Insurance news

• May's catastrophe bill to top $7bn: Aon Benfield

  08-06-2016 23:50
  Insurers and reinsurers are expected to face a bill of at least
  $7bn following a number of significant global catastrophes that
  struck during May.
  According to a report by reinsurance broker Aon Benfield the
  Canadian wildfires that ripped through the city of Fort McMurray
  were the most costly event last month with an estimated insured
  loss in excess of $3.1bn (C$4.0bn).
  The fires charred more than 580,000 hectares of land and
  destroyed at least 10 percent of Fort McMurray, including...
  
  Read more

• Markel appoints head of programs

  08-06-2016 23:50
  Markel Specialty has appointed Stephen Leeret to head up and grow
  its $700mn program business, the carrier has announced.
  Leeret was previously vice president of AIG's subsidiary
  Lexington Insurance Company and has been in the market for 26
  years, the Markel subsidiary said.
  In his new role, the executive will be responsible for leading
  the US insurer's delegated authority programs business.
  Matt Parker, president of Markel Specialty, said: "Steve is
  a well-respected and talented executive, and
  
  Read more

• Heritage buys 70% more limit with $3bn reinsurance placement

  08-06-2016 23:50
  Fast-growing Floridian insurer Heritage Insurance has expanded
  its 2016-2017 reinsurance programme by 70 percent to $3bn, paying a
  higher share of gross earned premium to reinsurers than last year
  in the process.
  Ahead of the 2015 hurricane season the carrier had obtained
  $1.76bn of reinsurance limit for an unspecified sum.
  This year it spent $240mn on the enlarged reinsurance programme,
  which represented about 37 percent of its gross premiums earned -
  up 2.6 percentage points over last year.
  He
  
  Read more

• ABI warns on transparency of broker commissions

  08-06-2016 18:30
  
  Regulators will force greater transparency of broker commission in “only a matter of time”, according to the Association of British Insurers (ABI).
  
  Read more

• Advertisement

• Lawton to lead Travelers Europe business unit

  08-06-2016 17:49
  Mike Lawton has been appointed head of Travelers Europe's
  business insurance unit, the carrier announced today (8 June).
  He will report to Travelers Europe CEO Matthew Wilson, and the
  move remains subject to regulatory approval.
  Lawton joins from Towergate Insurance Brokers, where he served
  as CEO of the retail broking division for more than three
  years.
  Prior to joining Towergate he was UK mid-market director at RSA
  from 2006 and also previously held positions at General Electric
  financial serv
  
  Read more

• Florida Specialty buys Mount Beacon

  08-06-2016 17:49
  Florida Specialty has bought fellow manufactured home insurance
  specialist Mount Beacon from its private equity backers,
  The Insurance Insider can reveal.
  St Petersburg, Florida-based Mount Beacon was launched in 2014
  with backing from Fortress Investment Group.
  The company had been building its book of business primarily
  through a series of policy take-outs from state-backed insurer
  Citizens.
  This publication reported last November that the Kimo
  Winterbottom-headed company was among a clutch of
  
  Read more

• AFA puts French flood loss at up to $1.6bn

  08-06-2016 17:49
  The French Insurance Association (AFA) has estimated that the
  final insured loss amount from the recent floods in France will be
  between EUR900mn and EUR1.4bn ($1.02bn and $1.6bn).
  In a statement published yesterday (7 June) the trade body said
  there had been 77,000 claims so far and that the final number could
  reach 150,000.
  In addition, insurers will accept insurance claims until 30
  June, which is beyond the normal prescribed period of 10 days from
  the declaration of a natural...
  
  Read more

• Pay-as-you-go broker Belong Safe shuts down after three months

  08-06-2016 17:04
  
  Just three months after its launch, Belong Safe has shut down completely due to financial and branding troubles.
  
  Read more

• Advertisement

• Cooke & Mason publishes final results before PIB acquisition

  08-06-2016 16:54 via insuranceage.co.uk
  
  Broker posts increase in profit before tax and turnover
  
  Read more

• McManus: Sarkozy resignation does not impact PIB

  08-06-2016 15:51 via insuranceage.co.uk
  
  PIB boss says more deals are in the pipeline as consolidation push continues.
  
