Insurance news

• RenaissanceRe CFO Kelly to step down

  12-07-2016 23:35
  RenaissanceRe's CFO and COO Jeffrey Kelly is set to retire, the
  Bermudian carrier announced in a statement today (12 July).
  The executive will step aside from the CFO role early next month
  and will be succeeded by Robert Qutub who will join the reinsurer
  from investment research firm MSCI.
  The retiring executive is set to remain as COO until 15
  September but it is not known who will fill this position in the
  carrier's management structure once he leaves.
  Kelly...
  
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• CCR state guarantee under threat after Scor wins court ruling

  12-07-2016 23:35
  The state guarantee provided to French reinsurer Caisse Centrale
  de Reassurance (CCR) for natural catastrophe risks is under threat
  after a court ruled that the agreement would have to be approved by
  the European Commission (EC) or cancelled.
  The decision of the Paris administrative court, published today
  (12 July), said that the French state would have to terminate the
  agreement with CCR within one year, or notify the EC of the scheme
  within that timeframe.
  It would then be down...
  
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• West of England P&I improves CR

  12-07-2016 18:25
  The West of England marine protection and indemnity (P&I) club
  improved its combined ratio by 13.8 percentage points to 83.6
  percent for the year to 20 February 2016 thanks to a continued
  benign claims environment.
  The improved operating performance allowed the club to increase
  its free reserves for the fourth consecutive year, with a 13.5
  percent jump to a new peak of $276.7mn.
  Gross tonnage also increased from 68.5 million tonnes to 72.1
  million tonnes.
  Claims activity from the mutual...
  
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• US nat cat losses $11bn in H1: Munich Re

  12-07-2016 18:25
  US insured losses caused by natural catastrophes hit $11bn during
  the first half of 2016, primarily due to storms in Texas and
  neighbouring states, according to Munich Re.
  This is higher than the $8bn of US insured nat cat losses
  recorded in the same period of last year.
  A series of storms in the Texas region, including destructive
  hailstorms in Dallas and San Antonio and severe flooding in the
  Houston metropolitan area, generated $12.3bn of economic losses, of
  which $8.8bn...
  
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• BHSI touts liability cover for US architects and engineers

  12-07-2016 18:25
  Berkshire Hathaway Specialty Insurance (BHSI) has launched a new
  professional liability offering for US architects and engineers
  (A&E) with a $25mn line size, the carrier announced today (12
  July).
  The new product, Professional First, will also include cyber
  coverage that responds to network breaches or cyber extortion
  attempts.
  The Berkshire Hathaway subsidiary said it was able to provide
  limits of up to $25mn that could be written on an admitted or
  non-admitted basis.
  BHSI vice president J
  
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• Aspen appoints US crisis management head

  12-07-2016 18:25
  Aspen's insurance subsidiary has hired Nicky Alexandru to
  lead its crisis management unit in the US, the carrier announced
  today (12 July).
  The new recruit will be tasked with establishing a product
  contamination and recall division in the US.
  Alexandru joins the Bermudian from American International Group,
  where he was global head of crisis management.
  Based in New York, the newly appointed executive will report to
  Henry MacHale, who heads up Aspen's crisis management division
  globally.
  MacHale
  
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• Capsicum appoints Godfrey as director

  12-07-2016 17:07
  Specialist binding authority broker Capsicum Delegated Authority
  has announced today (12 July) that Paul Godfrey will join as a
  director.
  He will be based in London and report to UK managing director
  Donald Alcorn.
  Godfrey joins from Lloyd's broker Xact Risk Solutions, which
  specialises in placing personal accident and illness, life and
  medical policies.
  Prior to that he served as a broker at leisure and entertainment
  intermediary Apex Insurance Services for seven years from 2008,
  having begun h
  
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• Broker Service Survey – Your forum to drive change in UKGI

  12-07-2016 16:24
  
  Broker Service Survey – Your forum to drive change in UKGI
  
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• Climate change to outpace planned flood safeguards

  12-07-2016 16:13
  
  Changes in climate are likely to outpace efforts to safeguard UK infrastructure against further flooding, a new report from the Committee on Climate Change has claimed.
  
