Insurance news

• Validus estimates $60mn hit from Q2 loss events

  11-07-2016 23:30
  Validus said it expects to record losses from second quarter events
  including the Canadian wildfires of $60.0mn after reinsurance and
  retro recoveries, non-controlling interest and reinstatement
  premiums.
  In a statement, the Bermudian said it had also estimated
  industry losses from the Fort McMurray disaster at C$4.5-6.0bn
  ($3.6-4.8bn).
  The estimate compared to a range projected by The Insurance
  Insider at C$3.5-C$bn and the current PCS loss pick of C$4.6bn.
  In a statement, the Bermudian said to
  
  Read more

• Validus retains Citizens premium amid cuts

  11-07-2016 20:27
  Validus leapfrogged Nephila to become the largest reinsurance
  provider for Florida Citizens Property Insurance in 2016, as the
  state-backed carrier restructured its traditional programme.
  The cedant bought only around a third of the limit
  that it had in 2015, meaning that many carriers' participation
  on the programme was cut back steeply, sister publication
  Trading Risk reported last week.
  However, the Validus participation - including both Validus Re
  and Talbot - only fell by 14 percent to $210
  
  Read more

• Tullow flags losses of $345mn but Jubilee loss quantum uncertainty continues

  11-07-2016 20:27
  Tullow, the biggest joint venture partner on the loss-hit
  Jubilee oil field, has flagged potential losses and additional
  costs of up to $345mn from damage to the turret on the Kwame
  Nkrumah floating production, storage and offloading (FPSO)
  vessel.However, the (re)insurance market continues to be gripped by
  uncertainty as to the overall quantum of the loss, with numbers as
  far apart as $750mn and $1.25bn being proffered in different
  quarters.
  In a trading statement released on 30 June,
  Tullow...
  
  Read more

• Softening in aviation market finally slows: JLT

  11-07-2016 20:27
  The aviation market experienced a slowdown in rate reductions
  during the second quarter as underwriters began to adopt a more
  selective underwriting approach and focus on limiting portfolio
  losses in response to seemingly perpetual rate softening.
  In its Plane Talking Q2 report released last week (8 July), JLT
  said that while it did not expect a sudden reversal of market
  conditions, selective underwriting, high value attritional claims
  and the potential for large losses indicated upward rate mov
  
  Read more

• Advertisement

• Markel adds middle market casualty underwriters

  11-07-2016 20:27
  Markel has added two casualty underwriters to its middle market
  business, with hires from Travelers and XL Catlin to boost its
  ranks on both coasts of the United States.
  Christopher Newman will be based in New York and report to Alan
  Rodrigues, managing director of Markel's middle market casualty
  business.
  The carrier said Newman had more than a quarter of a century of
  experience, most recently as a managing director at Travelers with
  previous roles at American Re and AIG....
  
  Read more

• Insurers facing claim over $1.2bn Ponzi scheme

  11-07-2016 20:27
  More than a dozen insurers are facing a $300mn claim from a
  Canadian bank that was implicated in a massive Ponzi scheme.
  Toronto-Dominion Bank (TD Bank) found itself on the hook for
  $500mn after it was discovered that one of its employees had helped
  facilitate the $1.2bn fraud.
  Court documents have shown that the bank is now pursuing its
  fidelity insurers for $300mn in a bid to recoup some of the money
  it paid to settle the claims against it....
  
  Read more

• ILS rates continue gain in Q2

  11-07-2016 20:27
  Lane Financial has said that ILS rates rose 1.6 percent during
  the second quarter, but maintained that pricing movements after the
  hurricane season will give a better reflection of the overall
  direction of the market.
  "We hasten to add that the supposed discipline may only be
  seasonal adjustments of price," the firm warned.
  The Lane Financial rate-on-line index had posted a stronger 7.5
  percent gain in Q1, but market dynamics took a less favourable turn
  for investors in the second...
  
  Read more

• Gen Re doubles TransRe North American capacity

  11-07-2016 20:27
  Hard-pressed reinsurers in the brokered North American market
  will soon have to compete with Berkshire Hathaway's Gen Re,
  which has signalled a willingness to write as much as or even more
  business than current top-10 player TransRe.Last week (5 July), TransRe and Gen Re announced they had signed
  a five-year agreement that would see the Alleghany operating
  subsidiary underwrite and manage a new treaty book on behalf of
  Berkshire's direct platform.The exclusive arrangement marks the dramatic firs
  
  Read more

• Advertisement

• European carriers' stock turns negative

  11-07-2016 20:27
  The first week of July saw European (re)insurers
  record share price decreases that dragged The Insider 30 composite
  down 0.8 percent into the red.
  Aviva experienced the week's biggest drop,
  with its share price closing down 10.1 percent to 362.85 pence on
  Friday (8 July).
  For the third week in a row Charles Taylor was
  among the biggest weekly fallers, at down 6.1 percent to 230.00
  pence per share.
  On the continent, Zurich's share price
  deteriorated by 5.1 percent to...
  
