Insurance news

• Southwest Risk moves into Florida market

  18-07-2016 22:19
  Expansive broker Southwest Risk is set to expand into the Floridian
  market with two new hires, the intermediary announced today (18
  July).
  The move will see Keith Driggers join Southwest from
  builders' insurance provider FHB where he was CEO.
  Driggers has spent more than two decades in the market having
  previously held positions at McNeary, Marsh and Brown &
  Brown.
  He will be joined by Barbara Glennon who also came from FHB and
  has been in the industry for almost...
  
  Read more

• XL settles Tracy Morgan crash suit

  18-07-2016 21:11
  XL has settled its portion of a lawsuit with Walmart after the US
  supermarket giant reportedly paid damages to US actor and comedian
  Tracy Morgan, who was almost killed in a collision with one of its
  trucks.The settlement between Morgan and Walmart has remained a closely
  guarded secret and Morgan has previously denied a figure of $90mn
  reported by US media.Nevertheless, the payout led to a protracted dispute between the
  New York-listed supermarket and its insurers, which argued...
  
  Read more

• RSA wins piracy claim appeal

  18-07-2016 21:11
  The UK Court of Appeal has overturned a ruling that forced RSA
  to pay hundreds of thousands in additional costs from a pirate
  attack on a cargo vessel.
  The dispute arises from an attack on chemical carrier Longchamp
  on 29 January 2009, which was travelling through the Gulf of Aden
  when seven heavily armed pirates boarded the vessel.
  The pirates demanded a ransom of $6mn, which after a period of
  51 days was negotiated down to $1.85mn.
  On 27 March...
  
  Read more

• Q2 losses to have limited ILS impact

  18-07-2016 21:11
  Second quarter catastrophe losses will only have a small impact
  on the (re)insurance sector, panellists agreed at the Guernsey ILS
  Insight event in Zurich on 7 July.
  However, Des Potter, head of EMEA at GC Securities, said that
  sidecar losses during the first half were probably running ahead of
  plan.
  "We're at an interesting stage of the year when we are
  looking with interest at activity in the second half," Potter
  added.
  The reinsurance sector will pick up a major...
  
  Read more

• Advertisement

• PPL terror gets off to slow start

  18-07-2016 21:11
  A canvassing of those pioneering use of the London market's
  Placing Platform Limited (PPL) electronic placing platform in the
  terrorism market has revealed a slow but steady start for the new
  class.
  One system user said that it was a very quiet time of year and
  that the process had so far been slow.
  "We're set up and ready to go, but haven't had one
  transaction through yet," they said.
  However, they added that it was probably the right time...
  
  Read more

• P&I clubs contract out of Insurance Act rules

  18-07-2016 21:11
  Various marine protection and indemnity (P&I) clubs are
  contracting out of parts of the Insurance Act after becoming
  concerned about the remedies for breaching the duty of making a
  fair presentation.
  P&I clubs are the only businesses known to have contracted
  out elements of the act, with other firms abiding by the
  legislation, which will come into force on 12 August this year.
  The International Group (IG) of P&I clubs disclosed in its
  2015/16 annual report that some eight of...
  
  Read more

• Munich Re partners with on-demand InsurTech start-up

  18-07-2016 21:11
  Munich Re has paired up with New York-based InsurTech start-up
  Slice Labs to distribute on-demand coverage in the US.Both companies have agreed to an ongoing rollout of the Slice
  platform, which provides on-demand, pay-per-use coverage for
  "sharing economy" companies such as Uber.While the start-up will retain control of servicing and
  processing claims, the reinsurer has embedded its own automated
  underwriting rules into the platform.Slice CEO Tim Attia said Munich Re's credit rating and
  technol
  
  Read more

• Lockton accuses JLT of fraud over data misuse

  18-07-2016 21:11
  Independent broking house Lockton's Kansas City office has
  accused JLT and one of its senior executives of fraud after the
  rival intermediary allegedly breached a confidentiality agreement
  in a bid to steal clients.The two brokers had entered into an information sharing
  agreement in 2014 that would have expanded the reach of
  Lockton's Kansas City headquarters.The deal saw Lockton hand over data - including pro formas,
  business plans, loss and liability information, exposure data,
  claims historie
  
  Read more

• Advertisement

• Leathem exits Channel Syndicate

  18-07-2016 21:11
  David Leathem, founding and underwriting partner at Channel
  Syndicate, has resigned five years after joining the firm,
  The Insurance Insider understands.The property direct and facultative specialist's next move
  is not yet known.Leathem is well regarded by the market, having developed the
  worldwide property account from a start-up to a $100mn income
  account by 2014.Prior to working at Channel Syndicate, Leathem was a property
  underwriter at Allied World Europe, following spells at Generali
  and C
  
