Insurance news

• WR Berkley hires M&A banker

  20-06-2016 22:17
  WR Berkley's move to sign up former Morgan Stanley investment
  banker Jared Abbey as senior vice president for corporate strategy
  and development may signal the specialty insurer is looking at
  potential acquisitions as it continues to build-out its platform.
  Abbey has nearly two decades of experience as an investment
  focused on the insurance sector, including advising on M&A,
  strategic transactions, corporate restructuring and
  capital-raising.
  At Morgan Stanley he was most recently managing d
  
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• Velocity gears up for July voluntary homeowners' market launch

  20-06-2016 22:17
  Nephila's Velocity Risk Underwriters is on course for a July
  launch in the coastal voluntary homeowners' market after
  building out its personal lines platform.According to sources, the managing general agency (MGA) is now
  close to adding admitted market premium to its books in Florida and
  other wind-exposed states.The vehicle has already dipped a toe in Florida by completing
  two Citizens wind-only takeouts. In addition, it has been
  underwriting commercial property in the excess and surplus lines
  
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• Tokio Millennium Re improves underwriting performance in 2015

  20-06-2016 22:17
  Tokio Millennium Re (TMR) posted improved
  underwriting results for full-year 2015, as its combined ratio
  narrowed by 2.4 percentage points to 94.3 percent.
  The Tokio Marine subsidiary experienced positive prior-year
  development of $8.6mn, pushing down its combined ratio by 90 basis
  points, compared to an adverse development of $33mn in 2014.
  The positive swing helped to trim the loss ratio by 3.5 points
  year-on-year to 54.5 percent.
  However, the firm's underlying results worsened compared to
  the
  
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• Stahel: collateral appeal to grow under SII

  20-06-2016 22:17
  Collateralised reinsurance is likely to be the main driver of
  insurance-linked securities (ILS) growth as Solvency II pushes
  insurers to seek out "cash in a box" risk transfer
  solutions for peak cat risk, according to Michael Stahel, partner
  and portfolio manager at LGT ILS Partners.
  In a speech at the Trading Risk
  Convergence London conference last week, Stahel said that
  Solvency II would be a driver of expansion in the collateralised
  markets.
  Under the EU capital regime diversification of rein
  
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• PGGM call for greater ILS transparency

  20-06-2016 22:17
  The insurance-linked securities (ILS) industry needs to become
  more transparent, said Eveline Takken-Somers, investment director
  at PGGM.
  Speaking at the Trading Risk
  Convergence London conference, she noted that investing in
  the ILS industry is relatively expensive for pension funds, and
  remains more opaque than other investment classes.
  She called for reinsurance managers to provide transparency at a
  position level, explaining that investors would like to know which
  (re)insurance carriers thei
  
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• Next PPL rollout classes revealed

  20-06-2016 22:17
  London market electronic trading system Placing Platform Limited
  (PPL) has chosen directors' and officers', errors and
  omissions and financial institutions business as the next classes
  in which to roll out its technology, The Insurance Insider
  can reveal.As previously reported, PPL has been first trialling the service
  in the terrorism class of business.Last week (16 June), PPL managing director Susan Jakobek
  announced to CEOs in the London market that the three professional
  indemnity classes of
  
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• Near double-digit drops as stocks fall again

  20-06-2016 22:17
  The Insider 30 experienced a decrease in stock
  prices for a third consecutive week, with the composite falling by
  2.7 percent on average and some carriers suffering near
  double-digit drops.
  Only three companies reported growth in their share prices
  during the week as London-based carriers Lancashire, Beazley and
  Hiscox all achieved rises of approximately 1.4 percent.
  In our coverage universe, the biggest riser was White Mountains
  with a 2.6 percent increase to $829.12 per share.
  Meanwhile, the w
  
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• Messenger passes away after cancer battle

  20-06-2016 22:17
  Lancashire's chairman of energy Len Messenger has died after
  a nine-month battle with cancer.Messenger was a prominent player in the London insurance market
  with more than 40 years of experience, initially underwriting hull
  at the Orion before becoming a key leader in the energy sector
  later in his career.He played a significant role in the Joint Rig Committee, serving
  as the group's chairman and more recently as chair of the
  engineering sub-committee. Messenger also served as chairman of...
  
