Insurance news

• Xchanging CEO: Digital technology key to survival

  09-05-2016 21:17
  Digital investment is "not discretionary" if
  (re)insurers and the wider London market want to survive, Xchanging
  CEO Craig Wilson has said.Speaking to The Insurance Insider after the completion of the
  service provider's sale to Computer Sciences Corporation (CSC),
  Wilson emphasised the importance of first-class technology in
  today's market environment."Investing in digital is not discretionary, you have to do
  it to survive, to compete and keep your market share," he
  said. "That extends to the wh
  
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• US large property cat pricing off 20%

  09-05-2016 21:17
  The relentless pressure on US property fac rates has continued
  apace, with some of the largest cat renewals seeing reductions of
  10-20 percent, sister title Inside FAC reported earlier
  today (9 May).
  For more standard business the picture is less bleak, although
  pricing reductions still appear to be the order of the day. A
  typical range of 5-7 percent down is being spoken about for more
  mid-market and standard business, with semi-automatics offering
  smaller reductions still.
  "Rates for Fortune 2
  
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• UK government urges solution for flood-hit SMEs

  09-05-2016 21:17
  The UK government is pushing the insurance industry to provide a
  business interruption insurance solution for small and medium-sized
  enterprises (SME) affected by floods.Sources said that the insurance industry had been in discussions
  with the government regarding a viable flood solution for
  businesses.Those talks identified that the central problem for SMEs was
  obtaining business interruption insurance as well as property
  cover.However, sources maintained that the government-backed Flood Re
  sch
  
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• Starstone offsets Atrium profits slide for Enstar

  09-05-2016 21:17
  Enstar generated first quarter net earnings of $45.5mn that were
  up 1.6 percent on the prior-year period, as higher expenses and
  deteriorating Atrium performance were offset by a more than
  trebling of Starstone profits.
  Performance at the legacy-to-live carrier was equivalent to
  earnings of $2.35 per fully diluted share at the group level, up
  slightly from the $2.32 recorded in Q1 2015.
  Live subsidiary StarStone - formerly Torus - saw its gross
  written premiums (GWP) increase by 13.8 percent to.
  
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• PRA outlines SII bureaucracy cuts

  09-05-2016 21:17
  The Prudential Regulation Authority (PRA) has outlined plans to
  unburden itself from the administrative quagmire around approving
  internal models under Solvency II.
  In a consultation paper released last week that detailed the UK
  regulator's expectations on insurers transitioning to Solvency
  II, the PRA said it wished to eliminate unnecessary bureaucracy
  from the process for both itself and carriers.
  It said: "Setting out the PRA's expectations regarding
  the content of a model change application
  
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• Navigators trades up after earnings outperform

  09-05-2016 21:17
  Navigators shares closed up 3.25 percent last week (6 May) after
  the US insurer reported earnings that beat analysts' consensus
  forecast.
  Operating earnings slipped by 3.3 percent to $20.2mn in the
  first quarter as underwriting performance deteriorated
  modestly.
  However, the New York-listed insurer's operating earnings
  per share of $1.36 comfortably outstripped the Wall Street
  consensus of $1.22.
  The insurer's combined ratio widened by 2.8 percentage
  points to 95.1 percent, as reserve releases t
  
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• Nationwide renews flat and ends T&Cs push

  09-05-2016 21:17
  US insurer Nationwide's $2bn cat programme looks set to
  renew on expiring terms in a fresh sign that the long-running soft
  market in US cat is drawing towards a close, The Insurance Insider
  can reveal.Sources said that the impatience of the market with
  further concessions had also been demonstrated by reinsurers'
  refusal to accept a broadening of terms and conditions on the 1
  June placement.It is understood that broker Aon Benfield was initially pushing
  for the inclusion of...
  
