Insurance news

• Solvency II support wanes, Grant Thornton survey shows

  05-10-2016 23:47
  Only a quarter of senior executives operating in the UK general,
  life and health insurance markets believe that operating in
  accordance with Solvency II regulations is the best way to run
  their business, according to Grant Thornton UK.
  The results of a survey undertaken by the advisory firm in May
  and June of this year showed that support for the new regulatory
  regime decreased from 31 percent in 2014.
  Grant Thornton conducted the survey in the weeks leading up to...
  
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• Endurance ratings reviewed for upgrade by AM Best

  05-10-2016 23:47
  Endurance Specialty Insurance Ltd. and New York-traded parent
  Endurance Specialty Holdings have been placed under review for
  possible upgrades by AM Best following news that the Bermudian
  carrier agreed to be acquired by Sompo Holdings of Tokyo.
  The $6.3bn deal will bring US exposure to Sompo and promises to
  enhance the credit quality of Endurance, AM Best said today in
  statements about the review.
  The firm currently holds A financial strength and long-term
  issuer credit ratings on Endurance ope
  
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• CV Starr hires Tulloch, Papadimitriou

  05-10-2016 23:47
  CV Starr has brought in Gordon Tulloch as chief underwriting
  officer for UK property and Jennifer Papadimitriou as a senior
  underwriter for political risk, The Insurance
  Insider has learned.
  "Gordon will help us to expand our already established
  Technical Risk business into General Property in the UK,"
  Steve Blakey, CEO of Starr Underwriting Agents, said in a statement
  about Tulloch.
  Tulloch joined Starr from AIG, where he was London development
  underwriting manager for UK commercial property, a
  
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• Greenberg denies knowledge of Gen Re reinsurance payments

  05-10-2016 22:22
  Former AIG CEO Maurice 'Hank' Greenberg has denied he knew
  of a "side deal" for repayments in the carrier's
  infamous finite reinsurance deal with Gen Re.
  Testifying this week concerning the decade-old case brought by
  the state of New York, the executive said he could not recall being
  informed by former AIG vice president Chris Milton of a side
  agreement which let AIG repay Gen Re its $10mn premium in addition
  to an initial $5mn payment.
  The side deal saw...
  
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• Matthew bears down on Florida's east coast

  05-10-2016 20:34
  Hurricane Matthew could batter the central Florida coast as a
  category 3 or 4 storm on Friday, according to modelling firm RMS,
  with sustained winds rising from the 120mph (176kph) forecast by
  the US National Hurricane Center in Miami.
  "A Florida landfall as a Category 3 or 4 storm is possible
  under the current forecast, with the interaction with Tropical
  Storm Nicole and a mid- to upper-level high pushing Matthew further
  west," said Emily Paterson, head of RMS event response....
  
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• M&A activity reignited by attractive Sompo-Endurance deal

  05-10-2016 17:35
  After a dearth of deals this year, M&A activity has begun to
  heat up with Sompo's $6.3bn acquisition of Endurance.
  The deal is part of Sompo's strategy to build a globally
  diversified business portfolio in order to achieve further growth
  and improve its returns, the Tokyo-based company said in a
  statement today.
  At least one observer noted that Japanese acquirers were more
  focused on quality than price when it came to buyouts, and the
  Bermuda-based insurer fit the bill.
  Keefe,...
  
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• Nelson welcomes PM's Brexit timeline

  05-10-2016 16:42
  
  Lloyd’s chairman John Nelson has welcomed Prime Minister Theresa May’s confirmation that Article 50 will be invoked before March next year.
  
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• Power generation losses on upward trend: Marsh

  05-10-2016 16:11
  Insured losses in the power generation market are continuing to
  climb as claims values skyrocket due to the industry's
  increasing complexity and costliness, according to Marsh.
  In a report released today, which uses data from the broker and
  AIG, the firm said there was an overall upward trend in the
  market.
  This was demonstrated by the difference in cumulative losses
  from the three largest claims in 2001 and 2014, which totalled
  $31mn and $358mn respectively.
  Individual losses are becoming more.
  
