Insurance news

• Zurich names global head of credit and political risk

  31-05-2016 23:39
  Zurich has promoted Dave Anderson to head up its credit and
  political risk division after Jim Thomas left to establish a rival
  offering at Everest Re.
  Anderson was formerly global business development director for
  the Swiss carrier's credit and political risk team but the
  promotion, which was announced today (31 May), will see him take
  charge of the segment.
  The new role will see Anderson take responsibility for the
  unit's management and performance. He will report to Bryan
  Salvatore, president.
  
  Read more

• XL Catlin Hong Kong head departs

  31-05-2016 21:05
  Kin Lau, head of XL Catlin's Hong Kong operation, has left
  to join Tokio Marine Kiln, The Insurance
  Insider has learned.
  Lau has already submitted his resignation and is currently on
  gardening leave. It is understood he will remain in Hong Kong when
  he joins Tokio Marine Kiln in September, but his exact
  responsibilities are still unclear.
  Before leading XL Catlin in Hong Kong for nine years, Lau was a
  casualty underwriter for Ace in the region.
  He is the...
  
  Read more

• Spinnaker targets other states after Louisiana launch

  31-05-2016 21:05
  Programme carrier Spinnaker is targeting other US southeast states
  including Texas and Florida as it continues to build out its
  homeowners' underwriting and distribution platform,
  The Insurance Insider can reveal.
  The start-up last week established a presence in the Louisiana
  homeowners' market as it signed up Acadian Managers as its
  exclusive programme administrator in the state.
  The Acadian business will be written on Spinnaker's AM Best
  A- rated paper, putting it in a strong position to compe
  
  Read more

• NOAA predicts up to 16 named storms

  31-05-2016 21:05
  After three years of low activity the US is set to experience
  near-normal storm activity in the upcoming Atlantic hurricane
  season, the National Oceanic and Atmospheric Administration (NOAA)
  said last week (27 May).The organisation predicted a 70 percent likelihood of 10 to 16
  named storms, of which four to eight storms could become
  hurricanes, including one to four major hurricanes.While a near-normal season is most likely with a 45 percent
  probability, there is also a 30 percent chance...
  
  Read more

• Advertisement

• McGavick laments 'burdensome' Solvency II

  31-05-2016 21:05
  XL Catlin CEO Mike McGavick has criticised the complexity of the
  Solvency II regime, which came into effect almost six months
  ago.
  "The most complex and most burdensome regulatory system in
  the world is Solvency II," McGavick told delegates at the
  International Insurance Conference hosted by Insurance Europe in
  Dublin last week (25 May).
  Speaking during a panel session, McGavick said that the regime
  could impede the competitiveness of carriers globally.
  "If you are under that regime you have the
  
  Read more

• Market has $386mn exposure to Mexico explosion

  31-05-2016 21:05
  CV Starr and American International Group (AIG) are among the
  (re)insurers with the biggest lines on the $386mn property
  insurance policy exposed to an explosion that killed 32 people at a
  petrochemical plant in Mexico last month, The Insurance
  Insider can reveal.Sources said that the property losses will be picked up by a
  specific policy for the facility placed on behalf of PMV, a joint
  venture owned by Pemex and Mexichem, rather than the main
  programmes bought by these...
  
  Read more

• Ironshore wins $27.6mn broker negligence dispute

  31-05-2016 21:05
  Broker Southwest Risk has lost a $27.6mn bid to force its errors
  and omissions (E&O) insurer Ironshore to cover its negligence
  bill after the intermediary failed to place cover for $1.1bn of
  property risks ahead of Hurricane Ike.Shortly before Ike struck in 2008 Southwest established a new
  product that would provide up to $100mn of limit for third-party
  property owners.In total, 34 property companies bought into the so-called
  American Real Estate Advisory Council, generating a total insured
  
  Read more

• Dysfunctional communication harms governance

  31-05-2016 21:05
  Dysfunctional communication in company boards is impeding best
  business practice and causing groups of "very smart"
  people to sometimes make "very dumb" collective
  decisions, according to professional services firm RPC and
  consultancy Glowinkowski International.
  Speaking at a London 100 working group roundtable on 24 May,
  company founder and CEO Steve Glowinkowski warned that a reluctance
  to challenge dominant figures, a willingness to conform and apathy
  in the boardroom were all dysfunctional b
  
  Read more

• Advertisement

• Blackstone invests $250mn in Millette's Hudson Structured

  31-05-2016 21:05
  Blackstone has allocated $250mn to Hudson Structured Capital
  Management's new reinsurance and transport finance funds,
  Trading Risk understands.
  Our sister title reported in February that Blackstone was lined
  up to become the cornerstone investor in Hudson Structured's
  funds.Sources said the $336bn asset manager has now committed the seed
  capital, which was split evenly across Hudson's reinsurance and
  transport structured finance funds and makes up half the total
  $500mn capital base targeted by
  
