Insurance news

• Endurance parts company with Worman

  28-07-2016 23:22
  Endurance has parted company with Doug Worman, the CEO of its US
  insurance business, The Insurance Insider
  can reveal.
  Worman joined the Bermudian in November 2013 eight months after
  resigning as US insurance chief at Alterra in the weeks before its
  takeover by Markel closed.
  The executive was one of a host of high profile hires by
  Endurance as it looked to build out its insurance platform in the
  US and London after John Charman took over as chairman and...
  
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• Kinsale shares up 16% after $106mn IPO

  28-07-2016 20:54
  David BullShares in Kinsale Capital Group were trading up more than 16
  percent on Nasdaq today after the US specialty insurer staged its
  long-awaited IPO in a move first reported by The
  Insurance Insider in December 2014.
  The price was set last night at the top of the company's
  $14-16 a share indicative range, equating to $105.6mn of primary
  gross proceeds.
  The excess and surplus lines (E&S) specialist, which
  operates through its Kinsale Insurance Company subsidiary out of
  Richmond,...
  
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• Axis appoints programs chief

  28-07-2016 20:54
  Axis has hired John Tatum to fill the newly-created role of
  executive vice president and head of its program business in the
  US, the Bermudian announced today.
  Tatum will be responsible for all programs and binding
  authorities for Axis' insurance business across the US
  market.
  Based across Chicago and Alpharetta in Georgia, the executive
  will report to Carlton Maner, CEO of the carrier's US insurance
  division.
  Axis said Tatum had more than 25 years of experience in the
  industry.
  He...
  
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• Biba and Ageas renew calls for telematics tax break after record motor premium hike

  28-07-2016 20:01
  
  Young drivers should be given a tax break on their motor insurance if they take out a telematics policy.
  
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• LMG says TOM will save carriers £223mn a year

  28-07-2016 19:45
  The London Market Group (LMG) has claimed the target operating
  model (TOM) will deliver £223mn a year in savings to the
  carrier market.
  Speaking at the launch of the Blueprint for the London TOM
  today, Lloyd's director of operations and TOM sponsor Shirine
  Khoury-Haq said once the plans are fully implemented the payback
  for the operation will be over three full years of savings.
  The LMG board member added the benefits exceeded original
  calculations, but declined to give a total...
  
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• Daniels returns to Marsh to grow Western US business

  28-07-2016 19:45
  Marsh has appointed Andrew Daniels to lead its push in growing its
  advisory and transactional services business in the western part of
  the US.
  Based in San Francisco, Marsh said Daniels would be responsible
  for ensuring the "seamless" delivery of its products to
  clients throughout the west.
  The new recruit is returning to Marsh from Willis Towers Watson
  where he spent the last eight years in various management roles,
  most recently serving as North American sales leader and prior to...
  
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• Wunelli selects Vodafone for telematics devices

  28-07-2016 18:27
  
  Telematics provider Wunelli has chosen connected car services provider Vodafone Automotive as a supplier of hardware telematics devices and data.
  
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• Enterprise liquidator tells policyholders to seek new cover due to claims uncertainty

  28-07-2016 18:24
  
  The provisional liquidator of Gibraltar-based Enterprise Insurance Company has warned that it is uncertain the business has enough assets to pay claims.
  
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• Marsh parent’s broking profit rises 7% in first half

  28-07-2016 17:54
  
  The broking division of Marsh & McLennan Companies (MMC) made an operating profit of $1.03bn (£781m) in the first half of 2016, up 7% on the $960m it made in the same period last year.
  
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• Enterprise liquidator advises policyholders to arrange new cover

  28-07-2016 17:04
  
  The provisional liquidator of failed Gibraltar insurer Enterprise has advised policyholders to seek alternative cover.
  
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• XL Catlin shares leap after Q2 earnings beat consensus

  28-07-2016 17:02
  XL Catlin shares jumped more than 5 percent in early trading in New
  York this morning after the carrier beat Wall Street expectations
  in its second quarter results yesterday.
  The shares were up 5.07 percent to $34.62 as of 3:30pm UK time
  after the carrier posted earnings per share of $0.37, more than
  double the analyst consensus of $0.16.
  The results also disclosed a 57 percent year-on-year decline in
  Q2 operating profits from $245.8mn to £106.4mn.
  The quarter included $240.1mn...
  