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• Charman to net £255m from sale of Endurance to Sompo

  05-10-2016 15:36
  
  John Charman stands to gain £255m from the £4.95bn sale of Endurance to Sompo.
  
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• ICO fines TalkTalk for October 2015 cyber-attack

  05-10-2016 15:27
  
  Cyber-attack could have been prevented if TalkTalk had taken basic steps - ICO
  
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• Broker Network set on building a 'regional broking powerhouse'

  05-10-2016 15:27
  
  Broker Network is set on building a “regional broking powerhouse” as it sets its sights on further acquisitions.
  
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• AXA to build and flood home in resilience test

  05-10-2016 15:15
  
  Property will be monitored to see how quickly it recovers
  
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• S&P puts ACR on negative watch over Shenzen deal

  05-10-2016 14:39
  Standard & Poor's (S&P) has placed Asia Capital Re on
  credit watch negative following the announcement of its$1bn sale to Shenzhen Qianhai Financial this morning.The rating agency said the reinsurer's A- long-term local
  currency insurer financial strength and issuer credit ratings, and
  its axAA long-term ASEAN regional scale rating had been placed
  under credit watch with negative implications.
  "We currently have limited information on [Shenzhen's]
  plans for Asia Capital Re, and on Asia C
  
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• Allchorne named Map NED

  05-10-2016 14:39
  Kevin Allchorne has been appointed as a non-executive director on
  the Managing Agency Partners (Map) board.
  According to Allchorne's LinkedIn page, the former global
  managing director of Amlin Re, was appointed as a non-executive
  director at the Lloyd's underwriting agency earlier this
  month.
  Map later confirmed the appointment to The Insurance
  Insider.
  Allchorne was also previously underwriting director for
  reinsurance at Amlin's London operations, and left Amlin Re in
  March 2015.
  He currently
  
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• New cyber coverage endorsement could minimise business interruption following an attack

  05-10-2016 14:10
  
  Fm Global has introduced a new add-on product which gives current policy holders the opportunity to maximise their recovery from a cyber-attack.
  
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• NN Group makes EUR2.4bn cash offer for Delta Lloyd

  05-10-2016 13:16
  Dutch carrier NN Group has put forward an all cash offer of
  EUR2.4bn ($2.7bn) for fellow Netherlands-based insurer Delta Lloyd.
  In a statement released today, NN Group said the offer of EUR5.3
  per share represented a premium of approximately 53 percent over
  Delta Lloyd's average closing price for the last three months
  and 29 percent over the last closing price of EUR4.12 per
  share.
  The acquisition would be financed with a combination of existing
  cash reserves and external debt.
  NN...
  
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• Charman's gross proceeds from Endurance sale $325mn

  05-10-2016 13:16
  Endurance chairman and CEO John Charman will receive gross
  proceeds of $325mn as a result of the sale of his company to Sompo,
  with an estimated net gain of $213.6mn.
  According to analysis run by The Insurance
  Insider, Charman's 4.9 percent stake in Endurance
  equates to around $311mn at the sale price of $93 per share -
  equivalent to 1.36x trailing book value (see table).
  The executive also has 283,556 unvested share
  options, half of which are set to vest...
  
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• Allied World jumps 5% after takeover fails

  05-10-2016 13:16
  Shares in Allied World closed up 5.49 percent in New York
  yesterday following a report by The Insurance
  Insider revealing that advanced takeover talks with
  Markel had collapsed.
  Banking sources told this publication the two parties had held
  discussions for a number of weeks, before Markel pulled out at the
  end of last month.
  While precise details of the proposed deal remain unclear, it is
  believed to have been structured as a Markel takeover of Allied
  World, which would have...
  