  Read more

• Kingstone buys 40% more limit and targets A- rating

  18-07-2016 21:11
  New York-based insurer Kingstone Companies bought 40 percent
  more limit on its catastrophe excess-of-loss reinsurance programme
  this year as it targets an upgrade to an AM Best A- rating.Through broker Aon Benfield, the B++ rated carrier was able to
  buy its upsized 2016 cover with a risk-adjusted rate reduction of
  5.4 percent.The company bought $247mn of protection above a $5mn direct
  retention, of which its net share was $3.0mn. This was up from
  $2.4mn in the prior year...
  
  Read more

• ILS fund growth picks up in H1

  18-07-2016 21:11
  The top 10 insurance-linked securities (ILS) funds lifted their
  collective assets under management (AuM) by 7.7 percent in the
  half-year to 1 July to reach $48bn, sister publication
  Trading Risk reported earlier this
  month.
  Their growth accelerated from late last year and was in line
  with that reported in the same period of 2015.
  Growth was spread relatively evenly among the top 10
  and led by LGT ILS Partners, which added $600mn of capital in the
  first half.
  Nephila Capital...
  
  Read more

• Gable restructure prompts run-off questions

  18-07-2016 21:11
  Unrated Liechtenstein-based insurer Gable Holdings has
  instructed its broker network to cease writing new business with
  immediate effect while it works to restructure the business.
  The troubled carrier is looking to remediate its business by
  bringing in multinational insurers to support its historical
  written premium base in the UK and Europe. It is also looking at a
  transaction that could see its prior-year book sold.
  It is also hoped that the plan will enable Gable to retain
  sufficient capital
  
  Read more

• Formaldehyde flooring set to cost insurers $35mn

  18-07-2016 21:11
  Six carriers are expected to pay out $35mn under a directors'
  and officers' policy after a discount flooring company was
  found to be selling products that contained formaldehyde.
  Lumber Liquidators hit the headlines last year after an
  investigation by US news programme "60 Minutes" revealed
  that a number of its flooring lines contained potentially dangerous
  levels of the carcinogen.
  The stock price more than halved from a year high of $69.22
  after the exposé - which led to a number...
  
  Read more

• Fitch highlights AM Best ratings 'misalignment'

  18-07-2016 21:11
  Fitch has issued a white paper in which it criticises the rating
  system of rival AM Best for an alleged lack of comparability with
  other agencies.
  The ratings agency said there were particular issues with AM
  Best's A- rating, which demonstrated similar characteristics to
  a BBB insurer financial strength (IFS) rating from other
  agencies.
  An A- rating is widely considered the minimum necessary credit
  requirement for a specialty insurance company to write complex and
  larger risks.
  Comparative analy
  
  Read more

• Cathedral brings in Madden as MD

  18-07-2016 21:11
  Lancashire's Lloyd's arm Cathedral has appointed Marion
  Madden as managing director, The Insurance
  Insider can reveal.Madden is best known for her time at Kiln, where she held the
  role of group chief operating officer between March 2000 and
  February 2009.She has also held senior positions at Argo, RSA and IRB Brasil
  Re in London.Lancashire declined to comment.Cathedral has been working to rebuild its ranks after a swathe
  of senior staff left the business last year, including...
  
  Read more

• Berkshire Hathaway to buy medical liability mutual

  18-07-2016 21:11
  Berkshire Hathaway's National Indemnity Company has agreed to
  buy New York's largest underwriter of medical professional
  liability insurance.The deal will see Medical Liability Mutual Insurance Company
  (MLMIC) converted to a stock firm and transferred to the Berkshire
  Hathaway subsidiary.The agreement, which was announced today (18 July), is still
  subject to regulatory and policyholder approval and it is expected
  to close in the third quarter of next year."Good things are worth waiting for," sai
  
  Read more

• Assurant cuts cat limit back

  18-07-2016 21:11
  Assurant scaled back both its limit purchased and retention as
  it restructured its core US property catastrophe reinsurance
  programme at the recent 1 July renewal.The US insurer cut the retention on its US cat cover by almost
  20 percent from $155mn to $125mn as it cited reduced lender-placed
  insurance exposure.The reduction followed a similar lowering of its
  retention last year from $205mn to $155mn, which Assurant
  attributed to lower lender-placed insurance exposure and the sale
  of American Rel
  