  Read more

• AOB concerns dominate renewal

  31-05-2016 21:05
  Concerns over the deteriorating situation around so-called
  assignment of benefits (AOB) claims for Florida insurers dominated
  many discussions with reinsurers during 1 June renewal
  negotiations.The issue has already had a significant impact on the
  attritional loss ratios of carriers, including state-backed
  Citizens, which fell to an underwriting loss last year.And with significant volumes of business transferred to the
  private homeowners' market as a result of Citizens'
  dramatic depopulation in
  
  Read more

• Allianz Risk Transfer eyes $150mn for debut cat bond

  31-05-2016 21:05
  Allianz Risk Transfer has launched its first insurance-linked
  securities (ILS) issuance with the Blue Halo Re cat bond, which
  seeks reinsurance cover of $150mn, Trading Risk
  understands.Blue Halo Re would provide index-based cover for US named storms
  and earthquakes on a three-year aggregate basis for Allianz Risk
  Transfer - a fronting carrier for Nephila Capital.Other Allianz entities have raised cat bond cover under the Blue
  Danube, Blue Coast and other series of notes.As Allianz Risk Transfer
  
  Read more

• The Insider 30 maintains rise post-results

  31-05-2016 21:05
  The Insider 30 maintained its positive momentum for
  a second consecutive week, closing 1.5 percent higher on Friday (27
  May).However, The Insurance Insider's
  broader coverage universe witnessed a few mid-single-digit
  decreases during the past week.Oxbridge Re saw the end of a string of increases following its
  results disclosure in the prior week, with its shares falling by
  5.5 percent to $5.0, making it the week's poorest performer.Shares in Charles Taylor also suffered a decline, falling by 2.6
  
  Read more

• Slimmed down Citizens slashes private reinsurance

  31-05-2016 21:05
  Florida Citizens has maintained a significant buffer to fund a
  1-in-100-year hurricane this year despite a dramatic downsizing of
  its private risk transfer programme for 2016-17.
  The state-backed insurer will place just $221mn of new
  reinsurance limit, confirming expectations that it would
  significantly reduce its reinsurance spend after shrinking its
  portfolio.
  Citizens CFO Jennifer Montero told The Insurance
  Insider late last year that the insurer would enter a
  holding pattern for its 2016 ren
  
  Read more

• Lloyd's to review underperforming lines

  31-05-2016 21:05
  Lloyd's is launching a portfolio review into select lines of
  business including aviation, terrorism and energy across all
  syndicates, The Insurance Insider understands.Theresa Froehlich, interim director of performance management at
  Lloyd's, unveiled the plans at a meeting with syndicates on
  Thursday (26 May).Lines under review include aviation, marine cargo, terrorism,
  energy exploration and production and international casualty,
  sources told this publication.These lines have either come under
  
  Read more

• Insurers sue Siemens over $71mn turbine loss

  31-05-2016 21:05
  More than 15 carriers have brought a $71mn case against German
  engineering giant Siemens after one of its steam turbines failed
  "catastrophically", leading to substantial business
  interruption losses.
  Duke Energy Florida tendered the claim to its captive insurer
  Bison Insurance Company Limited after the steam turbine failed in
  July 2014.
  The electricity producer alleged that the failure took it
  offline for almost a year and caused substantial damage to the
  turbine along with other property and e
  
  Read more

• Fenchurch founding partner Cunningham leaves

  31-05-2016 21:05
  Kevin Cunningham, one of the founding partners of Fenchurch
  Advisory Partners, has left the boutique financial adviser,
  The Insurance Insider can reveal.
  Managing director Cunningham worked on the specialty insurance
  and general insurance deals, advising both carriers and
  brokers.
  He recently represented Lonmar when Global Risk Partners agreed
  to buy into it in April this year, and last year advised
  independent broker RFIB when it was sold to private equity house
  Calera Capital.
  Cunningham handl
  
  Read more

• Brexit 'most critical decision' of last 50 years: Kenny

  31-05-2016 21:05
  The Irish Taoiseach Enda Kenny underlined the importance of the
  UK's upcoming European referendum at the International
  Insurance Conference hosted by Insurance Europe last week (25 May).
  "This is probably the most critical decision of the last 50
  years in respect of the European Union (EU)," he said.
  "There is EUR1.2bn in trade every week across the Irish Sea
  and there are 200,000 jobs here and a further 200,000 jobs in
  Britain, so it's not a topic that should be...
  
