Insurance news

• Hunt for yield prompting interest in private markets: BlackRock

  26-09-2016 18:39
  Insurers' hunt for investment yield is driving increased
  interest in private markets and private equity in particular,
  according to asset management firm BlackRock.
  Speaking at the launch of the company's Global Insurers'
  Investment Strategy 2016 report, the head of BlackRock's
  European insurance business Patrick Liedtke said research showed 49
  percent of insurers planned to increase their exposure to private
  equity compared to 27 percent last year.
  But despite the uptick in interest, companies
  
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• Regulation is the number one threat effecting Insurers investment strategy

  26-09-2016 18:19
  
  UK Insurers view regulatory risk as the number one concern effecting a firms’ investment strategy, according to the global insurance survey.
  
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• Regulation is 'number one threat to insurer investment'

  26-09-2016 18:19
  
  UK insurers view regulatory risk as the number one concern effecting a firms’ investment strategy, according to the global insurance survey.
  
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• Chinese government would be responsible for damages caused by space station crash

  26-09-2016 18:14
  
  The Chinese government would be responsible for any damages caused by Tiangong-1 crashing into Earth, Post understands.
  
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• EU gives CCR state guarantee a reprieve

  26-09-2016 17:03
  The European Commission (EC) has judged that the state guarantee
  provided to French reinsurer Caisse Centrale de Réassurance
  (CCR) for natural catastrophe risks complies with EU internal
  market rules.
  In July, the Paris administrative court ruled the French state
  would have to terminate the agreement with CCR within one year, or
  notify the EC of the scheme within that timeframe to allow it to
  make a determination on whether it was anti-competitive.
  The EC has now approved both the princip
  
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• Biba in talks with Enterprise liquidator to help affected brokers

  26-09-2016 16:58
  
  The British Insurance Brokers’ Association is in talks with failed insurer Enterprise’s liquidator with the aim of helping affected UK brokers.
  
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• China Taiping international P&C profits fall by a third

  26-09-2016 15:31
  Profits at China Taiping's international P&C and
  reinsurance operation fell by 30.3 percent to HK$445.3mn ($57.4mn)
  in the six months to 30 June.
  Underwriting profit at the international P&C and reinsurance
  division fell 14 percent to HK$118.22. The UK operation saw the
  greatest decline in underwriting profit, falling 42 percent to
  HK$4.4mn.
  Direct written premiums at the international arm grew 4 percent
  to HK$1.7bn.
  Profits from the Hong Kong-listed carrier's domestic P&C
  operations
  
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• Administrators called in to Enterprise Insurance parent company

  26-09-2016 15:16 via insuranceage.co.uk
  
  Enterprise Holdings appoints CG&Co as administrator as it states a “potential erroneous legal action” could deflect from attempts to reshape the business.
  
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• CBI/PwC: Brokers downbeat due to Brexit and lower interest rates

  26-09-2016 15:07
  
  Sector challenges grown due to uncertainty of Brexit and low interest rates, technological changes and competition.
  
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• Enterprise Holdings calls in administrators in light of legal action, liquidator warns of fraudsters

  26-09-2016 14:31
  
  The parent company of failed Gibraltar insurer Enterprise has appointed two liquidators to “protect and safeguard” its assets.
  
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• Gap warehouse fire loss could cost $250mn-$400mn

  26-09-2016 13:59
  The property direct and facultative market is facing a
  $250mn-$400mn gross loss following a fire at a warehouse belonging
  to clothes retailer Gap, The Insurance
  Insider can reveal.
  Ascot is understood to be the overall lead, while XL Catlin and
  Endurance also have lead lines.
  Ascot has a 25 percent line on the primary $25mn layer, while
  Endurance has a 4.5 percent line on the first $100mn of cover.
  Legacy Catlin has a 17 percent stake up to $50mn xs...
  
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• ArgoGlobal launches cyber division

  26-09-2016 13:59
  ArgoGlobal has entered the cyber insurance market with the hire
  of Russell Heaton from Tokio Marine Kiln, it announced today.
  Heaton will take up the role of cyber class underwriter at
  ArgoGlobal, reporting to head of casualty Ryan Barnes.
  At Tokio Marine Kiln, he served as lead cyber and technology
  errors and omissions underwriter within the marine and enterprise
  risk division. He has also held roles at Liberty Specialty Markets
  and Hiscox.
  Other recent entrants to the cyber market include...
  
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• Fraudsters target failed insurer Enterprise’s UK policyholders

  26-09-2016 13:11
  
  Administrator warns policyholders about potential scam
  
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• Davies Group sees 38% revenue increase in H1 2016

  26-09-2016 13:10
  
  Davies Group saw revenue increase 38% to £44.6m in H1 2016 compared to £32.4m for the same period last year.
  
