Insurance news

• WR Berkley HNW platform aims for 2017 start

  04-05-2016 23:39
  WR Berkley's new high net worth (HNW) unit in the US will
  not be up and running until next year, as the insurer looks to
  build the necessary infrastructure for the personal lines
  business.
  As previously reported, WR Berkley has taken a quartet of senior
  executives from Chubb to build the platform in a bid to take
  advantage of openings in the space created by the insurance
  giant's combination with Ace.
  Last week, the specialty insurer said it had hired...
  
  Read more

• TigerRisk's capital markets arm to trade in ILS

  04-05-2016 23:39
  TigerRisk's capital markets division has received regulatory
  approval to open a secondary trading desk covering a range of
  insurance-linked securities (ILS) products.
  Other brokers typically run industry loss warranty (ILW)
  services from their reinsurance divisions rather than capital
  markets units.
  The firm's newly registered broker-dealer division,
  TigerRisk Capital Markets & Advisory (TCMA), covers cat bonds,
  ILWs and parametric products.
  TigerRisk president Tony Ursano said the availabil
  
  Read more

• Shariah MGA Cobalt exploring Lloyd's start-up

  04-05-2016 23:39
  Capita-backed managing general agent (MGA) Cobalt has started
  internal work on a Lloyd's start-up that could come to fruition
  in 2017 or 2018, The Insurance Insider
  can reveal.
  It is understood that Cobalt, working with Capita's turnkey
  business, has held initial discussions with Lloyd's, which is
  sympathetic in principle to considering its application.
  The Shariah-compliant multi-line MGA is still in the early
  stages of its preparations and could yet decide to drop the project
  without embarking
  
  Read more

• Rolph exits Marsh for Hiscox role

  04-05-2016 23:39
  Matthew Rolph, the current head of placement for specialties at
  Marsh, has handed in his notice to take on a new position at
  Hiscox, The Insurance Insider can
  reveal.
  Rolph will become head of group distribution and broker
  relationships at the carrier, working across its London market
  operation, reinsurance, Hiscox US and its high net worth
  business.
  Steve Quick, the former global head of broker relations, retired
  at the beginning of this year.
  Rolph joined Marsh in 2003, originally as...
  
  Read more

• Advertisement

• Launch of Lloyd's index may be delayed

  04-05-2016 23:39
  An insurance index being developed by Lloyd's is behind
  schedule, the Corporation's chairman John Nelson has said.
  The index, based on loss ratios reported by syndicates, was due
  to be launched in mid-2016.
  But speaking at an Insurance Institute of London lecture in the
  Lloyd's Old Library late last month (28 April), Nelson said its
  development was taking longer than expected.
  "We are working on it very hard at the moment. I will be
  frank - it's taking a bit...
  
  Read more

• Large corporates turn to integrated risk solutions

  04-05-2016 23:39
  Large corporate insurance buyers are increasingly looking to
  alternative risk transfer (ART) such as integrated risk solutions
  to secure coverage for exposures that are difficult to place in the
  traditional insurance market.
  ART solutions provide coverage for challenging risks such as
  product recall, supply chain disruption and erosion of brand value,
  combined with limit for more traditional P&C perils such as
  property, liability, directors' and officers' and
  environmental.
  Deals are either
  
  Read more

• Insurers ordered to pay out on Fifa's $50mn D&O policy

  04-05-2016 23:39
  A US court has ordered five Lloyd's insurers to pay out for a
  claim on Fifa's directors' and officers' (D&O)
  policy.
  Eduardo Li, a former Fifa official and president of the Costa
  Rican football federation, sued the carriers after they refused to
  cover his defence costs under the $50mn policy.
  The dispute follows a corruption scandal that has rocked Fifa
  since it came to light in May last year, when Swiss authorities -
  executing warrants issued by the US -...
  
