Insurance news

• Hogarth to use private vehicle to fund Gable's capital needs

  01-06-2016 21:01
  The proposed sale of Liechtenstein-based insurer Gable to
  Hogarth Underwriting Agencies has collapsed after Gable CEO and
  Hogarth owner William Dewsall branded the deal inappropriate.
  In a stock exchange announcement today (1 June), Gable said
  Dewsall had notified it that as Hogarth was a Financial Conduct
  Authority-regulated entity, it would be inappropriate for it to
  provide the £10mn guarantee needed to buttress the
  carrier's regulatory capital levels.
  Gable said Dewsall would instead u
  
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• Anbang hits regulatory hurdle in FGL acquisition

  01-06-2016 21:01
  Chinese insurer Anbang Insurance Group has withdrawn its request
  for US regulatory approval of its pending acquisition of life
  insurer Fidelity & Guaranty Life (FGL).
  In a 31 May filing to the US Securities and Exchange Commission
  (SEC), FGL said Anbang plans to refile its insurance regulatory
  change of control application for the merger with the New York
  Department of Financial Services.
  Anbang withdrew the original application on 27 May.
  The development will delay the completion of Anbang'
  
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• Gable rules out £10m Hogarth guarantee

  01-06-2016 19:50
  
  Hogarth Underwriting Agencies will not provide the £10m regulatory capital for Gable as the CEO has advised it is “inappropriate”.
  
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• Munich Re subsidiary to axe around 1,800 jobs in Germany amid 'brutal' cost cutting

  01-06-2016 18:52
  
  Munich Re’s primary insurance group, Ergo Group, has announced plans to lower its cost basis and inject a total net figure of €1bn to 2020, but 1,800 jobs will go as part of the changes.
  
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• Morgan Stanley: Reinsurers to take $2bn-$5bn wildfire hit

  01-06-2016 18:04
  Reinsurers could take on between $2bn and $5bn of losses from
  the Alberta wildfires, according to estimates from Morgan
  Stanley.
  Equities analyst Kai Pan said in a 31 May note that around 40
  percent of reinsured losses could be shared by global reinsurers
  operating in Canada, with another 40 percent falling to the
  Lloyd's market and the remaining 20 percent covered by
  Bermudian carriers.
  Overall, Pan estimated total insured losses from the Alberta
  wildfires at between $3bn and $7bn.
  "Alberta...
  
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• Lloyd's Dubai business to increase by 30%

  01-06-2016 18:04
  The volume of business transacted through the Lloyd's Dubai
  platform is expected to grow by a third this year, the Corporation
  has confirmed.
  A spokesperson confirmed to The Insurance
  Insider today (1 June) that the Corporation currently
  writes about $90mn in premiums through the Dubai platform, and
  based on syndicate business plans, this is expected to grow by a
  third through 2016.
  The Dubai office was opened in 2013.
  The news comes after the Corporation signed a framework to
  promote...
  
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• Hinz leaves Tokio Millennium Re

  01-06-2016 18:04
  Michael Hinz, head of underwriting and operations for Tokio
  Millennium Re in Europe, has left the company, The
  Insurance Insider has learned.
  Hinz, who was based in Tokio Millennium Re's Zurich office
  for four years, is understood to be looking for a new opportunity
  in the market.
  The departure is thought to be by mutual agreement.
  Before joining the firm Hinz held several roles at Munich Re,
  including executive manager for the reinsurer's marine business
  in Europe and Latin America....
  
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• Aspen appoints onshore energy and construction head

  01-06-2016 18:04
  Aspen Insurance has hired Erik Armellino as international head of
  onshore energy and construction, the company announced today (1
  June).
  He will report to Ann Haugh, president and chief operating
  officer of Aspen International Insurance.
  Armellino moves to the company from Advent Underwriting, where
  he was head of underwriting performance and head of property direct
  and facultative.
  Prior to joining Advent he served as global practice leader of
  heavy industries at Liberty Mutual Insurance from 2
  
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• Munich Re insurance arm to axe 1,800 jobs

  01-06-2016 18:00
  
  Munich Re’s ERGO insurance unit is planning to axe 1,800 jobs as part of a cost-cutting drive.
  
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• Gable CEO to use 'private vehicle' to provide regulatory capital guarantee

  01-06-2016 17:52
  
  Gable CEO William Dewsall said it would be “inappropriate” for Hogarth Underwriting Agencies to provide a £10m guarantee that would form part of Gable’s regulatory capital.
  
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• Gable abandons 'inappropriate' £10m sister MGA funding plan

  01-06-2016 17:24
  
  Gable has abandoned plans for sister underwriting agency Hogarth to contribute £10m to the unrated insurer’s regulatory capital after chief executive William Dewsall decided the transaction would be “inappropriate”.
  
