Insurance news

• Vitale retirement prompts Aspen reshuffle

  18-05-2016 19:50
  Aspen has appointed Stephen Postlewhite as CEO of Aspen Insurance
  and Thomas Lillelund as CEO of Aspen Reinsurance, the Bermudian
  carrier announced today (18 May).
  The decision follows the announcement that current Aspen
  Insurance CEO Mario Vitale intends to retire.
  Vitale has been CEO of Aspen's insurance business since 2012
  and will remain with the company until 30 June to aid the
  transition process.
  Postlewhite moves to the insurance segment having served as CEO
  of Aspen Reinsurance since 201
  
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• Operational risk cat bond pared back to CHF200mn

  18-05-2016 19:50
  Credit Suisse has reduced the target size of its operational
  risk insurance securitisation to CHF200mn ($203.71mn),
  substantially lower than the CHF630mn originally sought, sister
  publication Trading Risk reported today
  (18 May).
  A CHF110mn junior layer will offer investors a 5.5 percent
  coupon, while the senior tranche is expected to provide CHF90mn of
  cover for a 4.5 percent coupon, sources said.
  This has risen 50 basis points from an initial target of 4
  percent.
  The deal was initially pitched
  
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• McGovern to leave Lloyd's for XL Catlin

  18-05-2016 19:50
  Sean McGovern, chief risk officer and general counsel at
  Lloyd's, is to leave the Corporation after 20 years of service
  to take up a role at XL Catlin.
  McGovern initially joined Lloyd's in 1996 before becoming a
  member of the executive team in 2002. He was appointed to the
  Franchise Board in 2014.
  While at Lloyd's, McGovern worked to maintain and expand the
  Corporation's licence network globally, developed strong and
  transparent relationships with regulators, and helped the market
  prepare for...
  
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• LMA elects quartet of board members

  18-05-2016 19:50
  The Lloyd's Market Association (LMA) has appointed four
  market figures to its board after election results were announced
  at its annual general meeting today (18 May).
  The board members are Novae Syndicates CEO Jonathan Butcher,
  Tokio Marine Kiln Syndicates group CFO James Dover, Cathedral
  Underwriting managing director Lawrence Holder and MS Amlin
  executive Andrew McKee.
  Voting closed on 5 May and all four will serve terms of three
  years. Elections take place each year when one third of the
  boa
  
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• Liberty Mutual's profits flat as CR narrows

  18-05-2016 19:50
  Liberty Mutual's post-tax operating income went up by 0.5
  percent to $405mn for the three months to 31 March, as the
  insurer's combined ratio improved but investment returns
  dipped.
  The carrier also reported that net income was up 42.4 percent
  year-on-year to $393mn in the first quarter.
  The first quarter of last year had included a one-off benefit of
  $91mn due to a reduction in the estimated prior years'
  liability for state assessments related to workers'
  compensation.
  The rise in...
  
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• Alberta Motor exceeds cover as reinsured losses mount

  18-05-2016 19:50
  The Alberta Motor Association Insurance Company has gone through
  the top of its reinsurance programme, as combined ground-up loss
  estimates issued to reinsurers from wildfires in the Canadian
  province have passed C$2.1bn ($1.6bn) - at the upper end of the
  provided ranges.
  A straw poll of reinsurers suggests that very preliminary
  industry loss estimates are running to C$3.5bn-C$5bn
  ($2.7bn-$3.9bn).
  Multiple sources told this publication that Alberta Motor had
  notified reinsurers that it expected
  
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• Aviva launches Insurance Act broker guide

  18-05-2016 17:47 via insuranceage.co.uk
  
  Guide covers changes affecting brokers ahead of the implementation of the new law.
  
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• Rural rebrands in plot to be challenger in agricultural insurance market

  18-05-2016 15:59
  
  Managing general agency (MGA) Rural Insurance has rebranded its logo as it sets out plans to be a challenger business within the agricultural insurance market.
  
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• Bluefin promotes Steve Hook to personal lines MD role

  18-05-2016 15:02
  
  Bluefin has promoted Steve Hook to the position of personal lines managing director.
  
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• Aviva seals exclusive deal with digital incubator Founders Factory

  18-05-2016 14:32
  
  Aviva will be the exclusive financial services partner for digital accelerator and incubator Founders Factory over the next five years.
  
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• Moreau to leave Axa

  18-05-2016 14:31
  Nicolas Moreau, chairman and CEO of Axa France, will leave the
  company on 30 June 2016, it announced today (18 May).
  A replacement is due to be announced shortly.
  Moreau started his career in the central finance department of
  the group and joined Axa Investment Managers in 1997, where he
  became CEO in 2002.
  He took over the leadership of Axa's businesses in the UK
  and Ireland in 2007. Moreau returned to France in 2010 to lead Axa
  France and...
  
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• Lancashire UK adds Colosso as non-exec

  18-05-2016 14:31
  Adrian Colosso has joined Lancashire Holdings as a non-executive
  director, he confirmed to The Insurance
  Insider today (18 May).
  In his role, Colosso will assist the UK board of the company but
  not the main Lancashire board or that of Cathedral
  Underwriting.
  The news of his appointment was first reported by Insurance
  Age.
  In addition to his new role, Colosso is also non-executive
  chairman of Inet3 and non-executive director at City Net.
  Colosso retired from his role as CEO of...
  
