Insurance news

• Gen Re accesses US and Canada broker market with TransRe deal

  05-07-2016 21:02
  Gen Re has signed up TransRe as its exclusive underwriting manager
  for broker-produced P&C treaty business in the US and Canada.
  The five-year deal will allow brokers and intermediaries to
  access Berkshire Hathaway subsidiary Gen Re's traditionally
  direct-only capacity through a new underwriting platform managed by
  TransRe.
  The facility is expected to be available for US and Canadian
  broker market treaty business from 1 August 2016.
  In a statement, the reinsurers said that by leveraging
  Tran
  
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• XL Catlin chief data officer leaves

  05-07-2016 19:49
  Brian Bissett has resigned as chief data officer of XL Catlin to
  join Zurich, The Insurance Insider can
  reveal.
  Bissett is set to become group chief actuary at Zurich, sources
  said.
  The executive, who left the company late last month, had served
  as chief data officer at XL Catlin since May last year, reporting
  to chief platform officer Myron Hendry.
  Prior to Catlin's $4.2bn sale to XL, Bissett was the
  London-listed carrier's chief data officer and deputy chief
  administrative officer....
  
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• UK cyber growth to be unaffected by Brexit

  05-07-2016 19:49
  The UK's vote to leave the European Union should not impact
  the rapid growth of the country's cyber sector, market
  participants have told The Insurance
  Insider.
  It is thought the UK will still be required to comply with the
  EU Data Protection Act due to be implemented in 2018, which is
  expected to increase demand for cyber insurance products.
  The new regulations include mandatory notification of data
  breaches to customers, requirements to report data breaches to
  regulators within three days,...
  
  Read more

• Stone Ridge reaches $4.8bn

  05-07-2016 19:49
  US mutual fund manager and major sidecar investor Stone Ridge
  Asset Management posted a 7 percent expansion to the net asset base
  of its three reinsurance funds in the first part of 2016 to reach
  $4.76bn.
  Sister publication Trading Risk
  reported that the manager had lifted its stake in Swiss Re sidecar
  Sector Re in the three months from February to April, according to
  its most recent results.
  During the quarter, Stone Ridge invested a total of $172.4mn in
  various...
  
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• Sterling crash brings M&A opportunities

  05-07-2016 19:49
  After sterling fell to 30-year lows against the US dollar a
  unique buying opportunity has presented itself to those looking to
  buy a piece of the London market.
  Following the UK's vote to leave the European
  Union on 23 June, the pound fell as low as $1.32 - a drop of more
  than 10 percent. The currency made some recovery but still trades
  far beneath pre-Brexit levels, and was at $1.33 as of market close
  on 4 July.
  With foreign...
  
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• Six executives named on IUA board

  05-07-2016 19:49
  The International Underwriting Association (IUA) has elected six
  London market executives to its board, the organisation announced
  on 5 July.
  Five of the six were formally elected at the IUA's annual
  general meeting on 29 June.
  The new board members include outgoing president and CEO of Arch
  Insurance Europe James Weatherstone, RSA UK commercial managing
  director Jon Hancock, and chief executive of Allianz Global
  Corporate & Specialty UK Brian Kirwan.
  Joining them are Global Aerospace Underw
  
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• Sirius ratings review underscores Chinese debt concerns

  05-07-2016 19:49
  AM Best's 1 July decision to assign Sirius's new
  Bermuda-based company a negative outlook on its A financial
  strength rating has highlighted anxiety over the impact of Chinese
  acquisitions on carriers' credit profiles.
  The negative outlook originally assigned to the company in
  April, following its $2.59bn acquisition by China Minsheng
  Investment (CMI), reflected the agency's ongoing concern that
  Sirius's financial position could deteriorate due to the gap
  between the two entities' balance sheets
  
  Read more

• Premium tax issues compound marine misery

  05-07-2016 19:49
  The introduction of a series of premium taxes levied on the
  marine industry could hit fixed-premium underwriters and mutuals as
  shipowners battle against the charges.
  Both the Greek and German governments have recently levied taxes
  on marine insurance premiums, stoking the ire of those in the
  industry.
  In July 2015, the Greek government introduced a 15 percent
  charge on insurance premiums for hull coverage and
  shipbuilding.
  The move came as part of an increase in all premium taxes
  following disc
  
  Read more

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• Passporting and brain drain top CEO Brexit concerns

