Insurance news

• Matthew losses pile up despite lower forecasts

  28-10-2016 23:17
  Fresh estimates of Hurricane Matthew losses added as much as
  $700mn to the anticipated total this week as industry executives
  gave analysts their initial assessments of what the storm would end
  up costing their companies.
  Bermudian XL Catlin's leaders said the company could see as
  much as $200mn in pretax losses stemming from the storm, which
  struck a glancing blow to Florida as a Category 3 hurricane before
  coming ashore in South Carolina as a much weaker but rain-heavy
  event...
  
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• AmTrust buys workers' comp specialist AmeriHealth for $90mn

  28-10-2016 18:36
  AmTrust is acquiring AmeriHealth Casualty Insurance Company from
  Independence Health Group for about $90mn in cash, the New
  York-listed company said today.
  AmeriHealth Casualty provides fully insured workers'
  compensation coverage primarily in Pennsylvania and New Jersey.
  Barry Zyskind, AmTrust's chairman, president and chief
  executive, said the acquisition would make his company one of the
  largest workers' compensation carriers in the two states.
  "AmeriHealth Casualty will bring a strong leader
  
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• New insurtech enters the market to drive uptake in cyber policies

  28-10-2016 16:54
  
  New insurtech start-up, Cyberfense, has been approved by the Financial Conduct Authority and can now operate as an MGA.
  
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• In-depth - talent: Delivering diversity

  28-10-2016 16:45
  
  The insurance industry needs to show a younger and more diverse audience that it is no longer stale, pale and male and that broking can offer an exciting and engaging career
  
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• Lockyers launches wholesale insurance facility

  28-10-2016 16:33
  
  Firm to open up bespoke piers insurance product to other brokers.
  
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• Flood Re CEO moves to Axa six months after launch

  28-10-2016 16:28
  Flood Re CEO Brendan McCafferty is to leave his position as CEO of
  Flood Re after less than three years in post to become CEO of
  Axa's intermediated and direct insurance business in the UK.
  McCafferty led the establishment of Flood Re, the UK
  government-backed reinsurance scheme that aims to make flood
  insurance more affordable and accessible for homeowners.
  He will join Axa on 13 February 2017, forcing the scheme to
  search for a new CEO just six months after...
  
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• In-depth - talent: Talent for technology

  28-10-2016 16:20
  
  As technology and data transform the way underwriters work, it is important that training and recruitment keeps up with the increasingly fast pace of change
  
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• Brendan McCafferty joins Axa as insurance CEO

  28-10-2016 15:26 via insuranceage.co.uk
  
  Former CEO of Flood Re will report to Amanda Blanc.
  
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• Brendan McCafferty appointed intermediated and direct CEO of Axa

  28-10-2016 15:14
  
  Axa has appointed Brendan McCafferty as CEO, intermediated and direct, assuming the duties left following Amanda Blanc’s promotion to group CEO.
  
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• AXA hires new UK GI chief executive

  28-10-2016 14:59
  
  New recruit to start next February
  
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• Imperial Consultants reveals new management team

  28-10-2016 14:34
  
  Imperial Consultants has unveiled its new management team with former insurers leading development projects for the loss adjuster.
  
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• Aon broking profit rises despite flat revenue

  28-10-2016 14:34
  
  Chief executive Greg Case expects ‘strong finish’ to 2016
  
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• Matthew losses to be within cat load at Arch

  28-10-2016 14:15
  Hurricane Matthew is likely to result in cat losses of less than
  $40mn for Arch during the fourth quarter of the year, according to
  CEO Dinos Iordanou.
  Speaking on the analyst call following the carrier's Q3
  earnings release, the executive said that Arch had a cat load of
  around $40mn a quarter, and that its Matthew losses were expected
  to be within that limit.
  "On a model basis, what we see is a number quite close to
  the cat load,...
  
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• Aon Benfield Q3 organic growth up to 1%

  28-10-2016 14:15
  Organic revenue at Aon's reinsurance arm Aon Benfield grew 1
  percent in the third quarter to rebound from the 4 percent decrease
  reported in the same period of last year.
  Overall, Aon Risk Solutions - which comprises Aon Benfield and
  the retail insurance arm - reported organic revenue growth of 3
  percent, compared to 1 percent in the prior-year period and 3
  percent in the second quarter of 2016.
  Aon reported diluted earnings per share of $1.29 on an adjusted...
  
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• SMEs will be hit hardest by a UK terror attack

  28-10-2016 12:54
  
  Small and medium size enterprises will be hit hardest in the event of a terrorist attack in the UK, according to Pool Re’s Quarterly Threat Report.
  
