Insurance news

• Jain seeks cost cuts at Gen Re: Report

  25-08-2016 21:09
  Berkshire Hathaway's reinsurance chief Ajit Jain has told staff
  at Gen Re to fix the cost "problem" at the subsidiary,
  according to a memo obtained by Bloomberg.
  The letter called on employees to tackle the issue
  "intelligently" to give the carrier "a shot at
  making a real dent in the expense-to-premium ratio", according
  to the newswire.
  It reportedly rounded off by saying: "If we can't, we
  will need to explore other ways to do so."
  The executive called for Gen...
  
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• Allied World takes Chow from Endurance

  25-08-2016 21:09
  Allied World has hired Dale Chow as senior vice president of
  professional lines for its operation on Bermuda.Chow has been brought in to replace Trevor Ferguson who The
  Insurance Insider revealed had left the insurer to join Willis
  Towers Watson as it looks to build out its operation on the
  island.The new recruit joins from Allied World's rival Endurance where
  he served as senior vice president within its professional lines
  division. And he had formerly worked for Chubb...
  
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• Everest Re completes $49mn Heartland sale

  25-08-2016 19:36
  Bermudian reinsurer Everest Re has closed the sale of its US
  crop managing general agent Heartland Crop Insurance to CGB
  Diversified Services for $49mn, the company announced today.
  The carrier has also entered into a quota share reinsurance
  agreement with CGB to provide capacity on the combined crop
  insurance portfolio of the two companies.
  Everest Re announced last month that it had signed a letter of
  intent to sell the unit to CGB.
  In a concurrent statement CGB said it...
  
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• Epic's Garvey raids former firm Integro

  25-08-2016 19:36
  Pete Garvey, president of retail P&C broker Epic, has
  recruited two senior employees from the rival firm he helped found,
  Integro.
  In two separate announcements, Epic said it had hired
  professional liability broking executive Michael Klaschka and
  Vincent Caracciolo as a managing director of claims and coverage
  advocacy.
  Klaschka was a managing principal at Integro, where he led the
  intermediary's national and New York management risk practices.
  There he was responsible for placing profession
  
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• Gray to run new Sompo Canopius P&I book

  25-08-2016 18:10
  Christopher Gray, the former Swiss Re head of marine, energy and
  protection and indemnity (P&I) treaty, is set to join Sompo
  Canopius, The Insurance Insider
  understands.
  Sources said Gray will establish and manage a marine treaty and
  P&I book at the insurer, as well as writing liability
  business.
  He will join the company after five years at Swiss Re, where he
  headed up the marine, energy and P&I offering for the past two
  years, having joined the company as a...
  
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• Gibraltar insurer to stop writing motor in Ireland through MGAs

  25-08-2016 15:57
  
  MGA Bump Insurance says Zenith cited increasing regulatory burden as one of reasons
  
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• Towergate holding company makes £25.99m pre-tax loss

  25-08-2016 15:37 via insuranceage.co.uk
  
  Losses have decreased compared to the same period in 2015.
  
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• Fraudster jailed for bogus passenger personal injury claim

  25-08-2016 15:08
  
  Kevin Hooper claimed his lawyers had tried to frame him
  
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• Video: Rio gold medallist Ed Clancy talks insurance

  25-08-2016 14:26
  
  He may have just got back from Rio, where we was busy winning gold at the Olympics, but GB cyclist Ed Clancy still had the time to talk to Post about insurance.
  
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• Willis GB P&C head Rivers resigns

  25-08-2016 14:16
  Willis Towers Watson's Great Britain P&C head Alistair
  Rivers has resigned.
  Alastair Swift, current leader of the broker's corporate
  risk and broking for GB, will now lead the segment in addition to
  his current responsibilities.
  Swift will report to division head Tim Wright, as well as Willis
  Towers Watson GB CEO Nicolas Aubert.
  Rivers was appointed head of the intermediary's P&C
  division as part of a restructure of the GB business announced
  earlier this year.
  Before that he led Willis..
  
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• Jackson Lee gains Lloyd's coverholder status and signs deal with Sompo Conopius

  25-08-2016 13:54
  
  Jackson Lee Underwriting had secured Lloyd’s coverholder status as it signs new deal with Sompo Canopius.
  