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• Market facing gap in leadership capability: survey

  09-05-2016 21:17
  Almost a third of the London market believes that not enough
  leaders are coming through the ranks, creating a skills gap for the
  future, according to a London Market Group (LMG) survey.
  The research, which was conducted in association with
  professional services firm Deloitte, identified a number of
  challenges facing the London (re)insurance market in building a
  talent base.
  Despite this, some 93 percent of respondents did not consider
  actively seeking talent outside the market a priority.
  Accord
  
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• Leadenhall funds topped up to $2.8bn

  09-05-2016 21:17
  Leadenhall Capital Partners has grown its assets under management
  (AuM) by 16 percent from the start of the year to reach $2.8bn,
  sister publication Trading Risk reported
  today (9 May).
  CEO Luca Albertini said the growth had been divided equally
  between the firm's life and non-life strategies.
  The Amlin-owned manager has also added two new operational staff
  to its team.
  The London-based insurance-linked securities (ILS) fund
  appointed Michael Kahler as operations manager and Chris Wright as
  head
  
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• Lancashire's Kinesis profit commissions dip

  09-05-2016 21:17
  Lancashire earned more first quarter profit from its 10 percent
  stake in the Kinesis portfolio this year, but reported lower profit
  commissions as it awaited news on whether 2015 losses had triggered
  claims.
  The carrier's earnings from this year's Q1 portfolio
  came to $1.3mn, up from $0.7mn in the same period last year.
  But profit commissions dropped to $1.8mn, compared to $5.1mn in
  Q1 2015.
  The carrier said this was due to collateral being locked up as
  it awaited confirmation...
  
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• Future marine claims could rise after Prestige verdict

  09-05-2016 21:17
  The International Chamber of Shipping (ICS) has said the
  conviction of The Prestige captain earlier this year could set a
  precedent that will break ship-owners' right to limit liability
  in the event of future oil spills.
  Speaking at a meeting of the International Oil Pollution
  Compensation Funds (IOPC) last week, the ICS stridently criticised
  the actions of the Spanish Supreme Court, which overturned a prior
  acquittal of the ship's master Apostolos Mangouras in January
  this year.
  The Spanish gov
  
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• FM Global faces $70mn Chicago warehouse loss

  09-05-2016 21:17
  FM Global looks set to pick up a sizeable proportion of an
  estimated $70mn claim following the total loss of a major warehouse
  in Chicago last month, Inside FAC
  revealed earlier today (9 May).
  The fire, at furniture specialist The RoomPlace's main
  distribution centre in the Chicago suburb of Woodridge, started on
  21 April and completely gutted the facility.
  It is understood that FM Global's mid-market commercial
  property subsidiary AFM (rebranded from Affiliated FM last year)
  led the cover for..
  
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• Chubb and Allstate deliver strong Q1s

  09-05-2016 21:17
  Analysts responded positively as Chubb and Allstate both topped
  consensus forecasts for their first quarter results.
  The first quarterly results from the newly combined Chubb and
  Ace yielded $2.26 of operating profits per share.
  The performance was flat with the $2.25 a share generated by Ace
  on its own in Q1 2015, but ahead of Wall Street consensus forecasts
  of $2.15 a share for the combined operations.
  And in its earnings the company said it now expects
  integration-related savings to...
  
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• China Re prepares for Singapore launch

  09-05-2016 21:17
  China Re is in the final stages of establishing a branch office
  in Singapore as it continues to internationalise its business,
  The Insurance Insider has learned.
  Sources said that the Chinese state-owned reinsurer had hired
  former Hardy Singapore managing director Richard Lim to spearhead
  its push into the Red Dot.
  It is understood that China Re has in-principle approval from
  the Monetary Authority of Singapore, but is awaiting formal
  approval to commence operations.
  The news comes weeks after C
  
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• Brindle: Businesses will shun London headquarters post-Brexit

  09-05-2016 21:17
  Richard Brindle's start-up Fidelis would probably not have
  been headquartered in London if it had been launched following a UK
  vote to leave the European Union.Speaking to The Insurance Insider, entrepreneur Brindle warned
  of the sclerotic effect a "Brexit" would have on the
  ability of companies like his to trade, and the added bureaucracy
  of dealing with 26 different regulators."I think it's highly likely that if we were starting a
  business post a Brexit vote, we would have...
  
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• ART-Nephila line up wind power swaps

  09-05-2016 21:17
  Allianz Risk Transfer (ART), backed by Nephila Capital, said it had
  lined up a "robust pipeline" of revenue swaps for wind
  power developers after signing a 10-year swap with Capital Power.
  ART managing director Karsten Berlage said the deal was the
  first of its kind and provided a level of certainty over future
  revenues that had never been available to the wind power industry
  before.
  "This new product line for the wind power industry will
  enable more efficient and cost-effective...
  