  Read more

• Enstar US CFO departs

  11-07-2016 20:27
  Tom Nichols, CFO of Enstar's US operations, has left the
  company, The Insurance Insider
  understands.
  Nichols had worked at the legacy-to-live carrier since 2003,
  spending the last four years in the CFO role within the US
  division.
  The executive, who was based in New York, is understood to be
  taking a career break. It is not known when he will return to the
  market.
  The departure comes after Jonathan Zisaruk, vice president of
  M&A at Enstar, resigned from the firm...
  
  Read more

• Cyber carriers use Aon Carrier Link for growth

  11-07-2016 20:27
  Two London-based cyber carriers have signed up to Aon Carrier
  Link for Lloyd's in a bid to grow their books outside of the
  City, The Insurance Insider
  understands.
  Barbican and Beazley, two widely respected members of the London
  cyber sector, are thought to have agreed to participate in
  Aon's retail distribution initiative, despite some in the
  market criticising the upfront cost of joining.
  Market sources have suggested the programme, which charges a
  $250,000 annual fee plus additional developme
  
  Read more

• Canadian wildfires burn through reinsurance retentions

  11-07-2016 20:27
  Reinsurers will face a loss figure in the billions of dollars
  from the wildfires that tore through northern Alberta in May, which
  have been named the costliest insured natural disaster in Canadian
  history.
  Last week (8 July), the Insurance Bureau of Canada
  (IBC) pegged insured losses from the fires at C$3.58bn
  ($2.74bn).
  The IBC's insured loss total for the wildfires is more than
  twice that of the previous most expensive natural disaster - the
  2013 southern Alberta floods, which incurred...
  
  Read more

• Brexit and regulation dominate MGAA conference

  11-07-2016 20:27
  Regulatory demands and the influence of Brexit dominated the
  sector conference for managing general agents (MGAs) last week, as
  delegates debated the market's future direction.
  The Managing General Agents' Association (MGAA) event in
  London highlighted the uncertainty caused by the UK's decision
  to leave the European Union and the MGA market's potential to
  exploit opportunities stemming from the vote.
  Concerns over Brexit dominated conversations as delegates
  expressed concern over its impact on
  
  Read more

• Berkley Re lures Staisch from Aspen

  11-07-2016 20:27
  Berkley Re UK has hired casualty treaty reinsurance underwriter
  Ivonne Staisch from Aspen, The Insurance
  Insider understands.
  Staisch is well known in casualty treaty circles, having worked
  for years at Hannover Re.
  She transferred to Aspen last year, and is expected to take up
  her new role as senior casualty treaty reinsurance underwriter in
  time for the 1 January renewals.
  Aspen confirmed Staisch's departure. Berkley Re could be
  reached for comment.
  From its London base, Berkley Re UK writes i
  
  Read more

• Axis bulks up capacity with Harrington launch

  11-07-2016 20:27
  Harrington Re will allow Axis to bring additional capacity to
  reinsurance buyers at a time when many see meaningful line size as
  a key differentiator in the sector.Last week (5 July), the Bermudian total return start-up became
  the first A- rated reinsurer to launch since Fidelis last summer.Harrington Re will look to build a book focused on
  medium-to-long-tail lines of business, with catastrophe exposure
  limited to 10 percent of capital for a 1-in-250-year event.And in an interview...
  
  Read more

• Aon accused of negligence over $230mn construction project

  11-07-2016 20:27
  A joint venture between two contractors has accused Aon of
  negligence in its placement of a wrap-up insurance policy for a
  20,000-seat stadium just outside Las Vegas.
  Before beginning construction on the T-Mobile Arena, the two
  contractors - Hunt and Penta - asked Aon to place the
  insurance.
  The companies allege that Aon claimed to be "a leader in
  construction project wrap-ups", in which the insurance for all
  subcontractors is acquired by the project manager rather than the
  individual firms....
  
