Insurance news

• Sompo Canopius Re appoints Pelgrin European head

  12-09-2016 23:59
  Sompo Canopius Re has hired Thierry Pelgrin from rival Everest Re
  to head up its operation in Continental Europe, the carrier
  announced today.
  The new recruit is set to take up the role at the beginning of
  November and will report to Sompo's chief underwriting officer
  for its reinsurance division Jamie Wakeling.
  His new employer said Pelgrin had 20 years' experience in
  the sector. Most recently he was a director and member of the
  strategic committee for new business development...
  
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• Probitas takes QBE's Pearce

  12-09-2016 23:59
  Probitas Lloyd's Syndicate 1492 has grown its property
  underwriting team with the addition of Mark Pearce from QBE.
  The newly-appointed executive is set to join the syndicate,
  which specialises in writing Latin American risks, later this
  month.
  He will take the role of senior underwriter for the carrier and
  report to its chief underwriting officer Jon Foley.
  Pearce was most recently property underwriting manager for QBE,
  where he has been for almost a decade.
  Commenting on the appointment, Foley
  
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• AIR Worldwide expands terrorism model

  12-09-2016 21:40
  Catastrophe risk modelling firm AIR Worldwide has expanded the
  capabilities of its terrorism risk model to support scenario
  testing for 27 more countries.
  Announced at the Monte Carlo Rendez-Vous today, AIR said that
  the expansion would help companies assess the impact of different
  attack scenarios on their portfolios and better manage their global
  terrorism risk.
  The model now includes testing for Belgium, France, Germany,
  Greece, Ireland, Italy, the Netherlands, Russia, Spain, Turkey, and
  the
  
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• US commercial pricing nearly flat in Q2: Clips

  12-09-2016 20:24
  Rates for US commercial lines coverage were close to flat in the
  second quarter according to Willis Towers Watson.
  The firm's quarterly Commercial Lines Insurance Pricing
  Survey (Clips) found that rate changes experienced by carriers had
  been nearly flat for several periods.
  But it said this followed a "moderating trend in price
  increases" that started at the beginning of 2013.
  "In general, price changes in the second quarter for most
  lines of business were fairly consistent with changes reporte
  
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• NFU Mutual to invest £18m in cyber security infrastructure

  12-09-2016 18:23
  
  National Farmers Union Mutual will invest roughly £18m into its cyber security infrastructure.
  
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• Week in Post: Wasp stings, rebirth and rehab

  12-09-2016 17:09
  
  I felt for brokers last week after I spent a few days incapacitated when a wasp sting on my ankle became infected and I was unable to walk.
  
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• Former CEO of Gocompare joins rival aggregator

  12-09-2016 16:47
  
  Jon Morrell, former CEO of Gocompare, has joined Vast Visibility.
  
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• Former CEO of Go Compare joins rival aggregator

  12-09-2016 16:47
  
  Jon Morrell, former CEO of Go Compare, has joined Vast Visibility.
  
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• Marlin goes live with MS Amlin as main lead

  12-09-2016 14:18
  Aon Benfield's $600mn Latin American facultative facility,
  Project Marlin, is now binding risks with support from half a dozen
  Lloyd's insurers, The Insurance
  Insider can reveal.
  Most of the facility, which provides Aon Benfield with a 15
  percent line on Latin American fac business, is led by MS Amlin -
  in a deal brought to the table by Mitsui Sumitomo's Syndicate
  3210.
  The other participating markets are understood to be Travelers,
  facilities stalwart Barbican, StarStone, Neon and Hiscox, which
  
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• Markel property duo reappear at Atrium

  12-09-2016 14:18
  Atrium Syndicate 609 has hired Robin Ungless and Hamish Rose to
  underwrite a property reinsurance account.
  The pair will join later this month and will report to active
  underwriter Toby Drysdale.
  Between them, Ungless and Rose have more than 25 years of
  experience in the property reinsurance and actuarial arena and are
  recognised as strong market leaders and experts in their field.
  Drysdale said: "Their niche area of expertise - cat and
  risk on London market direct and facultative -...
  
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• First solution launched on RMS(one) platform

  12-09-2016 14:18
  RMS has today announced the launch of Exposure Manager as the first
  solution to go live on RMS(one), two years after work began on the
  platform.
  The solution is designed to help firms better manage volatility
  by offering a clearer view of their risk accumulations.
  RMS software general manager Eric Yau said that independent
  research showed that a significant number of insurers have a
  limited view of exposure across their enterprise due to deficient
  exposure management practices.
  He added that...
  
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• Apology to Paul Newson

  12-09-2016 14:18
  On 6 April, The Insurance Insider
  published a news alert entitled: "Newson out of Novae after
  three months".
  In the article, this publication asserted that Paul Newson had
  been dismissed from his position as head of accident and health at
  Novae after less than three months in the role.
  It furthermore stated that Newson's exit was driven by
  disagreements with his line manager, divisional head Stuart
  Heath.
  Since publication of this article, The Insurance
  Insider has been made aware that...
  
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• Blog: Two perspectives on the He For She initiative

  12-09-2016 13:59
  
  Insurance is the first industry to sign up to the UN Women's global He For She initiative. We sent two reporters, a man and a woman, to cover the event and invited them to offer their thoughts.
  
