Insurance news

• Industry welcomes plans to build 'Great British Firewall'

  14-09-2016 16:39
  
  The industry has welcomed plans to create a ‘Great British Firewall’ that will offer protection to major business against malicious cyber-attacks.
  
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• XL Catlin hires Singapore property manager

  14-09-2016 15:17
  XL Catlin today announced the appointment of Wilson Yeo as
  property manager for its Singapore insurance operations.
  Yeo has 23 years of experience as a P&C underwriter. He
  previously worked at rival Bermudian Allied World as assistant vice
  president for the Singapore property business and global
  programmes.
  He has also held various P&C roles at Guardian Royal
  Exchange, Federal Insurance Company, Allianz Singapore, Axa
  Singapore and R&S.
  Tim McMahon, head of energy, property and const
  
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• Fosun resumes twin-track Ironshore sale amid IPO concerns

  14-09-2016 15:17
  Ironshore is again being offered to potential acquirers by Fosun
  amid concerns that an IPO will value the business at too heavy a
  discount to the purchase price, The Insurance
  Insider can reveal.
  Sources told this publication that Fosun's adviser Citi
  recently started contacting some of the parties that expressed an
  interest in acquiring or buying into Ironshore ahead of the IPO
  filing, but which were unwilling to match the unrealistic 1.25x
  valuation placed on the firm.
  In March, The...
  
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• Chinese firm Hillhouse to buy 9.9% Enstar stake from GS

  14-09-2016 15:17
  Chinese investment firm Hillhouse Capital Group is set to buy a 9.9
  percent stake in legacy-to-live carrier Enstar from Goldman
  Sachs' private equity arm, The Insurance
  Insider can reveal.
  According to sources, the transaction is likely to represent the
  first step in a strategic cooperation between the companies,
  providing the Bermudian with a fresh pool of capital.
  It would also mark the latest move into the sector by long-term
  Chinese money, with other transactions including China Minsheng
  Inv
  
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• Ageas launch new app-based insurance to reel in millennials

  14-09-2016 15:00
  
  Ageas have launched a new app-based insurance product aimed at millennials who feel their needs aren’t being met by traditional insurance products.
  
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• Keating leaves One Commercial to seek 'new challenges'

  14-09-2016 13:43
  
  Mike Keating, managing director of Leeds-based insurer One Commercial has decided to leave the business after four years of service.
  
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• Keating steps down from One Commercial

  14-09-2016 13:36
  
  Keating reveals reason for stepping down 
  
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• QBE brings $560mn US legacy book to market

  14-09-2016 13:32
  QBE has launched an auction for a $560mn legacy book holding
  liabilities that mostly come from US subsidiary Praetorian
  Financial Group, The Insurance Insider
  has learned.
  Sources said the first round of bids had been submitted for the
  book, with QBE set shortly to narrow the prospective field.
  Potential bidders linked to the business include Enstar,
  Catalina, Riverstone, Armour and Sirius.
  It is understood that three years ago, when it ran into
  difficulties in the US, QBE held $1bn of...
  
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• Mike Keating leaves One Commercial

  14-09-2016 13:29 via insuranceage.co.uk
  
  Managing director to exit after four years at the MGA.
  
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• Carlo Marelli and Stefan Puttnam step up as joint CEOs at Lorica

  14-09-2016 13:15
  
  Promotions follow departure of Matthew Bray.
  
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• Neil Galjaard appointed divisional MD of Markel UK

  14-09-2016 12:41
  
  Markel International has appointed Neil Galjaard as divisional managing director of Markel UK.
  
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• Sirius latest to consider total return re start-up

  14-09-2016 12:09
  China Minsheng Investment (CMI)'s Sirius has appointed JP
  Morgan to help it explore the creation of a legacy-focused total
  return reinsurance vehicle, The Insurance
  Insider can reveal.
  Sources told this publication that the Bermuda-domiciled
  reinsurer, which was bought earlier this year by CMI for $2.6bn, is
  currently auditioning potential fund managers to look after the
  assets of the proposed joint venture.
  After securing the services of an alternative fund manager,
  Sirius is then likely to set
  
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• Notified Canadian wildfire losses fall