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• Government releases report to help homeowners prepare for flooding

  28-10-2016 12:33
  
  The government has teamed up with the insurance industry to deliver a report that will help customers better protect their homes and businesses from flooding damage.
  
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• Bell hired to lead AIG aviation book

  28-10-2016 12:16
  Senior Aon Benfield broker David Bell is set to join AIG as global
  head of aerospace, The Insurance Insider
  can reveal.
  Bell has placed the insurer's aviation reinsurance programme
  for a number of years.
  His role at AIG is new, but will see Bell take on some of the
  responsibilities of Martin Stevens, the former CUO of global
  aerospace who retired in January before returning to the sector as
  chairman of aviation at Chubb last summer.
  Bell is also likely...
  
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• Quizzical questions: 28 October 2016

  28-10-2016 12:08
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• This week in Post: Tricks and treats

  28-10-2016 12:06
  
  This week, some Post colleagues and I went to a Halloween party dressed as whiplash victims. The joke was lost on other attendees, whose business was mainly commercial lines, and we ended up reassuring walking vegetables, bloody nurses and train engines that yes, we were fine. The only sick thing about us was our sense of humour.
  
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• In-depth - talent: Why perceived tedium is tainting our talent

  28-10-2016 12:00
  
  Insurance needs to brush off its old image and attract young people with flair and talent to the industry, says Tanya Gerrard-White
  
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• Consumers crave 'all in one' insurer

  28-10-2016 11:36
  
  An overwhelming proportion of consumers would buy all their insurance cover from a single company if they could, according to survey findings.
  
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• Biba welcomes flood action plan

  28-10-2016 10:52 via insuranceage.co.uk
  
  Trade body highlights importance for SMEs to be flood resilient.
  
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• InsurTech Futures: Face the future

  28-10-2016 10:41
  
  Axa's Amanda Blanc, urges brokers to grab opportunities arising from insurtech.
  
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• Government and insurance industry launch flood protection plan

  28-10-2016 10:27 via insuranceage.co.uk
  
  Plan to help property owners and businesses protect themselves against flooding.
  
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• Tech guru urges industry to tackle underinsurance

  28-10-2016 10:16
  
  Guidewire founder says new categories of risks are being left underinsured
  
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• Consumers don't want to shop around

  28-10-2016 10:01
  
  Consumer intelligence has probed consumer buying preferences
  
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• AXA receives major ratings upgrade

  28-10-2016 09:12
  
  AXA ratings upgrade reflects improved financial risk profile
  
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• Gallagher broking profit and revenues rise in year to date

  28-10-2016 08:47
  
  Gallagher well-positioned for ‘strong finish’ to year, says chief executive
  
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• Spotlight on health insurance: Medical questionnaires and fraud

  28-10-2016 08:00
  
  The health of a potential employee may have a major impact on their future productivity and, given the law of averages, at least one candidate being interviewed for any particular position is likely to have existing health issues.
  
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• Rural to withdraw standalone online small farm product

  28-10-2016 07:30
  
  MGA has updated brokers on the changes
  
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• Hartford posts profit gains on strength of commercial performance

  28-10-2016 03:38
  The Hartford Financial Services Group's third-quarter profit
  climbed on gains in its commercial property and casualty segment
  and a sharp reduction in losses in its personal lines, where
  pressure from auto coverage erased homeowner improvements.
  The insurer reported a 39 percent jump in pre-tax profit to
  $528mn as operating costs fell 7.1 percent.
  The performance was aided by a 29 percent surge in earnings from
  its commercial property and casualty segment and gains in
  underwriting and investment
  
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• AJ Gallagher reports 3.4% organic growth in Q3

  28-10-2016 03:38
  Acquisitive intermediary Arthur J Gallagher reported organic
  growth of 3.4 percent for the third quarter as revenue from its
  brokerage division climbed to $823.8mn.
  The group as a whole reported net earnings of $145.7mn, or $0.77
  per share, beating Wall Street's consensus estimate of $0.76 as
  collected by MarketWatch.com.
  AJG's chairman, president and CEO Pat Gallagher said the
  market remained stable, adding that the company was "well
  positioned" for a "strong finish" to 2016.
  His firm's broking
  
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• Validus Q3 profit climbs 26% as premiums dwindle

  28-10-2016 01:35
  Validus reported a 25.6 percent surge in net operating income to
  $82.6mn in the third quarter on lower premium volume that was
  partly driven by foreign exchange pressures affecting the
  Bermudian's Lloyd's syndicate Talbot.
  At a group level, Validus reported gross written premiums
  totaling $372.4mn, down 7.5 percent on the same period last
  year.
  The carrier said its reinsurance unit Validus Re, as well as
  Talbot and AlphaCat - the group's fund management arm - all had
  declines in premiums,...
  
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