Insurance news

• RenaissanceRe puts Matthew loss at $75mn

  02-11-2016 23:02
  RenaissanceRe estimates Hurricane Matthew will have a net
  negative impact of $75mn on its fourth-quarter results, CFO Bob
  Qutub told analysts during a conference call today.Barclays Capital analysts led by Jay Gelb said that would translate
  to about 18.9 combined ratio points, or $1.82 a share after
  taxes."At this early stage, there is a lot of uncertainty with
  regard to the ultimate industry loss and more importantly, with
  each of our customers, individual books and their respective
  reinsurance
  
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• Arag expands with Canadian business

  02-11-2016 18:06
  
  The Arag Group has launched its Lloyd's-approved coverholder Arag Services in Canada in order to continue with its international expansion.
  
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• Gable seeking solvent run-off solution

  02-11-2016 17:45 via insuranceage.co.uk
  
  Liechtenstein insurer says it wants a solution led by its management and assisted by an A-rated insurer.
  
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• United falls 18% after poor Q3

  02-11-2016 17:37
  Investors have punished poor third quarter earnings at United
  Insurance Holdings as the Floridian carrier's share price
  plunged almost 18 percent in early trading.
  The Nasdaq-listed stock had fallen by 17.88 percent to $12:02 as
  of 15:05 UK time, following the company's third quarter results
  release after the market closed yesterday.
  United reported a combined ratio of 101.4 percent in Q3, up from
  91.5 percent in the same period in 2015, after Hurricane Hermine
  and the Louisiana storms, along wi
  
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• State of emergency declared after Colonial pipeline blast

  02-11-2016 17:37
  A state of emergency has been declared in Alabama after a deadly
  blast affected Colonial Pipeline Company, causing two key fuel
  distribution networks to be closed.
  One pipeline, which transports diesel, jet fuel and other
  distillates, was subsequently reopened late on Sunday (30 October),
  but the other is expected to remain closed for at least the
  remainder of this week.
  The explosion occurred on Sunday after a piece of machinery
  struck the supply line as contractors attempted to repair a...
  
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• OneBeacon underwriting performance drives strong gains

  02-11-2016 17:37
  OneBeacon surpassed Wall Street expectations in the third quarter
  as the US specialty insurer improved its underwriting performance
  across several divisions.
  Operating profit almost tripled to $18.2mn, or $0.19 per share,
  from $6.1mn a year earlier. Analysts had given an average forecast
  of $0.15 a share, based on three estimates tabulated by
  MarketWatch.com.
  The carrier posted comprehensive income of $28.6mn, or $0.30 a
  share, after recording a loss of $13.2mn, or $0.14 a share, in the
  same per
  
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• Markel shares down 4% on Q3 miss

  02-11-2016 17:37
  Shares in Markel dropped more than 4 percent in early trading in
  New York today as investors reacted negatively to reserve charges
  taken in the firm's third quarter results.
  As of 11.00am Eastern time, Markel shares were down 4.5 percent
  at $825.91.
  After markets closed yesterday, Markel reported that its Q3
  results had been impacted by a $36.5mn reserve strengthening
  exercise, prompted by adverse development in its liability
  insurance business.
  The reserve charge contributed to a 10 percentage
  
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• Gable needs further capital to stave off insolvency, administrator warns

  02-11-2016 17:35
  
  The administrator responsible for Gable has requested a further capital injection in order for the company to remain solvent.
  
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• ERS expands its operations to Swansea

  02-11-2016 17:31
  
  Specialist Lloyd’s motor insurance syndicate ERS will be relocating a number of its operations to its Swansea business in order to reach its mid-term target of a 90% combined ratio.
  
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• Gable payouts on claims frozen as PwC probes finances

  02-11-2016 15:51
  
  Administrator moves to postpone bankruptcy at ‘over-indebted’ Gable
  
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• Gable plotting alternative to PwC’s administration

  02-11-2016 15:45
  
  Troubled insurer Gable criticises administrator’s ‘disproportionate’ run-off costs
  
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• Post November 2016: Start-ups, autonomous cars, future claims, and broker gossip

  02-11-2016 15:40
  
  They look like rock stars but they're insurtech entrepreneurs.
  
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• Kingsway Insurance buys Bausor Hall after MVP investment

  02-11-2016 15:37
  
  The deal is the first since Minority Venture Partners invested in Kingsway in April this year.
  
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• Lawyers brand Admiral 'arrogant' over Facebook app

  02-11-2016 15:12
  
  Legal experts and social media analysts have branded Admiral “arrogant” after the insurer’s initiative to use driver’s Facebook profiles to price insurance quotes was blocked by Facebook this morning.
  