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• Analysts cautiously optimistic despite AIG earnings miss

  09-05-2016 21:17
  Despite a big earnings miss, American International Group
  (AIG)'s results last week (2 May) were met with tentative
  optimism by a number of analysts covering the beleaguered
  insurer's stock.
  Operating profits more than halved from $1.7bn to $773mn
  year-on-year despite a modest improvement in the combined ratio of
  its core P&C commercial insurance business.
  At $0.65 a share, operating profits were well below the $1.00 a
  share consensus forecast from Wall Street analysts.
  The fall in profits w
  
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• Carole Nash to buy Ageas Retail’s motorbike business

  09-05-2016 17:39
  
  Specialist motorbike broker Carole Nash has agreed to buy Ageas Retail’s motorcycle insurance books of business for an undisclosed sum.
  
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• JLT specie settlement totalled $40mn: Willis

  09-05-2016 17:05
  Willis Towers Watson CFO Roger Millay has said the settlement
  the company made with rival broker JLT over a recent poaching
  dispute totalled $40mn.
  After the settlement relating to the defection of a specie team
  was agreed, JLT released a statement to the London Stock Exchange
  on 8 April revealing that it was taking a charge of £22mn
  ($32mn) in its second quarter results.
  Despite the wording used in the disclosure - which made clear
  that this was in addition...
  
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• Hastings attributes growth to ‘agility’ on price comparison sites

  09-05-2016 14:00
  
  A growth of 29% in gross written premiums by Hastings in the first quarter was due to the company’s “elastic” pricing structure via comparison sites, the company’s chief financial officer said.
  
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• Weak insurance profits hit Berkshire Hathaway

  09-05-2016 12:51
  Warren Buffett's conglomerate Berkshire Hathaway last week (6
  May) reported operating earnings of $3.74bn in the first quarter,
  an 11.9 percent fall on the same period of 2015.
  The drop in earnings was driven by reduced underwriting profits
  and reduced income in the railroad, utilities and energy
  segment.
  Net earnings attributable to Berkshire shareholders from
  insurance fell by 16.5 percent year-on-year to $1.13bn, with
  profits heavily skewed towards the investment performance.
  Berkshire Hathaw
  
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• Munich Re: P&C premium growth to hit 4% to 2017

  09-05-2016 12:51
  Global premium growth for the P&C industry is expected to
  average 4 percent in the next two years, according to Munich Re.
  In real terms, the growth rate is around 2.8 percent, the
  reinsurer said. The figures are roughly in line with global
  economic growth.
  Due to the high degree of saturation and fiercer competition,
  Munich Re expects premiums in north America and western Europe to
  grow moderately, by just under 3 percent, in the next two
  years.
  The developed...
  
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• Lloyd's chairman Nelson confirms exit

  09-05-2016 12:51
  Lloyd's chairman John Nelson told guests at a Lloyd's
  City Dinner in New York last night (5 May) that he will relinquish
  the role after the market's annual general meeting in May next
  year.
  The Insurance Insider had previously
  reported that Nelson would step down ahead of the end of his
  October 2017 contract - although it had suggested he would exit in
  the first quarter.
  "So I just want to say to all of you in this room thank...
  
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• AIG completes Advisor Group sale

  09-05-2016 12:51
  American International Group (AIG) has completed the sale of
  Advisor Group to private equity firm Lightyear Capital and Canadian
  pension investment manager PSP Investments.
  AIG first announced the sale of the US broker-dealer network in
  January. The deal consideration was not disclosed.
  The divestment is part of AIG's wider strategy to streamline
  the group following pressure from investors to improve returns.
  AIG CEO Peter Hancock commented: "With this transaction,
  AIG has taken another step in
  
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• Zurich aims to grow diversity – without quotas

  09-05-2016 12:47
  
  Zurich Insurance is committed to diversity within its organisation, but will never introduce quotas in hiring, the company’s CEO said.
  
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• FCA fines and bans two insurance brokers

  09-05-2016 12:34
  
  Terence Joint and Vroni Mavis O’Brien cited for failings on client money.
  
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• JRW Group posts 25% rise in turnover for 2015

  09-05-2016 12:30
  
  Niche broker's Ebitda also up.
  