  Read more

• Industry vulnerable to cyber attacks

  04-05-2016 23:39
  The (re)insurance industry is riddled with legacy systems that
  make it particularly vulnerable to cyber attacks, panellists said
  at The Insurance Insider's Cyber Risk
  Executive Briefing late last month.
  The majority of London cyber insurers, which in theory should
  have first-rate cyber security, were not even protected at a very
  basic level, explained Graeme Newman, chief innovation officer at
  CFC Underwriting. The UK government is promoting its "Cyber
  Essentials" certification, which ensures fi
  
  Read more

• Advertisement

• Hull constructive total losses likely to increase: Cefor

  04-05-2016 23:39
  The ocean hull market is likely to see an increased number of
  constructive total losses in the future as average claims totals
  surpass average sums insured for vessels.
  According to the Nordic Association of Marine Insurers (Cefor),
  falling insured values and the failure of average claims totals to
  similarly drop has led to an increased likelihood of claims
  exceeding insured value, opening the possibility for greater
  numbers of constructive total losses.
  In its 2015 annual report, the associatio
  
  Read more

• European cyber exposure to rise as prices slide

  04-05-2016 23:39
  The European cyber market is facing pressure on two sides, as
  newer entrants undercut on price at a time when claims frequency
  and severity is increasing.
  Market participants explained that capacity has flooded into the
  European cyber market, which has been highlighted as a growth
  opportunity by many.
  However, in their bid to grow market share, many local carriers
  and European satellite offices of US insurers are competing to a
  point where price adequacy has been totally undermined.
  London-based
  
  Read more

• Charman battles HMRC over £16mn tax bill

  04-05-2016 23:39
  Endurance CEO John Charman is facing an unpaid tax bill that could
  run to £16mn, court documents have revealed.
  The executive is embroiled in a dispute with the UK tax
  authority Her Majesty's Revenue and Customs (HMRC) over the
  date that he left the country to become a resident of Bermuda.
  The two parties have tried to resolve the dispute in multiple
  private arbitrations, but HMRC's Tax Disputes Resolution Board
  (TDRB) recommended that the authority reject an offer of settlement...
  
  Read more

• Aspen continues build-out with global product hires

  04-05-2016 23:39
  Aspen looks set to further bolster its senior ranks as it
  continues to build out its global insurance platform by appointing
  additional product heads across its lines of business,
  The Insurance Insider can reveal.
  The company is looking to take advantage of dislocation in a
  commercial insurance market that is seeing significant movement of
  human capital, as giants such as American International Group (AIG)
  and Zurich retrench and the fallout from major M&A deals
  continues.
  Aspen is also hiri
  
  Read more

• Armour gains upper hand in QBE EL sale

  04-05-2016 23:39
  Armour has pulled ahead in the race to acquire QBE's legacy
  UK employers' liability (EL) book, as the sale process enters
  the home straight.
  The Insurance Insider understands
  exclusivity has not been formally granted to Armour, but QBE's
  discussions with under bidders Catalina and Enstar are not believed
  to be live.
  QBE's legacy UK EL book holds £170mn ($249mn) of
  reserves, with significant hearing loss exposures.
  QBE Europe CEO Richard Pryce said in February that the company
  would not tak
  
  Read more

• April results bring double-digit changes

  04-05-2016 23:39
  Following the turnaround to a profit for full-year
  2015, Randall & Quilter's share price jumped by 16.8
  percent to 107.5 pence on 25 April.
  This made the carrier April's winner, as it closed the month
  22.1 percent higher at 113.5 pence per share.
  A more steady and consistent rise was noticed at Mapfre
  throughout the month, as its stock climbed by 16.9 percent to
  EUR2.22 per share.
  Assurant narrowly missed out on a double-digit monthly increase,
  with its shares up...
  
  Read more

• Analysts underline disappointing AIG results

  04-05-2016 23:39
  Analysts were in contemplative mood following the tumble in
  operating profits at American International Group (AIG) this week,
  as the company remained under intense scrutiny.
  First quarter operating profits more than halved year-on-year
  from $1.7bn to $773mn, leading AIG to post earnings per share of
  $0.65 compared with Wall Street's consensus forecast of $1.00
  per share.
  In a note, BMO Capital Markets analyst Charles Sebaski observed
  that the large miss was mainly attributed to investment losse
  
  Read more

• Analysts have 'given up' SII comparisons

  04-05-2016 23:39
  Market participants are struggling to interpret new Solvency II
  capital ratios, a group of leading executives in the London market
  has heard.
  Speaking at a London 100 working group roundtable hosted by
  Lloyds Bank on 25 April, one attendee said that little had changed
  since Solvency II had been implemented on 1 January this year.
  "One of our analysts said that comparing Solvency II ratios
  was futile, so they have basically given up doing so," she
  said.
  "It's much more...
  
