Insurance news

• Loeb reduces Third Point Re management fees

  28-06-2016 21:51
  Third Point Re has renegotiated the terms of its agreement with its
  sponsor hedge fund Third Point LLC, reducing the fund's
  management fee down 50 basis points to 1.5 percent of the asset
  balance.
  The five-year management contracts have also been renewed and
  the revised deal becomes effective from 16 December.
  The performance related component of the agreement remains at 20
  percent.
  In a note Keefe, Bruyette & Woods analyst Meyer Shields said
  it projected the company's 2017 invested assets..
  
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• Fosun to float Ironshore 'as soon as possible'

  28-06-2016 21:51
  Fosun will look to list Ironshore "as soon as possible"
  this year, according to the Chinese conglomerate's chairman Guo
  Guangchang.
  The chairman told Reuters the size of the offering would be
  decided by the market, but "the bigger the better."
  Fosun filed an application to the Hong Kong Stock Exchange to
  float Ironshore on the New York Stock Exchange last week (23 June),
  after announcing in March it was exploring an IPO of the
  business.
  The announcement does not oblige...
  
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• Ecclesiastical publishes principles for handling abuse claims

  28-06-2016 18:27
  
  Specialist churches and charities insurer Ecclesiastical has published a set of principles it will apply when its policyholders face civil action that includes allegations of sexual or physical abuse.
  
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• Big data an opportunity not a threat: ABI

  28-06-2016 18:22
  Insurers must either embrace big data as an integral part of their
  business or face being overwhelmed and left behind by companies
  more willing to use information, according to Huw Evans, director
  general of UK trade body the Association of British Insurers (ABI).
  Speaking at the Financial Times Future of Insurance
  event today (28 June), Evans said carriers must "become
  data-rich or find themselves drowning in it".
  He predicted big data would be a boon to companies willing to
  invest...
  
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• Cooper Gay puts 70 jobs at risk as turnaround continues

  28-06-2016 17:17
  
  Cooper Gay has put 70 London-based jobs at risk of redundancy as it continues to restructure, Insurance Times understands.
  
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• Brightside restructuring could place 50 jobs at risk

  28-06-2016 17:06
  
  Brightside has put 50 jobs at risk pending a restructuring programme affecting the Group’s non-customer-facing functions.
  
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• Ecclesiastical publishes statement of principles for abuse claims

  28-06-2016 17:00
  
  Ecclesiastical has published a statement of principles outlining its approach to managing claims brought against organisations for physical and sexual abuse.
  
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• Brightside to cut 50 jobs

  28-06-2016 16:59
  
  Broker set to make changes to its non-customer-facing functions, including IT, marketing and finance.
  
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• Sompo Canopius inks strategic deal with GNP

  28-06-2016 16:45
  Sompo Canopius and Mexican insurer Grupo Nacional Provincial
  (GNP) have launched a strategic partnership that will see the
  Lloyd's carrier underwrite specialist Mexican business.
  The partnership will capitalise on GNP's position as a
  leading domestic insurer in Mexico to bring Sompo Canopius'
  specialist underwriting expertise to the market, the firms said in
  a statement today (28 June).
  It will also enable GNP to broaden its underwriting portfolio to
  include international risks through a partici
  
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• Bluefin settles with Bruce, GRP and Thornton

  28-06-2016 16:34
  
  Case against two more defendants scheduled to continue tomorrow.
  
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• Growth set to continue, says CDL Group MD

  28-06-2016 16:30
  
  Gary Johnson says drop in 2015 profit was due to investment.
  
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• Bluefin, Bruce, GRP and Thornton agree settlement

  28-06-2016 15:53
  
  Lawyers for Bluefin, Mike Bruce (pictured), GRP and Neil Thornton have agreed to settle their legal battle over allegations of staff poaching. But lawyers for Bluefin are still working out whether they can reach a settlement with the other two defendants, Mark Rogers and Susan Powell.
  
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• Steve White's Blog: Brexit and the broker

  28-06-2016 15:33
  
  Biba chief executive considers the implications of leaving the EU
  
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• Brightside puts 50 jobs at risk in restructuring

  28-06-2016 14:44
  
  Broking group Brightside has put 50 jobs at risk as part of a restructuring programme for its non-customer-facing functions.
  
