Insurance news

• RAA looks to block congress from derailing flood bill

  23-05-2016 23:28
  The Reinsurance Association of America (RAA) has written to
  representatives of the US Congress in a bid block the
  implementation of a bill that would derail a new flood
  initiative.
  The trade body, which represents reinsurers across the US, said
  the Federal Flood Risk Management Standard would be at risk if the
  bill was made law.
  The proposed standard would ensure that federal taxpayer-funded
  facilities and infrastructure are built with "an appropriate,
  higher level of resilience to flood-related
  
  Read more

• AGCS hires OneBeacon entertainment team

  23-05-2016 23:28
  Allianz Global Corporate & Specialty (AGCS) has hired an
  entertainment team from rival OneBeacon as it looks to grow its
  presence in North America.
  The quartet of underwriters, led by Wanda Phillips, will be
  responsible for writing risks within the entertainment sector.
  Phillips joins from OneBeacon where she held the position of
  underwriting manager.
  She will be based in New York and report to Sue McGuirl who is
  the North American head of entertainment for AGCS.
  The underwriter has formerly
  
  Read more

• UK government outlines plans to insure driverless cars

  23-05-2016 20:21
  The UK government has announced plans for a new bill that will
  ensure appropriate insurance is available for driverless cars.The Modern Transport Bill, set out in the Queen's Speech
  last week (18 May), will create the framework for the UK's
  first autonomous vehicles, paving the way for commercial
  spaceflight and drone operations in the UK."My ministers will ensure the United Kingdom is at the
  forefront of technology for new forms of transport, including
  autonomous and electric vehicles,&quot
  
  Read more

• Two more Cathedral property cat underwriters resign

  23-05-2016 20:21
  The two remaining members of Cathedral's old property treaty
  reinsurance team have resigned from the company, The
  Insurance Insider can reveal.
  Sources said that Simon Dean and Geraldine McMillan have both
  tendered their resignations, joining their colleagues who indicated
  their intentions to leave in February.
  Dean was a property treaty underwriter who was part of the
  founding Cathedral team back in 2000. McMillan was an assistant
  underwriter and has also been at Lancashire's Lloyd's arm
  since
  
  Read more

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• Two Florida carriers launch debut cat bonds

  23-05-2016 20:21
  Florida insurers Security First and United P&C both launched
  first-time cat bond issuances last week, sister publication
  Trading Risk reported.
  The duo are the third and fourth Sunshine state carriers to tap
  the insurance-linked securities market for reinsurance cover this
  year, following earlier deals from take-out companies Heritage and
  Safepoint.
  Each is seeking to raise $100mn of additional cover before the
  hurricane season kicks off on 1 June.
  Security First is using Swiss Re as a front
  
  Read more

• Towergate lines up Pearce for top EC3 job

  23-05-2016 20:21
  UK broker Towergate is understood to be close to hiring former
  Windsor managing director Neil Pearce to head up its London market
  operations, The Insurance Insider can
  reveal.
  While the contract is yet to be inked, sources indicated that
  Pearce was expected to start imminently, having already left his
  former role as executive director of the UK and international
  liability team at RKH Specialty in April this year.
  Pearce is well known in the London market, and has more than...
  
  Read more

• Swiss Re to launch Bangalore start-up accelerator

  23-05-2016 20:21
  Swiss Re has launched a start-up accelerator in Bangalore aimed at
  supporting InsurTech start-ups with the potential to disrupt the
  (re)insurance market.
  The project will choose companies from applicants to the
  programme that focus on the reinsurer's key objectives in the
  InsurTech space.
  These include the Internet of Things, smart analytics and
  systems of engagement including innovative distribution channels
  and models and digital assistants.
  The 16-week programme will run from July to October
  
  Read more

• Sompo Canopius poised to hire de Haldevang

  23-05-2016 20:21
  Bernie de Haldevang, former head of Finpro International at
  Aspen, is set to join Lloyd's (re)insurer Sompo Canopius as
  head of specialty, The Insurance Insider
  understands.
  The hire is another facet of the ongoing transformation
  happening at the carrier under the stewardship of Stuart Davies,
  who took over Sompo Canopius as CEO last May.
  If his appointment is confirmed, de Haldevang will take on
  responsibility for accident and health, political risk, casualty
  and terrorism, and will report to c
  