  Read more

• AIG opts against bigger energy QS buy

  11-07-2016 20:27
  American International Group (AIG) has confounded expectations
  in some quarters that it would increase a quota share cover to
  protect its upstream energy book at 1 July, The
  Insurance Insider understands.The vast cedant, which has revamped its approach to reinsurance
  buying over the last nine months, held a broker request for
  proposal this spring on its marine and energy placements.However, despite considering the use of additional quota share
  protection beyond the current 50 percent deal, it ha
  
  Read more

• Motorists consultation launched to prepare the UK for driverless cars

  11-07-2016 17:34
  
  Government seeking steer from drivers on everything from collision liablity and car insurance to remote parkingA planned shake-up of motor insurance rules and changes to the highway code have been unveiled by the government in preparation for the arrival of driverless cars on UK roads.
  While fully autonomous cars are not expected to be in use in the UK for perhaps another decade, ministers said they wanted to act now to ensure that Britain “leads the way” in developing driverless tec
  
  Read more

• Insurers welcome driverless cars consultation paper

  11-07-2016 17:14
  
  Insurers have welcomed the consultation paper released today by the Department for Transport on the use of autonomous cars on the road.
  
  Read more

• Beazley hires XL Catlin's FI CUO

  11-07-2016 17:01
  Gerard Bloom, XL Catlin's chief underwriting officer (CUO) for
  financial institutions (FI), has resigned to take up a new role at
  Beazley, The Insurance Insider understands.
  Bloom has been at XL since 2009 after arriving from Zurich,
  where he spent just under two years as senior vice president of
  M&A.
  Prior to this, he spent eight years as CUO for FI and major
  account manager for financial lines in the UK and Ireland at
  American International Group (AIG).
  He will...
  
  Read more

• Clapham to become Europe CEO at Dual

  11-07-2016 15:12
  Hyperion underwriting arm Dual has appointed Richard Clapham as
  regional CEO for Dual Europe and CEO of Dual UK, The
  Insurance Insider can reveal.
  Clapham, who is currently underwriting director at XL Catlin,
  will take up his new roles on 5 September.
  The executive has more than 30 years' experience in the
  insurance market and began his career in property broking at DR
  Fleet & Co.
  Other roles have included working in Markel International's
  professional indemnity division, a period as...
  
  Read more

• Aviva launches campaign to increase customer clarity on insurance

  11-07-2016 14:53
  
  Aviva has launched a campaign to remove uncertainty and increase confidence in the way insurance works with enhancements to its small business packaged policies.
  
  Read more

• Insurers ‘leading charge’ on Women in Finance Charter

  11-07-2016 13:41
  
  Fifteen companies from the insurance industry have signed up to the government’s new Women in Finance charter, unveiled today.
  
  Read more

• Una adds Berns Brett as a new member

  11-07-2016 13:05
  
  Second agreement in a week takes alliance up to 13 members.
  
  Read more

• InsurTech Futures: Telematics the proof point for InsurTech

  11-07-2016 13:00
  
  Octo Telematics vice president Jonathan Hewett says telematics technology is big opportunity for brokers.
  
  Read more

• Government launches automated car insurance consultation

  11-07-2016 13:00
  
  The government has launched a consultation on rule changes that will pave the way for automated cars to be used on the country’s roads.
  
  Read more

• AIG rolls out second work experience scheme to attract inner city youths

  11-07-2016 12:48
  
  AIG is rolling out its second work experience programme for inner city students today.
  
  Read more

• Aviva tackles SME underinsurance in campaign to improve customer trust

  11-07-2016 12:34
  
  Aviva is planning to remove an industry-standard clause from its policy wordings that reduces claims payouts in cases of underinsurance as part of a campaign to improve trust in insurance.
  
  Read more

• Markel enters marine equipment market

  11-07-2016 12:19
  Markel International has launched a marine equipment business with
  the hire of Andy Lane from Skuld Syndicate 1897, it announced today
  (11 July).
  Lane will join underwriter David Stallard to focus on marine and
  subsea equipment business, as well as providing cover for inland
  contractors' plant and cargo.
  Stallard, also previously of Skuld, joined Markel earlier in the
  year.
  Their appointments follow recent additions to the marine and
  energy team to support the development of Markel's marine
  trad
  
  Read more

• French Insurance trade bodies merge

  11-07-2016 12:19
  Two of France's major insurance bodies have combined forces to
  create the French Federation of Insurance (FFA)
  (Fédération Française de l'Assurance).
  The French Federation of Insurance Companies and the Association
  of Mutual Insurance Companies have joined together under the new
  brand, bringing together some 280 companies representing more than
  99 percent of the French market.
  Three vice-presidents have been appointed to the French
  Federation of Insurance: Demurger Pascal, p
  
  Read more

• Comparethemarket owner prepares IPO

  11-07-2016 12:19
  BGL Group, the owner of price comparison website
  Comparethemarket.com, is preparing for an IPO of the business by
  the beginning of next year.
  According to The Telegraph, the business is looking for
  a £2bn valuation, far in excess of the previously mooted
  £1bn-£1.2bn valuation, which was based on a similar
  multiple to peer Moneysupermarket.com.
  The group is currently inviting banks to pitch for the account,
  the report said, and has recruited an additional two non-executive
  direc
  