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• InsurTech Futures: Regulation will challenge insurers

  26-09-2016 12:36 via insuranceage.co.uk
  
  Insurance regulation and data privacy rules are set to play a significant role in data use and product customisation.
  
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• Enterprise parent calls in administrators

  26-09-2016 12:33
  
  Company is also ‘deeply concerned’ about handling of subsidiary insurer’s liquidation
  
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• Hiscox creates head of cyber role

  26-09-2016 12:00
  
  The new role has been created to respond to changing nature of cyber risk
  
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• MP seeks law change to tackle nuisance calls

  26-09-2016 11:58
  
  Currently only companies can be fined 
  
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• #Insagepeople: 26 September to 02 October 2016

  26-09-2016 11:55
  
  Keep up to date with the latest people moves.
  
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• ‘The Rottweiler’ doubles stake in Esure ahead of demerger

  26-09-2016 11:46
  
  A hedge fund boss dubbed ‘The Rottweiler’ by the City has doubled his stake in Esure, following the insurer’s decision to split off its Go Compare business.
  
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• Moody's upgrades Scor

  26-09-2016 11:15
  Rating agency Moody's has upgraded its insurance financial
  strength rating for Scor from A1 to Aa3 with a stable outlook, it
  announced on Friday (23 September).
  Moody's said the upgrade reflected Scor's improved
  franchise, its diversified business profile and the high stability
  of its profits and strong capitalisation.
  The upgrade comes after Moody's raised Scor's outlook to
  positive from stable in December.
  Moody's said it expected Scor to continue to strengthen its
  franchise and diversificatio
  
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• Everest Re appoints head of E&S casualty

  26-09-2016 11:15
  Maria Duffy has joined Everest Re from Markel to take up the
  role of head of excess and surplus (E&S) casualty, the company
  said on Friday (23 September).
  Based in the firm's New Jersey office, Duffy will be
  responsible for developing the specialty casualty segment and
  overseeing underwriting teams across the US.
  At Markel, Duffy was a senior director of underwriting and
  production within the firm's wholesale business, working on
  large and complex risks.
  The incoming underwriter will report
  
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• Brit Limited launches new Lloyd's syndicate

  26-09-2016 10:47
  
  Brit has been granted permission by Lloyd’s Franchise Board to launch a new syndicate.
  
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• Brit launches new Lloyd's syndicate

  26-09-2016 10:47
  
  Brit has been granted permission by Lloyd’s Franchise Board to launch a new syndicate.
  
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• Safe Journey terrorism cover expands with single parent family rate

  26-09-2016 10:40
  
  The UK’s only standalone terrorism travel policy has extended its cover with a single parent family rate.
  
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• Brit launches new syndicate

  26-09-2016 10:16
  
  Lloyd’s insurer unveils Syndicate 2988
  
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• Brit launches Names-backed Lloyd's syndicate

  26-09-2016 10:07
  Lloyd's carrier Brit is launching a Names-capital backed
  syndicate which aims to begin underwriting business attaching on or
  after January 2017.
  The Lloyd's Franchise Board has given in-principle approval
  to Syndicate 2988, which has a capacity of £52mn ($82mn) in
  its first year.
  The syndicate will be managed by the company's Lloyd's
  managing agent Brit Syndicates Limited.
  The syndicate will write a global portfolio of both insurance
  and reinsurance across a broad range of specialty lines
  
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• Majority of FCA systems now available again

  26-09-2016 10:04 via insuranceage.co.uk
  
  Hardware incident on Friday knocked out regulator’s systems.
  
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• PwC: Insurers more confident about Brexit than peers

  26-09-2016 08:59
  
  Latest CBI/PwC financial services survey reveals insurers’ attitudes to Brexit
  
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• Why the government's proposed limitations and banning of whiplash are a mistake

  26-09-2016 08:00
  
  Headlines continue to scream out - compensation culture, crash-for-cash, ambulance-chasing lawyers.
  
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• Gallagher and Aston Scott agree out of court settlement

  26-09-2016 08:00
  
  Case had centred on accusations of Aston Scott and Peter Blanc poaching staff from Gallagher.
  
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• Gallagher and Aston Scott settle poaching case

  26-09-2016 07:30
  
  Rival brokers bring end to legal battle
  
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• Davies profit surges after acquisition-fuelled revenue jump

  26-09-2016 07:28
  
  Chief executive Dan Saulter hails company’s organic growth in ‘broadly flat’ market
  
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• ‘Majority’ of FCA systems restored after outage

  26-09-2016 07:20
  
  Regulator gives update on data centre incident
  
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• Third of UK insurers haven't analysed impact of Brexit on staff

  26-09-2016 01:01
  
  A third of UK general insurers haven't analysed the impact leaving the EU will have on their staff.
  
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