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• Italian quake highlights underinsurance

  25-08-2016 12:58
  Insured losses from the magnitude 6.2 earthquake that struck
  central Italy in the early hours of Wednesday morning are expected
  to be relatively low, according to various modelling firms.
  Impact Forecasting pointed to the 2009 earthquake in the same
  region, which caused economic losses of nearly $3bn on an
  inflation-adjusted basis but just $560mn of insured losses.
  AIR Worldwide meanwhile, noted that earthquake coverage is often
  not included in standard homeowners' policies and is typically
  issu
  
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• Helios upgrades profit forecasts

  25-08-2016 12:58
  AIM-listed Names-backed Lloyd's carrier Helios Underwriting
  has upgraded its profit forecasts for the 2014 and 2015 years of
  account.
  The forecasts, released today, revealed a 2.09 percentage point
  increase in projected profits for 2014 to 11.31 percent of
  capacity, while the 2015 estimate ticked up 24 basis points to 7.22
  percent.
  This equates to profits of £3.9mn ($5.2mn) and £2.3mn
  for the respective accounting years.
  Both figures represent an outperformance of the Lloyd's
  market
  
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• XL Catlin makes Asian political risk hire

  25-08-2016 11:54
  XL Catlin has appointed Bonnie Chow as senior underwriter of
  political risk and trade credit insurance for Asia Pacific.
  Chow joins XL Catlin from Zurich Insurance Australia, where she
  spent eight years in the credit and political risk division.
  Prior to Zurich, Chow worked at Atradius Credit Insurance, the
  Australian Prudential Regulation Authority, the Export Finance and
  Insurance Corporation and at Westpac Banking Corporation.
  She will be based in Sydney.
  Craig Langham, Asia Pacific CEO for i
  
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• Protectionist regulation could bolster Asia reinsurance: Fitch

  25-08-2016 11:54
  Incoming protectionist legislation requiring insurers to place
  quotas of business with local reinsurers could bolster the Asian
  reinsurance market, according to Fitch.
  In a report released this week, the ratings agency said local
  reinsurers were striving to improve risk management sophistication
  to cope with the forthcoming surge in premium volume.
  The introduction of China's regulatory capital regime,
  C-Ross, would also impact the market by incentivising local rather
  than overseas placement of
  
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• Towergate customer compensation payments delayed

  25-08-2016 11:37
  
  Towergate provides update on redress payments over pensions advice
  
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• FCA consultation delays Towergate customer compensation payments

  25-08-2016 11:37
  
  Towergate provides update on redress payments over pensions advice
  
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• One Commercial signs capacity deal with Aviva

  25-08-2016 11:33 via insuranceage.co.uk
  
  Deal includes all motor and non motor products as well as its schemes business.
  
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• Towergate hails turnaround progress

  25-08-2016 10:42
  UK broker Towergate has reported adjusted Ebitda of £40.3mn
  for the first half of 2016, marking a decline of 16.9 percent
  year-on-year.The figure represents management's view of underlying
  profitability, adjusted for exceptional items plus run-rate savings
  from cost-saving initiatives.A reduction in exceptional costs from £51.6mn to £9.6mn
  in H1 2016 helped turn the broker's overall Ebitda around from
  a £14.7mn loss in the same period of last year to a
  £16.7mn gain.
  
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• Towergate results show it is “back to black”

  25-08-2016 10:18 via insuranceage.co.uk
  
  CFO Mark Mugge says the broker is “building a business for the long term” and has returned to profitability.
  
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• Towergate’s adjusted Ebitda drops 16.9% for first half of 2016

  25-08-2016 10:07 via insuranceage.co.uk
  
  Consolidator reports 7% fall in income for six months.
  
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• Jackson Lee signs partnership deal with Sompo Canopius

  25-08-2016 09:46 via insuranceage.co.uk
  
  Working with Sompo Canopius also allows Jackson Lee the opportunity to develop schemes for broker partners.
  
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• Market moves: Set for the summer

  25-08-2016 09:30 via insuranceage.co.uk
  
  This summer there has been no silly season news lull in the insurance sector and there have certainly not been any signs of slowing down when it comes to the world of recruitment either.
  
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• One-off gains return Towergate to profit in H1

  25-08-2016 09:08
  
  But underlying results continue to deteriorate
  
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• Slater and Gordon to post billion-dollar trading loss

  25-08-2016 09:01
  
  But Slater and Gordon stresses UK business is beginning to see a turnaround
  
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• NEDs: With great power comes great responsibility

  25-08-2016 08:30
  
  There was a time, or so the old insurance hands say, when being a non-executive director was something of a cushy number: The sum total expected of a NED was to turn up for 12 board meetings a year, read the odd report, and play a few rounds of golf with the other directors.
  
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• XL Catlin bolsters Asia-Pacific political risk team

  25-08-2016 05:47
  
  XL Catlin has made a senior underwriting appointment in Sydney.
  
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