  Read more

• Munich Re's Stuhl gets broker development role

  31-05-2016 17:10
  Munich Re's US arm has appointed Joe Stuhl as senior vice
  president, broker executive, the company said today (31 May).
  Stuhl will also join the US reinsurance division's executive
  leadership team, reporting to president Steve Levy.
  Levy said: "In this new role, Joe will take the lead in
  further developing our relationships with the reinsurance brokers
  as we seek to grow our broker market business, consistent with
  Munich Re's risk appetite and underwriting strategy."
  Stuhl was previously a clien
  
  Read more

• Aspen names global heads of credit and surety

  31-05-2016 17:10
  Aspen Insurance has appointed Mike Toppi as global head of surety
  risk and Paul Sanders as global head of credit and political risk.
  Both are internal appointments to new roles as Aspen looks to
  emphasise its commitment to a global approach to underwriting.
  Toppi was previously executive vice president and chief surety
  lines underwriter and has held roles at Aetna, The Hartford and
  Travelers.
  Sanders joined Aspen in September 2014 as head of credit and
  political risk. He was previously...
  
  Read more

• Allianz launches car sharing insurance cover

  31-05-2016 16:58
  
  Allianz will offer insurance cover to drivers who rent out their vehicle to strangers via the car sharing app RideLink.
  
  Read more

• Neos chief exec: 'Insurance suffers from being conservative'

  31-05-2016 16:23
  
  Neos chief executive Matt Poll, who left MoreThan after 15 years to create a home insurance start-up, explains the potential dangers for insurance companies of not engaging with their customers properly, and why they must be more agile with new ideas.
  
  Read more

• Web domain ‘.broker’ now available

  31-05-2016 16:03 via insuranceage.co.uk
  
  Brokers can use the domain instead of .com or .co.uk.
  
  Read more

• ITH launches terrorism travel cover

  31-05-2016 16:00 via insuranceage.co.uk
  
  Brokers can access International Travel and Healthcare’s product through its back office platform.
  
  Read more

• Unimpressed consumers reject 'connected home' transition

  31-05-2016 14:15
  
  Most consumers are unwilling to buy smart home technologies and lack interest in the ‘Internet of Things’, a new survey has found.
  
  Read more

• Unconcerned consumers reject a 'connected home' transition

  31-05-2016 14:15
  
  Most consumers are unwilling to buy smart home technologies and lack interest in the ‘Internet of Things’, a new survey has found.
  
  Read more

• Ice-cream van fraudster faces a year in jail

  31-05-2016 12:49
  
  A man has been handed a one-year suspended sentence for his part in a series of insurance frauds involving an ice-cream van.
  
  Read more

• Suncorp appoints chief information officer

  31-05-2016 12:28
  Australian carrier Suncorp has hired Sarah Harland as its new
  chief information officer, the company announced yesterday (30
  May).
  She replaces chief transformation officer Clayton Herbert, who
  has been serving in the role on an interim basis since the
  departure of Matt Pancino in April.
  Harland, who joins from Medibank Private, will assume the
  position on a permanent basis from 1 September....
  
  Read more

• Nexus and XL Catlin sign financial lines deal

  31-05-2016 12:28
  Independent specialty managing general agent (MGA) Nexus has
  signed a three-year deal to write financial lines business in Asia
  on behalf of XL Catlin, the company announced today (31 May).
  The carrier will supply Nexus with capacity of up to $15mn to
  write a range of lines including directors' and officers'
  (D&O), professional indemnity and crime.
  The MGA will offer the cover through its new Hong Kong branch,
  Nexus Underwriting Asia.
  Nexus currently offers limits of £20mn ($29.2mn) fo
  
  Read more

• Indian insurers directed to reveal executive pay

  31-05-2016 12:28
  The Insurance Regulatory and Development Authority of India (Irdai)
  has directed Indian insurers to reveal details of executive
  remuneration from next year.
  The regulator said companies must reveal the pay, including
  incentive-based remuneration, of the managing director, CEO and
  other key management personnel.
  Insurance companies in India currently disclose the remuneration
  of managing directors and CEOs in their annual accounts but do not
  reveal the pay of other executives. Incentive-based pay
  
  Read more

• Helios acquires new Names vehicle

  31-05-2016 12:28
  Helios Underwriting has acquired Lloyd's liability vehicle
  (LLV) Nameco (No 346) Limited for £3.75mn ($5.5mn) in cash, it
  announced today (31 May).
  The LLV has £3.3mn in underwriting capacity for the 2016
  underwriting year and participates in a spread of Lloyd's
  syndicates broadly similar to Helios's own participation, the
  firm said.
  Prior to this acquisition, Helios Underwriting had 2016 capacity
  of £29.3mn.
  CEO Nigel Hanbury commented: "This is in line with our
  stated strateg
  
  Read more

• Chubb appoints head of SME for UK and Ireland

  31-05-2016 12:28
  Chubb has announced the appointment of Ruth Polyblank to the new
  role of head of SME, UK and Ireland, effective 1 June.
  Polyblank is currently head of marketing and customer strategy,
  UK and Ireland. In her new role she will have overall management
  responsibility for Chubb's SME portfolio in the region.
  Polybank has worked at Chubb for five years and joined legacy
  Ace as UK and Ireland marketing and communications manager in 2010
  before assuming her customer strategy role in...
  