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• Former FCA boss Wheatley paid £827,000 for final year

  12-07-2016 15:21
  
  Increase includes pay to 31 July 2016 after leaving in September last year.
  
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• GRP set to swoop for One Commercial from Primary Group - report

  12-07-2016 15:15
  
  Lorica CEO Matt Bray says the broker is not in talks with GRP.
  
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• FCA paid ex-chief Wheatley more than acting head last year

  12-07-2016 14:08
  
  The FCA paid its former chief executive Martin Wheatley a total of £641,233 in the year to 31 March 2016, the regulator’s annual report shows.
  
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• Over a third of firms rate service as most important factor when buying PI insurance

  12-07-2016 13:39
  
  Over a third of professional firms rate service as the most important factor in selecting professional indemnity insurance, a survey from Brunel Professional Risks has found.
  
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• Over a third of firms buy professional indemnity on service

  12-07-2016 13:39
  
  Over a third of professional firms rate service as the most important factor in selecting professional indemnity insurance, a survey from Brunel Professional Risks has found.
  
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• Insurance industry faces ‘customer expectation challenge’, claims Target Group

  12-07-2016 13:38
  
  The insurance industry faces a ‘customer expectation challenge’ according to new research from Target Group.
  
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• Finch eyeing up acquisitions, says MD

  12-07-2016 13:34 via insuranceage.co.uk
  
  Broker looking to close a £3m deal "quickly".
  
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• GRP closes in on MGA One Commercial as Primary mulls offers for UK General, Rural and Lorica

  12-07-2016 13:10
  
  Insurance investment vehicle Primary Group is in discussions with consolidator Global Risk Partners about the potential sale of a number of assets including its commercial specialist One Commercial.
  
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• Holidaymakers don’t understand travel insurance - study

  12-07-2016 12:37
  UK holidaymakers don’t understand their travel insurance policies, according to a new study.
  
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• Munich Re's Von Bomhard will not work for a rival

  12-07-2016 12:00
  Outgoing Munich Re CEO Nikolaus von Bomhard has said he will not
  move to a rival carrier after his tenure at the reinsurer comes to
  an end in 2017.
  In an interview with the Financial Times, the executive
  said: "I'd never like to compete with this company and
  endanger the work we did here."
  Some in the market may interpret this as a hint that Von Bomhard
  is ruling himself out of the running for the Lloyd's
  chairmanship, after his...
  
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• Munich Re and InsurTech start-up strike deal

  12-07-2016 12:00
  Munich Re has partnered with New York-based
  "InsurTech" start-up Slice Labs to distribute its
  on-demand insurance products in the US, the company announced today
  (12 July).
  The firms have agreed to an ongoing rollout of the Slice
  platform, which is designed to provide on-demand, pay-per-use
  coverage for companies such as Uber.
  The start-up will handle servicing and processing of claims on
  the platform, but the system will contain automated underwriting
  rules agreed upon by the reinsurer.
  Slice C
  
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• Insured catastrophe losses up 42% in H1: Munich Re

  12-07-2016 12:00
  Insured losses from natural catastrophes in the first half of 2016
  reached $27bn, some 42 percent more than in the same period of last
  year, according to data from Munich Re.
  Total economic losses from natural catastrophe events rose by
  15.7 percent year-on-year to $70bn. Earthquakes in Japan and
  Ecuador, storms in Europe and the US, and the Canada wildfires were
  behind the losses.
  "These events clearly show the importance of loss
  prevention, such as protection against flash floods or...
  
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• CIRC to firm up systemically important list

  12-07-2016 12:00
  The China Insurance Regulatory Commission (CIRC) is expected to
  finalise a list of domestic systemically important insurers this
  year, the South China Morning Post has reported.
  The regulator has asked 16 major insurers, including
  People's Insurance Company of China, China Life Insurance, Ping
  An Insurance and Anbang Insurance Group, to submit data as part of
  the process to identify insurers that are "too big to
  fail".
  Those designated as such will face tighter capital scrutiny,
  heavier group-wi
  
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• PPL binds first standalone terrorism risk

  12-07-2016 11:48
  
  The first standalone terrorism risk was bound on the London Market’s electronic placing platform within the first hour of trading yesterday morning.
  