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• Legacy upbeat over future at Irla conference

  20-06-2016 22:17
  A buzz of positivity surrounded the Brighton Grand hotel last
  week as the legacy market descended upon the UK seaside town to
  discuss prospects - and deals - for the year ahead.Delegates at the Insurance and Reinsurance Legacy Association
  (Irla)'s annual congress told The Insurance Insider the
  conference appeared to be busier than ever, with a marked increase
  in international participants."There is a real buzz this year," one senior legacy
  executive said. "We have had lots of interest...
  
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• Guy Carp brought into Willis Re's battle with Hearns

  20-06-2016 22:17
  Guy Carpenter has been brought into Willis Re's increasingly
  embittered legal fight against its former chairman Peter Hearn, who
  defected to join the rival reinsurance broker last year.
  Willis Re has demanded $2.8mn from Hearn, who departed in May
  2015 before resurfacing as CEO of Guy Carpenter.
  The initial complaint accused Hearn of failing to pay back any
  of his performance-related bonuses, despite "repeated
  demands" from his former employer.
  But Hearn claimed that the broker could not claw ba
  
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• Doucette: Traditional reinsurance 'unshackled' from past

  20-06-2016 22:17
  The "unshackling" of the traditional reinsurance value
  chain from the past creates opportunities for risk carriers,
  Everest Re chief underwriting officer John Doucette said at the
  Trading Risk Convergence London
  conference on 16 June.
  Traditional reinsurers must use a flexible capital structure
  with both rated and unrated capital to succeed in the "new
  world order", he said.
  "By having both rated and unrated capital, we have found
  that one plus one is greater than two," Doucette said, in
  referen
  
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• Charles Taylor among last two in coverholder tender

  20-06-2016 22:17
  Insurance services firm Charles Taylor is among the final two
  companies in the running to win a tender to provide the technology
  for an IT coverholder system, The Insurance Insider has
  learned.The first tender went out at the beginning of the year and
  sources told this publication that the result was meant to have
  been announced by the beginning of the month.However the outcome is now expected to be announced sometime
  this week.Sources told this publication last...
  
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• Aon reports itself to Romanian anti-corruption board

  20-06-2016 22:17
  Aon has reported itself to the Romania's Anti-Corruption
  Department after contracting the son of a former presidential
  candidate to lobby on its behalf, UK court documents have
  alleged.
  The allegations emerged in a longstanding spat between the big
  three broker and a lobbying firm it contracted in the Eastern
  European country.
  The firm, Eastcap, is run by Nicolae Ratiu, whose father stood
  for president in 1990. It has claimed that it is owed a cut of the
  commissions Aon earned...
  
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• Aegis hires RSA's Cooper for marine hull and war team

  20-06-2016 22:17
  Top quartile Lloyd's managing agency Aegis London has hired
  Simon Cooper from RSA to join its marine hull and war team,
  The Insurance Insider can reveal.
  Cooper was global hull trading leader at RSA, where he
  predominantly wrote war, yacht and increased value business in the
  brownwater market.
  It is understood the move will be completed within the next
  three months.
  He will report to Aegis head of marine Simon Cooper.
  Cooper was appointed global hull trading leader at RSA...
  