  Read more

• AlphaCat discontinues sidecar

  04-05-2016 23:39
  Validus chairman and CEO Ed Noonan said subsidiary
  AlphaCat's decision to return $146.5mn of capital to sidecar
  investors during the first quarter simply reflected the manager
  shifting capital into a different format.
  In a first quarter earnings call, Noonan described the changes
  as a case of "form over substance", according to a
  Seeking Alpha transcript.
  He explained that AlphaCat had moved those risks into a fund
  format rather than an annual sidecar, to reflect investors'
  preference.
  "So what
  
  Read more

• AIG-Heath Lambert case settled

  04-05-2016 23:39
  A $6mn legacy dispute between Heath Lambert and American
  International Group (AIG) subsidiary The Insurance Company of the
  State of Pennsylvania (TICSP) has been settled out of court for an
  undisclosed amount.
  TICSP sued the AJ Gallagher-owned broker, which now trades as
  Gallagher Heath, after it was unable to collect on a legacy
  reinsurance policy.
  The claims relate to two personal injury and property damage
  policies written for fruit company Castle & Cooke between 1968
  and 1974.
  The firm f
  
  Read more

• Claims Excellence Awards 2016: Winners revealed

  04-05-2016 23:34
  
  LV=, Allianz and Cunningham Lindsey were the big winners at the Insurance Times Claims Excellence Awards 2015.
  
  Read more

• A fifth of European consumers would buy insurance or banking products from Google, Amazon or Facebook: study

  04-05-2016 18:52
  
  Customers could increasingly turn to big-name disruptive firms in the financial services sector, according to a survey of the European market by Fujitsu released today (4 May).
  
  Read more

• A fifth of European consumers would buy insurance or banking products from Google, Amazon or Facebook reveals a study

  04-05-2016 18:52
  
  Customers could increasingly turn to big-name disruptive firms in the financial services sector, according to a survey of the European market by Fujitsu.
  
  Read more

• Hiller to retire from JLT

  04-05-2016 17:14
  Martin Hiller, CEO of JLT EMEA and chairman of Thistle and the
  broker's managing general underwriting business, has retired,
  the company announced today (4 May).
  Since joining the business in 1988, Hiller has held many roles
  including almost 10 years as CEO of JLT Specialty.
  The broker said Hiller had played a leading role in transforming
  JLT Specialty. He was also a key part of the merger of JLT
  Speciality and its arm's-length marine and energy wholesaler
  Lloyd & Partners...
  
  Read more

• EPUL hires claims and operations chief

  04-05-2016 17:14
  Commercial property managing general agency (MGA) European Property
  Underwriting Ltd (EPUL) has appointed Stuart Risebrow as claims and
  operations manager, the company announced today (4 May).
  Risebrow joins from loss-adjusting firm Questgates, which he
  joined on a short-term basis in December 2015 to assist with the
  flood surge stemming from UK storms Desmond and Eva late last
  year.
  Prior to this he was a senior claims adjuster at Brit, which he
  joined in 2014 after 11 years as a property...
  
  Read more

• Capsicum Re launches LatAm operations

  04-05-2016 17:14
  Reinsurance broker Capsicum Re has hired two Aon Benfield Latin
  America executives to launch its own business in region, it
  announced today (4 May).
  Joe Smith has been appointed CEO of Capsicum Re Latin America
  and will be based in Miami. He is joining the company after 13
  years at Aon Benfield, most recently as CEO of the broker's
  Chilean operations.
  Smith is joined by Luiz Araripe, who has been appointed managing
  partner of Capsicum Re Latin America and CEO...
  