  Read more

• InsurTech Futures: Belong Safe closes after three months

  08-06-2016 15:35 via insuranceage.co.uk
  
  Reports say the closure is due to financial and branding problems.
  
  Read more

• ABI calls for broker remuneration transparency

  08-06-2016 15:30 via insuranceage.co.uk
  
  James Dalton says it is only a matter of time before the FCA starts asking questions about the transparency of broker commission.
  
  Read more

• The Zurich Masters: Northern brokers battle it out

  08-06-2016 15:17 via insuranceage.co.uk
  
  Golfers aiming to win a place in the grand final at The Grove.
  
  Read more

• Airmic 2016: Understanding cyber risk landscapes

  08-06-2016 13:50
  
  Pre and post-incident loss testing is of paramount importance if companies wish to prepare for a cyber attack, and company boards should be more involved with cyber exposure prevention, according to the Cybercrime Research institute.
  
  Read more

• EC looks to define 'motorised vehicles' in MID to solve Vnuk exemptions

  08-06-2016 13:44
  
  The European Commission is considering reviewing the definition of motorised vehicles in the Motor Insurance Directive to help avoid the need for vehicle exemptions following the Vnuk ruling.
  
  Read more

• ABI warns of changes to broker commission

  08-06-2016 13:36
  
  It is “only a matter of time” before regulators start to make broker commission more transparent, the Association of British Insurers warned today.
  
  Read more

• ABI calls for greater transparency over broker commission

  08-06-2016 13:36
  
  It is “only a matter of time” before regulators start to make broker commission more transparent, the Association of British Insurers warned today.
  
  Read more

• Chubb launches liability package for UK and Ireland

  08-06-2016 13:11 via insuranceage.co.uk
  
  Insurer says policy is designed to meet the needs of businesses with domestic and or international operations.
  
  Read more

• Singapore regulator to launch fintech 'sandbox'

  08-06-2016 12:44
  The Monetary Authority of Singapore (MAS) today (8 June) published
  a consultation paper into proposed guidelines for a
  "regulatory sandbox" that enables financial institutions
  and non-financial players to experiment with fintech ideas.
  The sandbox would aim to provide a "safe and
  conducive" space to experiment with fintech solutions where
  the consequences of failure can be contained, and where innovators
  can try out new ideas without falling foul of regulatory
  requirements.
  "In this regard, the
  
  Read more

• Markel Specialty appoints programmes head

  08-06-2016 12:44
  Markel Specialty has hired Stephen Leeret to lead its delegated
  authority programmes business, the company announced today (8
  June).
  The appointment will become effective from 16 May and Leeret
  will report to president of Markel Specialty Matt Parker.
  He joins from American International Group subsidiary and
  surplus lines specialist carrier Lexington Insurance Company, where
  he served as vice president based in Boston for 12 years.
  Before joining Lexington, Leeret was a segment manager at New
  Je
  
  Read more

• Former RSA subsidiary in $5mn Polish ad row

  08-06-2016 12:44
  Polish general insurance company Link4 is facing a 20mn
  złoty ($5.2mn) class action suit from 35 brokers in the
  country after it launched an ad campaign depicting "sad,
  helpless, tearful" insurance agents.
  The commercials, which ran in 2008 before being banned, aimed to
  encourage Polish consumers to bypass their insurance agent and go
  direct to market by phoning one of Link4's call centres.
  But now the insurance agents, who were portrayed as
  "life's losers", are fighting back in a bid...
  
  Read more

• Fed rule change to impact investment portfolios: S&P

  08-06-2016 12:44
  Incoming insurance regulations proposed by the US Federal
  Reserve could force carriers to alter their investment portfolios,
  according to rating agency Standard and Poor's (S&P).
  S&P said mooted rule changes to exclude financial
  institutions-issued securities and bank deposits from the list of
  highly liquid assets insurers can use to support liquidity buffer
  calculations could mean Fed-supervised carriers would have to
  drastically reduce their exposure to those securities to become
  compl
  