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• PIB announces CIB acquisition

  01-06-2016 15:11
  UK broker consolidator PIB Insurance Brokers announced today (1
  June) that it had acquired Guernsey-based Channel Insurance Brokers
  (CIB) for an undisclosed sum.
  CIB has been operating in the Channel Islands for more than 30
  years, providing commercial and private placements across Guernsey,
  Alderney, Jersey and Sark.
  Stephen Llewellyn-Jones was appointed CIB's CEO in January
  and will continue in the role, leading a staff of 16 alongside
  executive directors Bob Marquis and Alex Lindsay.
  Llewelly
  
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• Nexus builds trade credit team

  01-06-2016 15:11
  Nexus Credit Indemnity & Financial Services (CIFS) has
  appointed Ed Cornish as senior underwriter in the single situation
  trade credit team, it announced today (1 June).
  Cornish leaves Beazley to join the firm, which is part of
  specialty managing general agent Nexus Underwriting. In his
  previous role he was responsible for writing single situation
  credit, contract frustration and political risk business.
  Cornish has also held roles at ANV, Catlin, Chubb and Marsh.
  The addition of Cornish to
  
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• AIA calls for quick harmonisation of supervision

  01-06-2016 15:11
  The American Insurance Association (AIA) has called for US and
  European regulators to quickly agree a deal that would recognise
  each continent's supervisory regime for (re)insurers, after the
  latest round of negotiations ended last week without a deal
  concluded.
  The US Department of the Treasury said in a joint statement with
  its European counterpart that both sides agreed to continue in good
  faith to pursue a "covered agreement", which would
  provide for mutual recognition of supervisory regimes
  
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• All Clear adds bereavement support to travel cover

  01-06-2016 14:40 via insuranceage.co.uk
  
  Travel insurer adds support for serious illness and bereavement to its policies which are available via brokers.
  
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• PIB buys Guernsey-based broker

  01-06-2016 14:20
  
  PIB has bought Guernsey-based broker Channel Insurance Brokers (CIB) for an undisclosed sum.
  
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• PIB buys Channel Insurance Brokers

  01-06-2016 14:06
  
  Guernsey-based firm is PIB's third acquisition.
  
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• The Hartford appoints A&H head

  01-06-2016 13:18
  US insurer The Hartford has hired Jim Villa as head of its
  accident and health (A&H) unit, the company announced yesterday
  (31 May).
  He will report to executive vice president of group benefits
  Mike Concannon and will be based in the New York area.
  Villa moves to the carrier from Chubb, where he was previously
  senior vice president and global A&H chief operating
  officer.
  At Chubb he also served as zone manager for Canada and the US
  for more than...
  
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• RSA completes sale of Mexican operations

  01-06-2016 13:18
  London-listed insurer RSA has completed the sale of its Mexican
  business to Suramericana, the insurance subsidiary of Grupo de
  Inversiones Suramericana.
  In the past six months, RSA has completed sales of its
  operations in Brazil, Colombia, Chile and Argentina.
  RSA said it expected to complete the sale of its remaining Latin
  American operation in Uruguay over the coming months.
  The Insurance Insider revealed that
  RSA had appointed Goldman Sachs to sell its Latin American
  operations in March last
  
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• R&Q completes novation

  01-06-2016 13:18
  Randall & Quilter (R&Q) has announced the novation of
  liabilities for the policy years 2003-2011 from Cayman
  Islands-based captive Westland Insurance Company.
  Westland provided workers' compensation, general liability,
  auto liability and physical damage coverage to its members through
  reinsurance, beginning 1 September 2003. The policies were fronted
  by Travelers.
  Ken Randall, chairman and CEO of R&Q, noted that the
  novation was one of several recent transactions the company has
  exec
  
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• JLT Re: Florida reinsurance pricing down 3.1% at 1 June

  01-06-2016 13:18
  The pace of reinsurance rate cuts slowed further at the 1 June
  renewals, providing further evidence that property catastrophe
  reinsurance pricing is stabilising, according to JLT Re.
  JLT Re's risk-adjusted Florida property catastrophe rate
  on-line index fell by 3.1 percent at 1 June this year, which
  compares to reductions of 8.5 percent at 1 June 2015 and 17.1
  percent in 2014.
  The figures reaffirm that property cat pricing is gradually
  beginning to stabilise, a trend that first emerged at the...
  
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• Argo hires casualty treaty underwriter

  01-06-2016 13:18
  ArgoGlobal has appointed Luke Birtwistle as underwriter for
  casualty treaty, the Lloyd's insurer announced today (1 June).
  The hire is effective immediately, and Birtwistle will report to
  class underwriter for casualty treaty Stuart Dale.
  He joins the company from Canopius Group, where he had served as
  an assistant underwriter in the carrier's casualty treaty
  reinsurance group from 2013.
  Birtwistle predominantly wrote excess of loss business for
  professional and environmental liability, workers'
  
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• Markel’s Wayne Paternoster and Robin Ungless made redundant

  01-06-2016 12:34
  
  Markel International’s joint managing directors of specialty Wayne Paternoster and Robin Ungless have been made redundant, following a wholesale business restructure of the insurer, Post can reveal.
  