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• ACR confirms Shenzhen Qianhai sale

  05-10-2016 13:16
  Asia Capital Re (ACR) has confirmed its sale to Chinese provincial
  government-owned entity Shenzhen Qianhai Financial Holdings (QFH)
  and to Shenzhen Investment Holdings (SIHC).
  The Insurance Insider revealedearlier today the $1bn all-cash sale had been finalised after
  reporting in September that a deal between ACR's shareholders,
  including 3i and Marubeni, and Shenzhen Qianhai Financial had been
  agreed in principle.In a statement the company said both QFH and SIHC were seeking
  to further increas
  
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• Broker Network to grow further through acquisitions

  05-10-2016 13:14
  
  Broker Network is set on building a "regional broking powerhouse".
  
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• NIG adds four commercial products to Applied Systems

  05-10-2016 12:59
  
  Insurer to distribute property owners, tradesman and shop and office products via Applied TAM.
  
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• Flood Re backing 53,000 policies six months after launch

  05-10-2016 12:24
  
  Flood Re is now backing 53,000 policies just six months after the scheme’s launch.
  
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• Hastings investors to sell £99.8m stake

  05-10-2016 12:17
  
  Investors of motor insurer Hastings will sell shares worth around £99.8m.
  
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• Axa to flood terrace house in research project

  05-10-2016 12:13
  
  Axa will build and then flood a terraced house in a project aimed at helping develop flood resistant homes.
  
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• Only a quarter of UK insurers now support Solvency II

  05-10-2016 12:11
  
  Support for Solvency II is waning with just a quarter of UK insurers believing the regime is the best way to run their business.
  
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• Broker Network reveals battle plan to build regional powerhouses

  05-10-2016 12:04
  
  The network is also looking for regional brokers that have a track record in integration
  
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• Briefing: The implications of HPS as the new consolidator powerhouse

  05-10-2016 12:01
  
  HPS-owned Broker Network is looking to create regional broking powerhouses. Insurers and regulators are likely to be watching interest.
  
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• A-Plan to switch from SSP to Applied

  05-10-2016 11:56
  
  Move not connected to SSP’s recent power outage.
  
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• Sompo buys Endurance Specialty for £4.86bn

  05-10-2016 11:39
  
  Deal expected to close before the end of Sompo's current fiscal year end 31 March 2017.
  
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• Sompo agrees deal to buy Endurance for $6.3bn

  05-10-2016 10:36
  Japanese big three insurer Sompo has agreed to acquire Bermudian
  (re)insurer Endurance for $6.3bn, it announced today.
  The confirmation comes after Endurance issued a statement last
  night confirming that it was in advanced discussions, following
  media reports.
  Sompo will acquire Endurance for $93 per ordinary share in cash,
  equivalent to 1.36x trailing book value per diluted share.
  Endurance CEO John Charman is to stay on for at least five years
  as part of the deal.
  Following completion in the f
  
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• Italy quake property loss pegged at $38mn by Perils

  05-10-2016 10:36
  Property insurers will absorb losses of EUR34mn ($38.2mn) from
  the 6.2 magnitude earthquake that struck central Italy on 24
  August, according to an initial estimate from catastrophe data
  provider Perils.Ratings agency Fitch said in August that (re)insurers were
  likely to face losses of between EUR100mn-EUR200mn from the event.
  Fitch said that it expected the losses to arise primarily from
  property lines.The Italian government has estimated economic damage from the
  quake at EUR4bn or more, accord
  
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• BMS opens construction unit

  05-10-2016 10:36
  BMS Group has launched a construction unit led by Philip Maloney,
  the London market broker announced yesterday (4 October).
  Maloney joins to become managing director of the division from
  THB London, where he served as director of construction and
  engineering.
  He will report to the company's director Ian Gormley.
  The team will focus primarily on US and international
  construction and erection all-risk projects.
  Prior to THB, Maloney was a partner for construction and
  engineering at JLT Re, as well
  
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• ACR seals $1bn sale to Shenzhen Qianhai

