Insurance news

• Matthew threatens 23% of Florida residential exposures

  06-10-2016 23:24
  Florida homeowners' insurers are bracing themselves for a
  direct hit from Hurricane Matthew, a category 4 storm with winds of
  up to 140 mph that raked the Bahamas today and is expected to gain
  strength as it barrels toward the Sunshine State.
  And according to analysis by The Insurance
  Insider, the total value of residential exposures in
  the area threatened by the storm represents almost a quarter of
  that for the whole state.
  The exact course of the storm could...
  
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• RMS: 40% chance of $20bn loss from Matthew

  06-10-2016 19:09
  Analytics firm RMS has projected a 41.9 percent chance of a
  $20bn industry loss after putting the path of Hurricane Matthew
  through its model, according to very preliminary figures obtained
  by sister publication Trading Risk.
  In provisional numbers produced to help clients based on a
  single projected track from yesterday's forecast, calculations
  based on information in the report suggested there was a 25.7
  percent chance of a $30bn loss, a 16.2 percent chance of a $40bn
  loss and a 10.0...
  
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• Matthew losses could wipe out a quarter's earnings: JPM

  06-10-2016 19:09
  JP Morgan analyst Sarah DeWitt has warned that insurance stocks
  could lose a whole quarter's earnings if losses from Hurricane
  Matthew fall between $10bn and $30bn.
  In a note today, DeWitt said such losses would impact book value
  for P&C (re)insurers by between 1 and 4 percent, taking out a
  quarter's worth of earnings, but not constituting a capital
  event.
  Validus, XL Catlin and Everest Re could be among the worst
  affected in such a scenario, DeWitt warned, saying the...
  
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• Lentaigne swaps Brit for ATI

  06-10-2016 19:09
  John Lentaigne, formerly co-head of political and credit risks
  at Brit, has joined the African Trade Insurance Agency (ATI) as
  chief underwriting officer.
  He succeeds Jef Vincent, who will retire early next year. ATI
  said Lentaigne and Vincent would work together during a transition
  period from October until Q1 2017.
  Lentaigne established the political and credit risk team at
  Brit's Lloyd's syndicate, having joined the company in
  2013.
  Prior to that he held a number of political risk and trade..
  
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• AIG court case against private investors continues

  06-10-2016 17:44
  
  A professional indemnity insurance appeal brought by AIG Europe against private investors will be heard in the Supreme Court on Monday, 10 October 2016.
  
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• Why brokers will miss Simon Green

  06-10-2016 17:32
  
  The FCA insurance boss is leaving the regulator towards the end of the year
  
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• Briefing: Why brokers will miss Simon Green transparency

  06-10-2016 17:32
  
  The FCA insurance boss is leaving the regulator towards the end of the year
  
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• Tough attitude from ICO on Talk Talk breach highlights issue for data protection regulations

  06-10-2016 17:25
  
  Insurance lawyers believe the Talk Talk data breach has highlighted important issues in time for the forthcoming 2018 data protection regulations.
  
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• Matthew losses could wipe out quarter of earnings: JPM

  06-10-2016 17:05
  JP Morgan analyst Sarah DeWitt has warned that insurance stocks
  could lose a whole quarter's earnings if losses from Hurricane
  Matthew fall between $10bn and $30bn.
  In a note today, DeWitt said such losses would impact book value
  for P&C (re)insurers by 1-4 percent, taking out a quarter's
  worth of earnings, but not constituting a capital event.
  Validus, XL Catlin and Everest Re could be among the worst
  affected in such a scenario, DeWitt warned, saying the impact could
  be...
  
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• Matthew looks set to hit Florida at Cat 4

  06-10-2016 17:05
  (Re)insurers are preparing for the possibility of major losses
  after the National Hurricane Center (NHC) declared that Hurricane
  Matthew was expected to strengthen to a Category 4 storm as it
  headed towards the west coast of Florida.
  The latest data from the firm, released as of 08:00 EDT,
  suggested tropical storm conditions were expected on the eastern
  coast of Florida within hours.
  Full hurricane conditions are expected to hit the county later
  today, and the current path of the storm...
  