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• SSP to rebate service fees as outage continues

  12-09-2016 13:44
  
  Crisis-hit software house gives update on long-running outage
  
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• SSP confirms 90% of its brokers are back online or in final testing

  12-09-2016 13:33
  
  Group CEO Laurence Walker says around one third of its broker customer base was affected by the power outage on 26 August.
  
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• Pelgrin appointed to head of continental Europe at Sompo Canopius

  12-09-2016 13:22
  
  Sompo Canopius has appointed Thierry Pelgrin as head of continental Europe.
  
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• ProSight owners consider exit

  12-09-2016 13:18
  The two funds behind US specialty carrier ProSight are gearing up
  to sell the business after waiting right until the end of the
  typical private equity life cycle, The Insurance
  Insider has learned.
  Goldman Sachs' private equity arm GS Capital Partners owns a
  controlling 50.1 percent stake in the insurer, with TPG Capital and
  staff believed to hold the balance.
  Goldman has hinted at a sale a number of times, with discreet
  enquiries made to identify a buyer, but a...
  
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• Gibraltar insurers optimistic despite plan to close VAT loophole

  12-09-2016 12:21
  
  A value-added-tax loophole that has been available for Gibraltar-based insurers doing business in the UK will be closed from next month.
  
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• Insurers should not be liable for software faults in driverless cars, ABI warns

  12-09-2016 12:14
  
  Insurers should have a right to recover claim costs when a mechanical or software defect within a driverless car causes a crash, the Association of British Insurers has said.
  
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• Ariel process down to final two as Fidelis bows out

  12-09-2016 12:05
  BTG Pactual's efforts to sell its 50 percent stake in Ariel are
  in their final stages, with binding offers submitted earlier this
  month and only two bidders still in contention, The
  Insurance Insider can reveal.
  Richard Brindle's Fidelis, considered by many as the
  frontrunner to buy out BTG, is understood to have dropped out of
  the process for the $225mn book value business.
  Sources said that legacy-to-live player Enstar is one of the
  parties that made it through to the...
  
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• Insurers need to 'up-skill' in order to offer better cyber policies

  12-09-2016 11:07
  
  The need for cyber policies is growing but competency seems to be behind the curve among those who are underwriting the policies, say industry professionals.
  
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• Gable to delist from AIM

  12-09-2016 10:58 via insuranceage.co.uk
  
  Company says “good progress” being made in capacity discussions with “global carrier”.
  
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• Perils adds Australia to database

  12-09-2016 10:48
  Catastrophe insurance data provider Perils has extended its
  coverage into the Asia Pacific region for the first time with the
  inclusion of Australia.
  CEO Luzi Hitz said the company's target was to expand into
  other territories in Asia Pacific.
  The company will make available insured property sums exposed to
  bushfire, earthquake, flood, hail, and tropical and extratropical
  cyclones in the country.Perils will provide loss data for any events above a market loss of
  A$500mn ($380mn).
  Data is collect
  
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• Asia Capital Re and Shenzhen Qianhai agree deal in principle

  12-09-2016 10:48
  Asia Capital Re looks set to secure a $1bn sale to Chinese
  provincial government-owned entity Shenzhen Qianhai Financial
  Holdings, The Insurance Insider can
  reveal.
  Details of the proposed deal are being closely guarded, but
  sources said that they believed that an all-cash transaction
  valuing Singapore's biggest reinsurer at 1.25x-1.3x trailing
  book value had already been agreed in principle, with an
  announcement believed to be imminent.
  It is understood that the price and terms for the $791mn-e
  
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• Opinion: A broker view one month on from the Insurance Act

  12-09-2016 10:45
  
  Stuart Bennett, operations director of David Roberts & Partners Insurance Brokers outlines how he would handle the Insurance Act if he were an insurer.
  
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• #insagepeople 12 - 18 September

  12-09-2016 10:39
  
  Keep up to date with the latest people moves.
  
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• Gable will delist from stock exchange because of 'regulatory burden'

  12-09-2016 10:36
  
  Gable Holdings will delist its shares from the stock exchange in order to cut regulatory costs.
  
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• Broker pleads guilty to £273,000 theft from company

  12-09-2016 10:21
  
  Newspaper reports ex-broker will be sentenced on 26 September.
  
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• Video 1: Expertise from A - Z Marine Cargo

  12-09-2016 10:00
  
  Insurance Age speaks to Allianz's Ben Woodman about the history of the marine cargo market.
  
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• Asta completes development deal of new MGA

  12-09-2016 09:30
  
  The new business is OverArk, an MGA which will offer risk led property and casualty insurance cover to UK-based organisations.
  
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• Broker pleads guilty to stealing £273,000

  12-09-2016 08:53
  
  Broker admits stealing funds from former employer
  
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• Gable to delist from stock exchange

  12-09-2016 08:28
  
  Troubled insurer reveals latest steps in its turnaround plan
  
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• Insurers and brokers push for single driverless car policy

  12-09-2016 07:25
  
  Industry calls for simplicity when insuring driverless cars
  
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