Insurance news

• Homeowners Choice secures $972mn reinsurance cover

  15-07-2016 17:55
  Homeowners Choice P&C Insurance Company has secured $972mn
  of catastrophe reinsurance coverage for the 2016-2017 year,
  according to Securities and Exchange Commission filings.
  The Florida insurer signed contracts for the 1-in-165-year event
  coverage with private reinsurance companies and the State Board of
  Administration of Florida, which administers the Florida Hurricane
  Catastrophe Fund (FHCF), parent company HCI reported.
  Reinsurers on the placement include RenaissanceRe, Endurance,
  Evere
  
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• Telematics providers welcome government consultation

  15-07-2016 17:08
  
  Telematics providers have welcomed the opening of the government consultation on autonomous cars.
  
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• Bluefin Network teams up with MGA for niche motor and home products

  15-07-2016 17:05
  
  Broker network Bluefin Network has teamed up with managing general agent Jackson Lee Underwriting to offer four niche insurance products to its members.
  
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• Towergate fined and MGAA chair interviewed - the Post week

  15-07-2016 16:57
  
  The insurance news and Post exclusives of the past week, in case you missed them
  
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• Gable’s Dewsall paid £440k bonus despite £24.3m loss

  15-07-2016 16:39
  
  Gable chief executive William Dewsall was paid his full performance-related bonus of £440,000 in 2015 despite his company making a £24.3m pre-tax loss that ye
  
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• Blue Capital eyes $5.1mn Q2 cat losses

  15-07-2016 16:27
  Endurance-owned cat asset manager Blue Capital has estimated
  that it will incur losses of $5.1mn from catastrophe events in the
  second quarter, the company said yesterday (14 July).
  The losses, which are net of reinstatement premiums, include
  claims from the Fort McMurray fires, Texas and European storms and
  the Kumamoto earthquake.
  In June, directors of the £296mn Blue Capital Global
  Reinsurance Fund approved a three-month share buyback programme of
  unspecified value.
  The company said tha
  
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• AJ Gallagher acquires majority stake in Swedish broker

  15-07-2016 16:27
  Global broker Arthur J Gallagher has acquired an 85 percent
  stake in specialist Swedish (re)insurance broker Brim AB, the
  company announced today (15 July).
  Brim specialises in credit and political risk coverages for
  major infrastructure projects, while its construction team provides
  policies for residential and commercial developments as well as
  infrastructure and civil engineering projects across
  Scandinavia.
  The company has revenues of approximately $11.4mn and employs 29
  people, with a clien
  
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• Rehabilitation Awards shortlist unveiled

  15-07-2016 15:26
  
  Unum and Crystal Palace Physio Group lead the shortlist for the Rehabilitation First awards 2016 with four nominations each.
  
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• Capital demands put Gable's future under spotlight

  15-07-2016 15:16
  Troubled Liechtenstein-based carrier Gable Holdings' delayed
  2015 annual results have revealed a Solvency II capital shortfall
  of £47mn and a full-year pre-tax loss of £24.3mn
  ($32.6mn).
  Furthermore, on a forward-looking basis for 2016 and 2017 with
  an unchanged business plan, the Solvency II rules indicate a
  potential additional capital requirement of more than
  £100mn.
  This would result in a capital to gross written premiums ratio
  of nearly 1:1, Gable said.
  Gable writes small
  
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• AmTrust buys UK legal assistance MGA Arc Legal

  15-07-2016 15:16
  AmTrust Financial subsidiary AmTrust International has announced
  the acquisition of UK and Ireland legal expenses managing general
  agent (MGA) Arc Legal Assistance.
  The terms of the acquisition were not disclosed.
  Arc Legal provides a range of legal expenses insurance (LEI) and
  assistance products, managing more than 14 million legal expenses
  policies. AmTrust also writes a significant book of legal expenses
  business.
  The MGA's products are distributed in partnership with
  insurance companies, br
  
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• Am Trust acquires Arc Legal Assistance for undisclosed amount

  15-07-2016 14:23
  
  Am Trust International has acquired Arc Legal Assistance for an undisclosed amount.
  
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• AmTrust buys Arc Legal

  15-07-2016 14:22 via insuranceage.co.uk
  
  Deal adds 14 million policies to USA-led firm.
  
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• AmTrust buys legal expenses MGA Arc Legal

  15-07-2016 14:15
  
  Insurer AmTrust International has bought legal expenses underwriting agency Arc Legal Assistance for an undisclosed sum.
  
