peril.
  "There is a deep concern on understanding and quantifying
  the exposure because it is not something that is static. It is so
  fluid with how the attacks are changing and how the targets are
  conducting their business, the methods they use and how they deploy
  them," Endurance global insurance CEO Jack Kuhn told
  The...
  
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• China Minsheng closes $2.59bn Sirius acquisition

  18-04-2016 20:51
  China Minsheng Investment (CMI) has closed its acquisition of
  White Mountains' reinsurance arm Sirius, with the final
  purchase price set at $2.59bn, the seller said today (18
  April).
  The Chinese conglomerate agreed to acquire the reinsurer in July
  last year in an all-cash deal valuing the business at 1.27x
  tangible common shareholder equity plus $10mn.
  Based on year-end 2014, this was equivalent to $2.24bn, with the
  increase in purchase price reflecting the book value growth.
  White Mountains sai
  
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• Carrier upheaval creates opportunities: Rims

  18-04-2016 20:51
  Upheaval at some of the biggest players in the P&C industry
  has created opportunities for carriers and brokers as some
  programmes are re-marketed for the first time in years.
  The mood at the Rims conference in San Diego last week reflected
  optimism on two fronts for insurers, with stability beginning to
  return to US commercial insurance pricing and new business becoming
  available as carriers retrench and a legion of underwriters move
  around the market.
  Indeed, the changing face of American..
  
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• Brillante Virtuoso owner avoided London over arrest fears

  18-04-2016 20:51
  A Greek ship-owner accused by insurers of scuttling his own
  vessel in a $100mn case avoided travelling to London because of
  fears he would be arrested by police, his lawyer told a court on
  Friday (15 April).After months of legal wrangling, Marios Iliopoulos appeared to
  give evidence to the UK Commercial Court in a case his former
  company brought against its insurers after they refused to pay out
  for the loss of the Brillante Virtuoso.But on Tuesday (12...
  
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• Barbican and Credit Suisse continue quota share for 2016

  18-04-2016 20:51
  Barbican will continue to cede a 15.4 percent whole-account
  quota share to Credit Suisse Asset Management in 2016 through the
  fund manager's new Arcus Syndicate.Arcus is expected to write £90mn ($128mn) of gross premium
  this year, and Barbican said that it will cede £44.6mn of
  premium to the new syndicate in 2016.The quota share formed the basis of Barbican's special
  purpose syndicate (SPS) 6120 in 2015.
  The SPS made an £80,000 loss in its first year, as its...
  
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• AmTrust dealt blow in latest Trust Risk hearing

  18-04-2016 20:51
  A UK High Court judge has thrown out an application made by
  AmTrust Europe for EUR32mn ($36mn) to be reinstated into a neutral
  trust fund, as the insurer battles its former Italian medical
  malpractice broker for ownership of the funds.The EUR32mn relates to the amount of premiums AmTrust claimed
  Trust Risk had withheld from the insurer after the acrimonious
  breakdown of their exclusive distribution agreement in 2014.In December 2014, Mr Justice Blair issued a court order
  instructing Trust...
  
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• AIG PI aggregation case sent for re-trial

  18-04-2016 20:51
  The UK Court of Appeal has sent a landmark professional
  indemnity (PI) case involving American International Group (AIG)
  back to the Commercial Court for re-trial.AIG had appealed a previous decision made by the Commercial
  Court in August last year, which ruled that the insurer was unable
  to minimise its exposure to a potential £11mn ($16mn) PI claim
  to £3mn.In a judgment made last week (14 April), three Court of Appeal
  judges ruled that the previous decision by Mr...
  
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• Aegis financial director departs

  18-04-2016 20:51
  Aegis London's finance director James Halley is leaving the
  company, with two other senior members of staff resigning last
  week, The Insurance Insider can
  reveal.
  He is understood to have no alternative role arranged at
  present, and will take a sabbatical from the industry to
  circumnavigate the globe by motorbike.
  Halley served as finance director at Aegis London for five years
  from May 2011, prior to which he co-founded a UK chain of high
  street retail bookmakers named Metrobet, for...
  
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• Martyn Denney and Elizabeth Mills leave Marsh

  18-04-2016 18:09
  
  Network bosses depart after six years with the business.
  
