Insurance news

• Willis Bermuda expands with Allied World hire

  25-04-2016 20:53
  Willis Towers Watson has continued to build out its Bermuda
  presence with the hire of professional lines expert Trevor Ferguson
  from (re)insurer Allied World, The Insurance
  Insider can reveal.
  Ferguson already has experience in both broking and
  underwriting, most recently working as senior vice president for
  professional lines at Allied World on the island.
  The move reunites the executive with Willis Bermuda chairman
  Paul Scope, who hired Ferguson from an earlier stint at Allied
  World to join hi
  
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• Twia may reduce 2016 reinsurance placement

  25-04-2016 20:53
  The Texas Windstorm Association (Twia) may look to reduce its
  traditional reinsurance placement for 2016 after its reserve funds
  grew over the past year.
  A Twia committee proposed last week that the organisation
  maintain its reinsurance cover at $2.2bn for 2016, including $1.1bn
  of multi-year cat bond cover bought in previous years.
  This implies that it will seek $1.1bn of reinsurance limit for
  2016-17, down from $1.2bn of one-year aggregate limit placed in
  2015.This year, Twia expects to lift..
  
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• Teachers' sells $300mn+ ANV for $219mn

  25-04-2016 20:53
  Ontario Teachers' Pension Plan has cashed out its investment
  in ANV for $218.7mn, landing it with a significant loss on its
  four-year investment, The Insurance
  Insider understands.
  Sources told this publication that Teachers' total effective
  investment in ANV since it bought the company in 2012 amounted to
  more than $300mn.
  Allowing for an estimated $10mn of unreported
  profits for 2016, this suggests that Teachers' will walk away
  with just $230mn of that sum intact.
  ANV had effective tangible bo
  
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• Ruschlikon group to cooperate with LMG

  25-04-2016 20:53
  Global (re)insurer and broker accounting and settlement group
  Ruschlikon has formally started work on the London Market Group
  (LMG)'s Target Operating Model (Tom) programme, it announced on
  20 April.The group, which aims to improve administrative costs and client
  services with the Ruschlikon initiative, said that its two areas of
  focus would be working with the Central Services Refresh Programme
  (CSRP) and with the development of Acord standard placing messages.The group explained that the Acord
  
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• Q1 results season takes first victim

  25-04-2016 20:53
  The first quarter results season inflicted its first
  hit last week, as Travelers saw its share price
  decrease by 4.6 percent to $110.84 after reporting earnings that
  fell short of market expectations.Nevertheless, Novae was last week's biggest
  faller, closing at 816 pence - a 6.4 percent weekly drop. The
  carrier's stock fell 5.8 percent to 799 pence in a single day
  after it went ex-dividend on Wednesday (20 April).Floridian insurance group HCI was the second
  biggest faller, closing...
  
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• ProSight accuses MGA over underwriting

  25-04-2016 20:53
  ProSight is suing Rod Fox-backed V3 Insurance Partners after the US
  managing general agent (MGA) allegedly bound "substandard
  risks" on the insurer's behalf and "negligently"
  ignored underwriting guidelines.
  V3 allegedly wrote more than 175 towing risks on behalf of
  ProSight's subsidiary New York Marine and General Insurance
  Company before the agreement was terminated in April last year.
  But now ProSight has accused its former underwriting partner of
  exposing it to millions of dollars of claims
  
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• Peter Hearn denies owing Willis Re $2.8mn

  25-04-2016 20:53
  Former Willis Re chairman Peter Hearn has denied claims that he
  owes the reinsurance broker $2.8mn after resigning unexpectedly
  last year.
  After he and his brother David handed in their resignations,
  Willis Re sued them in a bid to recoup some of the money they had
  been paid in performance-related bonuses.
  The reinsurance broker is suing Peter for $2.8mn, alleging that
  despite "repeated demands" he had failed to pay back any
  of the money that the broker claimed it was...
  
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• Mark Watkins dies aged 64

  25-04-2016 20:53
  Mark Watkins, group CEO of the Munich Re Syndicate, has died at the
  age of 64.Watkins was part of the original team that set up Syndicate 457
  for the 1978 underwriting year, working as deputy to Ken Horton
  after the pair left Sphere Drake to start the new business.Known in the market as a thoughtful underwriter who could be a
  challenge for brokers, Watkins eventually took over as active
  underwriter in 1989 following Horton's retirement, and held the...
  
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• Late claims payment damages could be reinsured: BLP

  25-04-2016 20:53
  Insurers may potentially be able to collect damages from their
  reinsurers for late payment of claims under the incoming UK
  Enterprise Bill, according to law firm Berwin Leighton Paisner
  (BLP).The bill, which passed through the two UK Houses of Parliament
  last week (20 April), contains a late payment of claims clause,
  meaning (re)insurers must also pay damages for any financial
  suffering caused as a result of a delayed payment.The legislation is now expected to become effective in May...
  