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• UK P&I and Britannia merger talks collapse

  20-06-2016 18:58
  Talks about a potential merger between marine mutual protection and
  indemnity (P&I) clubs UK P&I and Britannia Club have broken
  down.
  In a statement released today (20 June) the clubs said they
  failed to reach an agreement to merge on acceptable terms, despite
  recognising the potential benefits of such a move.
  The mutuals first announced discussions over the mooted deal in
  February this year following months of rumours in the market.
  A successful deal would have created the largest singl
  
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• IAIS updates assessment methodology on G-SIIs

  20-06-2016 18:58
  The International Association of Insurance Supervisors (IAIS)
  has revised its assessment methodology for global systemically
  important insurers (G-SIIs), it announced on 16 June.
  Revisions to the initial assessment methodology, which was first
  published in 2013, were informed by three previous designation
  exercises and comments received intwo public consultations on proposed revisions to the assessment
  methodology issued in November 2015.The revisions introduced a five-phase procedure for the
  de
  
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• European insurance leaders urge UK to remain in EU

  20-06-2016 18:58
  Insurance association bosses across Europe have signed a letter
  urging the UK to remain a member of the EU, the Association of
  British Insurers (ABI) revealed today (20 June).
  The 21 signatories include representatives from all major
  markets in Europe, including Insurance Ireland CEO Kevin Thompson
  and acting French Insurance Association director general Philippe
  Poiget.
  The letter states that it is in the interests of both the UK and
  the entire EU that the UK votes to continue as a...
  
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• Brooke to head up risk engineering team at Chubb Europe

  20-06-2016 18:58
  Chubb has unveiled the leadership team for its P&C risk
  engineering operations in Europe, with all appointments effective
  immediately.
  Paul Brooke, formerly head of property risk engineering for the
  UK and Ireland for legacy Ace, will serve as head of P&C risk
  engineering services for Chubb in Europe.
  Brooke will lead a team of 64 risk engineers located across 10
  European countries. Based in Manchester, he will report to Raimund
  Navakas, senior vice president and risk engineering service
  
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• Update: UKP&I and Britannia Clubs terminate merger talks

  20-06-2016 18:35
  
  The boards of the UKP&I and Britannia Clubs have terminated discussions over the potential merger of the two clubs.
  
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• InsurTech Futures: Digital Risks partners with Aviva

  20-06-2016 18:04
  
  The partnership comes as the broker launches its combined commercial product.
  
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• European insurance associations urge remain vote ahead of EU referendum

  20-06-2016 16:56
  
  Twenty-one leaders of insurance and long-term savings associations across Europe have signed a letter urging a remain vote ahead of the referendum on the UK’s European Union membership on Thursday.
  
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• Travelers Europe targets 'growth area' with direct online offering for SMEs

  20-06-2016 16:28
  
  Travelers Europe has launched an online platform to provide insurance directly to small UK companies but remains committed to its existing model.
  
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• Arora named Swiss Re global head of casualty

  20-06-2016 15:48
  Swiss Re's head of Japan Steve Arora has been promoted to
  the role of global head of casualty reinsurance.
  Arora will replace Jayne Plunkett as part of a string of
  internal promotions following the February announcement of a change
  of group CEO at the carrier.
  Plunkett was promoted to regional president and CEO for
  reinsurance in Asia in April, a role formerly held by Moses
  Ojeisekhoba.
  Ojeisekhoba was moved to the role of group reinsurance CEO
  following Christian Mumenthaler's appointment...
  
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• Aon CEO backs 'Remain' vote for UK referendum

  20-06-2016 15:48
  Aon president and CEO Greg Case today (20 June) warned of the
  unnecessary risk the UK faced should it vote this week to leave the
  European Union (EU).
  "In our world, risk is inevitable and we manage it
  accordingly - but leaving the EU is an unnecessary gamble," he
  said in a statement.
  Case outlined the main arguments for staying within the EU,
  stating that the marketplace did not thrive in isolation.
  He said that talent was "a true differentiator...
  
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• Aviva joins with insuretech firm Digital Risks to cover SMEs

  20-06-2016 15:47
  
  Aviva has joined forces with insurtech firm Digital Risks to launch a monthly subscription product aimed at digitally focused start-up and SME businesses.
  
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• Insuring SMEs: Biba to launch SME flood solution in September

  20-06-2016 15:08
  
  Biba is aiming to launch its planned flood cover solution for small businesses on 1 September, according to chief executive Steve White.
  