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• Reinsurance market bottoming out: Hendrick

  28-07-2016 17:02
  XL Catlin reinsurance CEO Gregory Hendrick has said reinsurance
  pricing is beginning to bottom out as rate declines slow down
  across most lines and regions.
  Speaking on a second quarter earnings call, Hendrick said rates
  in the global catastrophe segment fell approximately 3 percent
  during the quarter, compared to a fall of 8 percent in the same
  period of last year.
  Property treaty rates declined at a similar rate, while casualty
  treaty markets remained broadly flat.
  The executive added that...
  
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• FSCS: Enterprise now in default

  28-07-2016 16:46
  
  Scheme will pay claims that failed insurer is unable to
  
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• No clarity over who will pay for ADAS recalibration

  28-07-2016 16:35
  
  Thatcham Research has issued a new voluntary code of practice to provide clear guidance on the recalibration of car safety technology during the replacement or refit of windscreens.
  
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• AXA fined by Irish Central Bank

  28-07-2016 16:25
  
  Bank penalises AXA claims processes
  
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• Supercover partners with Voyager on travel insurance

  28-07-2016 15:22 via insuranceage.co.uk
  
  Insurer aims to provide mobile and gadget insurance products to brokers.
  
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• Validus hopes for energy turn after $1bn+ Jubilee loss

  28-07-2016 14:44
  Validus expects the Jubilee oil field loss to cause industry losses
  of $1bn-$1.25bn and for rate increases to take place in the
  beleaguered energy market.
  The carrier stands to recover $44.2mn of its gross $59.4mn
  Jubilee hit from a marine industry loss warranty cover, as its
  retro programme insulated it from second quarter cat events.
  The carrier also recouped $36.6mn of its $73.5mn Canadian
  wildfire loss in the period.
  However, CFO Jeff Sangster told this publication that outside
  the energy...
  
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• Guy Carpenter organic revenues rebound in Q2

  28-07-2016 14:44
  Second quarter organic revenues at Guy Carpenter have rebounded to
  growth of 3 percent year-on-year after the reinsurance broker
  reported a fall in revenues in the same period a year earlier.
  Organic revenues at Marsh & McLennan Companies (MMC)'s
  reinsurance broking arm increased by 3 percent to $285mn for the
  second quarter.
  This compared to a 2 percent decline in Q2 2015, when organic
  revenues fell to $275mn after many years of consecutive growth.
  MMC's insurance broker Marsh posted 2...
  
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• Fosun suspends trading on possible deal announcement

  28-07-2016 14:44
  Chinese conglomerate Fosun suspended trading of its shares today
  (28 July), pending the release of "an announcement containing
  inside information in relation to a possible notifiable
  transaction."
  The Hong Kong Stock Exchange announcement said that trading in
  Fosun shares and wholly owned subsidiary Logo Star Limited's
  convertible bonds would be halted pending the release.
  Earlier the Wall Street journal had reported that the group was
  poised to acquire Indian drug company Gland Pharma Ltd in a
  
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• UK P&I Club: ‘Can-test’ could cut deaths caused by cargo liquefaction

  28-07-2016 13:42
  
  Protection and Indemnity insurance provider The UK P&I Club has called for members to use ‘can-test’ to help avoid loss of life arising from cargo liquefaction.
  
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• JLT Re appoints Marsh exec as managing broker

  28-07-2016 13:19
  JLT Re has appointed Pete Chandler as executive vice president and
  managing broker, effective from 8 August.
  Chandler joins the firm from Marsh, where he was leader for the
  US western region. He has also previously held the role of chief
  operating officer for Guy Carpenter in North America.
  The new hire will be based in the San Francisco office and
  report to Ed Hochberg, CEO of JLT Re in North America.
  Ross Howard, JLT Re executive chairman, said: &quot...
  
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• Forsea Life frontrunner in Asia Capital Re bid

  28-07-2016 12:08
  China's Foresea Life Insurance Company is in advanced
  discussions to buy Asia Capital Re (ACR), according to reports from
  the Wall Street Journal (WSJ).
  Foresea Life is engaged in a $1bn war for the reinsurer where
  all three of the leading bidders are backed by Chinese money, the
  WSJ wrote, citing people familiar with the matter.
  Other bidders include a consortium consisting of Fosun's
  Peak Re, China Taiping Insurance Holdings and Hong Kong's Mason
  Financial Holdings.
  The Insurance Insiderreport
  
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• Capsicum Re expands cyber team

  28-07-2016 12:08
  Capsicum Re has hired a trio of cyber brokers to its London office,
  the specialist reinsurance intermediary announced yesterday.
  Patrick Bousfield, Jane Palmer and Alice O'Dwyer-Smith have
  all joined the team, reporting to Ian Newman, a partner in the
  London property and specialty division.
  Bousfield joins from EC3 Brokers, where he specialised in
  Canadian business development and SME and public entities cyber
  business.
  Prior to that he spent five years at independent Canadian broker
  Beach &
  