  05-07-2016 19:49
  Speaking to The Insurance Insider, top
  executives were broadly pragmatic and relaxed about what the future
  may hold for their industry.
  However,` despite the fact that EU passported business accounted
  for minimal amounts in their overall account, the vast majority of
  chief executives this publication spoke to named it as their number
  one concern.
  Data obtained from the International Underwriting Association
  showed that European gross written premium excluding the UK and
  Ireland totalled £2
  
  Read more

• NIHL claims continue downward trend

  05-07-2016 19:49
  The volume of legacy noise-induced hearing loss (NIHL) claims is
  expected to continue to decline as an anticipated glut of
  20,000-25,000 cases looks less likely to materialise, according to
  law firm Weightmans.
  The downward trend in new NIHL claims started in late 2015 and
  has continued throughout 2016, with limited evidence of any
  "levelling out" over the last two months, the firm
  said.
  Referencing the expected wave of hearing loss claims from
  Australian law firm Slater Gordon after it purchase
  
  Read more

• Marsh Echo facility gains market support

  05-07-2016 19:49
  Marsh Finpro has received widespread support from London
  management liability writers for its latest facility in a clear
  demonstration of the continuing dominance of broker-led offerings,
  sister title Inside FAC revealed earlier
  this month.
  FL Echo, which went live last week, offers an excess facility
  for all classes of management liability insurance.
  It therefore covers directors' and officers' (D&O),
  commercial crime, employment practices liability, public offering
  of securities insurance,
  
  Read more

• Lloyd's and London market consider way forward

  05-07-2016 19:49
  Lloyd's and the London market are faced with two
  incompatible options from the fallout of last month's Brexit
  vote, prompting discussions about the best way forward.
  The key problem is that the UK electorate has made clear that it
  wants to control immigration but the European Economic Area (EEA)
  won't give full free market access without free movement of
  people. This means that UK passporting cannot continue into the EEA
  once the UK leaves the European Union. Solvency II equivalence...
  
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• IRB touts £40mn London legacy book

  05-07-2016 19:49
  Brazilian national reinsurance giant IRB-Brasil Resseguros (IRB)
  has been exploring the sale of its London-based carrier now in
  run-off, The Insurance Insider
  understands.
  The South American reinsurer was understood to have already been
  considering offloading the book, but the implementation of Solvency
  II has forced it to actively take steps in this direction.
  It is expected that all the major legacy players such as Enstar,
  Catalina and Berkshire Hathaway will be interested in the book,
  which i
  
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• Gibraltar won't suffer 'death by a thousand cuts'

  05-07-2016 19:49
  Gibraltar "cannot and will not" fall into a regulatory
  vacuum where the jurisdiction suffers "death by a thousand
  cuts" following the UK's vote to leave the EU, a
  regulatory expert on the Rock has said.
  Nigel Feetham, a senior partner at Hassans law firm, called for
  a swift response to fight for the British overseas territory's
  rights as the UK renegotiates its relationship with the single
  market.
  "We have to move forward and our response to these changing
  times must...
  
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• Fosun set to enter legacy with $600mn Armour-Hartford deal

  05-07-2016 19:49
  Major Chinese conglomerate Fosun has entered the legacy space
  after a period of prolonged flirtation by backing Armour's
  pending acquisition of The Hartford's £452mn ($595mn)
  London market book, The Insurance Insider
  can reveal.
  Sources said that Armour emerged as the surprise victor in the
  auction for Excess Insurance Company Ltd late last week following a
  protracted process.
  The deal has not yet been signed and, as with other recent
  legacy deals, could still take time to get over the lin
  
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• Colorado scientists add named storm to forecast

  05-07-2016 19:49
  Colorado State University (CSU) updated its 2016 hurricane
  season forecast on 1 July to include one extra named storm,
  bringing the total number predicted to 15, as it said the
  transition away from an El Niño weather pattern continued.
  The number of hurricanes and major hurricanes forecast by CSU
  remained the same at six and two respectively.
  The total includes tropical cyclones Alex and Bonnie, which
  formed before the season officially began.
  CSU forecaster Philip Klotzbach said the 2016
  
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• Brexit highlights ILS appeal but no major influx anticipated

  05-07-2016 19:49
  Market volatility triggered by the UK's Brexit vote could
  drive increased investor interest in the insurance-linked
  securities (ILS) sector, although the impact is not expected to be
  meaningful, according to a variety of market participants.
  Fermat Capital Management co-founder John Seo said that
  increased uncertainty usually resulted in net inflows to the ILS
  sector.
  "I would not, however, expect the overall effect to be
  dramatic - perhaps an extra $1bn-$2bn inflow in the remainder of
  2016 more
  
  Read more

• Apollo moves into marine hull with Henstridge hire

  05-07-2016 19:49
  Lloyd's managing agent Apollo has hired well-regarded marine
  underwriter Iain Henstridge as it looks to build out a hull book,
  The Insurance Insider understands.
  At present, the carrier predominantly writes a book of worldwide
  marine and energy liability lines on both a direct and reinsurance
  basis.
  Henstridge is still believed to be working his notice period at
  rival Amlin, where he is lead class underwriter for marine
  hull.
  Little is known about the shape of the underwriter's new
  venture at...
  