  Read more

• AIG scales back hedge fund investments

  04-05-2016 17:14
  American International Group (AIG) has submitted notices of
  redemption for $4.1bn of its hedge fund portfolio, after its first
  quarter results were impacted by heavy losses on investments.
  First quarter operating profits at AIG more than halved from
  $1.7bn to $773mn despite a modest improvement in the combined ratio
  of its core P&C commercial insurance business.
  The fall in profits was partly the result of significantly lower
  investment income in the P&C unit, which dropped by 44 percent
  
  Read more

• Willis Towers Watson launches oil and gas product

  04-05-2016 16:16 via insuranceage.co.uk
  
  Product will offer insurance and risk management to oil and gas organisations.
  
  Read more

• Ice cream van fraudster feels the heat from IFED and insurers

  04-05-2016 15:28
  
  A man who was involved in staged accidents using an ice cream van has been convicted on fraud charges. The crash-for-cash scam would have cost insurers almost £100,000 if they paid out in full.
  
  Read more

• Ice cream van fraud cracked by IFED and insurers

  04-05-2016 15:28
  
  A man who was involved in staged accidents using an ice cream van has been convicted on fraud charges. The crash-for-cash scam would have cost insurers almost £100,000 if they paid out in full.
  
  Read more

• Pre-registration for .insurance domain launches, with ‘very high numbers’ expected

  04-05-2016 15:01
  
  Early registration for the .insurance domain name has launched today, via Instra, the corporate domain name retailer subsidiary of CentralNic, with the aim of ensuring online security amid growing levels of cyber threats.
  
  Read more

• Man convicted for role in £100k ice cream van fraud

  04-05-2016 14:11
  
  A 39-year old man has been convicted for his part in an insurance fraud where an ice cream van was used to stage fake accidents across the country.
  
  Read more

• Fraudster convicted in Mr Whippy van insurance scam

  04-05-2016 14:11
  
  Van linked to three cases which would have cost insurers £100,000, as police appeal for information on others involved.
  
  Read more

• Axa looks to exit life and savings

  04-05-2016 14:05
  Axa UK will sell a portion of its business to Standard Life, and is looking at making further asset sales.
  
  Read more

• Debate on driverless car challenges increases ahead of consultation

  04-05-2016 13:28
  
  The government’s planned consultation on driverless car regulation in coming months should help “coalesce minds”, according to the ABI, while manufacturer Volvo continues to push for a coherent system ahead of its Drive Me London trials next year.
  
  Read more

• Reinsurance Association of America elects Sapnar as chair

  04-05-2016 11:50
  The Reinsurance Association of America (RAA)'s board of
  directors has elected Michael Sapnar, president and CEO of TransRe,
  as its chairman.
  The association also elected Validus Re CEO Kean Driscoll as
  vice chair and Steven Levy, president of the reinsurance division
  of Munich Reinsurance America, as secretary treasurer at its 48th
  annual meeting of members last week.
  In addition, Willis Re executive vice president Robert Hatcher
  was elected co-chair of the Council of Reinsurers and Brokers.
  Sap
  
  Read more

• HCI profits plummet as weather losses hit bottom line

  04-05-2016 11:50
  Florida's HCI Group saw profits fall by more than 75 percent
  in Q1 as losses during the period increased by almost half.
  The carrier reported net income of $6.1mn for the first three
  months of the year, down from $25.4mn in Q1 2015.
  HCI reported claims and adjustment expenses of $27.1mn for the
  quarter, an increase of 42.6 percent on the same period last
  year.
  The carrier blamed the uptick on weather-related claims and a
  reserve strengthening exercise linked to...
  