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• FCA fines and bans brokers over £150,253 client money blunder

  09-05-2016 12:26
  
  The FCA has banned former insurance brokers Terence Joint and Vroni O’Brien for failings in relation to the handling and misuse of client money.
  
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• LMG report reveals challenges of building talent base

  09-05-2016 12:12 via insuranceage.co.uk
  
  Research from Deloitte highlights skills gaps in the London market.
  
  Read more

• RSA claims handler jailed for £55,000 fraud

  09-05-2016 11:21
  
  A former RSA employee has been jailed for 10 months for illegally passing on customer details to a law firm and adding friends and family to genuine claims in a £55,000 fraud.
  
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• Ex-RSA claims handler gets 10 months jail following fraud conviction

  09-05-2016 11:11
  
  An RSA claims handler admitted to illegally sharing customer details with a law firm as well as adding friends and family to genuine claims.
  
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• RSA claims handler jailed for fraud

  09-05-2016 10:51 via insuranceage.co.uk
  
  Liverpool-based employee sentenced to 10 months in prison.
  
  Read more

• RSA claims hander jailed for fraud

  09-05-2016 10:51 via insuranceage.co.uk
  
  Liverpool-based employee sentenced to 10 months in prison.
  
  Read more

• Ash Bathia’s Lloyd’s insurer hires casualty underwriting head

  09-05-2016 10:34
  
  Ash Bathia’s Lloyd’s syndicate, Probitas 1492, has hired Neila Buurman as chief underwriting officer for its casualty division.
  
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• Pen Underwriting unveils three property owners' products

  09-05-2016 10:32
  
  Launch follows creation of Pen Real Estate.
  
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• Axa reveals broker tool to tackle underinsurance in mid-market

  09-05-2016 10:29 via insuranceage.co.uk
  
  Free online service aims to help brokers accurately calculate the business interruption risk for individual commercial clients.
  
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• Broker Network extends partnership with RSA

  09-05-2016 10:24
  
  Broker Network has signed a new three-year deal with insurer RSA, extending the two firms’ existing partnership.
  
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• Axa to launch tool to tackle underinsurance in commercial sector

  09-05-2016 10:18
  
  Brokers can more accurately calculate the business interruption risk for commercial clients with a new online calculator from Axa.
  
  Read more

• UK Broker Awards: I would recommend it to any broker, says Lark boss

  09-05-2016 10:02
  
  Entering gives brokers a “wow” moment, says David Foster.
  
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• Allianz’s Gibson on the digital claims journey

  09-05-2016 10:02
  
  Graham Gibson, director, claims at Allianz, also talks fraud and claims management companies.
  
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• Video: Craig Tracey

  09-05-2016 10:00
  
  Broker-turned-MP Craig Tracey explains how his experience from the insurance sector is informing his time in Parliament.
  
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• #Insagepeople: 9 - 15 May 2016

  09-05-2016 09:55
  
  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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• Towergate staff in £30m incentive scheme deal

  09-05-2016 09:04
  
  Towergate has entered its staff into an incentive scheme worth more than £30m.
  
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• AXA's new online tool to tackle underinsurance in mid-market

  09-05-2016 08:56
  
  AXA has launched an online tool to help brokers calculate the business interruption risk for individual commercial clients.
  Tool will help firm tackled underinsurance in mid-market
  AXA BI calculator is web-based tool that assesses a businesses’ BI exposure
  Tool intended to support prompt claim settlement
  
  Read more

• AXA unveils broker tool to tackle underinsurance in mid-market

  09-05-2016 08:56
  
  AXA has launched an online tool to help brokers calculate the business interruption risk for individual commercial clients.
  Tool will help firm tackled underinsurance in mid-market
  AXA BI calculator is web-based tool that assesses a businesses’ BI exposure
  Tool intended to support prompt claim settlement
  
  Read more

• CPP hires new chief executive after boardroom coup

  09-05-2016 08:25
  
  Credit card insurer CPP has hired Jason Walsh as its new chief executive to replace Stephen Callaghan, who has left following a boardroom coup by asset management firm Schroders.
  
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• Chinese insurer Sunshine opens its first hospital

  09-05-2016 06:12
  
  Chinese insurer Sunshine Insurance yesterday opened a hospital it built in association with Weifang City's government for 3bn yuan (£320m).
  
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