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• $50mn+ heist highlights blockchain issues

  05-07-2016 19:49
  Underwriters have warned the rise in blockchain-based companies
  poses significant coverage challenges, as shown by the heist of
  $53mn of "ether" cryptocurrency from an investment fund
  in June.
  An attacker made off with the haul by exploiting code
  vulnerabilities in the company's Decentralised Autonomous
  Organisation (DAO) blockchain structure.
  However, underwriters told this publication they were concerned
  the automated, open source nature of such structures posed
  insurance difficulties regardin
  
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• Brokers positive about Insurance Act

  05-07-2016 17:30
  
  Survey finds almost 70 percent of brokers are fully on board with major reform but a quarter said no need for reform.
  
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• ABI to attend Sajid Javid’s Brexit roundtable tomorrow

  05-07-2016 17:19
  
  The ABI will join Lloyd’s at the Department for Business, Innovation and Skills Brexit roundtable tomorrow morning.
  
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• Number of 'unmeritorious' claims against cosmetics surgeons on the rise

  05-07-2016 16:24
  
  The amount of “unmeritorious” claims against cosmetic surgeons is increasing as a result of “vicious” review sites, law firm Manleys has said.
  
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• Brightside Insurance loses deal with Co-op

  05-07-2016 14:55
  
  Brightside has lost the deal to arrange taxi, van and mini bus cover for Co-operative Insurance customers, to broker Miles Smith.
  
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• Brightside Insurance lose deal with Co-op

  05-07-2016 14:55
  
  Brightside have lost the deal to arrange taxi, van and mini bus cover for Co-op customers to broker Miles Smith.
  
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• Brightside to launch online van product on aggregators

  05-07-2016 14:35
  
  Brightside will launch its online van product on price comparison site Compare the Market tomorrow (6 July).
  
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• IFED makes arrests during Scottish ghost broking investigations

  05-07-2016 13:45
  
  Amid its investigations into ‘ghost broking’ in Scotland, the Insurance Fraud Enforcement Department has made arrests of alleged culprits of fraud.
  
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• Brightside to sell and lease back its Bristol HQ

  05-07-2016 13:36
  
  Broker says deal will free up around £6m in cash.
  
  Read more

• Arch's Weatherstone and RSA's Hancock amoung six London Market executives elected to IUA board

  05-07-2016 13:17
  
  Six senior London Market executives have been elected to the governing board of the International Underwriting Association.
  
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• Arch's Weatherstone and RSA's Hancock among six London Market executives elected to IUA board

  05-07-2016 13:17
  
  Six senior London Market executives have been elected to the governing board of the International Underwriting Association.
  
  Read more

• Brightside to sell and lease back Bristol HQ in £7.7m deal

  05-07-2016 12:29
  
  Broking group Brightside is to sell and lease back its headquarters in Aust, Bristol (pictured) to free up cash, Insurance Times has learned.
  
  Read more

• XL Catlin hires Asia marine hull leader

  05-07-2016 12:24
  XL Catlin has appointed Oliver Miloschewsky as regional product
  leader for Asia Pacific hull and yacht business, the carrier
  announced today (5 July).
  The company also announced the hire of Tom Hughes from HDI
  Global as head of marine for Australia, based in Melbourne.
  Miloschewsky will be initially based in Sydney, before
  relocating to Singapore later this year.
  He joins the company from IAG Australia, where he held the
  position of national underwriting and portfolio manager for the
  carrier's m
  
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• TMK hires Amphlett as aviation deputy

  05-07-2016 12:24
  Ben Amphlett has joined Tokio Marine Kiln (TMK) as deputy aviation
  underwriter to develop a new aviation contingency product for the
  carrier.
  He will report to James Walker, active underwriter for aviation
  at TMK.
  The carrier said Amphlett was a recognised leader in the class,
  with a particular focus on airline, aerospace, lessors'
  insurance and aviation contingency.
  Before joining TMK, he was a senior aviation underwriter at
  Chubb, prior to the carrier's acquisition by Ace in January
  this year.
  