  Read more

• Fed National beats consensus as GWP increases by 28%

  04-05-2016 11:50
  Florida-based homeowners' insurer Federated National reported
  operating earnings of $0.64 per share for the first three months of
  the year, beating Wall Street's consensus estimate of $0.58.
  Gross written premiums increased by 27.5 percent to $136mn for
  the quarter, driven by growth in the carrier's Florida
  homeowners' book.
  It reported a 23.1 percent uptick in domestic property policies
  written to around 253,000 in Q1.
  However, the carrier saw a 23.4 percent increase in losses and
  loss adjustme
  
  Read more

• Direct Line Group projects 93-95% combined ratio

  04-05-2016 11:50
  UK motor and home insurer Direct Line has said it expects to
  achieve a combined ratio of between 93 and 95 percent for ongoing
  operations, as part of its Q1 trading update.
  The carrier also revealed today (4 May) that its gross written
  premiums had increased by 4.2 percent for the first quarter, with
  growth in motor policies partially offset by a reduction in home
  partnerships.
  In line with other UK motor underwriters, the firm reported a
  healthy increase in...
  
  Read more

• Aspen cyber rebuild continues with Nazir hire

  04-05-2016 11:50
  Aspen has continued to rebuild its London cyber team with the
  hire of Raheila Nazir as head of international cyber risk, the
  company announced yesterday (3 May).
  She will report to president of Aspen International Insurance
  and COO of Aspen Insurance Ann Haugh, and global head of cyber risk
  and head of international professional indemnity Oliver Brew.
  Nazir will move from American International Group (AIG) Europe
  this summer. At AIG she was EMEA professional indemnity manager
  with a focus on...
  
  Read more

• AmTrust grows top and bottom line in Q1

  04-05-2016 11:50
  Operating earnings at AmTrust increased by 12.5 percent in the
  first quarter to $136.6mn, while total revenue jumped by 15 percent
  to $1.28bn, the company revealed yesterday (3 May).
  The international carrier's gross written premium went up by
  12 percent to $1.9bn, while net earned premium expanded by 13
  percent to $1.1bn.
  AmTrust's combined ratio worsened by 2.2 percentage points
  year-on-year to 91.2 percent, with the loss ratio going up by 2
  percentage points to 66.6 percent and the expense...
  
  Read more

• JLT EMEA chief executive Martin Hiller to retire

  04-05-2016 11:49
  
  JLT chief executive of Europe, the Middle East and Africa (EMEA) Martin Hiller is retiring from the company.
  
  Read more

• Motor insurance renewal rates double fuelling customer churn

  04-05-2016 11:14
  
  More than 11 million drivers will switch insurers this year as car insurance renewal quotes increase by an average of £22 on average, according to data from Consumer Intelligence.
  
  Read more

• Value of Electra’s Davies stake jumps 65%

  04-05-2016 11:02
  
  Private equity house Electra’s stake in claims firm Davies jumped 65% in the six months to 31 March 2016, Electra’s accounts show.
  
  Read more

• In Depth: Haulage - a market in flux

  04-05-2016 10:30
  
  The haulage industry poses many challenges to insurers, including a high volume of claims and a competitive rating environment.
  
  Read more

• Allianz unveils new structure to make “brokers’ lives better”

  04-05-2016 10:30
  
  Move broadly supported but market flags short-term concerns
  
  Read more

• Axa to pull out of UK life and savings

  04-05-2016 10:19
  
  Insurer stresses UK property and casualty not affected by disposal plans.
  
  Read more

• InsurTech Futures: Customers demanding “digital first”

  04-05-2016 10:10 via insuranceage.co.uk
  
  Fujitsu study reveals that insurance consumers want to interact with providers on digital platforms.
  
  Read more

• NIG retains its crown in Insurance Times e-trading survey

  04-05-2016 09:50
  
  NIG has once again topped the rankings as the best-performing insurer for e-trading.
  
  Read more

• NIG retains crown in Insurance Times e-trading survey 2016

  04-05-2016 09:50
  
  NIG has once again topped the rankings as the best-performing insurer for e-trading.
  
  Read more

• AXA CEO takes over as head of IFB

  04-05-2016 09:50
  
  Amanda Blanc, CEO of AXA UK and Ireland, has been appointed chair of the Insurance Fraud Bureau.
  
  Read more

• Direct Line sees Q1 GWP growth of 4.2%

  04-05-2016 09:44
  
  Direct Line Insurance Group has seen its gross written premiums rise by 4.2% in the first quarter, compared to the same period last year.
  
  Read more

Follow @Insurance_UKnws on Twitter!