Insurance news

• Atkin replaces Reith on Amwins board

  21-07-2016 23:14
  Wholesale broking giant Amwins has added former Talbot Underwriting
  CEO Rupert Atkin to its board as an independent director.
  Atkin is currently non-executive chairman of Validus
  Holdings' Lloyd's platform after stepping down as CEO this
  year.
  Atkin is taking the place of outgoing independent director
  Martin Reith, who is focused on his new role as group CEO of Neon
  Underwriting.
  "We are delighted to be able to attract someone of
  Rupert's stature in the London market to our Board. In...
  
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• Analysts warn on Travelers Q2 rate development

  21-07-2016 17:55
  Analysts today (21 July) raised concerns about second quarter
  pricing trends in Travelers' business insurance arm, despite
  the carrier beating expectations in a number of areas.
  Travelers reported a 19 percent year-on-year drop in second
  quarter operating income to $649mn due to higher catastrophe
  losses, including the Fort McMurray wildfires; higher non-cat
  weather-related losses; and lower net investment income.
  Second quarter operating earnings per share (EPS) of $2.22 wereahead of the analys
  
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• Travelers reports pricing uptick as cats take toll

  21-07-2016 15:19
  Travelers reported a slight bounce back in US P&C commercial
  rates today as higher-than-expected catastrophe losses drove
  operating income for the second quarter down by a fifth.
  The carrier, which is seen as a bellwether for the wider US
  commercial insurance market, saw its key rating indices edge back
  into positive territory on a nominal basis in the second quarter,
  with a renewal rate increases of 0.2 percent.
  This was up from a decrease of 0.1 percent in the first...
  
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• Swiss Re explores £1bn Admin Re partial sale

  21-07-2016 15:19
  Swiss Re is approaching investors to sell a stake in Admin Re that
  could be valued at £1bn ($1.3bn) in its legacy subsidiary
  Admin Re.
  In a statement the carrier said it would not comment on
  speculation, but noted that it had previously expressed an interest
  in partnering with minority investors in its life capital business,
  which houses Admin Re and its life and health portfolios.
  This division had total shareholder equity of $7.17bn as of Q1
  2016.
  Sky News...
  
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• Former Oval boss backs new broking group with national ambitions

  21-07-2016 14:29
  
  The family trust of former Oval chief executive Philip Hodson has invested in a new broking group that is aiming to build a national presence through acquisition and hires.
  
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• InsurTech Futures: Fintech growth could create “insurance underclass”

  21-07-2016 13:03
  
  CII report warns that use of fintech and big data could lead to some people being uninsurable.
  
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• Former broker Craig Tracey to become co-chair of APPG for Insurance and Financial Services

  21-07-2016 13:00 via insuranceage.co.uk
  
  Former insurance broker Craig Tracey is to take over as co-chair of the All Party Parliamentary Group for Insurance and Financial Services.
  
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• Societe Generale Group acquires stake in French Fintech company

  21-07-2016 12:56
  
  Societe Generale Group has acquired a stake in the share capital of French fintech company, Tag Pay, which specialises in mobile banking.
  
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• Insureon launches MGA with $3bn of Lloyd's capacity

  21-07-2016 12:31
  US online insurance agency Insureon has launched a managing general
  agent backed by $3bn of capacity from Lloyd's syndicates to
  provide coverage for coastal homeowners, including for named
  storms.
  Polices from Insureon Underwriting Managers will only be offered
  to Insureon clients via its wholesale brokerage subsidiary
  Insurance Noodle.
  "We saw a big appetite in the market for hard-to-place and
  unique risks that primary carriers don't want," said Ted
  Devine, CEO of Insureon Holdings.
  "Insureon's
  
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• BHSI names Knight Canada financial lines head

  21-07-2016 12:31
  Berkshire Hathaway Specialty Insurance has appointed Andrew Knight
  as national director of its Canadian financial institutions,
  executive and professional lines division, it announced today (20
  July).
  Knight joins the company from Chubb Insurance, where he most
  recently served as the director and financial P&C national
  practice leader for financial institutions in Canada.
  The company also announced four new products for the segment,
  including liability coverage for asset management firms, ba
  
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• BHSI enters Australian cyber market

  21-07-2016 12:31
  Berkshire Hathaway Specialty Insurance (BHSI) has launched a cyber
  liability offering in Australia with the appointment of Emma Osgood
  from American International Group (AIG).
  Osgood, who will be head of cyber liability for BHSI in the
  country, was previously national cyber liability and professional
  indemnity manager at AIG Australia.
  BHSI is focusing on the mid- to large-tier market segment and
  provides coverage for business interruption and third party
  liabilities arising from a data breach a
  
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• AGCS and Swiss Re tie up with MGA

  21-07-2016 12:31
  Swiss Re Corporate Solutions and Allianz Global Corporate &
  Specialty (AGCS) have entered into an agreement with a subsidiary
  of Euclid Insurance Services to offer transactional insurance
  coverage.
  In an announcement released today (21 July), Euclid
  Transactional said it would offer cover including representations
  and warranties, tax liability and contingent liability.
  Under the agreement, Euclid Transactional will have underwriting
  and claims handling authority as a managing general agent f
  
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• Insurance industry awaits apprentice levy update

  21-07-2016 12:04 via insuranceage.co.uk
  
  CII welcomes Robert Halfon’s appointment as government minister.
  
