Insurance news

• Shanghai exchange nears launch after capital raise

  19-05-2016 21:17
  Some 91 Chinese companies have agreed to contribute the 2.24bn yuan
  ($343mn) of registered capital required to found an insurance
  exchange in Shanghai, according to local reports.
  The founding members, most of which are insurance companies and
  their subsidiaries, met yesterday (18 May) for the first time to
  discuss developing the marketplace.
  The group also includes around 20 companies from other sectors,
  including state-owned bank Shanghai International Group, and the
  investment arm of acquisit
  
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• Scor shares decline after Jefferies downgrade

  19-05-2016 21:17
  Shares in French carrier Scor Group have suffered over the past two
  days as the market reacted negatively to a downgrade posted by
  Jefferies yesterday (18 May).
  Stocks were 3.9 percent lower today at EUR28.385 at the time of
  writing (16:38BST) compared to the closing share price before the
  note was issued of EUR29.53.
  Jefferies analysts downgraded Scor shares to
  "underperform" from a previous "hold" rating
  after noting that growth appeared to be slowing in the first
  quarter.
  In the...
  
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• Experts claim EgyptAir crash likely caused by terrorism: reports

  19-05-2016 21:17
  Aviation experts have claimed the downing of EgyptAir flight
  MS804 this morning (19 May) was likely the result of a terrorist
  attack.
  The former chief of France's air accident investigation unit
  Jean-Paul Troadec told radio station Europe 1 in Paris that the
  crash was "almost certainly" the result of terrorism.
  He said the failure to issue an emergency alert suggested a
  "brutal event".
  Troadec continued: "A technical problem, a fire or a failed
  motor do not cause an instant accident,...
  
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• Charles Taylor hires managing agent CUO

  19-05-2016 17:04
  Charles Taylor has hired Ajay Gupta as chief underwriting officer
  (CUO) of its Lloyd's turnkey managing agent, it announced today
  (19 May).
  Gupta will also become a board director upon joining the
  platform, subject to regulatory approval.
  He joins the company from MS Amlin's Lloyd's business,
  where he was strategy and analytics manager overseeing a
  £400mn underwriting portfolio.
  Gupta has over 25 years' experience in the (re)insurance
  industry and has previously worked at RSA, Allianz Glob
  
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• Allstate estimates cat losses at $633mn for April

  19-05-2016 17:04
  US insurance giant Allstate has estimated pre-tax catastrophe
  losses for April at $633mn, or $411mn after-tax.
  Eight catastrophe events in the month were estimated at a
  pre-tax cost of $660mn, which was offset by reserve recalculations
  of previous catastrophe losses, mainly for March.
  Allstate has experienced back-to-back months of higher than
  typical cat losses, according to Janney's Robert
  Glasspiegel.
  Keefe Bruyette & Woods analyst Meyer Shields increased his
  projections for second quarte
  
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• Ageas pledges to support Brightside after Markerstudy exit

  19-05-2016 13:39
  
  Ageas UK will aim to continue supporting Brightside after fellow major capacity provider Markerstudy decided to cancel its agency with the broking group, chief executive Andy Watson said.
  
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• XL Catlin lead underwriter for crashed Egypt Air flight

  19-05-2016 13:13
  
  Post has learned XL Catlin was the lead underwriter for the Egypt Air flight, now believed to have crashed into the Mediterranean.
  
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• XL Catlin leads EgyptAir programme

  19-05-2016 13:04
  XL Catlin is the lead underwriter for the all-risk programme
  exposed to the loss of EgyptAir flight MS804, The
  Insurance Insider can reveal.
  Sources said that the hull value for the Airbus A320 is around
  $18mn.
  Marsh is EgyptAir's broker.
  Talbot is the lead underwriter for the hull war slip, with the
  rest believed to be on one of Marsh's line-slips in the
  Lloyd's market.
  The all-risk cover would pick up the passenger liability claims
  regardless of the cause of...
  