  Read more

• Allianz Risk Transfer doubles new cat bond target

  18-07-2016 21:11
  Nephila's fronting partner Allianz Risk Transfer has more than
  doubled its target size for a second Blue Halo Re cat bond issuance
  to $225mn, sister publication Trading
  Risk reported.
  The insurance-linked coupon on the deal has settled at 825 basis
  points (bps), towards the lower end of the 800-875 bps guidance
  range.
  The deal was launched at $100mn last week, several weeks after
  Nephila's fronting agency Allianz Risk Transfer closed the
  $185mn Blue Halo Re 2016-1 issuance.
  The latest transactio
  
  Read more

• Alliant accused of further team raid

  18-07-2016 21:11
  Californian broker Alliant has been accused of another raid on
  its rivals' employees in the seventh such alleged attack on
  fellow intermediaries in the last two years.
  Alliant is accused of leaving Hays Companies' Washington DC
  office "essentially decimated" after six employees
  "abruptly" resigned on 29 June.
  In court filings, Hays alleged that the employees led by Barry
  Peters, who was president of the office, all took positions at
  Alliant with the exception of one who has since returned.
  In...
  
  Read more

• ARAG sees 12% growth in premium under management for 2015

  18-07-2016 17:48
  
  UK legal protection and assistance specialist ARAG has announced 12% growth in premium under management for 2015, its ninth full year of trading.
  
  Read more

• Swiss Re Corporate Solutions hires US central casualty head

  18-07-2016 17:08
  Swiss Re Corporate Solutions has appointed Christine Harman as head
  of casualty for the US central region, the reinsurer announced
  today (18 July).
  The reinsurer also announced the hire of Gabriel Poppie as head
  of sales in the central region.
  Both appointments will be based in Chicago.
  Harman joins the company from American International Group
  (AIG), where she was a casualty manager for more than seven years
  from 2008.
  She previously served in a variety of positions at the global...
  
  Read more

• QBE to ‘simplify’ its claims handling operation in Chelmsford

  18-07-2016 16:38
  
  QBE will streamline its claims handling business to remove “unnecessary layers of complication”.
  
  Read more

• On Demand Webinar: Ageas, Guidewire and Zurich discuss the path to digital insurance nirvana

  18-07-2016 16:15
  
  So much has been written and spoken about the need to "go digital", but what does that actually mean?
  
  Read more

• Travel insurance ‘unlikely to cover cancellations’ from Lowcost Holidays collapse

  18-07-2016 15:54
  
  Travel insurers have been bombarded with calls from 110,000 holidaymakers affected by the collapse of travel agent Lowcost Holidays this weekend.
  
  Read more

• Markerstudy and Be Wiser agree partial pull back

  18-07-2016 15:10
  
  Insurer says move is not part of wider reorganisation.
  
  Read more

• XL Catlin launches Africa reinsurance unit

  18-07-2016 13:32
  XL Catlin has established a reinsurance unit to provide facultative
  and treaty reinsurance across Africa, it announced today (18 July).
  Alex St James has been appointed as head of Africa for the new
  operation, with Matthew Gillies as actuarial underwriter. Both will
  be based in London.
  St James joins XL Catlin from One Re, where he was instrumental
  in gaining UK regulatory approval for and bringing the company to
  market in 2015.
  He brings more than 20 years' experience in...
  
  Read more

• Sompo Canopius appoints US finpro chief

  18-07-2016 13:32
  Sompo Canopius has hired Laurie Banez to lead its US financial and
  professional lines practice, the Lloyd's (re)insurer announced
  today (18 July).
  She is based in New York and will report to group head of
  casualty Stephen Hartwig.
  Banez joins from Argo, where she served as chief underwriting
  officer (CUO) and head of Argo Pro for more than six years from
  2010.
  Prior to that she held a variety of positions within financial
  and professional lines divisions at companies including...
  
