Insurance news

• Reinsurers to lose $20mn from UPC-ACIC deal

  18-08-2016 20:37
  United Insurance Holdings (UIH) CEO John Forney explained that
  one of the major motivations for its tie-up with Floridian insurer
  American Coastal Insurance Company (ACIC) was targeted savings in
  reinsurance spend.
  Last night after market close, UIH, the parent company of UPC
  Insurance and ACIC's parent company RDX Holdings disclosed that
  they had struck an all-paper deal.
  Under the terms of agreement, UIH will hold a 51 percent stake
  in the enlarged business, with RDX shareholders taking the ba
  
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• Californian wildfires continue to burn

  18-08-2016 20:37
  Three wildfires were continuing to ravage the US state of
  California this morning with modelling firm RMS estimating that at
  least 220 buildings had been burned.
  The "Bluecut" blaze to the northeast of Los Angeles
  poses the most significant threat and has continued to gain
  momentum and intensity since it first sparked on Tuesday
  morning.
  Around 82,640 people were thought to have been evacuated after
  34,500 households were ordered to leave their homes.
  So far, the fire has burned 25,600...
  
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• No uptick until 2017 expected for Brightside

  18-08-2016 13:18
  
  Cliff confident of future success despite falling numbers for Brightside as he hails transformation plan.
  
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• QBE cancels £31.1m deal with Network Rail

  18-08-2016 13:17
  
  A £31.1m insurance arrangement between QBE and Network Rail was not renewed in the first half of the year because of “unacceptable terms”.
  
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• Marine next PPL class as finpro discovery phase ends

  18-08-2016 13:01
  The Placing Platform Limited (PPL) board and market governance
  groups have agreed that marine will be the next class of business
  to use the technology following the rollout of financial and
  professional (finpro) lines.
  The International Underwriting Association (IUA), London &
  International Insurance Brokers' Association (Liiba) and
  Lloyd's Market Association (LMA) will be recruiting members for
  the PPL marine working group in preparation to commence work on the
  class in September, they anno
  
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• Crash course

  18-08-2016 12:53
  
  ERS CEO Ian Parker considers the state of the motor market.
  
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• Swiss Re: H1 cat losses up 51% to $31bn

  18-08-2016 11:57
  Insured losses from natural and man-made catastrophes rose 51
  percent year-on-year to reach $31bn in the first half of 2016,
  according to Swiss Re's Sigma unit.
  The Kumamoto earthquakes in Japan, thunderstorms in the US and
  Europe and wildfires in Canada caused the largest insured losses,
  the Sigma report said.
  Global insured catastrophe losses totalled $28bn in
  the first half of 2016 - above the inflation-adjusted 10-year
  average of $26bn.
  However, insured losses from man-made disasters fell to
  
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• Rossi joins Perella Weinberg

  18-08-2016 11:57
  Financial services firm Perella Weinberg Partners has hired
  Morgan Stanley executive director Mauro Rossi as managing director
  in its advisory business, it announced yesterday.
  Prior to his current role, Rossi worked at Lehman Brothers and
  subsequently Barclays Capital in the financial institutions group
  of the company's investment banking division.
  Peter Weinberg, founding partner and head of advisory at Perella
  Weinberg, said Rossi's experience in P&C insurance, life
  insurance and reinsura
  
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• Liberty launches Chinese P&C joint venture

  18-08-2016 11:57
  Liberty Mutual Insurance has signed an agreement with Chinese
  conglomerate Sanpower Group to create a joint P&C
  operation.
  Sanpower will hold a 51 percent controlling interest in the
  company, with Liberty Mutual holding the remaining 49 percent
  minority stake.
  The transaction is subject to approval by regulatory
  authorities, including the China Insurance Regulatory
  Commission.
  Sanpower is a private Chinese conglomerate with interests in the
  financial, health and retail sectors, and holds tot
  
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• Catastrophes force $31bn global payouts in H1

  18-08-2016 11:12
  
  Insurers paid out $31bn (£23.5bn) in the first half of the year as a result of catastrophes, an increase of 51% over last year.
  
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• Florida workers' comp writers push for 20% rate hike

  18-08-2016 10:53
  Hundreds of US insurers have taken to the courts in Florida to
  seek a double-digit increase in workers' compensation rates in
  the state.
  A dispute over workers' compensation rates in Florida came
  before the state regulator yesterday, as insurers look to increase
  prices in the segment by 19.6 percent.
  The raise, proposed by the industry representative body the
  National Council on Compensation Insurance (NCCI), was spurred by
  an April Florida Supreme Court Ruling, which held that limiting
  attorney
  
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• Brightside suffers drop in EBITDA as turnaround continues

  18-08-2016 08:42
  
  But group boss Mark Cliff says EBITDA performance is on target in tough market
  
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• Brightside HQ's sale and lease back deal falls through

  18-08-2016 08:33
  
  The Brightside deal collapsed as a result of Brexit
  
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• Brightside HQ's multi-million pound sale and lease back deal falls through

  18-08-2016 08:33
  
  The Brightside deal collapsed as a result of Brexit
  
  Read more

• Brightside £7.7m deal to sell and lease back HQ falls through

  18-08-2016 08:33
  
  Deal collapsed as a result of Brexit
  
  Read more

• When should older drivers hang up their keys?

  18-08-2016 08:00
  
  Older drivers are a growing market, whose risk is difficult to assess.
  
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• Florida carriers United and American Coastal agree merger

  18-08-2016 05:35
  Homeowners' carrier United Insurance Holdings (UIH) has agreed
  an all-stock merger with commercial specialist American Coastal to
  create the third largest player in the Florida residential property
  market.
  Under the terms of the agreement shareholders in American
  Coastal's parent company RDX Holdings will receive a 49 percent
  stake in the newly formed entity while United's investors will
  hold a majority 51 percent stake.
  American Coastal's CEO and majority shareholder Dan Peed
  will become non-ex
  
  Read more

• Numbers plummet for Brightside in 2015

  18-08-2016 01:05
  
  Revenue, Ebitda and policies sold all fall for broker following a “major year of transition”.
  
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