  Read more

• Amanda Blanc and self-driving cars in the news; focus on broker commission

  31-05-2016 12:04
  
  Important insurance news and Post exclusives over the past week, in case you missed it.
  
  Read more

• NFP plans to buy more UK-based brokers over time

  31-05-2016 11:58 via insuranceage.co.uk
  
  American consolidator recently purchased Linkfield Corporate Solutions in Birmingham.
  
  Read more

• NFP plans to buy more UK-based brokers

  31-05-2016 11:58 via insuranceage.co.uk
  
  American consolidator recently purchased Linkfield Corporate Solutions in Birmingham.
  
  Read more

• Bluefin Underwriting hires Coughlan as head of finance

  31-05-2016 11:06
  
  Bluefin Underwriting has hired Ian Coughlan as head of finance reporting into Paul Drake (pictured), head of Bluefin Underwriting.
  
  Read more

• Former Zurich CEO Martin Senn commits suicide

  31-05-2016 10:38
  Zurich Insurance's former CEO Martin Senn has killed himself
  less than six months after relinquishing the top job at the global
  insurer.Senn took his life on Friday (25 May), the Swiss insurer
  announced in a statement on yesterday. He was 59.The death marks the second suicide among Zurich's top ranks
  in three years. In 2013, finance director Pierre Wauthier was found
  dead at his home.Wauthier had a series of disagreements shortly before his death
  with then Zurich...
  
  Read more

• #Insagepeople: 31 May to 5 June 2016

  31-05-2016 10:35 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.
  
  Read more

• Review: Cyber for SMEs

  31-05-2016 10:30 via insuranceage.co.uk
  
  NIG Cyber Cover. This product has been reviewed by brokers and rated from one to five stars, based on the policy’s key benefits. * = Poor ** = Average *** = Good **** = Very good ***** = Excellent
  
  Read more

• Products round-up: The ‘go to’ place for new products

  31-05-2016 10:30 via insuranceage.co.uk
  
  The British Insurance Brokers’ Association’s (Biba) annual conference did not disappoint with the annual slew of new products from providers to entice their broker partners.
  
  Read more

• Covered Insurance unveils on demand cover for learner drivers

  31-05-2016 10:26 via insuranceage.co.uk
  
  Product to be the first launched on the broker's Insurance on Demand platform.
  
  Read more

• The ongoing problem of underinsurance

  31-05-2016 10:25 via insuranceage.co.uk
  
  Experts reveal hope that the Insurance Act will help solve the industry-wide underinsurance issue
  
  Read more

• Former Zurich CEO Martin Senn dies

  31-05-2016 10:17 via insuranceage.co.uk
  
  Zurich released a statement stating that Senn had committed suicide.
  
  Read more

• UK General hires two to beef up broker business

  31-05-2016 10:08
  
  UK General said it has hired Barry McCormick and Rob Tustin business development managers.
  
  Read more

• Helios 2015 profits down, makes £3.75m acquisition

  31-05-2016 09:12
  
  Helios Underwriting reported lower profits for 2015 as its reinsurance levels increased,
  
  Read more

• Ex-Zurich CEO Senn commits suicide

  31-05-2016 08:42
  
  Martin Senn, former chief executive of Zurich Insurance Group has killed himself, the company said.
  
  Read more

• In Depth - Brexit: What would a Brexit mean for the insurance industry?

  31-05-2016 08:00
  
  The issue of the referendum has stirred debate – but what’s at stake?
  
  Read more

• Roads minister: Driverless car threat 'pie in the sky'

  31-05-2016 07:30
  
  The idea of driverless cars making motor insurance unnecessary is “a lot of pie in the sky”, according to roads minister Andrew Jones.
  
  Read more

• XL Catlin supports Nexus in Asia

  31-05-2016 01:15
  
  London-headquartered specialty MGA Nexus Underwriting has signed a three year underwriting capacity deal with XL Catlin for its Asia office.
  
  Read more

Follow @Insurance_UKnws on Twitter!