Insurance news

• United receives green light for Interboro acquisition

  22-04-2016 20:00
  New York's insurance regulator has given United Insurance
  approval for its proposed acquisition of Long Island-based carrier
  Interboro.
  United announced yesterday (21 April) that the New York State
  Department of Financial Services (NYDFS) had approved the $57mn
  deal.
  The transaction is now expected to close by the end of next
  month.
  The Insurance Insider revealed last
  year that the East Coast-focused US personal lines insurer had been
  placed up for sale as its backers looked to exit their stakes
  
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• Allied World not for sale: Carmilani

  22-04-2016 20:00
  Allied World chairman and CEO Scott Carmilani has reassured
  shareholders that the company is not for sale, despite a low
  price-to-book ratio.
  The executive firmly told investors that he was not considering
  selling Allied World when speaking on the carrier's first
  quarter earnings call.
  He made the statement in response to a question from Macquarie
  analyst Amit Kumar.
  "When you look at the stock price and you look at the book
  value, obviously you're an outlier, if you look at...
  
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• Invest in the young to invest in the future

  22-04-2016 17:13
  
  Barry O’Neill, Home & Legacy managing director, on the benefits of young people in the workplace.
  
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• Ex-Rugby player appointed head of ProSports

  22-04-2016 16:20
  
  An ex-Rugby player has been appointed head of a professional sports insurer.
  
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• Covent Bridge in talks to make trio of acquisitions

  22-04-2016 16:18
  
  Investigation firm Covent Bridge Group is in discussions to make three acquisitions as it looks to expand its UK and European footprint.
  
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• Drones and Vnuk in the news; David Marock interviewed

  22-04-2016 16:02
  Important news and exclusive content from Insurance Post over the past week
  
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• Insurance Times scoops award at CII Public Interest Awards 2016

  22-04-2016 15:53
  
  Insurance Times Fraud Charter won The Best Campaign in the Public Interest – Press award at the CII Public Interest Awards last night. 
  
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• WR Berkley expects $15.6mn Q1 cat loss

  22-04-2016 15:37
  WR Berkley is expecting to absorb catastrophe losses of $15.6mn
  from the first quarter, the firm announced yesterday (21
  April).
  The US insurer said the figure was in line with historical first
  quarter losses. In the first quarter of 2015, WR Berkley reported
  $14.5mn of catastrophe losses.
  The carrier is due to report its Q1 results on 26 April.
  The announcement comes after a handful of US carriers have
  already disclosed Q1 cat losses following severe hailstorms in
  Texas earlier...
  
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• Underlying reinsurance RoE only 3.4%: Willis Re

  22-04-2016 15:37
  Capital oversupply and market pressures have begun to diminish
  return on equity (RoE), Willis Re has warned.
  In its Reinsurance Market Report, released today (22 April), the
  broker noted that aggregate reported RoE remained seemingly
  resilient at 10.2 percent - down 1.3 percentage points on last
  year's figure.
  However, a more typical catastrophe loss year and the exclusion
  of prior-year reserve releases would reduce aggregate RoE to around
  3.4 percent.
  The report is based on an index made up of.
  
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• Scor grows 4.7% at April renewals

  22-04-2016 15:37
  Scor Global P&C increased gross written premium (GWP) by 4.7
  percent at the 1 April renewals to EUR440mn, it announced today (22
  April).
  Premiums renewing on or around 1 April account for 10 percent of
  Scor's annual total renewable income, with the main renewing
  markets being Japan, India and the US.
  Scor said pricing at the April renewals was "nearly
  flat" overall for its P&C division, despite pressure being
  recorded on non-proportional accounts.
  In Japan, renewed premiums increased by
  
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• Hiscox appoints Hussain as group CFO

  22-04-2016 15:37
  London-listed carrier Hiscox has appointed Hamayou Akbar (Aki)
  Hussain as its group CFO, the company announced today (22
  April).
  He joins the company from UK carrier Prudential, where he spent
  seven years, most recently as CFO.
  Hussain replaces interim CFO John Worth.
  Prior to joining Prudential, Hussain worked in a variety of
  roles across the financial services, telecommunications and media
  sectors, including stints as finance director for Lloyds Bank's
  consumer bank division and the consumer d
  
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• Gard appoints London managing director

  22-04-2016 15:37
  Norwegian marine protection and indemnity (P&I) club Gard has
  appointed Thomas Nordberg as managing director of its London
  office, the company announced today (22 April).
  He replaces André Kroneberg, who has moved to become the
  club's chief underwriting officer in Asia.
  Nordberg has served in a variety of roles at Gard since joining
  in 1997, most recently as vice president of underwriting management
  at its headquarters in Arendal, Norway. Prior to this he was the
  managing director of
  
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• Everest Re launches credit and political risk unit

  22-04-2016 15:37
  Everest Re has launched a credit and political risk unit to expand
  its Everest Insurance platform, the company announced today (22
  April).
  The unit will offer direct cover for a range of credit and
  political risks for banks, corporations, exporters, contractors and
  infrastructure developments.
  The Bermudian has hired Jim Thomas, Zurich's former global
  credit and political risk head, to lead the unit, which will come
  under the umbrella of the Everest Specialty Underwriters
  segment.
  Prior to joini
  
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• Brightside names ex-rugby player as head of ProSport business

  22-04-2016 13:40
  
  Brightside has hired ex-rugby player Guy Horchover as head of ProSport, a subsidiary of the broker that places insurance for professional and amateur sports people.
  
