Insurance news

• AIG's general counsel to step down

  17-05-2016 23:17
  AIG's general counsel Tom Russo is set to retire from the
  insurance giant, which has begun a search for his successor.
  Russo joined AIG in 2010 while the insurer was still under
  government ownership following its financial crisis bail-out.
  He led the company through its negotiations with the US Treasury
  and Federal Reserve Bank of New York which ultimately led to the
  government and US taxpayer being fully repaid with a profit.
  In an internal memo, AIG president and CEO...
  
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• Premium growth not solution to expense woes: Greco

  17-05-2016 19:05
  Zurich CEO Mario Greco has reaffirmed the carrier's commitment
  to cutting its expense base and disciplined underwriting as it cut
  back its top line in the first quarter.
  Speaking on an earnings call, Greco said the problem with the
  company's expense ratio could not be resolved by growing its
  gross written premiums (GWP), and that its decision last year to
  return to the principle of underwriting for profit had begun to
  reap benefits.
  He said: "(As a result) you underwrite...
  
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• Are car alarms a complete waste of time?

  17-05-2016 17:21
  
  The security devices have been criticised by councils and car owners for failing to combat crime – but it might not be worth scrapping them altogether ...They have become the electronic dawn chorus in our towns and cities, but is it time to kill the car alarm? This week, it was claimed that security devices “don’t deter criminals” and are “a public nuisance” – statements backed up by studies from the 1990s that show that, between 95%-99% of the time, the
  
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• Politicians' Brexit claims 'irresponsible': Nelson

  17-05-2016 16:58
  Lloyd's chairman John Nelson has labelled politicians
  campaigning for the UK to leave the European Union as
  "irresponsible" in a strongly worded statement issued
  earlier today (17 May).
  Nelson said he felt compelled to respond to some of the claims
  being made by the "leave" campaign about the potential
  consequences of a "Brexit".
  "It is irresponsible of politicians to pretend that the
  benefits of a single market can be replicated outside of the
  EU," he said.
  "In our case, if...
  
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• Adrian Colosso joins Lancashire Holdings

  17-05-2016 15:40
  
  Former Howden CEO takes up NED role on Lancashire's UK board.
  
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• Lloyd’s chairman slams Brexit backers’ ‘irresponsible’ claims

  17-05-2016 14:50
  
  Politicians claiming that that the UK would be able to replicate the benefits of a single market outside the European Union if it leaves are “irresponsible” according to Lloyd’s chairman John Nelson.
  
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• Weil warns of cyber coverage expectation gap

  17-05-2016 13:58
  The gap between real and perceived coverage for cyber risks among
  CEOs of top financial firms could prove problematic in the event of
  a large cyber loss, according to Marsh CEO Mark Weil.
  Speaking at an event today (17 May) launching the "Cyber
  and the City" report into cyber resilience in financial
  services, Weil said while 50 percent of CEOs surveyed by the study
  believed they had cyber coverage, in fact only 10 percent were
  covered to the extent they...
  
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• Icahn ups stake in AIG as Paulson sells down

  17-05-2016 13:58
  Two of American International Group (AIG)'s most prominent
  activist investors have changed their holdings in the insurance
  giant days after their representatives were voted onto the
  company's board.
  Carl Icahn has raised his stake in AIG by 5.2 percent to 44.4
  million shares, putting him in a better position to pressure the
  insurer to split into three independent companies.
  In February, AIG agreed to add Samuel Merksamer, a managing
  director at Icahn Capital, to its board, following mounting
  ten
  
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• Hudson to join Dual as CFO

  17-05-2016 13:58
  Dual, the underwriting arm of Hyperion Insurance Group, has hired
  Mark Hudson as its CFO, starting in September 2016.
  Hudson joins from Novae, where he served on its executive
  committee and has been finance director of its managing agency
  subsidiary, Novae Syndicates Limited, since 1999.
  He replaces Andy Elston, who left the firm in January this year
  after 18 months in the role.
  Talbir Bains, Dual's CEO, welcomed Hudson's appointment,
  adding that it reinforced Dual's commitment to operational
  ex
  
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• Guy Carpenter partners Symantec for cyber model

