Insurance news

• National Interstate rejects higher AFG offer

  29-06-2016 20:44
  National Interstate has rejected an increased offer from
  majority shareholder American Financial Group (AFG) to purchase the
  shares in the US commercial auto insurer it doesn't already
  own.
  On Monday (27 June), AFG made an increased offer of $30.75 per
  share through subsidiary Great American, up from the $30 a share
  bid it tabled in March.
  The earlier bid had represented a 33 percent premium to National
  Interstate's closing price before the offer was made, and
  valued the insurer at...
  
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• GIC Re reports 21% top line growth

  29-06-2016 20:44
  General Insurance Corporation of India (GIC Re) grew its top
  line by 21 percent to $2.8bn in the 12 months to 31 March, it
  reported today (29 June).
  The premium split between the domestic and the overseas business
  during the period was 55 percent and 45 percent respectively.
  Profits after tax fell 1 percent to $429mn.
  The reinsurer proposed a dividend amounting to $129mn for the
  year ended 31 March 2016. The previous year, GIC Re's dividend
  amounted to $86.9mn....
  
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• Swiss Re: Global P&C RoE dropped to 7.2% in 2015

  29-06-2016 18:54
  The overall profitability of the non-life insurance sector
  declined in 2015 as it slipped to a 7.2 percent return on equity
  (RoE), compared to 9 percent the previous year, according to
  figures from Swiss Re.
  According to the reinsurer's latest Sigma report,
  underwriting profitability across the US, Canada, UK, Germany,
  France, Italy, Japan and Australia deteriorated, with the aggregate
  combined ratio widening to 98.9 percent in 2015 from 97.6 percent
  in 2014.
  Investment income as a percentage of
  
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• ABI welcomes FOIL’s statement to tackle fraud

  29-06-2016 17:15
  
  The ABI has welcomed the launch of the Forum of Insurance Lawyers (FOIL) Statement of Competence for Insurance Solicitors that will help insurance lawyers tackle fraud.
  
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• Aviva fraud boss to finish secondment with IFED

  29-06-2016 16:42
  
  Vicki Mulholland finishes her secondment with the Insurance Fraud Enforcement Department this week, and has a lot to take back to Aviva.
  
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• Ecclesiastical targets HNW growth with upgraded policy

  29-06-2016 16:25
  
  Specialist churches and charities insurer Ecclesiastical has upgraded its Residential Insurance product to offer insurance to a growing high net worth (HNW) client base.
  
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• Ecclesiastical unveils new HNW product

  29-06-2016 14:54
  
  Provider aims to grow in the private client sector.
  
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• SEIB looks to grow through buying

  29-06-2016 14:50 via insuranceage.co.uk
  
  SEIB says it is poised for both organic and inorganic growth.
  
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• SEIB reports drop in operating profit and revenue for 2015

  29-06-2016 14:13 via insuranceage.co.uk
  
  Broker states it is better placed for a strong performance in 2016.
  
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• GRP agrees not to hire Bluefin staff until next year

  29-06-2016 12:39
  
  Broking group Global Risk Partners (GRP) has agreed not to approach, recruit or hire any staff from rival broker Bluefin until next year following the pair’s recent court battle.
  
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• Powell and Rogers settle with Bluefin

  29-06-2016 12:30 via insuranceage.co.uk
  
  Deal follows agreement between Mike Bruce, Global Risk Partners and Neil Thornton with the broker.
  
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• Cooper Gay hires Willis’s Prinn as head of global placement

  29-06-2016 12:12
  
  Jonathan Prinn will join Cooper Gay as head of global placement and leave his role as Willis GB head of broking.
  
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• Universal receives Alabama licence

  29-06-2016 12:11
  Expansive US homeowners' insurer Universal Insurance
  Holdings has received regulatory approval to write business in
  Alabama.
  Universal is now licensed to write business in 12 states in
  addition to its traditional Florida heartland.
  The insurer also revealed that independent brokers placing
  business with Universal through its online platform would have the
  opportunity to receive commissions.
  Sean Downes, the company's chairman and CEO, said: "We
  look forward to building our network of independent
  
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• JLT hires Shumway in strategy role

  29-06-2016 12:11
  JLT Re has appointed Mark Shumway as global head of strategic
  advisory, the company announced yesterday (28 June).
  Shumway will be based in the firm's Philadelphia office,
  reporting to David Flandro, JLT Re's global head of
  analytics.
  He was previously managing director and head of strategic
  advisory for the Asia Pacific region for Guy Carpenter, where he
  developed the advisory offering for Asia and was responsible for
  many other specialised client services.
  Prior to this, Shumway worked as an a
  
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• Istanbul Ataturk Airport attacked by suicide bombers