  05-10-2016 10:36
  Asia Capital Re (ACR) has agreed a $1bn all-cash sale to Chinese
  provincial government-owned entity Shenzhen Qianhai Financial
  Holdings and co-investor Shenzhen Investment Holdings,
  The Insurance Insider can reveal.
  Sources said that Shenzhen Qianhai Financial, the lead investor,
  would take a 50 percent share of the business, with Shenzhen
  Investment taking the same share.
  An announcement is understood to be imminent.
  The Insurance Insider revealed in
  September that a deal between ACR's sharehol
  
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• Broker Network makes first buy with Finch Commercial

  05-10-2016 10:06
  
  Finch Group will retain its own brand identity.
  
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• Broker Apprentice 2016: Francesca Davies

  05-10-2016 10:00 via insuranceage.co.uk
  
  Time to meet our third new contestant ahead of the start of filming next week.
  
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• Brokers under threat from internal fraud

  05-10-2016 09:35
  
  High profile cases show the need for better controls and importance of fidelity guarantee insurance
  
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• SME Now and the future: Building with brokers

  05-10-2016 09:30
  
  Broking for sole traders in the trades, professions and skilled worker sector isintricate and liabilities are complex, explains Edward Murray
  
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• Hastings backers in multi-million-pound share sale

  05-10-2016 09:27
  
  A group of Hastings investors led by Neil Utley are selling their shares in the company
  
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• Japanese insurer to buy Endurance

  05-10-2016 09:02
  
  Sompo wants to expand its insurance operations
  
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• Japanese insurer buys Endurance

  05-10-2016 09:02
  
  Sompo wants to expand its insurance operations
  
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• Broker Network buys first regional broker

  05-10-2016 08:39
  
  Purchase is part of network’s new acquisition strategy
  
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• Top 100 UK Insurers 2016: Commentary: Under pressure

  05-10-2016 08:10
  
  How have the top 100 insurers fared over the past year? What have been the highs and lows faced by the market?
  
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• Sompo reaches agreement with Endurance's board for $6.3bn acquisition

  05-10-2016 07:24
  
  Japanese property and casualty insurer Sompo Holdings has agreed to acquire Bermuda based P&C insurer Endurance Specialty for $6.3bn (£4.96bn) or $93 a share.
  
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• Sompo in talks to buy Endurance

  05-10-2016 07:24
  
  Japanese property and casualty insurer Sompo Holdings is in talks to acquire Bermuda based P&C insurer Endurance Specialty for $6.5bn according to reports.
  
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• Rawlins leaves Insurance Australia Group

  05-10-2016 06:36
  
  IAG's head of Digital Labs Claire Rawlins has left the insurer.
  
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• Penny Black's Social World - October 2016

  05-10-2016 06:00
  Vehicular video, an incr-Ed-ulous response, walking for water and more
  
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• Editor's Comment: What would AI make of insurance?

  05-10-2016 06:00
  
  At a recent Claims Club meeting I was introduced to IBM’s Watson, an artificial intelligence technology platform thatuses natural language processing and machine learning to reveal insights from large amounts of unstructured data, and it got me thinking.
  
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• My other life: Gordon Rutherford, Axa - Bass Player

  05-10-2016 04:00
  In his spare time head of marketing and e-commerce Rutherford is a bass guitarist in band Dark Flux.
  
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• Endurance confirms advanced Sompo talks

  05-10-2016 00:31
  Bermudian (re)insurer Endurance has said that it is in advanced
  discussions to sell to Japanese big three insurer Sompo.
  In a statement, the reinsurer "confirmed that it is in
  advanced discussions with Tokyo-based global insurance carrier
  Sompo Holdings, Inc regarding a potential strategic
  transaction".
  Earlier, The Nikkei had broken the news that Endurance was set
  to sell to Sompo in a deal valuing the business at around
  $6.5bn.
  The Insurance Insider subsequently
  independently verified that the
  
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