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• BHSI launches New Zealand cyber liability cover

  28-07-2016 12:08
  Berkshire Hathaway Specialty Insurance Company (BHSI) has appointed
  Ian Marshall to lead its new cyber liability product line in New
  Zealand.
  The carrier said the cover was aimed at the mid- to large-tier
  market, and would include incident response services in partnership
  with security software provider Symantec.
  It will include protection against the business interruption and
  third party liabilities a policyholder faces from a data breach,
  rectification expenses and emergency response costs.
  Ma
  
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• Axis set on further third-party capital expansion

  28-07-2016 12:08
  Axis Capital increased its reinsurance cessions in the second
  quarter and has confirmed it is planning to expand its use of
  third-party capital.
  CEO Albert Benchimol said on an earnings call that as well as
  considering further fundraising rounds for its total return
  reinsurer Harrington Re - as indicated when the $600mn vehicle
  launched - the carrier might look to raise other sources of capital
  for different forms of risk.
  According to records compiled by sister publication
  Trading Risk, the...
  
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• Axis hires Tatum from CNA

  28-07-2016 12:08
  Axis Insurance has appointed John Tatum from CNA Financial
  Corporation to head up its US programmes business.
  As reported by sister publication Reactions yesterday,
  Tatum has also been given the title of executive vice president and
  will be responsible for Axis Insurance's binding authorities
  and programmes business across the US.
  He will be based in Chicago and Alpharetta, Georgia, and will
  report to Axis Capital US CEO Carlton Maner.
  Tatum was most recently senior vice president for CNA's
  midd
  
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• AIG adds Brexit cover to D&O policies

  28-07-2016 12:08
  American International Group (AIG)'s UK arm has announced the
  addition of Brexit-related residency and repatriation costs to its
  directors' and officers' (D&O) policies.
  The carrier said the coverage will apply to legal challenges in
  the event of permanent residency applications being rejected
  pre-Brexit and subsequent challenges to a repatriation order after
  the UK has formally left the EU.
  European citizens applying for permanent residency in the UK
  prior to the exit will have their legal
  
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• Standards could play key role in accelerating fintech and insurtech

  28-07-2016 11:57
  
  Standards could play a key role in helping to strengthen and accelerate fintech’s development in the UK, research from BSI has suggested.
  
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• Standards could play key role in accelerating fintech

  28-07-2016 11:57
  
  Standards could play a key role in helping to strengthen and accelerate fintech’s development in the UK, research from BSI has suggested.
  
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• Insurance Europe has doubts on services passport

  28-07-2016 11:53
  
  Insurance Europe has questioned the ability of a services passport to ensure that a service provider is able to satisfy cross-border insurance obligations, in response to a European Commission consultation.
  
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• Las Vegas fraudster pleads guilty to laundering £66,000 of dead mother's pension

  28-07-2016 11:47
  
  A woman who pocketed £66,000 of her mother’s pension payments three years after she died has pleaded guilty to fraud and money laundering.
  
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• AIG launches D&O Brexit cover

  28-07-2016 11:23 via insuranceage.co.uk
  
  New addition will cover legal costs associated with Brexit for EU citizens in the UK as well as for UK nationals living in EU membership countries.
  
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• What is a principal firm?

  28-07-2016 11:22
  
  Howard Pepper insists brokers should not be tarred with the FCA’s brush following the FCA publication of the thematic review into appointed representatives?
  
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• XL outperforms despite 57% drop in operating profits

  28-07-2016 10:57
  XL Group became the latest carrier to report significantly lower
  second quarter operating earnings driven by preannounced
  catastrophe losses.
  The XL Catlin combine said operating profits were $106.4mn,
  representing a 57 percent decline on the $245.8mn generated in Q2
  2015.
  But at 0.37 a share, the performance was well ahead of Wall
  Street analysts' consensus of $0.16 a share.
  Janney analyst Ryan Byrnes said he expected XL shares to have a
  "positive bias" in trading tomorrow following the
  outperf
  
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• Fosun suspends trading on possible transaction

  28-07-2016 10:57
  Chinese conglomerate Fosun suspended trading of its shares today,
  pending the announcement of a "possible notifiable
  transaction".
  The Hong Kong Stock Exchange announcement gave no further detail
  on any pending deal.
  Earlier this week, the firm filed an IPO prospectus for US
  carrier Ironshore, clearing the way for the insurer to list this
  autumn.
  Fosun will continue as Ironshore's majority owner after the
  business is floated on the New York Stock Exchange.
  Fosun decided to launch an IPO for Iron
  
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• Vehicle thefts up for first time in 20 years in London

  28-07-2016 10:53
  
  The Metropolitan Police has seen the first rise in vehicle thefts in 20 years, a Home Office report has revealed.
  