  Read more

• IUA elects six board members

  05-07-2016 12:24
  The International Underwriting Association (IUA) has elected six
  London market executives to its board, the organisation announced
  today (5 July).
  Five of the six were formally elected at the IUA's annual
  general meeting that took place on 29 June.
  The board members include president and CEO of Arch Insurance
  Europe James Weatherstone, managing director at RSA UK commercial
  Jon Hancock, chief executive of Allianz Global Corporate &
  Specialty UK Brian Kirwan, group chief information officer o
  
  Read more

• ArgoGlobal appoints cargo underwriter

  05-07-2016 12:24
  Lloyd's managing agent ArgoGlobal has appointed Darren Long
  as cargo underwriter effective immediately, it announced today (5
  July).
  He will report to Jon Hamilton, cargo class underwriter.
  Long joins from Chubb Syndicate 1882, where he was most recently
  cargo class underwriter. Prior to this he was a development
  underwriter at CNA Europe.
  Commenting on the hire, Hamilton said Long had an exceptional
  technical understanding of the sector....
  
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• Six ways Brexit will change insurance

  05-07-2016 11:51
  
  Challenger broker Bought By Many reveals how the out vote will impact the insurance industry.
  
  Read more

• Brightside loses Co-op contract

  05-07-2016 11:24
  
  Miles Smith has picked up the business.
  
  Read more

• Adjudication pilot for professional negligence claims relaunched

  05-07-2016 11:07
  
  An adjudication pilot for professional negligence claims has recently been relaunched. It replaces a more limited and rarely used pilot scheme of adjudication in lower-value claims against solicitors.
  
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• Brightside loses Co-op commercial vehicle deal to Miles Smith

  05-07-2016 11:06
  
  Brightside has lost the deal to arrange van, taxi and minibus cover for Co-op customers to Lloyd’s broker Miles Smith, Insurance Times can reveal.
  
  Read more

• UK Broker Awards shortlist published

  05-07-2016 11:00
  
  Find out which companies are in the race to win trophies in 2016.
  
  Read more

• Industry divided over commission disclosure

  05-07-2016 10:30
  
  Brokers call for “ultra-transparency” as ABI questions curent market approaches
  
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• Broker Apprentice: “Go for it”

  05-07-2016 10:10
  
  Former contender Daniel Abbott says the series was enjoyable and good for his career.
  
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• Nexus moves into marine with HK MGA acquisition

  05-07-2016 10:00
  Expansive managing general agency (MGA) Nexus Underwriting
  Management has acquired 100 percent of Hong Kong-based marine MGA
  Beacon Underwriters.
  The deal marks Nexus's first foray into marine, diversifying
  its specialty underwriting niche business, and its first
  acquisition in Asia. The terms of the deal were not disclosed.
  It follows Nexus opening its first Asian office in Hong Kong in
  2015.
  Beacon was established in 2009 as a Lloyd's coverholder to
  write marine cargo, hull and machinery and p
  
  Read more

• Video: A Broking Minute with Chris Luker

  05-07-2016 10:00
  
  Meet the CEO of Luker Rowe in our latest video.
  
  Read more

• Brightside launches apprenticeship scheme

  05-07-2016 09:38
  
  Six candidates to join broker's head office near Bristol.
  
  Read more

• Brexit: Lloyd’s says no need for extra capital after Pound slump

  05-07-2016 09:25
  
  Lloyd’s of London has ruled out asking insurers to pledge extra capital after the pound fell to a 31-year low following the vote for UK to leave the EU.
  
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• Brexit unlikely to dilute Solvency II rules

  05-07-2016 09:24
  
  Brexit is unlikely to lead to a big dilution of the EU’s Solvency II capital rules, insurance experts have warned.
  
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• Solicitor's premiums cut by 90% after switching to Bar regulation

  05-07-2016 09:21
  
  A solicitor who set up an entity with the Bar Standards Board (BSB) claims the move has cut his insurance costs by 90%.
  
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• Home smart home: Are insurers behind the curve on connected houses?

  05-07-2016 08:00
  
  Insurers could miss the boat on connected homes if they don't have the right capabilities to exploit this market now.
  
  Read more

• Hughes swaps HDI for XL Catlin in Australia

  05-07-2016 06:03
  
  Tom Hughes has been appointed head of marine Australia for XL Catlin.
  
  Read more

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