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• Argo expects $23mn of nat cat losses

  15-07-2016 13:33
  Bermudian Argo has announced preliminary pre-tax cat losses of
  $23mn for the second quarter, net of reinsurance and reinstatement
  premiums.
  In a short statement released late last night (14 July), the
  carrier said the losses primarily stemmed from the Canadian
  wildfires and weather-related events in the US.
  Argo is the latest in a swathe of (re)insurers to pre-announce
  their Q2 natural catastrophe losses ahead of the reporting season,
  which begins next week.
  Yesterday also saw US insurer Cincinn
  
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• Tech & Innovation Awards finalists tell their inspiring stories

  15-07-2016 12:37
  
  The finalists for this year’s Tech and Innovation Awards presented their submissions in front of a panel of expert judges on Wednesday.
  
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• Tech & Innovation Awards finalists on challenges and successes they have faced

  15-07-2016 12:37
  
  As the insurance market becomes increasingly digitised established firms find themselves trying to keep up with the pace of customer demand, while disrupters rush into the market.
  
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• Qatar Re hires Zurich trio

  15-07-2016 12:32
  Qatar Re has appointed former Zurich Middle East chief
  underwriting officer Manik Kak as senior executive officer in one
  of a trio of hires from the Swiss insurer.
  Additionally, Tejal Bartlett will join the company as regional
  head of energy, while Manik Sethi has been appointed regional head
  of marine.
  All three will be based in the carrier's Dubai office.
  Kak succeeds Nabih Massaad, who has been moved to the
  carrier's Zurich branch to head the global engineering treaty
  and...
  
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• Broking break: Your top five stories

  15-07-2016 11:29 via insuranceage.co.uk
  
  In the run up to Friday the most read stories include Gable ceasing to write new business, Towergate being fined £2.6m, job cuts at Allianz and Primary Group in talks with GRP.
  
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• Gable stops writing new business as capital falls below requirements

  15-07-2016 11:24
  
  Gable has stopped writing new business as part of its plan to bring the company up to Solvency II compliance.
  
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• IFB celebrates 10th anniversary

  15-07-2016 11:21
  
  The Insurance Fraud Bureau (IFB) celebrated its 10th anniversary with an evening reception in London yesterday.
  
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• Gable closes to new business

  15-07-2016 10:44 via insuranceage.co.uk
  
  Insurer posts £24.3m pre-tax loss for 2015.
  
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• Quizzical questions: 15 July 2016

  15-07-2016 10:40 via insuranceage.co.uk
  
  Test your knowledge of the week’s news with our topical news quiz.
  
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• Gable posts £24.3m pre-tax loss for 2015 and stops writing new business

  15-07-2016 10:31 via insuranceage.co.uk
  
  Unrated Liechtenstein-based insurer aiming to achieve Solvency II compliance.
  
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• Blog: Get behind small fleet telematics

  15-07-2016 10:30 via insuranceage.co.uk
  
  Selim Cavanagh, vice president of Telematics at Wunelli, calls for brokers to embrace telematics for small fleet in the same way they have for young drivers.
  
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• Digital: Virtual reality

  15-07-2016 10:22
  
  Virtual reality has hit the gaming industry this year and it could find a place in the insurance sector to help with claims and fraud in the future.
  
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• Gable cuts underwriting operations to comply with Solvency II

  15-07-2016 10:15
  
  Gable has announced it will "significantly reduce" the scale of its underwriting operations in Europe, and has ordered its broker network to cease writing new business with immediate effect.
  
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• Endurance reveals loss estimates from string of natural disasters

  15-07-2016 09:56
  
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• Brightside owner latest to warn about damage of Brexit

  15-07-2016 09:49
  
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• Gable boss vows to come out fighting amid £24.3m loss

  15-07-2016 09:37
  
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• Bluefin Network and Jackson Lee Underwriting join up

  15-07-2016 09:30 via insuranceage.co.uk
  
  New range of products designed to help members offer broader niche solutions.
  
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• IFB to launch new intelligence sharing platform

  15-07-2016 01:07
  
  Names of fraudsters will be shared among insurers using a new platform launched by the Insurance Fraud Bureau.
  
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• Endurance expecting $56mn Q2 cat hit

  15-07-2016 00:14
  Endurance has become the latest carrier to preannounce
  catastrophe loss estimates ahead of its second quarter results as
  it warned it is expecting to take a $55.5mn net hit from events
  during the three month period.
  The John Charman-led firm said the losses stemmed from the Fort
  McMurray wildfires in Canada, the Kumamoto earthquake in Japan and
  convective storms in Texas and Europe, which collectively were
  estimated to cost the industry $10bn.
  In a statement released today (14 July), the...
  
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• Cincinnati Financial expects up to $170mn in Q2 cat losses

  15-07-2016 00:14
  US insurer Cincinnati Financial said it expects its Q2 results
  later this month will include pre-tax catastrophe losses of $160mn
  to $170mn for the period.
  The losses will lead to an impact on its combined ratio for the
  quarter of 14.4 to 15.3 percentage points, based on its estimate of
  P&C earned premiums, said the company in a statement.
  The impact would be at least a point ahead of the carrier's
  10-year historical average of 13.4 percentage points from
  catastrophe...
  
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