  Read more

• ARC names CEO

  11-07-2016 12:19
  Catastrophe insurance pool the African Risk Capacity (ARC)
  insurance company has hired Dolika Banda as CEO, effective from 7
  September.
  In a statement released today (11 July) ARC said Banda would
  take over from Simon Young, who was appointed CEO in 2014 after
  playing a leading role in the development of the ARC programme. He
  will continue to serve in an advisory capacity.
  Banda has more than 25 years of international banking and
  financial management experience with a focus on...
  
  Read more

• Driverless cars could be used 'as a potential weapon', says Axa

  11-07-2016 12:09
  
  Driverless cars could be vulnerable to cyber attacks and could even be used as a “potential weapon" in a city, a report from Axa has warned.
  
  Read more

• 20% of financial services jobs 'could be lost following Brexit'

  11-07-2016 11:28
  
  A fifth of jobs in London’s financial services industry could be relocated because of Brexit.
  
  Read more

• Consultation starts on 'revolutionary' changes to insurance over driverless cars

  11-07-2016 11:27
  
  A major consultation on the use of autonomous cars has been launched officially today by the Department for Transport.
  
  Read more

• Aviva to be hit by Homeserve deal

  11-07-2016 11:25
  
  Aviva is to be hit by the effects of its UK general insurance underwriting profitability due to its recent deal to underwrite Homeserve’s home assistance products.
  
  Read more

• 15 insurers agree to link bonuses to gender diversity

  11-07-2016 11:03
  
  Fifteen insurance firms have signed up to a new government charter designed to improve gender diversity in senior positions within the sector.
  
  Read more

• Talbot names Australian underwriting head

  11-07-2016 11:02
  Validus-owned Lloyd's carrier Talbot Underwriting has named
  Steve Ward as head of underwriting for Australia, the insurer said
  today (11 July).
  Ward is currently senior class underwriter for crisis management
  for Talbot Australia. His newly created role has been created to
  advance Talbot's strategic growth ambitions in the region.
  In recent times Talbot has been attempting to grow the amount of
  business that it writes outside the London market through service
  companies in locations including New
  
  Read more

• London market electronic placing platform goes live

  11-07-2016 10:52
  
  PPL, an electronic placement platform for the whole London market, has started trading today.
  
  Read more

• Comparethemarket preparing for £2bn listing - reports

  11-07-2016 10:38
  
  BGL to hold a beauty parade of investment banks to lead the float.
  
  Read more

• Comparethemarket stock listing could value business at £2bn

  11-07-2016 10:32
  
  The stock market listing that Comparethemarket owner, BGL, could value to company at more than £2bn, according to reports.
  
  Read more

• Comparethemarket owner listing could value firm at £2bn - reports

  11-07-2016 10:32
  
  The stock market listing that Comparethemarket owner BGL, is exploring, could value to company at more than £2bn, according to reports.
  
  Read more

• Network researchers launch call for action

  11-07-2016 10:30
  
  Results to be revealed at the Broker Expo in Coventry this November.
  
  Read more

• Editor’s letter: July/August 2016

  11-07-2016 10:30
  
  “It is time for a positive problem solving mindset and the insurance industry will have a crucial role to play in the debate”
  
  Read more

• London Market Group's PPL to go live

  11-07-2016 10:26
  
  The London Market Group's new electronic placing platform – PPL - has begun trading.
  
  Read more

• Compare the Market IPO could be worth £2bn

  11-07-2016 10:15
  
  The group behind price comparison site Compare the Market, is considering an initial public offering next year valued at £2bn.
  
  Read more

• #Insagepeople: 11 - 17 July 2016

  11-07-2016 10:02
  
  Keep abreast of the movers and shakers in the insurance world this week.
  Please bear with us, the component can take up to 30 seconds to load.
  
  Read more

• Munich Re outgoing boss eyes return after cooling off period

  11-07-2016 09:49
  
  Munich Re’s outgoing chief executive, Nikolaus von Bomhard could return to the German reinsurance group as chairman in 2019 once his cooling-off period is over.
  
  Read more

• Car insurance premiums rise nearly 20% in a year

  11-07-2016 09:35
  
  High costs and complexity of repairing cars fitted with expensive technology increased premiums.
  
  Read more

• Car insurance premiums continue to rise

  11-07-2016 09:35
  
  High costs and complexity of repairing cars fitted with expensive technology increased premiums.
  
  Read more

Follow @Insurance_UKnws on Twitter!