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• Admiral scales back Facebook policy plan

  02-11-2016 15:00
  
  Insurer now says it can’t mine Facebook data to determine premium rates
  
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• Facebook blocks Admiral scheme

  02-11-2016 13:56
  
  Social media giant won’t allow Admiral to use members’ data
  
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• Towergate rebrands London operation as Bishopsgate

  02-11-2016 13:39
  UK intermediary Towergate has relaunched its London market
  broking business as Bishopsgate following a number of senior
  appointments.
  The unit will be led by managing director Neil Pearce, who
  joined the company in August from Windsor Insurance Brokers.
  He will be supported by broking and distribution director Paul
  Longhurst, who also joined in the intermediary in August, having
  previously headed the London market broking team at Bluefin.
  The renaming precedes an office move to 55 Bishopsgate in
  
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• Capsicum Re makes two hires in Brazil

  02-11-2016 13:39
  Capsicum Re has hired Marcio Ribeiro as head of facultative
  reinsurance for its Brazilian operation, the company said
  today.
  Riberio joins from Guy Carpenter, where he was director for
  facultative business. Prior to this he was a client manager for
  Swiss Re Brazil. He will be based in São Paulo.
  Júlia Nunes has also been hired from Aon Benfield as head
  of operations for Brazil, based in Rio de Janeiro.
  Both will report to Luiz Araripe, CEO of Capsicum Re...
  
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• Market moves November 2016: Recruitment resurgence

  02-11-2016 13:35 via insuranceage.co.uk
  
  Brokers are slowly starting to make a comeback when it comes to recruiting new staff, but insurers are still in the lead when judged by quantity of news in the people moves department.
  
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• Hardening motor fleet rates – fact or fiction

  02-11-2016 13:32
  
  Broker John Meredith asks where the balance of power lies when it comes to setting motor rates.
  
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• Products round-up: A plethora of property products

  02-11-2016 13:30
  
  Property is the magic word this month
  
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• Scottish broker joins Bluefin Network

  02-11-2016 13:23
  
  Network welcomes its first Scottish member
  
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• Facebook forces Admiral to pull plan to price car insurance based on posts

  02-11-2016 13:01
  
  Insurer withdraws initiative with hours to go as privacy campaigners criticise ‘intrusive’ attempt to analyse users’ dataAdmiral has been forced to pull a new initiative that used Facebook to analyse the personalities of car owners and set the price of their insurance after the social media site blocked it.Admiral was due to launch firstcarquote officially on Wednesday but delayed it with just two hours to go. Related: Admiral to price car insurance based on Facebook postsConti
  
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• News analysis: Due diligence to the fore in unrated insurer debate

  02-11-2016 12:47 via insuranceage.co.uk
  
  Biba plans to launch assessment tool for brokers
  
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• InsurTech Futures: Human rights group attacks Admiral’s Facebook insurance plan

  02-11-2016 12:11 via insuranceage.co.uk
  
  Insurer's app to use social data from young drivers to offer discounted insurance.
  
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• Georgia Matthew losses estimated at $90mn

  02-11-2016 12:01
  Insured losses in Georgia stemming from Hurricane Matthew have
  been estimated at $90mn, according to the state's insurance
  commissioner.
  The preliminary figure was calculated from the 30,000+ claims
  reported to date, but may rise as further claims are submitted.
  Georgia was one of several south-eastern US states battered by
  Hurricane Matthew in early October as the storm swept up the coast
  having previously scythed across large swathes of the
  Caribbean.Aggregate maximum loss totals from the even
  
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• Social media has us under surveillance – big business is the new Big Brother | Jonathan Freedland

  02-11-2016 11:50
  
  Admiral is the latest company to propose discounts to customers based on their behaviour – judged by their Facebook postsThink of it, to use the ingenious phrase coined by my colleague John Harris, as “Stasi capitalism”. That might sound like an overreaction to the announcement of a new car insurance scheme, but hear me out.Admiral has publicised a new service – firstcarquote – which it hopes will analyse the Facebook posts of first-time car owners, looking for evid
  
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• Social media has us under surveillance – and your phone is a Stasi agent | Jonathan Freedland

  02-11-2016 11:50
  
  Big business is Big Brother: Admiral is the latest company to offer some customers discounts based on their behaviour – judged by their Facebook postsThink of it, to use the ingenious phrase coined by my colleague John Harris, as “Stasi capitalism”. That might sound like an overreaction to the announcement of a new car insurance scheme, but hear me out.Admiral has publicised a new service – firstcarquote – which will analyse the Facebook posts of first-time car owne
  
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• Facebook delays Admiral's controversial young driver initiative

  02-11-2016 11:47
  
  A plan to use a driver's Facebook profile to price insurance quotes has been delayed after activists pointed out the scheme fell foul of the social network's privacy policies.
  