  Read more

• Aon fine art director joins Alliant

  18-04-2016 16:34
  Aon global fine art practice director Sarah Johnson Court has left
  to join Alliant, it was announced today (18 April).
  Johnson Court leaves the big-three broker after almost five
  years to take up the role of vice president within the Alliant
  specialty division.
  The fine art specialist has experience working with
  high-net-worth individuals, celebrities and athletes to insure
  homes, yachts, wine collections, private planes and other
  high-value items.
  Johnson Court also offers consulting and expert
  
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• TigerRisk adds ILS structurer to capital markets team

  18-04-2016 14:31
  TigerRisk has added an insurance-linked securities (ILS)
  structurer to its capital markets team as it prepares to expand its
  range of capabilities in the alternative reinsurance segment.
  The broker has recruited former Swiss Re Capital Markets ILS
  structurer Philipp Kusche as partner and global head of ILS and
  capital solutions.
  Kusche will be based in New York, reporting to TigerRisk
  president Tony Ursano.
  At Swiss Re Capital Markets, Kusche was head of ILS structuring
  and origination. He spent
  
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• Jelf publishes final results from before Marsh acquisition

  18-04-2016 14:21
  
  Consolidator posts double digit leaps in revenue and Ebitdae.
  
  Read more

• Aviva claims head points to resistance from “two major players” as subrogation portal targets 70% take up by 2017

  18-04-2016 13:38
  
  Aviva hopes to have two fifths of the UK motor insurance market signed up to use the subrogation portal it launched last year by the summer - and 60-70% by the end of the year.
  
  Read more

• UK insurers given hope over European Commission compromise for “unenforceable” Vnuk ruling

  18-04-2016 13:37
  
  A senior executive from the Motor Insurers’ Bureau has offered the UK insurance market hope that the European Commission will review its response to the Vnuk ruling as it comes to understand the level of unintended consequences the decision might have for member states.
  
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• Windstorm postcode-level analysis tool launched by Emapsite

  18-04-2016 12:46
  
  Emapsite, a data services provider, has launched a perils model allowing insurers to assess windstorm risk by postcode across the UK.
  
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• UK motor rates flat in Q1

  18-04-2016 12:28
  Average UK comprehensive motor rates remained flat during the
  first quarter, according to the latest Confused.com and Willis
  Towers Watson car insurance price index.
  The average comprehensive premium held steady at £671
  ($953) during the first quarter, albeit with some variation in
  price movements between segments.
  The first quarter figures follow annual price rises for
  comprehensive car insurance of 13.2 percent in 2015, and mark the
  first time hardening motor rates have stalled in a year
  
  Read more

• Swiss Re nears Brazilian JV

  18-04-2016 12:28
  Swiss Re is nearing a deal with Brazilian carrier Bradesco
  Seguros to create a large risks joint venture, according to local
  media reports.
  Brazilian daily Valor Econômico reported on Friday
  (15 April) that both companies had signed a pre-contract, with a
  formal announcement expected next month.
  Under the joint venture, which is valued at around 750mn reais
  ($213mn), Bradesco will transfer its large risks portfolio to Swiss
  Re, which will then place it in a separate company, according to
  t
  
  Read more

• Lloyd's signs framework to supervise Dubai business

  18-04-2016 12:28
  The Corporation of Lloyd's has provided details on a
  framework signed by the market to promote cooperation with the
  Dubai Financial Services Authority (DFSA).
  During a visit to mark the first anniversary of the
  Corporation's Dubai platform, Lloyd's chairman John Nelson
  signed the Framework for Cooperation and said that the agreement
  recognised the responsibilities and common interests between
  Lloyd's and the DFSA.
  He also noted that it would ensure that Dubai International
  Financial Centre busin
  
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• CIRC to name local systemically important insurers

  18-04-2016 12:28
  The China Insurance Regulatory Commission (CIRC) will introduce its
  own list of systemically important insurers (SIIs) and issue a
  series of measures to improve supervision, it announced on Friday
  (15 April).
  The CIRC said it was drawing on the international experience
  with SIIs to set up China's own regulatory system.
  It is aiming to raise the capabilities of insurers'
  management and risk handling, while safeguarding the stability of
  the country's insurance industry, it said.
  Asia Insurance Rev
  
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• Chubb Tempest Re appoints marine and energy chief

  18-04-2016 12:28
  Chubb's reinsurance arm Chubb Tempest Re has hired Neil
  Lee-Amies as its head of marine and energy, the company announced
  last week.
  He succeeds William Neave, effective immediately. Neave is
  retiring after 43 years in the London market and will stay until
  the year-end to hand over his responsibilities.
  Lee-Amies will report to Steve Roberts, managing director of
  Chubb Tempest Re's international division.
  He was previously marine and energy excess of loss underwriter
  at legacy Chubb, prior to wh
  