  14-09-2016 12:09
  Early loss notifications for the Fort McMurray wildfire losses
  from Canadian cedants have been revised downwards, The
  Insurance Insider has learned.
  According to multiple underwriting and broking sources, primary
  Canadian carriers have now told their reinsurers that they expect
  their losses to be less severe than some had feared, prompting some
  head scratching in the industry about the size of the loss estimate
  from PCS.
  A number of cedants provided large loss ranges to their treaty
  reinsurers,
  
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• Markel International hires UK divisional MD

  14-09-2016 12:09
  Markel International has appointed Neil Galjaard as divisional
  managing director of Markel UK, the specialist insurer announced
  this morning.
  Galjaard will have overall responsibility for the development
  and growth of the business, which consists of Markel UK and the
  regional insurance operation Abbey Tax and Abbey Legal.
  He joins from Small Business Insurance, where he was CEO for
  more than two years. He has also held roles at Towergate,
  Paymentshield, Lloyds TSB, Virgin Money and AMP.
  Simon Wi
  
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• City minister calls for regulatory rethink post-Brexit

  14-09-2016 12:09
  City minister Mark Field has called for the UK's financial
  watchdogs to review the cumulative impact of regulation on the
  (re)insurance sector and to play a more proactive role in its
  growth.
  The Conservative MP for the Cities of London and Westminster
  wrote in City AM this morning that there was an
  opportunity for the UK regulators to ensure the current level of
  regulation was not damaging London's insurance market.
  "Insurers would now like government to give [the Prudential
  Regulatory...
  
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• DWF joins Aviva in urging the government forward on whiplash reforms

  14-09-2016 12:09
  
  Law firm DWF has joined Aviva in urging the prime minister to progress the promises made in last year’s Autumn Statement on whiplash reforms and the raising of the small claims limit.
  
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• Open letter: Broker skewers SSP's lack of communication

  14-09-2016 11:47
  
  Hayes Parsons managing director James Woollam writes an open letter to software house following power outage.
  
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• Appetite outweighs uncertainty

  14-09-2016 10:59
  
  Lloyds Bill Cooper explains why political instability in the UK has failed to dampen the verve of those on the broker acquisition trail.
  
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• Neil Galjaard joins Markel UK as divisional MD to lead regional business

  14-09-2016 10:29 via insuranceage.co.uk
  
  Galjaard was formerly CEO of the small business unit at Towergate.
  
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• Broker Tech: live updates

  14-09-2016 10:28
  
  The latest news from the Insurance Times editorial team. 
  Updates will refresh automatically.
  
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• Video 3: Expertise from A - Z Marine Cargo

  14-09-2016 10:00 via insuranceage.co.uk
  
  The third episode sees Allianz address how digitisation is changing the market.
  
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• Towergate creates London Underwriting centre

  14-09-2016 09:50
  
  David Leathem to join as London director of underwriting.
  
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• Solicitors' PI premiums take huge rate cut

  14-09-2016 09:35
  
  Lawyers are enjoying softest market in years 
  
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• Aon warns of insurance losses as typhoon races towards China

  14-09-2016 09:26
  
  Strong winds and flooding expected to cause big damage 
  
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• More than 300 brokers affected by SSP outage

  14-09-2016 09:07
  
  Brokers still suffering problems three weeks after first outage 
  
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• XL Catlin's Simon Cook on the role of reinsurers in cyber

  14-09-2016 08:00
  
  Data breaches, ransomware attacks and social media scams are all making the headlines and are the stuff of nightmares for risk managers. It’s not surprising then that the insurance industry has been occupied with trying to develop solutions that respond to emerging cyber risks.
  
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• Blog: The nitty gritty of data and driverless cars

  14-09-2016 08:00
  
  Telematics providers must make sure the data generated by autonomous cars comes in a format that insurers can use.
  
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• Greenberg knew 'damn well' about sham finite deals: NYAG

  14-09-2016 05:56
  New York's attorney general has claimed that Maurice
  "Hank" Greenberg knew "damn well" about sham
  reinsurance transactions that are the subject of a decade-old fraud
  suit against the former AIG boss.
  The allegation was made in a long-awaited trial, which could
  threaten the insurance veteran's career and has finally made it
  to court after years of delays.
  The dispute centres around two now-infamous finite reinsurance
  transactions that Greenberg and AIG's then CFO Howard Smith
  allegedly negotiated
  
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• Australian Securities and Investments Commission targets add-ons

  14-09-2016 03:30
  
  Some of Australia's largest insurers have been named in a critical report examiningcar insurance add-ons sold by car dealers.
  
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