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• Keegan leaves JLT Re for Aon Benfield

  25-04-2016 20:53
  Aviation reinsurance broker Barry Keegan is set to leave JLT Re for
  Aon Benfield, The Insurance Insider can
  reveal.
  Sources told this publication that Keegan had resigned from his
  current employer and would join the world's biggest reinsurance
  broker after seeing out his contractual notice period.
  Bringing on board the producing broker is the latest sign that
  Aon Benfield is investing in building up its aviation capabilities
  following the high-profile hire of Russell Nevard from Willis Re in
  Nov
  
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• Hiscox Re's Smith to return to London

  25-04-2016 20:53
  Hiscox Re is looking for a new director of underwriting in Bermuda
  to replace Damien Smith, who is leaving the island to return to
  London, The Insurance Insider
  understands.
  Smith moved to Bermuda to take up the role in 2011, leaving his
  previous position as head of non-marine treaty for Syndicate 33 in
  London.
  It is understood Smith never intended to stay in Bermuda for
  more than five years, but his moving date and new role at Hiscox in
  London...
  
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• Four vie for Florida insurance commissioner job

  25-04-2016 20:53
  Two more candidates have been added to the list of those
  applying to replace the outgoing Florida insurance commissioner
  Kevin McCarty.The Palm Beach Post reported that Belinda Miller, current chief
  of staff and former general counsel at the Florida Office of
  Insurance Regulation, and Raymond Blacklidge, executive vice
  president and general counsel for American Traditions Insurance
  company, were asked to put themselves forward by the state's
  chief financial officer Jeff Atwater.Miller and Blackl
  
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• Congress proposes bill for federal catastrophe reinsurer

  25-04-2016 20:53
  A bill to establish a programme that will provide reinsurance
  for state natural catastrophe insurance programmes has been
  introduced in the US House of Representatives.Introduced by Congressman David Jolly, Representative for
  Florida's 13th congressional district, the Natural Disaster
  Reinsurance Act of 2016 aims to help the US to better prepare for
  and protect citizens against natural catastrophes.According to its Congress listing, the programme intends to
  encourage and promote mitigation and p
  
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• Chubb tests ILS market appetite

  25-04-2016 20:53
  Chubb sought to raise cover from insurance-linked securities
  (ILS) investors in its first reinsurance renewal after the
  amalgamation with Ace, sources told sister publication Trading
  Risk.Willis Capital Markets & Advisory (WCMA) has been marketing
  two Resilience Re transactions to ILS investors in the past month,
  one for Chubb and another for the California Earthquake Authority
  (CEA).
  WCMA completed a new $85mn Resilience Re issuance in April,
  although it is not known which of the two cedant
  
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• BCAR changes could weigh against ILS markets

  25-04-2016 20:53
  Willis Capital Markets & Advisory (WCMA) has suggested that
  upcoming changes to AM Best's Capital Adequacy Ratio (BCAR)
  methodology could penalise insurance-linked securities (ILS)
  markets over rated carriers.
  The revisions to BCAR - which forms a critical part of the
  ratings process - are expected to be implemented in the first
  quarter of 2017.
  The ratings agency will recognise cat risk as a separate
  category that a carrier's capital must be able to absorb, so
  that it can no longer...
  
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• AIG duo join RSG for marine venture

  25-04-2016 20:53
  Ryan Specialty Group (RSG) has hired a brace of underwriting
  executives from American International Group (AIG) to lead its new
  specialty marine underwriting manager Safe Waters.
  Jorge Pecci, AIG marine regional executive for the Americas, has
  joined the company as president and CEO.
  Ray Stahl, most recently senior vice president, global
  recreational marine practice at AIG, becomes senior vice president
  to head the yacht practice.
  Safe Waters will initially have locations in Florida and New
  Jers
  
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• CMCs could be hit as crackdown continues on nuisance calls

  25-04-2016 18:40
  
  Direct marketing firms will have to display phone numbers from May under new regulation, with the aim to cut down unsolicited nuisance calls from groups including claims management companies.
  
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• Insurers ‘most at risk from credit shocks’

  25-04-2016 18:04
  
  Insurers could lose up to 17% of their own funds if there was a credit shock, according to results of a wide-ranging stress test of the market.
  
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• Compass MBO plans confirmed

  25-04-2016 17:49
  
  Management buyout on the cards as Compass is in active talks with “wholly supportive” Arthur J Gallagher.
  
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• IDC 2016: British Gas’s Hive can cut claims 25% and up renewals 15%

  25-04-2016 17:34
  
  British Gas’s Hive smart device can cut home insurance claims by 25% and boost renewals by 15%, according to director of connected homes at British Gas, Kassir Hussain.
  