  Read more

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• Shanghai insurance exchange approaches launch

  23-05-2016 20:21
  An insurance exchange is on track to launch in Shanghai after 91
  companies agreed to contribute $343mn of capital required to
  establish the venture.The founding members, most of which are insurance companies and
  their subsidiaries, met on 18 May for the first time to discuss
  developing the marketplace, local media reported.The group also includes around 20 companies from other sectors,
  including state-owned bank Shanghai International Group and the
  investment arm of acquisitive Chinese conglomer
  
  Read more

• Operational Re bond to close at smaller size

  23-05-2016 20:21
  Investment bank Credit Suisse has scaled back the size of its
  innovative Operational Re bond, which is set to close at CHF200mn,
  sister publication Trading Risk reported
  last week.
  This is substantially lower than the CHF630mn originally
  sought.
  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 is up 50 basis points from an initial target of 4
  percent....
  
  Read more

• Lloyd's calls in consultants for review

  23-05-2016 20:21
  Lloyd's has appointed niche consultancy One6 to undertake a
  review of the structure of the Corporation, The
  Insurance Insider can reveal.
  It is understood that the consultants were appointed to conduct
  the review in the first quarter, with preliminary findings due to
  be presented to the Lloyd's executive team in Q3.
  Sources said that One6 will examine the structure and processes
  of the Corporation of Lloyd's to ensure that they are fit for
  purpose.
  The review is believed to be...
  
  Read more

• June renewals making carriers 'jumpy': Flandro

  23-05-2016 20:21
  The upcoming 1 June renewals will continue the pattern of
  persistent rate decreases, albeit at a slower pace, according to
  JLT Re global head of analytics David Flandro.
  Speaking at the Association of Lloyd's Members national
  conference today (23 May), Flandro said that reinsurance rates had
  continued their relentless fall since January.
  "If you look towards the 1 June renewals, which is mainly
  Florida business, you can see that on a risk-adjusted basis, prices
  for Florida cover are getting down
  
  Read more

• Jain points to change of direction at Gen Re

  23-05-2016 20:21
  Berkshire Hathaway reinsurance chief Ajit Jain has hinted at a
  potential shift in strategy at reinsurer Gen Re as it looks to
  navigate challenging market conditions at the same time as growing
  under its newly anointed CEO Kara Raiguel.
  In a memo seen by this publication, Jain told colleagues that
  Raiguel - his "secret weapon" - was set to take the helm
  at the Berkshire Hathaway subsidiary, replacing Tad Montross.
  He added that her first priority and chief objective would...
  
  Read more

• Insurance Europe responds to Eiopa SII consultation

  23-05-2016 20:21
  Trade body Insurance Europe has responded to a consultation
  being carried out by the European Insurance and Occupational
  Pensions Authority (Eiopa) on the way infrastructure corporates are
  identified under Solvency II.Project finance and corporates are two ways in which insurers
  can make infrastructure investments, and as such the prudential
  treatment of both is important.Infrastructure corporates are investments made by a corporation
  - such as an insurance company - in an infrastructure project
  
  Read more

• Enstar M&A vice president departs

  23-05-2016 20:21
  Jonathan Zisaruk, vice president of M&A at Enstar, has resigned
  from the company, The Insurance Insider
  has learned.
  Zisaruk, who was based in London, is understood to be taking a
  career break. It is not known when he will return to the
  market.
  The legacy market is currently seeing a deluge of UK
  employers' liability (EL) run-off business, with some £6bn
  ($8.7bn) of liabilities brought to market.
  Enstar is thought to be in the running for The Hartford's
  combined £452mn...
  