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• ABI reassures sector is 'well capitalised' as market volatility continues following Brexit

  28-06-2016 13:50
  
  The Association of British Insurers hasattempted to calm fluctuating financial markets following the Brexit vote.
  
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• XL Catlin launchs global mergers and acquisitions insurance division

  28-06-2016 13:33
  
  XL Catlin has launched its global mergers and acquisitions insurance division, to be headed by Brian Benjamin as global head.
  
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• XL Catlin launches global mergers and acquisitions insurance division

  28-06-2016 13:33
  
  XL Catlin has launched its global mergers and acquisitions insurance division, to be headed by Brian Benjamin as global head.
  
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• Bluefin, Bruce and GRP close in on settlement

  28-06-2016 12:42
  
  The parties in the Bluefin/GRP legal battle are close to reaching a settlement.
  
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• Aviva pressure eases after post-Brexit turmoil

  28-06-2016 12:38
  
  Aviva’s share price revovered some of its recent short falls, rising 6.5% in Tuesday’s trading to 368pence.
  
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• JP Morgan starts Allied World and Validus at overweight

  28-06-2016 12:35
  JP Morgan North America Equity Research has initiated coverage on
  Bermudian (re)insurers Allied World and Validus Holdings with
  overweight ratings, it said in an analyst note published today (28
  June).
  Validus' below-average valuation at 1.0x book value was
  attractive given its expected above-average return on equity (RoE)
  of 10 percent, analysts Sarah DeWitt and Keith Cornelius said.
  The investment bank set a share price target of $55 for the
  Bermudian carrier, a 20.9 percent upside to the 27 J
  
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• Beale: London can preserve global status post-Brexit

  28-06-2016 12:35
  Lloyd's CEO Inga Beale has assured London it can retain its
  status as the global heart of specialist insurance and reinsurance
  in the wake of a UK exit from the European Union.
  In an open letter in the Financial Times, Beale said
  Lloyd's and the London market would adapt to the new
  environment.
  "The challenge for Lloyd's, and the industry as a
  whole, is to ensure our platform remains attractive and to
  demonstrate that we are best placed to provide...
  
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• Axa announces exec appointments

  28-06-2016 12:35
  Nicolas Leclercq has been appointed as head of Axa's
  corporate finance and treasury department, as part of a wider
  revamp of the company's senior executive team.
  Amélie Oudéa-Castera has been named group marketing
  and digital officer at the carrier, while Helen Browne has been
  appointed group general counsel.
  Browne was promoted from her role of group deputy general
  counsel at the company, having previously held several positions in
  the legal department including head of finance la
  
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• AGCS names Dubai head

  28-06-2016 12:35
  Allianz Global Corporate & Specialty (AGCS) has appointed Jack
  Jenner as Dubai country manager, effective from 1 September.
  Jenner will lead the Dubai branch of AGCS's wholly owned
  subsidiary, Allianz Risk Transfer AG, which provides facultative
  reinsurance for corporate, industrial and specialty risks in the
  Middle East.
  He will replace Willem van Wyk, who has returned to Australia to
  lead AGCS's business in the Pacific region.
  Jenner was formerly head of market management for Hong Kong and
  
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• Cooper Gay hires chief innovation officer

  28-06-2016 12:05
  
  Peter Hacker has joined broker Cooper Gay as group chief innovation officer.
  
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• Lloyd's Beale calls for swift Brexit negotiations to end uncertainty

  28-06-2016 11:39
  
  London can maintain its pre-eminent global position in specialist insurance and reinsurance after last week’s Brexit vote, according to Lloyd’s chief executive, Inga Beale (pictured) .
  
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• DAS launches criminal prosecution against former chief executive

  28-06-2016 11:22
  
  DAS said it has launched a private criminal prosecution against former chief executive Paul Asplin.
  
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• Arc Legal launches cyber product for SMEs

  28-06-2016 11:15
  
  Cyber Recovery product launched to help SME clients with £5m or less turnover.
  