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• Blog: So what will Brexit mean for insurance claims staff?

  21-07-2016 11:59
  
  Following the UK’s electorates’ European Union “out” vote, there has been a lot of crystal ball gazing as to what it might mean for the insurance industry.
  
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• Court rules for "collateral lie" gets mixed reaction

  21-07-2016 11:54
  
  Industry warned fraud problem could grow after legal ruling.
  
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• Rise of big data may lead to 'uninsurable underclass', says new research

  21-07-2016 11:06
  
  The growth of Fintech and the wider use of big data may create an uninsurable ‘underclass’, according to new research.
  
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• PRA warns non-life insurers over reserve releases

  21-07-2016 11:04
  
  Financial reserves released by general insurers in 2015 were the highest in 30 years, regulators have warned.
  
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• Allianz makes four promotions to strengthen technical division

  21-07-2016 11:03
  
  Allianz Insurance has made four senior management appointments to its newly formed Technical division, led by chief underwriting officer, Neil Clutterbuck.
  
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• UKGlobal Risk Solutions targets expansion after ownership deal

  21-07-2016 10:09
  
  Family of former Oval chief Phillip Hodson involved in deal.
  
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• Use of big data risks making some people uninsurable - CII

  21-07-2016 09:34
  
  More sophisticated use of data could create an “underclass” of people who cannot afford insurance, a report from the Chartered Institute of Insurance (CII) has warned.
  
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• Lockton moves to bigger Scottish office to boost staff numbers

  21-07-2016 09:33
  
  Lockton is moving to bigger offices in Glasgow as it makes plans to increase its staff headcount to 40 from 15.
  Lockton partner and head of corporate, Gordon Duncan, said: “Lockton is investing £250,000 in the move to the new 4,500 sq ft office, which will give us the capability to raise headcount from the present 15 to 40.”
   
  
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• Lockton moves to bigger Scottish office amid plans to increase staff numbers

  21-07-2016 09:33
  
  Lockton is moving to bigger offices in Glasgow as it makes plans to increase its staff headcount to 40 from 15.
  Lockton partner and head of corporate, Gordon Duncan, said: “Lockton is investing £250,000 in the move to the new 4,500 sq ft office, which will give us the capability to raise headcount from the present 15 to 40.”
   
  
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• Pen Underwriting creates cyber lead role as it plots to expand offering

  21-07-2016 09:31
  
  Pen Underwriting has appointed Adrian Scott to the newly created role of head of cyber liability.
  
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• Pen creates cyber lead role as it plots to expand offering

  21-07-2016 09:31
  
  Pen Underwriting has appointed Adrian Scott to the newly created role of head of cyber liability.
  
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• LexisNexis Risk Solutions buys Insurance Initiatives Limited

  21-07-2016 09:25
  
  The acquisition can help UK insurers win new opportunities with data and advanced analytics.
  
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• Europe: The run-off opportunity

  21-07-2016 08:00
  
  The $250bn (£175bn) European insurance run-off market is now big business.
  
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• British Gas quote for my mum’s chimney repair has me fuming

  21-07-2016 08:00
  
  She was quoted £800 to reline chimneys, but then told it would cost twice thatMy 93-year-old mother’s chimneys were condemned by British Gas when it carried out its annual service, meaning she was unable to use her gas fires. British Gas quoted £800 to reline them. My mother accepted the figure and we arranged delivery of the liners. When the operatives arrived they decided that the installation was impossible because it required scaffolding around both chimneys. They also advi
  
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• Horace Mann set for P&C underwriting loss on Q2 cats

  21-07-2016 03:39
  US insurer Horace Mann Educators said it expects its financial
  impact from weather-related cat activity in the second quarter to
  be $27mn-$28mn before tax.
  The company said the losses emanated from 14 catastrophe events,
  the most significant of which related to severe weather that struck
  Texas and the Midwest in the period.
  It added that the loss pick is equivalent to 17 to 18 points on
  its estimated combined ratio for the second quarter, or $0.42 to
  $0.44 a share...
  
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