  17-05-2016 13:58
  Reinsurance broker Guy Carpenter has announced a strategic alliance
  with technology firm Symantec Corporation to develop a cyber
  aggregation model.
  The broker said the model would include a catalogue of cyber
  scenarios from which insurers could derive frequency and severity
  distributions, allowing them to measure the potential financial
  impact of both affirmative cyber coverages and "silent"
  all-risk policies where cyber is the peril but no cyber exclusions
  exist.
  "We are pioneering a cyber aggr
  
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• Berry joins Everest Re for fac role

  17-05-2016 13:58
  Everest Re has hired Sean Berry to head the international
  property facultative unit at its reinsurance division, the carrier
  announced yesterday (16 May).
  Based in Everest Re's Miami office, Berry will be
  responsible for worldwide property facultative underwriting,
  excluding business written out of Canada.
  He joins from American International Group (AIG), where he was
  regional vice president for Latin America. Berry has also
  previously headed up the property underwriting practice for AIG and
  Gen
  
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• Icahn ups stake in AIG by 5.2%

  17-05-2016 12:22
  
  Regulatory filings show activist investor Carl Icahn has increased his stake in AIG.
  
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• Cyber costs could be offset against IPT: report

  17-05-2016 12:20
  
  A report into the state of cyber resilience raises the possible benefits of industry-specific tax breaks for companies investing in cyber measures, with the report from lobby group The City UK and Marsh stating industry should explore this with government.
  
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• Centor sets out challenges for Kent office

  17-05-2016 11:26
  
  Broker says Sandwich office is its first outside London, as it targets science and innovation clients.
  
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• Axa scores highest in Brokerbility satisfaction survey

  17-05-2016 11:26
  
  Network members rate insurer partners on dealing with claims, underwriting, accounts and overall satisfaction.
  
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• AXA comes top in Brokerbility survey

  17-05-2016 10:50
  
  AXA has been voted top insurer in the latest bi-annual survey by Brokerbility of its broker members.
  
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• Ryan Direct Group extends deal with Close Brothers

  17-05-2016 10:16
  
  New agreement to run for three years.
  
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• Building insurance brand loyalty in a digital age - webinar today live at 11:00AM

  17-05-2016 09:49
  
  We are told we live in a brand-obsessed age. Whilst consumers might be able to name the retailer or telecommunications operator they most readily identify with, when it comes to insurance price is still seen as the key driver as to where someone places their insurance.
  
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• BoE governor Carney to join IDF Steering Committee

  17-05-2016 09:45
  The Insurance Development Forum (IDF) has appointed a number of
  leading executives to serve on its steering committee, along with
  Mark Carney, governor of the Bank of England.Carney, who joins in his capacity as chairman of the Financial
  Stability Board, is joined by a number of insurance CEOs, including
  Lloyd's' Inga Beale, Axis Capital's Albert Benchimol,
  MMC's Dan Glaser and Scor's Denis Kessler.Other steering committee members are Aon's Greg Case, Willis
  Towers Watson's John Haley, Swiss Re'
  
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• Alberta wildfires insured loss estimate up to $6.9bn: AIR Worldwide

  17-05-2016 09:45
  Catastrophe modelling firm AIR Worldwide has estimated that
  industry insured losses from the Fort McMurray, Alberta, Canada,
  wildfire that started on 1 May will be between C$4.4bn and C$9.0bn
  ($3.4bn-$6.9bn).
  Officials are still in the early stages of assessing the damage
  in Fort McMurray, but AIR is already calling it the costliest
  natural disaster in Canada's history.
  The range in AIR's loss estimates reflected uncertainty in
  the payment of additional living expenses resulting from mandatory
  e
  
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• Bicycles top household theft claims

  17-05-2016 09:41
  
  Bicycles are the most common item cited in personal theft claims, followed by handbags and mobile phones.
  
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• Hyperion's DUAL names Hudson as CFO

  17-05-2016 08:56
  
  DUAL, the underwriting arm of Hyperion Insurance, said it has appointed Mark Hudson as chief financial officer, from September.
  
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• Activist Icahn raises AIG stake to 4%

  17-05-2016 08:45
  
  Activist investor Carl Icahn has raised his stake in AIG to 4%, putting further pressure on the insurer’s board to heed his radical agenda.
  
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• Outsourcing: Shaping up to demonstrate customer focus

  17-05-2016 08:00
  
  Service providers and insurers are sharpening up their outsourcing practices to bring them into line with tough new regulatory demands outlined by the Financial Conduct Authority a year ago.
  