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• Low liability losses spare aviation market in September

  06-10-2016 17:05
  Losses in the aviation market were relatively slight in
  September as a lack of liability claims provided a boost to
  underwriters, according to JLT.
  However, the market is on watch for further losses from Typhoon
  Meranti, which swept through Taiwan and Eastern China last month,
  the broker said in its Plane Talking report for September.
  The storm struck Xiamen airport on 15 September, causing
  significant damage to planes and airport buildings, the broker
  said. Around 16 aircraft in maintenance or.
  
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• Florida property insurers pummelled as Matthew approaches

  06-10-2016 17:05
  Investors didn't wait for Hurricane Matthew to arrive before
  battering the shares of publicly traded Florida property insurers
  today.
  Several of the state's big five took double-digit hits as
  the New York markets opened. Heritage Insurance Holdings fell more
  than 14 percent and United Insurance Holdings fell as much as 13
  percent in early trading.
  The three others - Universal Insurance Holdings, HCI Group and
  Federated National - were all down in the range of 8 percent.
  The declines followed...
  
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• Endurance deal puts Sompo on track for top-10 slot

  06-10-2016 17:05
  Sompo Holdings' $6.3bn agreement to acquire Bermudian
  (re)insurer Endurance will help the Japanese carrier to eventually
  achieve its goal of becoming a top 10 publicly listed carrier, its
  CFO has said.
  Shinji Tsuji revealed that Sompo still had a war chest for
  future acquisitions, but said that it would prioritise the
  integration of Endurance for now.
  The hunt for a deal began in the latter half of 2015, Sompo
  said, as the firm looked to expand its US operation through...
  
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• Zurich chief digital officer joins RSA

  06-10-2016 16:57
  
  Steven Zuanella will join the insurer next year
  
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• Hiscox unveils economic crime cover for SMEs

  06-10-2016 16:56
  
  Products gives smaller businesses access to comprehensive cover
  
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• Simon Green to leave the FCA

  06-10-2016 15:48
  
  Regulator confirms current director of general insurance and protection is set to depart.
  
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• Sompo-Endurance deal has $205mn break fee

  06-10-2016 15:24
  Sompo Holdings' merger agreement to buy Endurance for $6.3bn
  includes a break fee of $204.9mn, according to a US Securities and
  Exchange Commission filing that Endurance released yesterday.
  As a percentage of the deal consideration, the break fee stands
  at 3.2 percent, placing it in a typical range for Bermudian M&A
  deals but some way below the circa 4.5 percent or $315mn break fee
  Axis received after PartnerRe was sold to Exor.
  Investors have expressed a dislike of break fees...
  
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• RSA appoints Steven Zuanella as group chief digital officer

  06-10-2016 14:14
  
  RSA has appointed Steven Zuanella to the role of group chief digital officer.
  
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• Personal injury claims on the rise in Scotland

  06-10-2016 14:13
  
  Personal injury claims in Scotland have continued to rise over the past four years, despite a drop in claims in England according to figures from DWF.
  
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• Two-thirds of EU insurance legislation already enshrined in UK law

  06-10-2016 13:55
  
  Two-thirds of European Union legislation that affect the insurance sector are already enshrined in UK law.
  
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• Over half of EU insurance legislation already enshrined in UK law

  06-10-2016 13:55
  
  Over six out of 10 pieces of European Union legislation that affect the insurance sector are already enshrined in UK law.
  
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• FCA insurance boss to leave

  06-10-2016 13:42
  
  The search for who will become director of general insurance and protection is underway
  
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• Endurance boosts Sompo's overseas firepower

  06-10-2016 13:41
  Sompo Holdings' $6.3bn takeover of Bermudian carrier
  Endurance will create a Japanese player that generates more than 30
  percent of group income from its international operations.
  Analysis of the two companies run by The Insurance
  Insider found that Endurance's net income would
  account for 20.6 percent of Sompo's pro forma group net income
  of $1.67bn, based on full-year 2015 figures.
  When also accounting for Sompo's existing oversea
  businesses, international net income would then account for 30.
  
