Insurance news

• US broking group buys London broker

  26-10-2016 18:16
  
  NSM wants to grow its presence internationally
  
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• Zurich hires Cockayne as Middle East CUO

  26-10-2016 18:14
  Mark Cockayne, the former senior executive officer for
  International General Insurance (IGI), has been hired by Zurich as
  chief underwriting officer for Zurich Insurance Middle East.
  Cockayne, who started at Zurich earlier this month, had been in
  his latest role at IGI for almost three years.
  Prior to this, he worked for another three years at the carrier
  as an engineering and construction underwriter. He has also served
  at HDI Gerling as an underwriter between 2005 and 2011.
  Zurich is...
  
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• AIG increases property terrorism capacity to $1bn

  26-10-2016 18:14
  AIG announced today the expansion of its property terrorism
  insurance capacity from a $250mn limit per client to $1bn.
  This can be bought on a standalone basis or as part of its
  large-limit product offering clients protection of up to $2.5bn for
  all risks on a per occurrence basis.
  George Stratts, AIG's president of property and special
  risks, said: "This coverage provides our clients with market
  leading capacity that will respond to terrorist attacks
  worldwide."
  AIG noted there was limited...
  
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• AIG raises property terrorism limits to $1bn

  26-10-2016 17:59
  
  American International Group has raised its property terrorism insurance limits globally to $1bn (£800m).
  
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• Lorega hires four directors to build new product lines

  26-10-2016 17:58
  
  Lorega has appointed four new directors as part of the MGA’s growth strategy.
  
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• Gibraltar regulator to investigate "deep and serious" Enterprise concerns

  26-10-2016 17:41
  
  The regulator said it has “reason to believe that it may have been significantly and consistently misled about Enterprise’s true financial position”.
  
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• Polaris launches live chat function for e-trading brokers

  26-10-2016 17:04
  
  Initiative supported by all imarket insurers
  
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• Acturis revamps online platform with webchat function

  26-10-2016 17:04
  
  Brokers can livechat with underwriters from major insurance companies
  
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• Gibraltar launches ‘major investigation’ into Enterprise board

  26-10-2016 16:35
  
  Gibraltar will launch a “major investigation” into whether Enterprise Insurance misled its financial watchdog over its financial position.
  
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• Regulator launches major probe into Enterprise Insurance and directors

  26-10-2016 16:15
  
  Regulator says extent of the financial collapse of Enterprise was unprecedented
  
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• Vantage Insurance bought by US broker

  26-10-2016 16:11
  
  Owner Vantage Holdings has been acquired by US broker NSM Insurance Group.
  
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• XL Group unveils P&C revamp

  26-10-2016 15:45
  XL Group has realigned its operating model into four distinct
  business groups, effective from 1 January, with reinsurance CEO
  Greg Hendrick moving up to take on a role overseeing the group-wide
  P&C operations.
  The organisational structure will see P&C operations divided
  into global lines, international insurance, North America insurance
  and global reinsurance.
  The shake-up has resulted in a number of senior executives
  changing their positions.
  Paul Brand, currently CUO for insurance, wil
  
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• Claims tech firm backs insurance hackathon

  26-10-2016 15:02
  
  Event will look at how insurers will conduct business in the future
  
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• Acturis launches integrated insurer webchat

  26-10-2016 14:32
  
  Software specialists roll out offering with five insurers.
  
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• MGA expands operational board with new appointments

  26-10-2016 14:30
  
  New directors will support company’s growth plans
  
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• Bollington working with FSCS to replace cancelled Enterprise policies

  26-10-2016 14:25
  
  Company makes move as failed insurer Enterprise’s policies are terminated
  
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• Bollington working with FSCS to replace cancelled Enteprise policies

  26-10-2016 14:25
  
  Company makes move as failed insurer Enterprise’s policies are terminated
  
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• Hiscox launches joint $1bn fine art consortium

  26-10-2016 13:49
  Hiscox is launching a $1bn fine art consortium venture, it
  announced today.
  The carrier will act as the sole lead underwriter, working in
  collaboration with Ascot Underwriting.
  The venture will streamline the process of placing large fine
  art risks within Lloyd's, Hiscox said, and is available to any
  Lloyd's approved broker.
  The fine art segment has been subject to heavy facilitisation
  recently as part of a wider push by brokers to find London market
  margin in a soft cycle while...
  