  29-06-2016 12:11
  A gun and bomb attack on Istanbul's Ataturk international
  airport yesterday (28 June) has killed 36 people and injured more
  than 140 others, according to reports.
  BBC News reported that, according to officials, three attackers
  began shooting in the terminal before blowing themselves up when
  police began firing at them.
  Blasts occurred at the entrance of the international flights
  terminal, in the domestic flights terminal and in the parking lot,
  according to local media outlet Daily Sabah.
  Prime
  
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• Allied World hires North American D&O underwriter

  29-06-2016 12:11
  Switzerland-domiciled (re)insurer Allied World has appointed
  Marc Berner to its North American public directors' and
  officers' (D&O) team, the company announced yesterday (28
  June).
  Berner will take the role of vice president of public and
  private financial institutions D&O, based in New York. The
  appointment is effective immediately.
  He joins the carrier from Hartford Financial Products, where he
  previously served as department head of the company's financial
  services division.
  Prior to
  
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• Allianz reshuffles Corporate & Specialty leadership

  29-06-2016 12:11
  Allianz's corporate insurer Allianz Global Corporate &
  Specialty (AGCS) has appointed its former head of marine and energy
  Paul O'Neill as chief underwriting officer, specialty from 1
  October.
  In this new capacity he will also join the subsidiary's
  board.
  He succeeds Bill Scaldaferri, who is moving to take over board
  responsibility for AGCS North America, as previously announced.
  Allianz said this reflected the growing strategic importance of the
  region after the company acquired the Fireman
  
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• AIG and Ascot launch high net worth JV

  29-06-2016 12:11
  American International Group (AIG)'s European arm has
  partnered with Ascot Underwriting to launch a joint venture to
  serve the UK high net worth insurance market.
  The venture, Azur Underwriting Ltd, will operate as a managing
  general agent on behalf of AIG Europe Limited (AEL).
  Azur will manage distribution relationships, provide
  underwriting and claims expertise and deliver risk mitigation
  services to AEL's existing and new high net worth clients.
  Kate Wills, head of the private client group at
  
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• Bluefin settles with remaining defendants in poaching case

  29-06-2016 12:01
  
  Bluefin has reached a settlement with the remaining two defendants - Mark Rogers and Suzanne Powell - in its poaching case.
  
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• Aviva launches new customer guide ahead of Insurance Act

  29-06-2016 12:01
  
  Aviva has launched a customer guide to help business owners understand upcoming changes to the law regarding business insurance.
  
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• Yutree launches hauliers scheme

  29-06-2016 11:43 via insuranceage.co.uk
  
  Yutree teams up with Aviva on hauliers liability scheme.
  
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• Swinton confirms redundancies following branch closure

  29-06-2016 11:41
  
  Swinton has confirmed that two staff at its Leek branch office, which was closed last week, have been made redundant.
  
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• Coleman awarded chartered status

  29-06-2016 11:40 via insuranceage.co.uk
  
  Broker says award demonstrates commitment to professionalism.
  
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• AIG and Ascot Underwriting launch joint MGA

  29-06-2016 11:14
  
  AIG has entered into an agreement with Ascot Underwriting and other partners to launch a new MGA.
  
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• Biba: Business as usual for brokers

  29-06-2016 10:33
  
  Steve White insists it is still “business as usual” as the sector takes stock of Brexit vote but warns regulation is here to stay.
  
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• AIG and Ascot Underwriting to launch MGA

  29-06-2016 10:32 via insuranceage.co.uk
  
  Insurer AIG Europe sets up Azur Underwriting with Ascot Underwriting and other partners.
  
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• Helvetia names new CEO as Stefan Loacker steps down

  29-06-2016 09:51
  
  Helvetia Group CEO Stefan Loacker is stepping down after nine years in the position.
  
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• Covéa relaunches Sterling home product

  29-06-2016 09:48 via insuranceage.co.uk
  
  Cover limits have been raised and new cover added to mid net worth offering in order to encompass home working.
  
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• Insurers mobilise contingency plans following Brexit vote

  29-06-2016 09:37
  
  Deloitte has released a statement claiming that insurers are mobilising their contingency plans in response to last Thursday’s Brexit vote.
  
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• New management for Allianz Global Corporate & Specialty board

  29-06-2016 09:10
  
  Allianz Global and Corporate & Speciality SE (AGCS) have announced their new chief underwriting officer.
  
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• Covéa Insurance addresses homeworking with re-launched product

  29-06-2016 08:39
  
  Covea insurance have announced the re-release of a product, with an add-on including a policy designed to meet the demands of executives who run a business from home.
  
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• Interview: Andrew McMellin, XL Catlin

  29-06-2016 08:00
  
  CEO Andrew McMellin speaks about the integration of XL and Catlin and what objectives lie ahead for the firm this year and beyond
  
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• Expertise from A to Z: Taking stock of the year so far

  29-06-2016 08:00
  
  Six months into 2016, what have been the highs and lows for the insurance industry – and what does the rest of the year have in store?
  
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