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• Biba joins up with Bollington to provide care polices

  12-07-2016 11:37 via insuranceage.co.uk
  
  The care combined policies will offer covers including material damage, business interruption, employers' liability and public liability up to £10m.
  
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• Aviva moves to tackle underinsurance for SMEs

  12-07-2016 10:58 via insuranceage.co.uk
  
  Insurer enhances Shop and Salon as well as Office and Surgery for small business customer polices.
  
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• Zurich launches Future Proofing Broking video

  12-07-2016 10:30 via insuranceage.co.uk
  
  Video part of bespoke series to promote fresh thinking in the sector.
  
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• Marsh and Chaucer do first deal on new London market platform

  12-07-2016 10:14
  
  Marsh and Chaucer have bound the first risk on PPL, the London market’s newly launched electronic placement system, yesterday morning.
  
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• PPL binds first risk within an hour

  12-07-2016 09:30
  The first standalone terrorism risk was bound on the Placing
  Platform Limited (PPL) yesterday (11 July) within the first hour of
  trading, the London Market Group (LMG) announced this morning.
  The platform allows brokers and insurers to quote, negotiate and
  bind business electronically. The broker for the first trade was
  Marsh and the underwriter was Chaucer.
  David Ledger, chairman of the PPL board, said the fact that a
  risk was bound less than an hour after the system opened for...
  
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• Power hour: Driving change in motor trade

  12-07-2016 09:30 via insuranceage.co.uk
  
  The motor trade market is evolving with the rise of autonomous vehicles, electric cars and changing consumer purchasing habits, but the sector still also has to deal with more traditional risks
  
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• Brexit could mean end for gender pricing ban – report

  12-07-2016 09:20
  
  Insurers are hoping that the UK’s decision to leave the European Union will mean an end for the ban on basing premiums on a customer’s gender, the Telegraph reports.
  
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• Hyperion’s DUAL looks to XL Catlin for new UK chief executive

  12-07-2016 08:59
  
  Hyperion-owned underwriting agency DUAL has hired former XL Catlin executive Richard Clapham as UK chief executive and regional chief executive of DUAL Europe.
  
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• Direct Line left us homeless for two years

  12-07-2016 08:00
  
  Disagreements between the loss adjuster and the insurer mean we’re still in rented accommodationWe have been homeless for more than two years thanks to Direct Line. In January 2014 we made a claim on our buildings insurance policy after a leak was found in our under-floor heating system. Direct Line’s loss adjuster instructed us to move out of our house for the remedial work to be completed. We were relocated in May 2014 to temporary accommodation paid for by the policy. Unfortunatel
  
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• Digital: Using social media to engage customers

  12-07-2016 08:00
  
  It has finally clicked with insurers that they need to engage with customers on social media, as it can help attract new business and build trust.
  
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• Brightside teams up with Covéa in capacity deal

  12-07-2016 08:00 via insuranceage.co.uk
  
  Deal covers broker's motor book and "fills the gap left by Markerstudy".
  
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• Brightside teams up with Covéa

  12-07-2016 08:00
  
  Deal covers broker's motor book and "fills the gap left by Markerstudy".
  
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• Howden UK chief operating officer departs

  12-07-2016 07:30
  
  Howden UK Group’s chief operating officer Stephen Reid has left the company, Insurance Times has learned.
  
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• Brightside replaces lost Markerstudy capacity with two deals

  12-07-2016 06:00
  
  Brightside said it has fully replaced its lost Markerstudy capacity by signing new deals with Covéa Insurance and another insurer, which it declined to name.
  
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• Brightside signs new motor agreement with Covea Insurance

  12-07-2016 01:05
  
  Brightside Group has signed a new agreement with Covea Insurance, following Markerstudy's withdrawal of agency with the Group in May.
  
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• Axis appoints management liability exec

  12-07-2016 00:59
  Axis has promoted Mark Paccione to the role of executive vice
  president of its commercial management solutions division, the
  Bermudian revealed in a statement today (11 July).
  The division writes commercial public and private directors and
  officers coverage as well as providing employment, fiduciary
  liability and crime products.
  The newly-promoted executive will be based in New York and
  report directly to John Van Decker, president of North American
  professional lines for Axis Insurance.
  The car
  
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