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• Syndicate Research downgrades ANV Syndicate

  06-10-2016 12:07
  Lloyd's independent research firm Syndicate Research Ltd (SRL)
  has downgraded its rating of ANV Syndicate 779 to B-^ (Below
  Average) from B^ (Average) in light of its open year performance
  and the headwinds to developing a restructured book in the current
  market.
  Its outlook for the syndicate also remained negative, reflecting
  SRL's view of the potential integration risks associated with
  the proposed acquisition of the operations by AmTrust.
  SRL also downgraded its opinion of Cathedral Syndicate
  
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• S&P affirms Sompo ratings

  06-10-2016 12:07
  Ratings agency Standard & Poor's (S&P) has affirmed the
  A+ financial strength and long-term counterparty credit rating of
  Sompo Holdings' subsidiaries following the acquisition of
  Endurance.
  S&P said its outlook on Sompo was stable, reflecting its
  strong competitive position in the Japanese P&C insurance
  market, as well as growth potential in the domestic life and
  overseas insurance businesses.
  However, the agency added it had lowered the group's anchor
  to a+ from aa- as the $6.3
  
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• Berkshire Hathaway expands to Macau

  06-10-2016 12:07
  Berkshire Hathaway Specialty Insurance (BHSI) has received a
  licence to provide (re)insurance in Macau, the carrier announced
  today.
  BHSI Macau will offer commercial property, energy, construction,
  terrorism, casualty, executive and professional lines, surety,
  accident and health, and marine insurance.
  The company named Yasmin Chan as branch manager in Macau, with
  Ivory Chong appointed underwriting manager.
  Chan has 20 years of experience in the Macau (re)insurance
  market. Chong has more than 15
  
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• Hiscox unveils crime product for SMEs

  06-10-2016 11:41
  
  Cover includes theft of money, fraud and reputational damage.
  
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• Besso Insurance Group reports 16% increase in brokerage as turnover hits £37.6m

  06-10-2016 11:16
  
  Besso Insurance Group has reported a strong increase in its brokerage income in its 2015 results as turnover currently stands at £37.6m with pre-tax profits of £5.26m.
  
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• Besso Insurance Group reports 16% increase in brokerage as profit hits £37.6m

  06-10-2016 11:16
  
  Besso Insurance Group has reported a strong increase in its brokerage income in its 2015 results as profits currently stand at £37.6m.
  
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• Autonet posts £9m profit in 2015

  06-10-2016 11:16
  
  The firm saw profit jump some 19 percent last year in the run up to the sale.
  
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• Broker Apprentice 2016: Katie Waugh

  06-10-2016 11:00 via insuranceage.co.uk
  
  With only days to go until filming starts meet our fourth contestant.
  
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• Torlea buys Lloyd’s broker Kinetic

  06-10-2016 10:42
  
  USA and Canada investors buy broker founded in 1976.
  
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• DWF launches counter fraud team in Scotland

  06-10-2016 10:37
  
  Scotland has seen a 16.6% rise in personal injury claims
  
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• DWF launch counter fraud team in Scotland

  06-10-2016 10:37
  
  Scotland has seen a 16.6% rise in personal injury claims
  
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• CCRIF to pay out $975k for Barbados after Matthew

  06-10-2016 10:32
  The Caribbean Catastrophe Risk Insurance Facility (CCRIF) tropical
  cyclone policy expects to pay out $975,000 for losses caused by
  Hurricane Matthew in Barbados, it announced today.
  Hurricane Matthew affected five of the CCRIF's member
  countries: Barbados, Dominica, Grenada, Saint Lucia, and St Vincent
  and the Grenadines.
  The preliminary runs of the CCRIF's loss model for wind and
  storm surge produced no government losses in Grenada and Dominica
  and some government losses in Barbados, Saint Luci
  
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• Commissioning editor’s letter - October 2016

  06-10-2016 10:30
  
  “It is no exaggeration to call it a “crisis”, which the Oxford English Dictionary defines as a time of intense difficulty or danger”
  
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• Insurtech start-up launches on-demand insurance

  06-10-2016 09:23
  
  The cover is available for hosts using sites such as Airbnb
  
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• UK firms hesitant towards cyber insurance

  06-10-2016 08:53
  
  Only 38% of businesses have cyber cover in place
  
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• Insurers still open to Calais route for hauliers

  06-10-2016 08:05
  
  Migrant activity on the Calais to Dover route has increased costs for hauliers but its insurance consequences are not clear: some observers are reporting premium rises, which others are denying.
  
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• Blog: Artificial Intelligence will transform insurance

  06-10-2016 08:00
  
  Artificial intelligence has the potential to revolutionise insurance but before it does, insurers need to overcome public reticence and regulatory challenges.
  
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• Berkshire Hathaway Specialty expands to Macau

  06-10-2016 04:52
  
  Berkshire Hathaway Specialty Insurance has gained an insurance and reinsurance license for Macau.
  
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