  Read more

• Chaucer hires Markel International A&H duo

  23-05-2016 20:21
  The Hanover's Lloyd's arm Chaucer has made a brace of
  accident and health (A&H) underwriting hires from Markel
  International, The Insurance Insider can
  reveal.
  Mike Bridgeman has worked at Markel International for six years
  as an A&H underwriter, and was previously head of A&H at
  QBE International.
  Amelia Fenton is also leaving Markel International to join
  Chaucer. She has worked at the carrier for just over three years
  and was previously an underwriting assistant in A&H for Alte
  
  Read more

• Capita makes business development team redundant

  23-05-2016 20:21
  Capita Insurance Services is set to make several members of its
  business development team redundant following an internal review,
  The Insurance Insider can reveal.
  Among those whose roles are under consultation are Danny
  Maleary, director of business development, and Shaun Linton,
  business development manager, sources told this publication.
  Maleary has worked at Capita since March 2014, while Linton has
  been at the firm since August 2014.
  Their roles are understood to have been made redundant af
  
  Read more

• Brexit vote could pave way for major M&A activity, survey finds

  23-05-2016 20:21
  A vote for the UK to leave the European Union (EU) could trigger
  a wave of M&A as insurers look to acquire or divest EU business
  units, according to a report commissioned by law firm Kennedys.The international law firm partnered with think-tank Cicero to
  conduct in-depth interviews with 20 senior insurance industry
  executives to ascertain what a vote in or out would mean for their
  businesses.The resulting report found that a number of respondents
  indicated a Brexit would...
  
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• Berkowitz: AIG should sell 'under-appreciated' assets

  23-05-2016 20:21
  Bruce Berkowitz, the investor who won big by
  betting on AIG following the financial crisis, has said that a lot
  options are available to management to drive returns, including the
  sale of assets.
  In a recent conference call, Berkowitz, who runs investment firm
  Fairholme Funds, said: "I've followed AIG for decades. The
  company's configuration is unique. But I believe that
  under-appreciated assets should be sold."
  Berkowitz provided no further details on which assets should be
  considered for dispo
  
  Read more

• Aviation war market awaits latest potential hit

  23-05-2016 20:21
  The beleaguered aviation war market could soon be hit with
  another total loss after the downing of EgyptAir flight MS804 last
  week.
  The flight, which had 56 passengers, seven crew members and
  three security personnel on board, crashed over the Mediterranean
  on 19 May while en route from Paris to Cairo.
  Talbot Underwriting is understood to lead the hull war policy
  for the airline, with the rest believed to be on one of Marsh's
  lineslips in the Lloyd's market.
  The...
  
  Read more

• Sarah Dalgarno moves across to lead legacy resolution unit at Towergate

  23-05-2016 18:03 via insuranceage.co.uk
  
  Firm starts process of recruiting interim chief risk officer.
  
  Read more

• Dalgarno to head Towergate’s new ‘legacy resolution’ unit

  23-05-2016 17:54
  
  Towergate has appointed chief risk officer Sarah Dalgarno to head up a new unit that will tackle the broking group’s old liabilities.
  
  Read more

• ABI proposes UK cyber-attack database

  23-05-2016 16:11
  The Association of British Insurers (ABI) has called for a UK
  central database of cyber-attack information to help insurers to
  better price cyber risk.
  In a statement today (23 May), the ABI said information sharing
  was "crucial" in order to put the UK's insurance
  industry at the head of a potential $20bn global cyber market.
  The body proposed leveraging the European Network Information
  Security Directive - which requires firms to notify of data
  breaches as of 2018 - to build...
  
  Read more

• Price Forbes hires team from Marsh in retail push

  23-05-2016 13:43
  
  Price Forbes has hired Audrey Corfield as managing director of its European retail arm.
  
  Read more

• ABI calls for cyber attack database

  23-05-2016 12:11
  
  Insurers should have access to a national database of recorded cyber attacks in order to better provide cover, according to the Association of British Insurers.
  
  Read more

• World Bank to raise $500mn pandemic insurance fund

  23-05-2016 12:09
  The World Bank plans to raise $500mn of (re)insurance funding
  for a new pandemic facility.
  The organisation will target cat bonds as well as reinsurance
  capital to source the insurance funding for the new Pandemic
  Emergency Financing Facility (PEF).
  The three-year insurance cover will use public data on the size
  and severity of an epidemic outbreak to set parametric triggers to
  determine when the money is released.
  In the event of an outbreak, funds will be disbursed quickly to
  countries...
  