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• Chinese foreign investment increasing risk: Fitch

  18-04-2016 12:28
  Chinese insurance companies' increasing tendency to invest
  overseas could increase levels of risk, according to ratings agency
  Fitch.
  The agency said the trend could affect a range of areas,
  including asset-liability duration and currency mismatches, asset
  concentration risks and execution risks from M&A.
  Fitch said Chinese insurer investments - which are predominantly
  in long-tenured, illiquid asset classes such as property,
  infrastructure and private equity - threatened to create greater
  a
  
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• BI losses possible after second Kumamoto quake

  18-04-2016 12:28
  The 7.0 magnitude earthquake that struck the Kumamoto prefecture
  of Japan in the early hours of Saturday morning (16 April) local
  time has forced the closure of factories belonging to Toyota,
  Honda, Mitsubishi and Sony.
  AIR Worldwide noted that the prefecture is home to almost 25
  percent of Japan's semiconductor production, as well as
  automobile, steel and ship manufacturers.
  "The quake could cause business interruption losses and
  further impact supply chains, but that has yet to be seen,"
  the f
  
  Read more

• Cooper Gay’s Lloyd’s broking chief to step down

  18-04-2016 11:37
  
  Gordon Newman is to step down as chief executive of CGNMB, the Lloyd’s broking unit of Cooper Gay Swett & Crawford (CGSC), on 20 April.
  
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• Bluefin completes four purchases

  18-04-2016 11:16
  
  Consolidator buys in Liverpool and adds to offices in Stockton and Forfar.
  
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• Bluefin buys four regional brokers

  18-04-2016 11:06
  
  Bluefin has acquired four regional brokers since the start of this year.
  
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• FCA SME claims review “sharpened” focus, but was not a major factor in industry response during 2015/16 floods

  18-04-2016 10:39
  
  The insurance industry’s response to the winter flood in terms of SME commercial claims would have been hailed a success, even without the Financial Conduct Authority’s 2015 thematic review into this area.
  
  Read more

• Markel’s expands biomedical and life sciences product

  18-04-2016 10:36
  
  Policy can now cover food supplements and cosmetics.
  
  Read more

• Markel expands biomedical and life sciences product

  18-04-2016 10:36
  
  Policy can now cover food supplements and cosmetics.
  
  Read more

• #Insagepeople: 18 - 24 April 2016

  18-04-2016 10:27
  
  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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• Average comprehensive car insurance prices static in Q1

  18-04-2016 10:19
  
  Trend of flat or falling first quarter premiums continues for fifth year.
  
  Read more

• Motor rates stall in first quarter - Confused.com

  18-04-2016 10:14
  
  The rising cost of motor insurance has stalled for the first time in a year, according to the latest Confused.com Car Insurance Price Index.
  
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• LV partners with Parkwise for park home insurance

  18-04-2016 10:00
  
  Insurer and broker build on caravan partnership launched in 2013.
  
  Read more

• Blog: Taking action against climate change

  18-04-2016 10:00
  
  Insurers have an important role to play in taking on climate change, both in terms of providing protection and as investors
  
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• MAC Group invests in Preston-based Healthcare broker

  18-04-2016 09:55
  
  Isle of Man firm aiming for further acquisitions.
  
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• Law firm DWF takes over insurance lawyers Fox Hartley

  18-04-2016 09:15
  
  Law firm DWF said it is acquiring insurance lawyers Fox Hartley.
  
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• Connected cars vulnerable to hackers 'for a decade'

  18-04-2016 09:01
  
  Connected cars will be vulnerable to hackers for a decade, according to leading tech security expert Eugene Kaspersky.
  
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• Biba sets up new standards committee

  18-04-2016 08:41
  
  Biba and the Insurance Brokers’ Standards Council have set up a new standards committee.
  
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• 'Whiplash' footballer given suspended sentence

  18-04-2016 08:26
  
  A semi-professional footballer who was caught tweeting about playing football 24 hours after making a dishonest insurance claim for whiplash admitted contempt of court.
  
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• Sullivan retires as Chubb's Asia-Pacific chairman

  18-04-2016 07:44
  
  Damien Sullivan has retired as Chubb's Asia-Pacific chairman but will remain with the global insurer as an adviser.
  
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• Chubb signs insurance distribution agreement with major Chinese retailer

  18-04-2016 04:41
  
  Global insurer Chubb has signed an undisclosed long term distribution deal with Chinese retailer Suning.
  
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