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• RSG announces Lloyd's E&O expansion

  19-05-2016 13:04
  Ryan Specialty Group's ThinkRisk underwriting agency has moved
  its Converging Risk errors and omissions (E&O) programme from
  Aspen US to certain underwriters at Lloyd's.
  The programme provides E&O for media, advertising,
  technology, privacy and network security risks.
  The switch has expanded the programme's annual revenue
  threshold to $1bn, with the introduction of cyber-crime coverage
  with $10mn in primary limits and up to $5mn of limits in addition
  to the liability limit for first part
  
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• Indian regulator publishes corporate governance guidelines

  19-05-2016 13:04
  The Insurance Regulatory and Development Authority of India
  (Irdai) has today (19 May) released its final corporate governance
  guidelines for the insurance industry, which are aimed at
  strengthening the boards of insurance companies.
  The rules give responsibility for compliance under the Insurance
  Act to boards, and requires them to address the expectations of
  shareholders and policyholders while laying down projections.
  They also require boards to examine projections on capital
  requirements, re
  
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• Hong Kong regulator drafts mainlander insurance guide

  19-05-2016 13:04
  Hong Kong's Office of the Commissioner of Insurance is
  drafting statements to explain the difference in local laws and
  regulations to Chinese mainlanders purchasing policies in the
  city.
  The document is designed to ensure mainlanders purchasing
  insurance in the territory understand the risks involved, including
  exchange rate risks and that legal fees could be higher in the case
  of disputes.
  Mainlanders will be required to sign the document when
  purchasing insurance in Hong Kong from the middle o
  
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• China edges closer to cat insurance scheme

  19-05-2016 13:04
  China is one step nearer to establishing a programme that will
  provide insurance for natural catastrophes.
  The China Insurance Regulatory Commission (CIRC) released a
  joint statement with the country's ministry of finance on
  Monday (16 May) where it outlined plans to provide residential
  earthquake policies.
  Newspaper Caixin reported that policy values would not
  exceed 1 million yuan ($0.2mn) per household. The report added that
  buildings that were "moderately damaged" would receive
  half the insu
  
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• Beale, Tulloch appointed to UN and World Bank Group-backed steering committee

  19-05-2016 12:56
  
  Lloyd's CEO Inga Beale and Aviva global chairman Maurice Tulloch have been added to a committee guiding the United Nations and World Bank Group-backed Insurance Development Forum.
  
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• Charles Taylor Managing Agency appoints Ajay Gupta as CUO

  19-05-2016 11:54
  
  Charles Taylor Managing Agency has appointed Ajay Gupta as chief underwriting officer and board director from Mitsui Sumitomo Insurance Underwriting.
  
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• Lloyd's CEO Inga Beale on Desert Island Discs: Five things we learnt

  19-05-2016 11:38
  
  Desert Island Discs was an important part of my childhood - as were The Archers and Test Match Special - growing up in a radio-obsessed household.
  However, in the age of podcasts I only dip in and out of the show now if I read about a guest who has been particularly interesting, and/or high profile.
  
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• Tempcover launches short term motorbike insurance

  19-05-2016 10:26 via insuranceage.co.uk
  
  Broker aiming to boost overall policy count by 10% in a year.
  
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• Risk Solved reveals growth plans after new funding

  19-05-2016 10:24 via insuranceage.co.uk
  
  Software specialist to recruit staff and moves to new offices.
  
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• Motor helps Ageas UK’s COR to stay below 100

  19-05-2016 10:16
  
  Ageas UK has reported a 99% total combined ratio (Q1 2015: 99.7%), driven by improved motor COR of 98.7% (Q1 2015: 106.4%), but other non-life ratios were weaker compared to this time last year.
  
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• Lloyd's syndicate Probitas 1492 expands underwriting team

  19-05-2016 09:51
  
  Lloyd’s syndicate Probitas 1492 has expanded its casualty offering with the appointment of Ernesto Medina within its financial lines team.
  
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• Ageas UK Q1 profit higher, driven by motor

  19-05-2016 09:14
  
  Ageas UK reported a sharp rise in first quarter profit and an improvement in its combined operating ratio, driven by a favourable motor performance.
  
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• C-Suite Europe: Ageas' Bart De Smet on mergers and alliances

  19-05-2016 08:00
  
  Recent consolidation moves must not overshadow the business opportunities offered by joint ventures: the acronym M&A could be redefined as mergers and alliances.
  
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• C-Suite Europe: Ageas' Bart De Smet looks at the possibility of mergers and alliances

  19-05-2016 08:00
  
  Recent consolidation moves must not overshadow the business opportunities offered by alliances
  
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• Moreau to leave Axa in June

  19-05-2016 04:38
  
  Nicolas Moreau, chairman and CEO of Axa France, is to leave the insurer on 30 June after 25 years.
  
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