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• MGA Ascent to target cyber risks

  28-06-2016 10:57
  
  Ascent Underwriting has unveiled an enhanced cyber risk protection product for UK brokers’ commercial clients.
  
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• London floods are manageable, insurers say

  28-06-2016 10:53
  
  Despite putting a dampener on summer, flooding last week in London is small-scale, according to insurers.
  
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• Advisors warn of 'messy divorce' ahead with EU

  28-06-2016 10:50
  
  Post-Brexit negotiations will be tough going and UK businesses must cooperate with EU member states.
  
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• Advisers warn of 'messy divorce' ahead with EU

  28-06-2016 10:50
  
  Post-Brexit negotiations will be tough going and UK businesses must cooperate with EU member states.
  
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• Digital Broker: Live updates

  28-06-2016 10:45
  
  Stay tuned to news from our Digital Broker event in Manchester with our live stream.
  
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• Live webinar at 11:00AM today: Ageas, Guidewire and Zurich discuss the path to digital insurance nirvana

  28-06-2016 09:33
  
  So much has been written and spoken about the need to "go digital", but what does that actually mean?
  
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• Javid to hold business summit on post-Brexit fallout

  28-06-2016 09:32
  
  Business Secretary Sajid Javid will today hold a summit meeting of more than 20 representatives of UK industry and business groups to discuss the fallout from the Brexit vote.
  
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• Insurance stocks slump further in market turmoil

  28-06-2016 09:13
  
  Financial markets suffered another major decline yesterday as ratings agency Standard & Poor’s downgraded the UK’s debt rating by two notches from AAA to AA.
  
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• L&G names former top civil servant as chairman

  28-06-2016 08:40
  
  Legal & General said it has appointed former senior civil servant Sir John Kingman as group chairman.
  
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• Blog: Cooking calamities - More than 38% of house fires start in the kitchen

  28-06-2016 08:02
  
  Understandably, there is a great deal of focus right now on managing flood risks but looking at household fire claims, the number and cost of these claims have also changed quite significantly in a relatively short period of time.
  
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• Mutuals: Mutual attraction

  28-06-2016 08:00
  
  Mutuals in the general insurance market are causing their publicly owned rivals to sit up and take notice
  
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• C-Suite Insurer: AIG's Anthony Baldwin on future-proofing our underwriters

  28-06-2016 08:00
  
  When you meet someone at a party and tell them you’re in insurance, what reaction do you get? A shrug, a swift change of subject, or possibly the sight of your new acquaintance’s back as they head off to find someone more interesting to talk to.
  
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• XL Catlin hires former AIG exec to launch M&A division

  28-06-2016 01:15
  XL Catlin has hired former AIG executive Brian Benjamin to head a
  new global M&A insurance division.
  As global head of the division, Benjamin will initially focus on
  hiring underwriting teams in New York and around the world to
  create a suite of transactional risk products, said the carrier in
  a statement.
  It added that the products will allow clients to maximize deal
  valuations, enhance the bid process in competitive auctions and
  bridge gaps that could otherwise prevent parties completing..
  
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• Starr signs up Inselberg from AIG to lead financial lines

  28-06-2016 01:15
  Starr Companies has hired former AIG executive Brian Inselberg as
  senior vice president for financial lines as the wave of departures
  from the ailing insurance giant continues.
  Inselberg was most recently president of financial lines for the
  EMEA region at AIG, based out of London, and had held a string of
  executive positions at the insurer, largely in its New York
  headquarters.
  At Starr, the executive will have overall responsibility for the
  growth and profitability of the book of business...
  
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• S&P and Fitch cut UK credit rating

  28-06-2016 01:15
  Standard & Poor's (S&P) and Fitch have followed
  Moody's in downgrading the UK's credit rating in the
  aftermath of its Brexit vote.
  S&P slashed the UK's top AAA rating by two notches to AA
  with a negative outlook as it highlighted continued
  uncertainty.
  The agency described the vote to leave the EU as a "seminal
  event" which will lead to a "less predictable, stable,
  and effective policy framework in the UK".
  "We have reassessed our view of the UK's institutional...
  
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