  Read more

• R&Q completes Bermudian captive acquisition

  18-07-2016 12:26
  Randall & Quilter (R&Q) has completed the acquisition of
  Bermuda-based Agency Program Insurance Company (APIC).
  APIC, which is in run-off, has a total net asset value of $2.4mn
  and reserves in the region of $8.6mn. The firm generated a pre-tax
  profit of $600,000 for the full-year 2015.
  The total cash consideration payable by R&Q amounts to
  approximately $1.4mn.
  The segregated accounts captive company currently has 28 cells
  and reinsures Sparta Insurance Company, Discover Reinsurance
  
  Read more

• MAS proposes capital framework changes

  18-07-2016 12:26
  The Monetary Authority of Singapore (MAS) has adjusted its insurer
  capital requirements after a review found some moderation of risk
  requirements to be "overly conservative".
  Capital measures for equity investment, credit spreads,
  counterparty default and operational risk have been recalibrated
  following a review.
  The regulator also recommended widening the eligibility criteria
  for the use of matching adjustment (MA) to allow more companies to
  take advantage of the policy introduced in 2014.
  MA
  
  Read more

• More driverless car accident data needed, says DLG

  18-07-2016 12:03 via insuranceage.co.uk
  
  Both the insurer and manufacturer must play a role in determining who was at fault when an accident happens.
  
  Read more

• Tokio launches online broker platform

  18-07-2016 11:12 via insuranceage.co.uk
  
  The web-based platform will give brokers direct access from their desktop to a range of specialist business lines.
  
  Read more

• Neon hires casualty head

  18-07-2016 11:03
  Rebranded Lloyd's syndicate Neon (formerly Marketform) has
  appointed Andrew Dougall as its first executive underwriter and
  head of casualty.
  The appointment is effective from today (18 July) and Dougall
  will report to the syndicate's chief underwriting officer
  Darren Lednor.
  He joins from Lloyd's carrier Mitsui Sumitomo, where he was
  most recently head of underwriting for property and casualty.
  Dougall also previously served as an underwriting manager for
  casualty, professional and financial lin
  
  Read more

• Gable stock stabilises after trading recommences

  18-07-2016 11:03
  Shares in Liechtenstein-based carrier Gable Holdings have risen in
  value this morning (18 July) after it recommenced trading on
  London's AIM market.
  The stock rose 34 percent to reach a peak of 4.50p earlier this
  morning, before tempering to 4.34p by 08:55 UK time, bringing the
  niche carrier's market capacity to £4.85mn. The shares
  peaked at 87.25 pence in 2014.
  On Friday 15 July Gable published its delayed 2015 annual
  results, which revealed a Solvency II capital shortfall of
  £...
  
  Read more

• Aviva calls for crackdown on nuisance calls

  18-07-2016 10:37
  
  Consumers were bombarded with more than 600 million personal injury-related nuisance calls last year, according to research using Ofcom data.
  
  Read more

• Tokio Marine Kiln launches digital exchange

  18-07-2016 10:31
  
  Tokio Marine Kiln has launched a digital exchange for brokers to quote and bind policies online in real time.
  
  Read more

• R&Q acquires runoff reinsurer

  18-07-2016 10:30
  
  Randall and Quilter has acquired Agency Program Insurance Company for £1.1m.
  
  Read more

• Gable shares rise after suspension on trading is lifted

  18-07-2016 10:04
  
  Share prices in Gable Holdings have risen since the company resumed trading on the London Stock Exchange this morning.
  
  Read more

• #insagepeople 18 - 24 July

  18-07-2016 09:57 via insuranceage.co.uk
  
  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

• Lawyers call on government to 'get its priorities right' on automatic car renewals

  18-07-2016 09:47
  
  Access to Justice has called on the government to “get its priorities right” and take further action on automatic car renewals.
  
  Read more

• Consumers bombarded with 600 million CMC nuisance calls in 2015

  18-07-2016 09:31
  
  Consumers were bombarded with more than 600 million personal injury-related nuisance calls last year, and a further 117 million injury-related nuisance texts, according to research using Ofcom data commissioned by Aviva.
  
  Read more

• Gable shares rise as trading resumes on Stock Exchange

  18-07-2016 09:12
  
  Gable shares resumed trading on the London Stock Exchange this morning, after the company’s self-imposed suspension was lifted.
  
  Read more

• R&Q buys run-off reinsurer for $1.4m

  18-07-2016 08:59
  
  Randall & Quilter said it has bought Agency Program Insurance Co, a Bermuda-based reinsurer now in run-off for $1.4m (£1.1m).
  
  Read more

• Insurance cheats discover social media is the real pain in the neck

  18-07-2016 08:00
  
  With the number of whiplash cases soaring, canny insurers are increasingly lookingat people’s Facebook and Twitter accounts to help them nail false claimantsTo come in seventh place in a field of 2,000 competitors in a 10km race is quite an achievement for any enthusiastic runner. So in the age of social media it was unsurprising that William Owen tweeted a picture of himself running said race in St Helens.A few weeks later and the energetic 29-year-old tweeted that he had signed up for a
  
  Read more

Follow @Insurance_UKnws on Twitter!