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• Bollington to transfer 3500 policies affected by Enterprise

  26-10-2016 13:46
  
  Bollington Underwriting will block transfer 3500 policies affected by the Enterprise collapse to a new provider.
  
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• Bollington in agreement with FSCS over Enterprise policies

  26-10-2016 13:34
  
  Bollington Underwriting to transfer policies from collapsed insurer to equivalent products.
  
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• MedCo qualifying criteria 'isn’t a good enough solution for whiplash culture'

  26-10-2016 13:10
  
  The Ministry of Justice has published a revised set of "qualifying criteria" which applies to MROs that are registered on the MedCo system.
  
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• FCA consults on mission statement

  26-10-2016 12:02
  
  The statement will outline the FCA’s strategy and day-to-day work over the coming years
  
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• FCA to consult on “Mission”

  26-10-2016 12:00
  
  Regulator launches consultation to design guiding set of principles.
  
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• Matthew 'not a game changer': Everest Re

  26-10-2016 11:52
  John Doucette, reinsurance CEO at Everest Re, has said that
  Hurricane Matthew would not be a game-changing loss for the sector.
  In an earnings call yesterday, Doucette said that Everest's
  net claims from the storm could range from $75mn to $200mn in the
  fourth quarter, based on a modelled industry loss of $3bn-$9bn.
  Looking ahead to the 1 January renewals, Doucette said the
  reinsurance market "seems to be trying to find the
  floor", as carriers had realised that returns might...
  
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• Gen Re reorganises UK and Italy leadership

  26-10-2016 11:52
  Berkshire Hathaway's reinsurance chief Ajit Jain has
  restructured Gen Re's UK and Italian leadership, installing
  Faraday CEO Pietro Toffanello as P&C head in both countries,
  The Insurance Insider can reveal.
  Sources told this publication that Steve Michael, previously CEO
  of one of Berkshire Hathaway's legacy units,‎ has moved
  across to lead Gen Re's Lloyd's arm Faraday.
  It is further understood that Tom Bolt, president of the UK and
  southern Europe at primary operation Berkshire Hathawa
  
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• In Focus: Cracking the schemes market

  26-10-2016 11:49
  
  In part one of the series Eleanore Robinson explores how brokers can make the most of niches and outlines the key steps to creating a successful scheme.
  
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• Hiscox unveils $1bn fine art consortium

  26-10-2016 11:03
  
  Partner Ascot Underwriting claims the new consortium is the largest of its kind.
  
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• FSCS starts refunding motor premiums of Enterprise customers

  26-10-2016 10:58
  
  The Financial Services Compensation Scheme will refund motor policies for customers affected by the Enterprise collapse from today.
  
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• Personal injury lawyers moving away from road traffic claims

  26-10-2016 10:44
  
  Personal injury solicitors are diversifying activities away from road traffic accident claims as a result of restrictions on low-value payouts.
  
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• FSCS details how to compensate Enterprise customers

  26-10-2016 10:26
  
  Motor policies with Enterprise to be terminated by 26 October.
  
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• FSCS details how it will compensate Enterprise customers

  26-10-2016 10:26
  
  Motor policies with Enterprise to be terminated by 26 October.
  
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• Dominic Casserley to leave Willis Towers Watson

  26-10-2016 10:20
  
  Former Willis CEO was at the helm during merger with Towers Watson.
  
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• Lloyds hit by fresh £1bn PPI bill

  26-10-2016 10:10
  
  Latest payout takes bank’s cost of payment protection insurance mis-selling scandal to £17bnLloyds Banking Group has taken another £1bn hit for payment protection insurance, taking its total bill for the mis-selling scandal to £17bn.The fallout has cost the industry £37bn so far. The insurance product was sold alongside loans and intended to pay out when customers were unable to make payments. Continue reading...
  