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• Blog: Customer service lessons from Desmond & Eva

  22-04-2016 12:30
  
  Trying to connect storms Desmond, Eva & Frank to a Slovenian tractor accident and to motor damage claims between two UK insurers beginning with the letter ‘A' sounds more or less impossible.
  
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• Quiz of the week – 22 April

  22-04-2016 12:23
  
  Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
  
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• PIB completes Fish and Cooke & Mason deals

  22-04-2016 12:12
  
  PIB Insurance Brokers has completed its previously-announced acquisitions of commercial broker Cooke & Mason and specialist personal lines broker Fish Insurance.
  
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• Covéa Insurance names Carol Geldard as personal lines director

  22-04-2016 11:55
  
  Covéa Insurance has appointed Carol Geldard, pictured, to the newly-created role of personal lines director, effective from 1 June.
  
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• Quizzical questions: 22 April 2016

  22-04-2016 11:52
  
  Test your knowledge of the week’s events in our topical news quiz.
  
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• Broking Break: Reputation – the invisible risk

  22-04-2016 11:27
  
  Ian Gardner, partner at insurance advisers Moore Stephens, outlines five key things brokers need to know.
  
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• Covéa’s Carol Geldard promoted to personal lines director

  22-04-2016 11:12
  
  Covéa Insurance retail distribution director Carol Geldard (pictured) has been promoted to personal lines director.
  
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• MVP invests in Kingsway

  22-04-2016 10:30
  
  Cullum-backed Minority Venture Partners takes stake in niche commercial broker.
  
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• RSA plans to halve redundancy payouts for staff

  22-04-2016 10:14 via insuranceage.co.uk
  Proposal affects staff employed before April 2013.
  
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• Cullum's MVP takes stake in broker Kingsway

  22-04-2016 10:01
  
  Peter Cullum-backed investment vehicle Minority Venture Partners (MVP) has bought a stake in commercial insurance broker Kingsway Insurance Services.
  
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• Research: State of the Young Insurer Nation Part 3: Relationships

  22-04-2016 10:00
  
  In the third section of the research, Michèle Bacchus asks 52 young insurer employees about the relationships the insurance industry has with the government and the general public
  
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• Regional review: Mersey upbeat

  22-04-2016 10:00 via insuranceage.co.uk
  
  Despite the lack of insurer offices and recruitment difficulties, brokers in Liverpool are positive about the local market and the North West in general
  
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• Hiscox poaches UK finance chief from Pru

  22-04-2016 09:59
  
  Hiscox has landed a recruitment coup by poaching Prudential’s UK and European financial officer.
  
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• Hiscox Group adds Prudential’s Aki Hussain as group CFO

  22-04-2016 09:27
  
  Chief financial officer of Prudential’s UK and Europe division, Hamayou Akbar (Aki) Hussain, will join Hiscox as its group CFO in the second half of 2016.
  
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• Ex-manager to get £45,942 from broker for unfair dismissal

  22-04-2016 08:30
  
  A broker has won an unfair constructive dismissal case against her former employer Abbey Insurance Brokers.
  
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• Travelers leads P&C shares down

  22-04-2016 04:48
  Travelers led a slew of P&C stocks down in trading today (21
  April) as investors reacted negatively to an earnings miss driven
  by higher cat losses and slowing reserve releases.
  They were also disappointed by lower-than-expected share
  buybacks and pricing in the US carrier's core business
  insurance book that turned negative.
  The giant insurer saw shares close down 6.05 percent in New York
  at $108.79 after it revealed a 15.6 percent reduction in operating
  income for Q1 which at $2.33...
  
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• Insurance improves but reinsurance deteriorates at Aspen

  22-04-2016 04:48
  First quarter operating profits at Aspen were 8 percent lower at
  $89.9mn as improved underwriting performance in the carrier's
  expansive insurance arm was offset by deterioration in its
  reinsurance business.
  Gross written premiums (GWP) in the insurance segment increased
  by more than 5 percent year-on-year to $458.1mn. And the combined
  ratio improved by 1.5 percentage points to 92 percent.
  Underwriting income generated by the division was $30.5mn in the
  first quarter of 2016, up from $22.4mn dur
  
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