Insurance news

• Marsh bolsters Houston energy practice

  16-09-2016 19:49
  Marsh has added three managing directors to its US energy
  headquarters in Houston after recruiting a trio from Lockton, it
  announced today.
  Rick Dowling joined the broker on 18 August as the national
  energy client and market relationship leader.
  Dowling brings more than 30 years of energy industry experience
  including roles in claims, risk management and brokerage services.
  He joined Marsh from Lockton, where for the past 15 years he has
  led its energy casualty and environmental team in Houston.
  
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• Ascot sold to CPPIB in $1.1bn deal

  16-09-2016 15:44
  Lloyd's carrier Ascot has agreed a $1.1bn sale to its preferred
  bidder the Canada Pension Plan Investment Board (CPPIB), the
  parties announced today.
  The deal consideration includes capital that will be provided to
  meet Ascot Syndicate 1414's Funds at Lloyd's (FAL)
  requirements.
  AIG, which owned 20 percent of the Ascot managing agency Ascot
  Underwriting Holdings and provided all the syndicate's capital
  requirements, will receive about $240mn in net cash proceeds from
  the transaction.
  This figure
  
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• Week in Post: Caterpillars, DIY and D&O

  16-09-2016 15:23
  
  As a mum to an eight-months-old, the most high-tech my life gets is reading The Very Hungry Caterpillar. So I don't get many software or hardware issues.
  
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• Axa calls for end of construction on flood plains as flash floods hit

  16-09-2016 14:26
  
  Following today’s flash floods that saw half a month’s worth of rain dumped over parts of England, Axa has called for the government to end construction on flood plains and encourage greater resilence in repairs.
  
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• CEA adds to mid-year reinsurance placements

  16-09-2016 14:25
  The California Earthquake Authority (CEA) added $75mn of
  reinsurance cover to its traditional programme during renewals in
  May and June.
  One of the maturing multi-year contracts was transformed into an
  annual deal, although another was extended to a two-year
  duration.
  The May and June renewals took the CEA's total traditional
  reinsurance programme to $3.93bn as of 31 July, up from $3.86bn at
  the end of April, according to agenda documents for a September
  board meeting held this week.
  In the...
  
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• SSP sends compliance message to brokers via the FCA

  16-09-2016 14:15
  
  In midst of the recent outrage, SSP has sent a message to its brokers via the Financial Conduct Authority to demand total compliance.
  
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• Lawyers welcome SRA's decision not to lift ban on cold calling

  16-09-2016 14:02
  
  The Solicitors Regulation Authority has said it has no intention to lift the ban on solicitors’ cold calling.
  
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• Google France looks to re-enter insurance market amid talks with insurers

  16-09-2016 13:52
  
  Google's french division is seeking partnerships with insurance companies to work across some of its businesses including smart-tech provider Nest.
  
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• Janney downgrades XL Catlin as deal momentum fades

  16-09-2016 13:02
  Investment advisory firm Janney has lowered its ratings for XL
  Catlin shares from "buy" to "neutral" after
  concluding that the Catlin deal had failed to transform the company
  as expected.
  In a note, analyst Ryan Byrne said that while his firm had
  initially been optimistic on the potential improvements brought by
  the deal, it has produced only modest improvement five quarters
  after completion.
  He said: "One of the original theses for the transaction
  was that the deal would marry Catlin...
  
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• Crosswinds forms Cayman specialty reinsurer

  16-09-2016 13:02
  Insurance-focused private equity firm Crosswinds has founded a
  specialty reinsurance company named Crosswinds Re.
  In a statement this week, the company said the Cayman Islands
  Monetary Authority had issued it with a licence to operate as a
  Class B(iii) reinsurer.
  The carrier will act as a specialty reinsurer initially
  targeting the Florida P&C market.
  It has been granted $200,000 of initial regulatory capital
  contributions by new funding structure Crosswinds Private Equity
  Partners, with the
  
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• Sure Thing! to launch MGA, makes senior hire from rival broker

  16-09-2016 12:30
  
  Move driven by desire to enhance market coverage and complement existing insurer panel
  
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• Aviva’s Hemming: job cuts will not harm broker service

  16-09-2016 12:20
  
  Aviva’s SME commercial director gives more detail on job cuts rationale
  
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• FCA sends message to SSP brokers

  16-09-2016 11:27
  
  The regulator says brokers need to remain compliant despite SSP's system outage.
  
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• Watchstone not yet recognising liability for £9.4m damages claim from investors

  16-09-2016 11:16
  
  Watchstone Group, formally Quindell, has stated in its half year results that it is not yet recognising any liability for the £9.4m claim for damages made against it by Quindell shareholders.
  
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• TEn MD departs

  16-09-2016 11:06
  
  Found director Malcolm Lee has resumed role as managing director
  
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• FCA delivers important message to SSP brokers

  16-09-2016 10:27
  
  SSP brokers told they must keep abreast of compliance despite difficulties 
  
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• Alistair Body leaves TEn Insurance

  16-09-2016 10:26
  
  Body has been with the network since February 2015.
  
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• XL Catlin set to buy Australian underwriting agency

  16-09-2016 10:10
  XL Catlin has entered into a definitive agreement to acquire
  Brooklyn Underwriting, an Australian underwriting agency and
  Lloyd's approved coverholder, it announced today.
  The acquisition will be made by an indirect wholly-owned
  subsidiary of XL Group Ltd.
  Operating in the Australian market for more than two decades,
  Brooklyn offers more than a dozen specialist insurance products for
  SMEs, from high-risk property to complex liability. It serves more
  than 700 brokers across Australia.
  The transac
  
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• ​Angry Quindell investors continue fight for £9.4m damages

  16-09-2016 10:07
  
  Watchstone updates market at half-year results 
  
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• Video 5: Expertise from A - Z Marine Cargo

  16-09-2016 10:00
  
  In our final video Allianz's Ben Woodman talks about the global nature of marine cargo and considers the future.
  
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• Google eyes home insurance amid talks with with two insurers

  16-09-2016 09:15
  
  Technology giant bounces back from setback of closing price comparison site 
  
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• D&O innovation

  16-09-2016 08:00
  
  With a spate of innovation in the directors’ & officers’ market, how is the cover staying relevant in a constantly changing world?
  
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• Blog: The connected claim

  16-09-2016 08:00
  
  With the connected home, claim alerts and notification to insurers could become automatic.
  
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• Progressive's $75mn August cat bill driven by auto flood losses

  16-09-2016 00:10
  US insurance giant Progressive incurred $75mn of catastrophe losses
  in August driven by the Louisiana floods.The total was equivalent to 4.2 loss ratio points and compared to
  only $9mn, or 0.6 loss ratio points in the same month last year.The company said that $57mn of the catastrophe losses were from its
  auto businesses, predominantly in personal lines, with the rest
  impacting its property insurance book.It added that the Louisiana floods accounted for
  "substantially all" of its auto...
  
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