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• C-Suite - Insurer: Allianz's David Martin on the scourge of underinsurance

  17-05-2016 08:00
  
  Poorly judged estimates in the SME market can leave customers seriously out of pocket when it comes to making a claim.
  
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• Allianz’s Dye: AGF run-off sale will free up resources

  17-05-2016 07:30
  
  Allianz’s recent sale of a book of UK run-off employers’ liability business will free up resources that can be deployed elsewhere, according to Allianz UK chief executive Jon Dye.
  
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• Talbot launches cyber offering with ANV hire

  17-05-2016 00:02
  Talbot is set to enter the cyber market following the hire of
  ANV class underwriter Phil Mayes, The Insurance
  Insider understands.
  Mayes is said to have resigned from ANV, where he was class
  underwriter for cyber and technology business, although it is not
  yet clear when he will resurface at Talbot.
  It is thought Talbot has long been interested in branching out
  into cyber, having previously backed Mayes' cyber facility at
  ANV.
  With Talbot a specialist in terrorism underwriting, there...
  
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• Reinsurance pricing floor in sight: JLT Re

  17-05-2016 00:02
  A reinsurance pricing floor is "in sight" although the
  market is yet to hit rock bottom, according to JLT Re's CEO Ed
  Hochberg.
  Speaking on a panel at InsiderScope New York last week,
  the executive said that as the market reaches an inflection point
  "stuff starts to happen", with carriers looking to
  recalibrate their view on assuming risk.
  He said that a hardening in the market would occur as insurers
  started to question the reserve allocation of their reinsurers.
  &quot...
  
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• Premium tumbles on Munich Re cat bond

  17-05-2016 00:02
  Munich Re benefited from strong investor demand on the cat bond
  market as it was able to cut the premium on its latest deal by 12.5
  percent during the marketing process, sister publication
  Trading Risk reported last week.
  The reinsurer is expected to close its latest Queen Street cat
  bond at $190mn, above its initial $100mn target and significantly
  larger than its typical $75mn-$100mn deal size.
  The insurance premium on the deal came in at 5.25 percent, below
  the 5.75...
  
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• Overcapitalisation leading to questionable decisions: Lyons

  17-05-2016 00:02
  Insurers and reinsurers are making questionable decisions as they
  struggle to grow in a market that is swamped by around $100bn of
  excess capital, Arch Capital's chief financial officer has
  said.
  Speaking at the Insider New York event last week (10
  May), Mark Lyons said the industry was "dramatically"
  overcapitalised.
  The executive explained that the capital fell into one of two
  camps. "We have intelligent capacity and innocent
  capacity," he said, adding that in some cases it could be
  both....
  
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• Nephila may move to acquire fronts via State National

  17-05-2016 00:02
  Fronting carrier State National has acquired the first of two shell
  companies that it will use to write business for Bermudian fund
  manager Nephila Capital.
  Nephila has an option to buy the shell companies in the
  three-year period after they begin writing premium, it noted in its
  first quarter results last week.
  Historically, Nephila has relied on partnerships to source rated
  paper to write reinstateable reinsurance. It has major
  relationships with Allianz Risk Transfer as well as State National
  
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• LMG shortlists delegated authority providers

  17-05-2016 00:02
  The London Market Group (LMG) is in the latter stages of a process
  to select a provider for a coverholder IT system that will form the
  centrepiece of its efforts to modernise binding authority
  processing, The Insurance Insider can
  reveal.
  It is understood that the shortlist of providers includes
  Charles Taylor Consulting, Xchanging and Capita Insurance
  Services.
  Sources said that the request for proposals (RFP) was provided
  five weeks ago and that the result would be announced within the
  next...
  