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• AIG buries hatchet with Berkshire to end 3-year feud

  26-10-2016 10:00
  AIG has agreed to resume trading with Berkshire Hathaway three
  years after it cut ties with Warren Buffett's firm following a
  high-profile staff raid, The Insurance
  Insider can reveal.
  As reported by this publication in September 2013, AIG opted to
  freeze out ‎Berkshire Hathaway after a quintet of senior
  resignations, including US P&C chief Peter Eastwood and
  Lexington boss Dave Bresnahan.
  It is understood that ‎Gen Re and Faraday were also
  dropped from AIG's security list, despite t
  
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• FSCS to start compensating Enterprise customers

  26-10-2016 09:26
  
  On 26 October motor policies with Enterprise Insurance will be terminated
  
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• MoJ unveils plans to stop gaming of MedCo scheme

  26-10-2016 09:24
  
  The Ministry of Justice says the system’s random allocation model is being undermined
  
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• Willis's Dominic Casserley to depart

  26-10-2016 09:20
  
  The Willis Towers Watson deputy chief exec is leaving at the end of the year
  
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• Roundtable: The future of the London claims market

  26-10-2016 08:00
  
  With cyber advances and skills gaps among the challenges soon facing the claims market, how can the sector future proof itself? Post, in association with the Forum of Insurance Lawyers, hosted an industry roundtable to find out
  
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• Blog: Think like a start-up or face digital insurance failure

  26-10-2016 08:00
  
  Last week, Post gathered more than 150 people together at the Business Design Centre in Islington for the first ever Digital Insurance World.
  
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• Casserley to leave Willis Towers Watson

  26-10-2016 03:19
  Recently-merged Willis Towers Watson has announced that its
  president and deputy CEO Dominic Casserley is to leave the firm at
  the end of the year.
  In a statement today, the company confirmed long-standing
  speculation that Casserley's contract with the employee
  benefits and broking house would not be extended much beyond the
  completion of the merger in January.
  Willis was CEO of Willis Group prior to the $18bn deal, which
  saw him and Towers Watson's then-chief exec John Haley thrash
  out...
  
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• Investment gains help Berkley to Q3 profits beat

  26-10-2016 01:36
  While WR Berkley reported third-quarter operating income fell about
  4.1 percent from the same period last year to $113.6mn, or 88 cents
  a share, the results beat the average analyst estimate of 85 cents
  a share.
  A 9.3 percent gain in investment income boosted the bottom line,
  as did the sale of its Aero Precision Industries unit, the
  Greenwich, Connecticut based company said today. The sale netted
  $135mn.
  The company's combined ratio deteriorated slightly to 93.9
  from 93.7 in the...
  
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• Chubb beats on Q3 earnings and ups merger savings forecast

  26-10-2016 01:36
  Chubb reported operating income of $1.36bn, or $2.88 per share,
  easily surpassing the consensus views of analysts, helped by
  sharply lower catastrophe losses a year earlier.
  The consensus view of 21 analysts reported by MarketWatch.com
  was for $2.58 per share.
  Swiss-headquartered insurer Ace acquired New Jersey-based Chubb
  for $28bn on 14 January of this year, then changed its name to
  Chubb.
  Chubb said the merger is now expected to produce $800mn in
  annual savings by the end of 2018, up...
  
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• Assurant profit drops as Louisiana floods offset legacy gains

  26-10-2016 01:36
  Specialty insurer Assurant reported operating profits that fell
  almost 42 percent to $60.7mn, or $1 per share, in the third quarter
  as catastrophe losses rose and contributions from mobile and legacy
  service contracts declined.
  Excluding cat losses, the New York-based company said operating
  profit was $93.8mn, or $1.54 per share, compared with $104.3mn, or
  $153 per share in the same period a year earlier.
  Still its combined ratio for risk-based products weakened to 92
  percent from 79.4 percent i
  
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