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• R&Q shares up 16% on 2015 results

  25-04-2016 17:28
  Randall & Quilter (R&Q)'s shares surged more than 16
  percent today (25 April) after the legacy-to-live insurance
  services firm returned to profit in full-year 2015.
  R&Qreported a pre-tax profit of £2.8mn ($4mn), turning round
  the previous year's £1.6mn loss.
  As of 1352 BST, R&Q shares were up 16.3 percent, at 107p per
  share.
  Following the results, but before the market opened, analyst
  Eamonn Flanagan at house broker Shore Capital forecast a circa
  £7.5mn profit a
  
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• Charles Taylor to launch tech business

  25-04-2016 17:28
  Insurance services firm Charles Taylor is preparing to launch
  InsureTech, a technology business aimed at insurers and brokers in
  the London market, The Insurance Insider
  can reveal.
  The standalone business will compete with existing large
  technology consultants and providers, such as IBM, Capita and
  Xchanging, to provide London market participants with services
  including big data management, management information and
  analytics.
  The plans for the launch have been underway for almost a year,
  with
  
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• Union 'strongly oppose' proposed changes to RSA redundancy pay

  25-04-2016 17:24
  
  Union bosses have hit out against proposed changes to redundancy terms for long-term staff at RSA.
  
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• ID 2016: Space a big insurance opportunity – Virgin visionary

  25-04-2016 17:01
  
  Insuring spacecraft and objects in space is going to become big business and a huge opportunity for insurers, says former Virgin Galactic President Will Whitehorn.
  
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• GI firms pass stress test

  25-04-2016 16:49 via insuranceage.co.uk
  
  PRA writes to general insurance CEOs with results of stress testing in run up to Solvency II and firms are described as “resilient”.
  
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• R&Q to dispose of more businesses in 2016, focuses on cost-management

  25-04-2016 16:12
  Randall and Quilter will look to dispose of more businesses this year as part of a simplification of the firm’s business model.
  
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• Novae adds crisis management underwriter

  25-04-2016 14:18
  Lloyd's carrier Novae has appointed Kieron Russell as senior
  class underwriter for crisis management, the company announced
  today (25 April).
  He will be based in London and will report to Richard Lamb, the
  head of Novae's political and credit unit.
  Russell joins Novae from Tokio Marine Kiln (TMK), where he spent
  six years as an underwriter in the company's enterprise risks
  division.
  Prior to joining TMK he was a senior vice president at Paragon
  International Insurance Brokers. He has also...
  
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• LMG names Aubert as chairman

  25-04-2016 14:18
  The London Market Group (LMG) has appointed Nicolas Aubert, head
  of Great Britain at Willis Towers Watson, as chairman, it announced
  today (25 April).
  Aubert will succeed Steve Hearn, CEO of Cooper Gay Swett &
  Crawford, who has held the role for two years.
  Prior to joining Willis, Aubert served as the chief operating
  officer of American International Group (AIG) in Europe, the Middle
  East and Africa. He was also formerly the managing director of AIG
  in the UK.
  Aubert...
  
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• Asta appoints CRO and CIO

  25-04-2016 14:18
  Lloyd's managing agent Asta has appointed Clare Barley as chief
  risk officer (CRO) and Matthew Lane as chief information officer,
  the company announced today (25 April).
  Barley will report to Asta CEO Julian Tighe while Lane will
  report to Asta's chief operating officer Lorraine Harfitt.
  Both appointments are internal promotions. Barley was formerly
  the company's deputy CRO, and previously served as a risk
  manager.
  Prior to joining Asta in 2014, she was an actuarial consultant
  at law firm Lane C
  
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• Virtual reality offering on trial for telematics-backed claims

  25-04-2016 14:12
  
  Telematics firm Scope Technologies will offer a 4D recreation of accidents using telematics data, a move it says would cut claims times.
  
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• Admiral boss Engelhardt and ex-Saga De Haan brothers top rich list for insurers

  25-04-2016 12:46
  
  The Sunday Times' Rich List has placed departing Admiral CEO Henry Engelhardt at 164 in its annual rankings, equal to BGL founder Douw Steyn but behind the De Haan brothers, Sir Roger and Peter.
  
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• PIB Insurance Brokers opens in Leeds

  25-04-2016 12:37
  
  Leeds office, which will focus on professional indemnity, will be led by Michael Eardley.
  
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• Bexhill UK launches peer to peer lending platform

  25-04-2016 12:33
  
  Orchard Lending Club focuses on the insurance premium finance market and matches brokers with people who want to lend money.
  
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• Euler Hermes to cancel trade credit cover for Tata Steel firms in UK

  25-04-2016 12:12
  
  Allianz-owned Euler Hermes will end its trade credit insurance cover for all Tata’s UK steel firms this week, Post understands.
  