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• Insurers won't escape Brexit consequences: Hancock

  18-05-2016 14:31
  The insurance industry will not be immune to the tangible
  consequences of a UK vote to leave the European Union (EU),
  according to minister for the Cabinet Office and Paymaster General
  Matt Hancock MP.
  Speaking at an EU referendum debate hosted by The
  Insurance Insider this morning (18 May), Hancock
  warned that the projected fall in the value of sterling, restricted
  access to European markets and the uncertainty linked to the
  renegotiation of terms would negatively impact the insurance
  industry.
  
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• Beazley expands fine art and specie team

  18-05-2016 14:31
  Beazley today (18 May) announced the addition of Mark Bosshard
  and Scott Sellick to its fine art and specie team.
  The duo both join from XL Catlin, where Bosshard held the role
  of class underwriter for fine art, while Sellick was an underwriter
  with expertise in jewellers' block, cash in transit, fine art
  and general specie.
  They will start their new roles in November.
  Commenting on the appointments, Mark Bernacki, head of
  Beazley's property division, said the duo would continue...
  
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• InsurTech Futures: Aviva teams with digital accelerator in multi-million pound deal

  18-05-2016 12:51 via insuranceage.co.uk
  
  Insurer is to work with Founders Factory which aims to develop over 200 tech business over five years.
  
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• Queen's Speech: Government to support insurance for autonomous cars

  18-05-2016 12:45
  
  The government will promote the development of autonomous cars and will ensure insurance is available for customers, it was announced in the Queen’s Speech at the state opening of Parliament.
  
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• Queen's Speech: Bill to ensure cover for driverless cars

  18-05-2016 12:45
  
  The government is to promote the development of autonomous cars and will make sure insurance companies provide cover for them, it was announced at the state opening of Parliament.
  
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• Lloyd’s chief risk officer McGovern to leave for XL Catlin

  18-05-2016 12:40
  
  Lloyd’s chief risk officer and general counsel Sean McGovern is leaving after 20 years at the corporation to join XL Catlin.
  
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• Legislative support extended to driverless cars

  18-05-2016 12:30
  
  Autonomous cars have gained legislative backing in the Queen’s Speech today (18 May) as insurers hail the innovation as doing more to save lives than seatbelts.
  
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• UK motor prices to remain flat in 2016, as insurers drive competition

  18-05-2016 12:25
  
  Increasing competition from insurers will cause prices for UK motor insurance to stay flat throughout 2016, according to a Macquarie report.
  
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• Towergate hires London Markets broking director from Bluefin

  18-05-2016 11:09
  
  Towergate has appointed Paul Longhurst as broking and distribution director in its London Markets division.
  
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• Lloyd’s chairman savages irresponsible Brexit benefits claims

  18-05-2016 10:30 via insuranceage.co.uk
  
  John Nelson criticises politicians and says there would not be a “regulatory nirvana” for insurance.
  
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• AXA France chairman and chief executive Nicolas Moreau to depart

  18-05-2016 09:47
  
  AXA France chairman and chief executive Nicolas Moreau is stepping down from his role on 30 June after 25 years at the company.
  
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• Hastings and Esure to win market share by 'aggressive undercutting'

  18-05-2016 09:26
  
  Market share between motor insurers Hastings and Esure will only be won by aggressive undercutting of the opposition, according to a research note by investment bank Macquarie.
  
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• UK financial services industry is ‘perfect target’ for cyber attack - report

  18-05-2016 09:24
  
  Financial services companies vastly overestimate how much insurance they have against a cyber-attack, Marsh UK and Ireland chief executive Mark Weil has said.
  
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• Aviva to invest millions to tech start-up enabler

  18-05-2016 09:19
  
  Aviva is to invest millions of pounds in Founders Factory, a technology incubator, to forge a new wave of financial service start-ups, Sky News reports.
  
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• Aviva to invest millions in tech start-up enabler

  18-05-2016 09:19
  
  Aviva is to invest millions of pounds in Founders Factory, a technology incubator, to forge a new wave of financial service start-ups, Sky News reports.
  
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• What’s the point of travel insurance if Virgin won’t pay up?

  18-05-2016 08:00
  
  The company seems to be putting up endless obstacles in an attempt to avoid honouring my claimI booked non-refundable flights to Easter Island with CheapOair. Days before the departure date in January I experienced a potentially serious eye condition necessitating a hospital visit, and had to cancel my flights.I have an Annual Gold insurance policy with Virgin and submitted all the information requested, including a medical certificate signed by my GP. After a month Virgin requested proof of pay
  
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• Fraud Focus: DWF's Jamie Taylor asks if small is beautiful

  18-05-2016 08:00
  
  Does a small claim equate to a small risk of fraud detection? How might fraudster behaviours change once the seemingly inescapable raising of the small claims track limit is implemented?
  
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• Asia Analysis: The sensors are coming

  18-05-2016 06:14
  
  New sensor technology has huge potential for the insurance industry, but companies in Asia are lagging behind their Western counterparts writes Nicky Burridge.
  
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