  Read more

• China insurance exchange launch imminent

  08-06-2016 12:44
  A Chinese insurance exchange will launch in Shanghai this weekend,
  the South China Morning Post has reported.
  "Shanghai is poised to emerge as a major global insurance
  centre by 2020 with rising pricing power and a voice in
  reinsurance, shipping insurance and insurance capital
  operations," said Pei Guang, head of the Shanghai branch of
  the China Insurance Regulatory Commission, according to the
  report.
  Insurance assets are expected to be the first products to be
  traded, with reinsurance products
  
  Read more

• Blackstone frontrunner for $2bn Acrisure sale

  08-06-2016 12:44
  Private equity firm Blackstone is in advanced discussions with
  Genstar Capital to acquire US brokerage Acrisure, according to a
  Reuters report.
  The deal is said to value the broker at well over $2bn including
  debt.
  Sources told Reuters there was no certainty that a deal would be
  reached, and that Genstar may resume negotiations with one of the
  other private equity firms that have bid for Acrisure.
  Michigan-based Acrisure, one of the top 15 insurance brokerages
  in the US, generates...
  
  Read more

• Aviva's Briggs named ABI chairman

  08-06-2016 12:44
  The Association of British Insurers (ABI) has nominated Aviva
  executive Andy Briggs to become its next chairman.
  Briggs is currently CEO of Aviva UK Life and chairman of Aviva
  Global Life.
  He will officially take up the role after the ABI's annual
  general meeting in October, and will replace Axa UK CEO Paul Evans,
  who has been chairman for the past two years.
  Briggs has been deputy chairman of the ABI since November 2015,
  and is currently chairman of the...
  
  Read more

• ArgoGlobal announces contingency hire

  08-06-2016 12:44
  ArgoGlobal has appointed Rebecca Mitchell as an underwriter in its
  contingency team, the Lloyd's insurer announced today (8 June).
  She will report to the syndicate's class underwriter for
  contingency David Boyle.
  Mitchell joins from Brit Global Specialty, where she was most
  recently an assistant underwriter for contingency.
  She spent eight years at the company after joining in 2008 as an
  underwriting assistant for bloodstock and contingency, having begun
  her career as an account handler for bloo
  
  Read more

• Investors eye stake in Miles Smith

  08-06-2016 12:38
  
  Investors are eyeing a stake in Miles Smith.
  
  Read more

• The Zurich Masters: Brokers tee off

  08-06-2016 12:03 via insuranceage.co.uk
  
  The tournament begins at Carden Park, Cheshire, as brokers prepare for an 18-hole shootout.
  
  Read more

• Adrian Flux launches ‘UK’s first’ driverless car policy

  08-06-2016 08:38
  
  Adrian Flux has launched what it claims is the UK’s, and maybe the world’s first personal driverless car insurance policy.
  
  Read more

• China Pacific and Baidu to launch online insurer

  08-06-2016 08:34
  
  China Pacific-owned China Pacific Property Insurance is teaming up with Chinese internet giant Baidu to launch an online car insurer.
  
  Read more

• China Pacific and Baidu to launch China online insurer

  08-06-2016 08:34
  
  China Pacific-owned China Pacific Property Insurance is teaming up with Chinese internet giant Baidu to launch an online car insurer.
  
  Read more

• Legal Update: The ins and outs of opting out

  08-06-2016 08:00
  
  New provisions in the Consumer Rights Act 2015 allow opt-out collective actions
  
  Read more

• Airmic 2016: Insurance ripe for disruption because of 'weak' structures

  08-06-2016 07:32
  
  The insurance industry is open to being disrupted because its structures are inefficient, according to QBE European Operations chief executive Richard Pryce.
  
  Read more

• Airmic 2016: Insurance Act will bring period of 'chaos and muddle'

  08-06-2016 07:30
  
  The inception of the Insurance Act is going to be followed by a period of chaos and muddle in the insurance market, delegates at the Airmic leadership debate were told.
  
  Read more

• Airmic 2016: Insurers must be more efficient to survive low rates

  08-06-2016 07:29
  
  The insurance industry cannot survive indefinitely on flat or shrinking rates, minimal investment income and low levels of natural growth in the market, a panel of leading insurance experts at Airmic have said.
  
  Read more

• Shanghai readies insurance exchange

  08-06-2016 04:55
  
  The first Shanghai insurance exchange could launch as early as next week.
  
  Read more

Follow @Insurance_UKnws on Twitter!