  Read more

• Marketform names Long as claims director

  23-05-2016 12:09
  Marketform has hired Sharon Long from XL Catlin as claims
  director, it announced today (23 May).
  Long will join Marketform in August, and has more than 25 years
  of claims experience in the London market. Prior to her role as
  director of claims at XL Catlin, she held senior claims roles at
  Axa and Lloyd's.
  Marketform CEO Martin Reith commented: "Effective claims
  handling is increasingly recognised as an essential differentiator
  for insurers and appointing an individual of Sharon's calibre
  reflect
  
  Read more

• Federal Reserve to unveil insurer group capital approaches

  23-05-2016 12:09
  US Federal Reserve board governor Daniel Tarullo has revealed
  that the central bank intends to propose two group capital
  approaches for insurers it prudentially supervises.
  Speaking at the National Association of Insurance Commissioners
  2016 international forum, Tarullo said the Fed will propose one
  approach for "systemically important" insurers and
  another for those carriers that own an insured depository
  institution.
  Although he did not include an exact timeline for when the Fed
  will unveil th
  
  Read more

• Cyber attack database needed, says ABI

  23-05-2016 12:05 via insuranceage.co.uk
  
  Director general calls for reporting of cyber attacks to be “mandatory” in order to build up data.
  
  Read more

• Flood Excess Insurance launched

  23-05-2016 12:04 via insuranceage.co.uk
  
  New AR compiles UK top 20 flood risk postcode districts.
  
  Read more

• InsurTech Futures: Worry + Peace sets up broker platform

  23-05-2016 10:53 via insuranceage.co.uk
  
  Founder says that he wants the broker to be the “Amazon of insurance”.
  
  Read more

• The stats: June 2016

  23-05-2016 10:30 via insuranceage.co.uk
  
  The world of commercial insurance remains a dark place, despite the promise of sunshine and warm summer nights. The latest Acturis Premium Index showed an overall flat market, with experts stating they do not expect any change in the near future
  
  Read more

• UK man stranded in Mexico hospital after AXA refuses claim

  23-05-2016 10:20
  
  A pensioner who fell ill on holiday is stranded in a Mexican hospital after his insurers refused to pay out - leaving the family with a £40,000 bill, the Daily Mail reported.
  
  Read more

• Blog: Ignite cooperation over anti-theft technology

  23-05-2016 10:00
  
  A wave of keyless car theft has reversed the trend of declining claims losses for insurers. To find a solution, the industry should look back to the 1990s
  
  Read more

• #Insagepeople 23 - 29 May 2016

  23-05-2016 09:55 via insuranceage.co.uk
  
  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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• ABI calls for compulsory cyber attack database

  23-05-2016 09:54
  
  The ABI has called on the government to create a database where companies would be obliged to record details of cyber attacks.
  
  Read more

• AXA to sell all tobacco investments

  23-05-2016 08:49
  
  AXA Group said it will shed all its €1.8bn investments in tobacco.
  
  Read more

• Blog: Why strong IT infrastructure is essential for digital transformation

  23-05-2016 08:30
  
  The digital revolution has arrived in all industries - and insurance is no exception. In today's competitive market, firms need to recognise and understand that as digital technology continues to transform the economy, years of experience in the industry will not be enough to protect them from digital disruption.
  
  Read more

• Zurich: Cyber-crime is SMEs’ biggest threat

  23-05-2016 07:30
  
  Cyber-crime is small companies’ biggest worry, according to insurer Zurich’s latest SME Risk Index.
  
  Read more

• AIG UK and Zurich GI bosses join ABI board

  23-05-2016 07:28
  
  AIG UK and Europe chief executive Anthony Baldwin (pictured) and Zurich UK General Insurance chief executive Vibhu Sharma are among four new members of the ABI’s board.
  
  Read more

• Axa quits investing in tobacco

  23-05-2016 04:37
  
  Axa has announced it will stop investing in the tobacco industry where it invests more than €1.7bn (£1.3bn).
  
  Read more

• Carrot and Trak Global in telematics deal with Volkswagen

  23-05-2016 03:00
  
  Volkswagen Financial Services (VWFS) has teamed up with telematics broker Carrot and its sister technology firm Trak Global on a new offering for young drivers.
  
  Read more

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