Insurance news

• AFG makes 'final' National Interstate bid of $32 a share

  06-07-2016 20:40
  American Financial Group (AFG) has made its "best and
  final" bid of $32 per share as it looks to buy the shares in
  National Interstate it doesn't already own.
  It is the second time AFG has increased the offer price this year
  following an earlier failed takeover bid for the US commercial auto
  insurer, which stalled in 2014 amidst a legal battle.
  In a letter to National Interstate's board AFG's co-CEO
  Carl Lindner said it would be the last time...
  
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• RKH Specialty makes surety appointment

  06-07-2016 18:51
  Hyperion subsidiary RKH Specialty has hired Jonathan Finch as
  divisional director of surety, the company announced today (6
  July).
  Finch will take up his position from 1 September.
  He previously ran the UK and Ireland surety operations for Ace,
  and has more than 20 years' experience in the sector.
  Commenting on the appointment, Paul Philand, global head of
  surety for RKH Specialty, said Finch would bring a wealth of
  experience from the surety market.
  Finch added: "It is exciting to...
  
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• PartnerRe restructures with appointments

  06-07-2016 17:01
  PartnerRe has made a number of appointments after restructuring
  its business units, the reinsurer announced today (6 July).
  Scott Altstadt has been appointed to the new role of chief
  underwriting officer.
  Reporting to CEO Emmanuel Clarke, Altstadt will be responsible
  for ensuring a consistent approach to risk and return across the
  group, with responsibility for pricing, modelling and
  non-catastrophe retrocession.
  PartnerRe now has three worldwide business segments, which took
  effect on 1 July.
  P
  
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• Jubilee claims issued as Tullow estimates $345mn costs

  06-07-2016 17:01
  Tullow Oil, the operator of the Kwame Nkrumah floating
  production, storage and offloading (FPSO) vessel, has issued claims
  under its business interruption (BI) and joint hull and machinery
  policies.
  The company estimated that it could cost up to $345mn to restore
  the facility to full operating capacity.
  In a recent trading statement and operational update, the oil
  and gas operator said the FPSO, which is moored over the Jubilee
  field off the coast of Ghana, could revert to near full...
  
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• Aspen appoints US insurance casualty head

  06-07-2016 17:01
  Aspen has appointed Sean McPhillips head of US primary casualty for
  its insurance business, the Bermudian carrier announced today (6
  July).
  He will be based in New York and report to Aspen Insurance chief
  underwriting officer David Cohen.
  McPhillips joined the carrier earlier this year as vice
  president for primary and excess casualty.
  Prior to that he served as head of primary and excess casualty
  for small and medium-sized business specialty insurer CatSpecialty,
  and as casualty manager for CNA
  
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• Aspen appoints head of US primary casualty

  06-07-2016 17:01
  Aspen's insurance segment has appointed Sean McPhillips to lead
  its primary casualty unit in the US, the carrier announced in a
  statement today (6 July).
  The promotion comes soon after the executive joined Aspen as
  vice president of its primary and excess casualty division early
  this year.
  Before moving to Aspen, McPhillips launched and headed up the
  primary casualty department for Alleghany subsidiary
  CapSpecialty.
  The role saw him develop underwriting guidelines, coverage
  forms, and a comprehe
  
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• Marsh appoints new vice president

  06-07-2016 16:45
  
  Global insurance broker and risk adviser Marsh, a subsidiary of Marsh & McLennan Companies (MMC), has appointed Jeremy Cooke as vice president of global placement.
  
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• Marsh appoints new global placement vice chair

  06-07-2016 16:45
  
  Global insurance broker and risk adviser Marsh, a subsidiary of Marsh & McLennan Companies (MMC), has appointed Jeremy Cooke as vice chairman of global placement.
  
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• Chandler returns to London for XL Catlin specialty role

  06-07-2016 13:12
  XL Catlin has announced that Christophe Chandler has relocated
  from Bermuda to London to take up the position of head of specialty
  reinsurance.
  Chandler was formerly underwriting director for reinsurance in
  Bermuda. He first joined Catlin in 2002 as international property
  treaty underwriter, first in London and later in Bermuda.
  In his early career Chandler held roles at Cox Insurance and
  Willis.
  Commenting on the move, Jonathan Gale, XL Catlin's CEO of
  reinsurance in London, said Chandler had a
  
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• Armour takes on £170mn QBE UK EL book

  06-07-2016 13:12
  QBE has struck a deal with Armour to bring its legacy UK
  employers' liability (EL) book to finality, The
  Insurance Insider understands.
  The agreement is understood to be structured as reinsurance
  transaction, with use of a fronting reinsurer closing off QBE's
  counterparty credit risk.
  The identity of the reinsurance partner is not known.
  QBE's legacy UK EL book holds £170mn ($224mn) of
  reserves, with significant hearing loss exposures.
  This publicationreported in May that Armour was the fr
  
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• Watford 'will eat our lunch', Arch CEO warns

  06-07-2016 12:53
  
  Arch Insurance may have “created a competitor” in setting up Watford Re, as the joint venture recently launched its own insurance business subsidiary.
  