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• Euler Hermes to cancel trade credit cover for Tata Steel firms in Europe

  25-04-2016 12:12
  
  Allianz-owned Euler Hermes will end its trade credit insurance cover for all Tata’s European steel firms this week, Post understands.
  
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• TMK hires brace of underwriters

  25-04-2016 11:09
  Tokio Marine Kiln (TMK) has appointed two senior underwriters to
  its product recall and property teams, the company announced today
  (25 April).
  Mike Crabtree joins the product recall team in London, while Tom
  Yarrow has been appointed as property underwriter in TMK's
  Singapore office.
  Crabtree was previously a senior product recall underwriter at
  American International Group, which he joined in 2009 after 19
  years at Zurich. He will report to Peter Merton, active underwriter
  for marine and enter
  
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• Stubbings takes helm at GC Bermuda

  25-04-2016 11:09
  Guy Carpenter has promoted Peter Stubbings to CEO of its Bermuda
  operations, the broker announced today (25 April).
  Previously chairman of the Bermuda office, Stubbings will now be
  responsible for both the retrocession and international reinsurance
  treaty practices.
  He will also oversee new business development and the
  wholesaling of the firm's US business into the Bermuda market.
  Stubbings will continue to report to Kevin Fisher, CEO of global
  specialties.
  In addition, Richard Keegan is to join
  
  Read more

• R&Q returns to profit in 2015

  25-04-2016 11:09
  Legacy-to-live insurance services provider Randall and Quilter
  (R&Q) has reported a pre-tax profit of £2.8mn ($4mn) for
  the full-year 2015, marking a turnaround from the previous
  year's £1.6mn loss.
  The improved result was driven by a strong contribution from
  legacy acquisitions, including the transfer of Liverpool &
  London Steamship Protection & Indemnity Association, the
  largest Part VII transfer the group has completed to date.
  Syndicate run-off results were stronger t
  
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• Harrington Re targeting $850mn capital raise

  25-04-2016 11:09
  Harrington Re, the total return reinsurance start-up sponsored
  by Axis and Blackstone, will look to raise up to $850mn of capital
  ahead of a July launch, The Insurance
  Insider can reveal.
  Last week this publication broke the news that the long-delayed
  Bermuda-domiciled start-up had launched its fundraise.
  Now, The Insurance Insider can report
  details of the start-up based on the confidential fundraising
  prospectus.
  According to the document, marked "trade secret",
  Harrington Re will differ from
  
  Read more

• Fitch: Japanese insurers to see limited impact from quakes

  25-04-2016 11:09
  The series of earthquakes that struck the prefecture of Kumamoto
  earlier this month should have a limited impact on Japanese
  non-life insurers, according to Fitch Ratings.
  Widespread damage was caused by the two foreshocks on 14 April
  and the magnitude 7.3 main quake on 16 April, however Japanese
  commercial earthquake risk is still under-insured, the rating
  agency said.
  Commercial insurance penetration in Japan was 0.8 percent of GDP
  in 2014, compared with 1.6 percent in the US and 1.2 percent..
  
  Read more

• Innovation & Disruption 2016: live updates

  25-04-2016 10:52
  
  The Insurance Times editorial team gives you a rolling update of events as they happen from The Crystal in LondonThe The
  
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• SME reputation product launched

  25-04-2016 10:44
  
  RiskEye product will be available to brokers and underwritten by AIG from 1 May.
  
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• Markham launches “super-basement” renovation product

  25-04-2016 10:44
  
  Wholesale broker offering CPD training to partners.
  
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• Compass plotting MBO from Gallagher

  25-04-2016 10:42
  
  Broker network Compass is in talks with owner Arthur J Gallagher about a management buyout to create an independently-owned network, Insurance Times can reveal.
  
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• PIB opens Leeds office and hires three

  25-04-2016 10:38
  
  Broking group PIB has opened a new office in Leeds as part of its expansion plans.
  
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• Newbie news: Taking the plunge

  25-04-2016 10:30
  
  Eddie Ferrao and Tony Gutteridge, founders of Langton London Insurance Brokers which specialises in non-standard motor, schemes and specialist cover, talk about setting up a new business
  
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• R&Q returns to full-year profit in 2015

  25-04-2016 10:12
  
  Run-off buyer Randall & Quilter (R&Q) made a profit before tax of £2.8m in 2015 compared with a loss of £1.6m in 2014.
  
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• Legal: What fixed fees won't fix

  25-04-2016 10:10
  While whiplash reform has grabbed all the headlines of late, potential changes to the recoverability of legal costs in personal injury claims could be just as significant for the industry
  
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• R&Q jumps to profit following strong legacy acquisitions contribution

  25-04-2016 09:56
  
  Randall & Quilter reported a rise in pre-tax profit to £2.8m in 2015, from a loss of £1.6m the previous year.
  
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• #Insagepeople: 25 April - 1 May 2016

  25-04-2016 09:12
  
  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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