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• Vehicle thefts up for first time in 20 years

  28-07-2016 10:53
  
  The Metropolitan Police has seen the first rise in vehicle thefts in 20 years, a Home Office report has revealed.
  
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• AIG announces Brexit residency cover for executives

  28-07-2016 10:16
  
  AIG is to cover legal challenges in the event of permanent residency applications being rejected pre Brexit, and the challenges to repatriation orders post Brexit, and part of its Directors' and Officers' policy.
  
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• AIG UK launches Brexit insurance

  28-07-2016 09:48
  
  Insurer AIG UK has launched a Brexit add-on to its directors’ and officers’ liability (D&O) coverage.
  
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• Lloyds Banking Group insurance profit hit by weather claims in H1 2016

  28-07-2016 09:34
  
  Lloyds Banking Group this morning reported that its general insurance business saw a 12.5% drop in general insurance ‘underlying profit’ for the first half of 2016 after reporting £168m in income (H1 2015:£192m).
  
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• FCA probing former Quindell adviser Cenkos

  28-07-2016 09:15
  
  Stockbroker Cenkos Securities has admitted that it is being investigated by the FCA following press reports that it faces a fine from the regulator over its work for insurance outsourcer Quindell.
  
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• Storms drive up Lloyds Bank general insurance COR by 16 points

  28-07-2016 09:01
  
  Lloyds Banking Group’s general insurance business experienced a 16 percentage point deterioration to 89% in its combined operating ratio (COR) in the first half of 2016 (2015: 73%), partly driven by adverse weather in the first half of 2016.
  
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• Storms drive up Lloyds Bank general insurance COR by 16%

  28-07-2016 09:01
  
  Lloyds Banking Group’s general insurance business experienced a 16% deterioration to 89% in its combined operating ratio (COR) in the first half of 2016 (2015: 73%), partly driven by adverse weather in the first half of 2016.
  
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• Q2 cats send Aspen to underwriting loss

  28-07-2016 01:18
  Aspen fell to an underwriting loss for the second quarter as a
  preannounced hit from catastrophe events combined with a lower
  contribution from reserve releases.
  The Bermudian reported a combined ratio of 100.7 percent that
  was up on the 93.6 percent reported in the prior-year period,
  including $65.1mn or 10.1 points of catastrophe losses, compared to
  just 2.0 points in Q2 2015.
  Reserve releases helped offset the impact by taking 3.1 points
  from the combined ratio, but that was less...
  
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• Arch top line grows on LPT and mortgage expansion

  28-07-2016 01:18
  Arch Capital grew gross written premiums (GWP) by 10.9 percent to
  $1.39bn in the second quarter as the carrier continued to build out
  its mortgage insurance and reinsurance business.
  The increase was also partially driven by a large loss portfolio
  transfer in the quarter that bolstered reinsurance premiums by
  $52.1mn, although details of the deal were not disclosed.
  Meanwhile, the bottom line contracted by 3.7 percent with
  operating profits of $140.6mn for the second quarter after a number
  of si
  
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• Interview: Steve Treloar, LV

  28-07-2016 01:05
  
  Steve Treloar, the newly appointed managing director of LV's general insurance business, has been in his job for less than three months, but has already met 3000 staff.
  
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• XL beats despite 57% drop in operating profits

  28-07-2016 00:11
  XL Group became the latest carrier to report significantly lower
  second quarter operating earnings driven by preannounced
  catastrophe losses.
  The XL Catlin combine said operating profits were $106.4mn,
  representing a 57 percent decline on the $245.8mn generated in the
  prior-year period.
  But at 0.37 a share, the performance was well ahead of Wall
  Street analysts' consensus of $0.16 a share.
  Janney analyst Ryan Byrnes said he expected XL shares to have a
  "positive bias" in trading tomorrow followi
  
  Read more

• Natural catastrophe losses hit XL Catlin's Q2 profits

  28-07-2016 00:00
  
  XL Catlin suffered $240.1m (£182m) of natural catastrophe losses in the second quarter of 2016 compared with $59.9m in the same period last year.
  
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