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• The British Insurance Awards 2016 - As it happened

  06-07-2016 12:01
  
  Missed out on the industry's most anticipated event? Catch up with all the news and winners from The British Insurance Awards 2016 with this blog.
  
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• Live blog: The British Insurance Awards 2016

  06-07-2016 12:01
  
  For 22 years, The British Insurance Awards have honoured top class performance and innovation across the UK insurance sector.
  
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• Towergate names CRO

  06-07-2016 11:58
  Towergate has hired Brian Hardwick as its new chief risk officer
  (CRO), following Sarah Dalgarno's move to the role of strategic
  risk director in May this year.
  Hardwick joins the firm from Chubb, where he had been CRO since
  2007. Before that, he spent 12 years consulting in various risk
  management and regulatory compliance roles within the UK financial
  services sector.
  Towergate CEO David Ross said: "Brian is a great hire for
  us, ideally suited to overseeing the continuing progress...
  
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• BHSI appoints Australian A&H head

  06-07-2016 11:58
  Berkshire Hathaway Specialty Insurance (BHSI) has appointed Daniel
  Kenny as head of accident and health (A&H) in Australia.
  Kenny was previously national manager for the broker market in
  the A&H division at Chubb Insurance Company Australia.
  Shaun Higgerston has been appointed as a senior underwriter in
  the team, also joining BHSI from Chubb, where he was most recently
  senior development underwriter.
  The hires accompany the launch of a full suite of A&H
  products in Australia, includi
  
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• MGAA chair James Gerry calls for greater transparency

  06-07-2016 11:55
  
  Speaking at the Managing General Agents’ Association second annual conference, chair James Gerry called on MGAs to support continued sector growth and respond to the changing market with greater transparency.
  
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• Aviva confident of growth despite Brexit

  06-07-2016 11:55 via insuranceage.co.uk
  
  CEO Mark Wilson says it is too early to quantify impact of leaving EU but insurer is predicting mid-single digit growth.
  
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• MGAA calls for transparency

  06-07-2016 11:38 via insuranceage.co.uk
  
  Chair James Gerry says transparency and communication critical to the future success of MGAs.
  
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• AXA appoints new claims customer service director

  06-07-2016 11:34
  
  AXA has appointed Kim Pearce as claims customer services director as part of its ongoing claims transformation programme.
  
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• Gallagher buys majority stake in Swedish broker

  06-07-2016 10:32
  
  Arthur J Gallagher has bought an 85% stake in Swedish specialist insurance and reinsurance broker Brim.
  
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• Towergate names new chief risk officer

  06-07-2016 10:19
  
  Towergate has hired former Chubb Europe executive Brian Hardwick as its new chief risk officer.
  
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• Aviva will not need to restructure following Brexit, CEO says

  06-07-2016 10:05
  
  Aviva will not need to restructure its business as a result of a Brexit, the company’s CEO has said.
  
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• Pound falls to new low amid insurer property fund suspensions

  06-07-2016 09:19
  
  The pound has hit a new low after UK fund managers, including insurers Standard Life and Aviva, stopped investors withdrawing money from their commercial property funds.
  
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• Mark Wilson confident of Aviva growth despite Brexit

  06-07-2016 09:06
  
  Aviva group chief executive Mark Wilson has said that his company will continue to grow despite the UK’s pending exit from the European Union.
  
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• Blog: Terms and conditions - embrace change before it's forced

  06-07-2016 09:00
  
  Insurers should simplify their terms and conditions now, as a way of reducing costs and enhancing consumer trust
  
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• Munich Re seeks buyer for Great Lakes Australia

  06-07-2016 08:49
  
  Munich Re is looking to speed up the sale of its Australia and New Zealand specialist insurer Great Lakes Australia.
  
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• Malta's Building Block hopeful of keeping UK trade links post-Brexit

  06-07-2016 08:44
  
  Maltese insurer Building Block is hopeful of maintaining trade links with the UK once the UK leaves the European Union (EU), chief executive Paul Brierley said.
  
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• Floods six months on: as claims are settled, how resilient are repairs?

  06-07-2016 08:00
  
  The Association of British Insurers says 90% of December's floods are settled and it supports the introduction of flood measures in building regulations
  
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• Brexit will provide opportunities for insurers in Malta and UK, Building Block Insurance say

  06-07-2016 08:00
  
  The historic relationship between Malta and the UK will provide opportunities for insurance businesses following Brexit, Maltese insurer Building Block has said.
  
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• Penny Black's Social World - Footballing feats, charity cycling and bathroom broadcasts

  06-07-2016 06:00
  
  The highlights of Penny Black's social world this month
  
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• Roundtable: What will insurers of the future look like?

  06-07-2016 05:00
  
  One of the big challenges the insurance industry faces is adapting to the increasing use of technology. Post, together with the Chartered Insurance Institute, took a look at what the future of the industry might look like
  
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• Editor's comment: Insurers have a major part to play

  06-07-2016 03:00
  
  Speaking to Association of British Insurers’ members at his outgoing dinner last month, chairman Paul Evans said the organisation had never been “more relevant to its members” and “the work, focus and voice of the ABI is directed by its members, for its members”.
  
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