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• International insurance leaders urge UK to remain in EU

  20-06-2016 14:43
  
  21 leaders of insurance and long-term savings associations across Europe have signed a letter urging the UK to remain a member of the EU.
  
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• Lord Hunt urges Biba members to vote remain

  20-06-2016 13:21
  
  The British Insurance Brokers' Association has asked its members to vote remain ahead of Thursday’s referendum on the UK’s membership of the EU.
  
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• Chubb appoints new head of Europe property and casualty

  20-06-2016 13:16
  
  Chubb has announced that Paul Brooke will lead the company’s Europe property and casualty risk engineering team.
  
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• Lark profit and turnover rise in 2015

  20-06-2016 13:04
  
  Group managing director "cautiously confident" for 2016.
  
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• Biba urges members to vote 'Remain' in EU referendum

  20-06-2016 12:50
  
  Biba has repeated its support for remaining in the EU, and urged members to make their voices count in Thursday’s referendum.
  
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• Biba calls for brokers to consider EU membership benefits

  20-06-2016 12:42
  
  Call from chairman Lord Hunt of Wirral comes as Brexit vote approaches on 23 June.
  
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• #Insagepeople: 20-26 June 2016

  20-06-2016 11:56
  
  Keep abreast of the movers and shakers in the broker world this week.
  
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• JP Morgan appoints new EMEA head of insurance

  20-06-2016 10:31
  
  JP Morgan Asset Management has promoted Stefan Lummert to EMEA head of insurance.
  
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• Hold on to talent

  20-06-2016 10:30
  
  Peter Done explains what you need to do to keep your staff on board, prevent the loss of key talent and keep down recruitment costs
  
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• HomeServe appoints Ford as COO

  20-06-2016 10:14
  
  Johnathan Ford has been appointed to group chief operating officer of HomeServe.
  
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• Insuring SMEs: Live updates

  20-06-2016 10:10
  
  The latest news from the event as it happens from the Insurance Times team
  
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• Mumsnet founder appointed to Admiral board

  20-06-2016 10:02
  
  Justine Roberts, the founder of Mumsnet, has been appointed as an independent non-executive director of Admiral Insurance.
  
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• Neon expands into Bermuda

  20-06-2016 10:00
  
  The specialist Lloyd’s insurer is growing its international footprint and access to both the Bermudian and US markets.
  
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• Homeserve names Ford chief operating officer

  20-06-2016 09:25
  
  HomeServe said it has appointed current group chief financial officer Johnathan Ford to the new position of group chief operating officer.
  
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• AXA's Buberl to set out five-year plan

  20-06-2016 09:10
  
  AXA’s incoming group chief executive Thomas Buberl is due today to present his five-year plan to cut costs and boost growth, according to the Financial Times.
  
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• Legal Update: Nervous shock claims restrained

  20-06-2016 08:10
  
  The end of the 2015 to 2016 parliamentary session brought an end to the progression of the Negligence and Damages Bill, which would have extended the class of potential secondary victim claimants to include not only the immediate family of an injured party, but also the extended family, colleagues and friends.
  
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• Euro 2016: Northern Ireland v Germany food industry match-up - Final score 4:4

  20-06-2016 08:00
  
  Northern Ireland is meeting Germany in the group stage of the Euro 2016. But how do both countries compare in terms of food industry performances and trading risks?
  
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• Markel names Desai head of professional indemnity

  20-06-2016 07:31
  
  Markel International has appointed Bhavik Desai (pictured) as head of professional indemnity.
  
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• Admiral appoints Mumsnet founder as non-executive director

  20-06-2016 07:30
  
  Admiral has appointed the founder of online parenting forum Mumsnet as a non-executive director.
  
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• Chubb's Burrell moves from Australia to Singapore

  20-06-2016 03:17
  
  Liam Burrell previously Chubb's property and casualty manager of South Australia has taken on a similar role in Singapore.
  
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