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• JLT pairs up with Chinese broker for PDvsa deal

  17-05-2016 00:02
  Venezuelan state-owned oil company Petróleos de Venezuela
  SA (PDvsa) has continued its idiosyncratic approach to selecting
  its insurance brokers by retaining Chinese intermediary Jiang Tai
  Insurance Brokers, The Insurance Insider
  has learned.
  Sources said that PDvsa had again chosen to tender its
  programme, with the Chinese broker that has no track record in
  placing energy covers in the international markets beating off
  competition from the global brokers.
  Jiang Tai - which has a strategi
  
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• Insurance buyers irked by consolidation

  17-05-2016 00:02
  Clients dislike the recent trend of M&A activity that has
  reduced the number of carriers, according to Berkshire Hathaway
  Specialty Insurance executive vice president David Bresnahan.Bresnahan claimed he had not met a single client that is happy
  about the wave of consolidation that has consumed the market in
  recent times.Speaking at InsiderScope New York 2016, the executive said:
  "Consolidation has started but most believe it will continue
  for the foreseeable future."For customers it just me
  
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• Duperreault: Total return reinsurers no 'flash in the pan'

  17-05-2016 00:02
  Total return reinsurers are here to stay as insurance companies
  start to take a more holistic approach to their investment
  strategy, according to Hamilton Group CEO Brian Duperreault.
  In an interview with The Insurance
  Insider, Duperreault said that while total return
  reinsurers and other similar models will have varying degrees of
  success, he didn't see them as "a flash in the
  pan".
  The executive explained: "The underlying pressure is that
  the insurance industry makes almost no money on its inv
  
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• Chinese construction company to launch reinsurer

  17-05-2016 00:02
  Listed Chinese construction firm Jiangsu Zhongnan Construction
  Group is set to launch a domestic reinsurer with a group of other
  partners, according to stock exchange filings.
  Jiangsu Zhongnan said it planned to invest 600mn yuan ($91.99mn)
  in the venture, which would constitute 20 percent of its total
  equity capital, according to a translated filing from the
  company.
  The other sponsors backing the start-up are Xiamen Jinyuan
  Investment Group, Xiamen Haicang Investment Group and Lingyun
  Jiangsu,
  
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• Aspen unveiled as core backer for MGAM

  17-05-2016 00:02
  Aspen Risk Management Limited has agreed to become the core
  underwriter backing Jason Anthony's fledgling managing general
  agency (MGA), The Insurance Insider can
  reveal.
  Anthony resigned from the AJ Gallagher-owned OIM Underwriting in
  February last year, with his non-compete agreement running out this
  March.
  MGAM, as the agency will be known, will begin underwriting on 1
  June and will focus on UK small and medium-sized enterprise (SME)
  property and liability policies.
  "Property insurance in thi
  
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• Antares gears up for Lloyd's China

  17-05-2016 00:02
  Qatar Insurance Company (QIC) subsidiary Antares has moved
  closer to launching on Lloyd's China platform, with plans now
  in place to begin underwriting on 1 January.Managing director Steve Redmond told The Insurance Insider in
  November that Antares was "seriously considering"
  entering the China platform.This publication now understands that it is due to submit its
  formal application by 1 July this year, and will focus on marine
  treaty business.Antares recently hired Rebecca Ng, a marine underwri
  
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• Alternative market captures more Florida reinsurance premium

  17-05-2016 00:02
  Collateralised reinsurers and insurance-linked securities investors
  captured 12 percent more premium from the top 10 Florida carriers
  in 2015 than in 2014, according to data collected by sister
  publication Trading Risk.
  Altogether, the alternative market group took 27 percent of the
  total $2.38bn of premiums ceded by the Florida carriers, up from 25
  percent in 2014.
  This includes the Everglades Re and Citrus Re cat bonds for
  Florida Citizens and Heritage P&C respectively, as well as
  United's
  
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• AIG exploring sale of $5bn legacy book

  17-05-2016 00:02
  American International Group (AIG) has entered talks with a
  number of legacy companies about the disposal of a $5bn back-year
  P&C book as signs grow of a turning tide on its divestiture
  strategy, The Insurance Insider can
  reveal.
  Sources told this publication that AIG has provided high-level
  information and initiated sales talks with the handful of legacy
  companies large enough to take on the liabilities held in
  subsidiary Eaglestone Re.
  Only five legacy players have the required scale or ba
  
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• Aegis contingency team leaves for White Oak

  17-05-2016 00:02
  The contingency team at top-quartile Lloyd's managing agency
  Aegis has defected to London-headquartered managing general agent
  White Oak, The Insurance Insider understands.Class underwriter Amanda Lewis, underwriter Tom Cole and
  assistant underwriter John McFadyen have all departed to join the
  diversifying Hiscox-owned specialist automotive and equipment
  underwriter.Lewis joined Aegis in 2009 from Scor UK, accompanied by
  assistant McFadyen, as part of a diversification of the
  agency's specialty
  
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