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• InsurTech Futures: Insly targets UK insurance market

  01-06-2016 12:31
  
  Broker software provider raises around £750,000 from angel investors as it looks to grow in the London insurance market.
  
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• Market moves: Rapid fire recruitment

  01-06-2016 10:35
  
  News about people moves in the insurance industry has kept on coming at a rapid pace over the past few weeks. Insurers, brokers, networks and the Lloyd’s Market Association have all seen changes in staff.
  
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• RSA completes sale of Mexico business

  01-06-2016 10:32
  
  RSA has completed the sale of its operations in Mexico to Suramericana, the Colombia-based insurance subsidiary of Grupo de Inversiones Suramericana.
  
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• Motor market gears up for new NCD law

  01-06-2016 10:30
  
  Brokers split over effect of new rules on no claims discount protection coming into force on 1 August
  
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• Dunedin backs Kingsbridge Risk Solutions in private equity deal

  01-06-2016 10:22
  
  Buyout sees former backer Livingbridge fully exit the broker.
  
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• UK's Hertzell urges Australia's insurers to share data to prevent fraud

  01-06-2016 09:47
  
  David Hertzell, head of a UK government taskforce on insurance fraud, has urged Australia's insurers to share data to help reduce fraud.
  
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• Londoners pay double for motorbike insurance compared with rest of UK

  01-06-2016 09:24
  
  Motorcyclists in London pay nearly twice as much in insurance compared with those in the rest of the UK because of the greater risk of theft or accident.
  
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• RSA completes sale of Mexican operation

  01-06-2016 09:16
  
  RSA has completed the sale of its Mexican operations to Suramericana, the insurance subsidiary of Grupo de Inversiones Suramericana (Grupo SURA).
  
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• Aviva head of fraud named as IFB technical board chair

  01-06-2016 09:16
  
  Aviva head of fraud, Tom Gardiner, has been appointed as the new chair of the Insurance Fraud Bureau (IFB) technical board.
  
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• AmTrust finally seals Nationale Borg acquisition

  01-06-2016 09:14
  AmTrust has finally completed its acquisition of Nationale Borg in
  a deal that closed almost six months late and for a higher price
  than previously indicated.
  The acquisitive carrier announced late last night (31 May) that
  it had closed the previously announced transaction to buy the
  Amsterdam-based credit and surety (re)insurer.
  The deal had been scheduled to close by the end 2015.
  The final purchase price was EUR161mn ($179mn), representing a 5
  percent increase on the EUR154mn price tag AmTrus
  
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• Broker Kingsbridge plots expansion after £4.2m PE firm backing

  01-06-2016 09:11
  
  Broker Kingsbridge Risk Solutions is planning to expand into new sectors after securing backing from private equity firm Dunedin.
  
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• Interview: Indro Mukerjee, Watchstone

  01-06-2016 08:00
  
  Against the backdrop of legal action and a fraud investigation, Jonathan Swift finds out how Indro Mukerjee is burying the Quindell past and focusing on the future
  
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• In Depth: Wearable Tech: More science fact than fiction, but is there a wearable future for insurers?

  01-06-2016 08:00
  
  As wearable tech becomes more mainstream, what are the risks for the industry?
  
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• Blog: Loss adjusters must get ready for new insurance contract law

  01-06-2016 08:00
  
  The Enterprise Bill received royal assent on 4 May and the Insurance Act comes into force in August, both with the proclaimed aim to bring insurance contract law up to date and provide greater clarity for all customers
  
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• Editor's Comment: Are you in or out?

  01-06-2016 05:00
  
  I’m a floating voter. I don’t consistently vote for the same political party.
  
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• Independent Insurance: Reflections on the failure fifteen years on

  01-06-2016 04:00
  
  Jonathan Swift speaks to former employees about the business and its legacy
  
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• Research: State of the Risk Management Nation: Part Four: Future-proofing

  01-06-2016 03:00
  
  The final section of Post’s research on risk management looks to the future and Michèle Bacchus asks the risk managers how they think insurance will fit into the digital world
  
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• Penny Black's Social World - June 2016

  01-06-2016 02:00
  
  Charity chops, dangerous driving and a rogue rouge
  
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• Aviva’s Tom Gardiner to chair IFB’s technical board

  01-06-2016 01:05
  
  Tom Gardiner, head of fraud at Aviva, will take the lead on the Insurance Fraud Bureau’s technical board, replacing Richard Davies.
  
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