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• Government needs a joined up approach on flooding, says IFoA

  02-11-2016 11:40
  
  A more joined up approach is needed to tackle the long-term threat of flooding, says the Institute and Faculty of Actuaries.
  
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• E G Murray Insurance Services joins Bluefin Network

  02-11-2016 11:21
  
  Broker is the network's first Scottish partner.
  
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• Alarmed by Admiral's data grab? Wait until insurers can see the contents of your fridge

  02-11-2016 11:05
  
  The company is to use Facebook data to calculate customer premiums. But even more invasive ways to monetise lives are coming with the Internet of ThingsAnybody who has been overcharged by an insurance company, denied a claim or given the runaround by an insurer’s customer disservice should shudder at the idea of insurers learning how to deploy the internet as a way of monitoring customers and using their online data to determine how much they should pay.The latest, inevitable news is that
  
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• Bristol to host southern Digital Broker

  02-11-2016 11:02
  
  The reality of becoming digitally aware in 2016 and making the most of it will be discussed as Digital Broker heads to the Ashton Gate Stadium.
  
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• Elliott Management takes majority Aeolus stake

  02-11-2016 10:27
  London-based hedge fund manager Elliott Management Corporation
  has agreed to purchase a majority stake in Bermuda-headquartered
  insurance-linked securities (ILS) manager Aeolus Capital
  Management.
  The company's founder Peter Appel and capital provider
  Allied World Assurance will both retain a significant minority
  shareholding.
  Allied World took a 20 percent stake in the company four years
  ago and had allocated approximately $200mn to the manager's
  funds this year.
  Appel will continue as non-exec
  
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• Towergate's London Market arm rebrands as Bishopsgate

  02-11-2016 10:10
  
  The new name comes ahead of an office move to 55 Bishopsgate in February.
  
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• Towergate renames London market broker

  02-11-2016 09:57
  
  Towergate says broker’s new name reflects office move
  
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• 'Joined-up' approach need on flooding

  02-11-2016 09:47
  
  MPs’ flood report welcomed but more is needed
  
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• Brokers urged to stick with unrated insurers

  02-11-2016 09:16
  
  Unrated insurers said to fill important role
  
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• Insurer plans Facebook-based motor policy

  02-11-2016 08:53
  
  Launch of Facebook policy delayed
  
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• Women entrepreneurs: Insurance start-ups

  02-11-2016 08:00
  
  Five female insurance entrepreneurs give Jonathan Swift the lowdown on the start-up sector
  
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• Editor's Comment: Shout out to the start-ups

  02-11-2016 08:00
  
  Several times in my life I've stopped and taken stock and upon realising things weren't quite as they should be, I've chosen a new path.
  
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• The question of liability for autonomous vehicle claims

  02-11-2016 07:00
  
  Tesla’s recent hack has moved the liability spotlight onto software providers
  
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• Post Webinar: Raising standards in Hong Kong insurance

  02-11-2016 06:06
  
  Register for free for an upcoming webinar on Culture, Talent and Values in Hong Kong insurance.
  
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• Top 30 Asia insurers: Asia remains in a stable condition

  02-11-2016 06:00
  
  There has been little change in the rankings of the top 30 Asia insurers since 2014, with China still dominating the rankings, despite a decreasing growth rate
  
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• My other life: Jonathan Clark, Scor, sailing

  02-11-2016 05:00
  
  When he’s not heading global business solutions claims, Clark likes to get out onto the water
  
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• State of the Broker Nation Extra: Insurers

  02-11-2016 04:00
  
  In this extra part of the State of the Broker Nation, we find out what brokers really think about their insurers. Michèle Bacchus asked them plainly – and she has received some frank answers
  
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• Penny Black's Social World - November 2016

  02-11-2016 03:00
  
  Saddle swapping, snuggle snaps and pedalling for pounds
  
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• TransRe contributes to strong Alleghany earnings beat

  02-11-2016 01:01
  Alleghany reported strong top and bottom line growth that
  allowed it to easily surpass Wall Street earnings forecasts for the
  third quarter.
  TransRe's whole account quota share of the Farmers Exchanges
  was again a strong contributor to gross written premium (GWP)
  growth, while the group's reinsurance arm also reported a
  modest improvement in its combined ratio.
  Group-wide operating earnings climbed from $111.8mn to $145.7mn,
  and at $9.44 a share were well ahead of the $7.74 consensus of
  analysts
  
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• RenRe misses as underwriting profits fall

  02-11-2016 01:01
  RenaissanceRe reported third quarter profits that came in below
  Wall Street expectations as a decrease in reserve releases drove
  underwriting profits lower.
  The Bermudian generated operating profits of $87.0mn for the
  period, down from $116.7mn in Q3 2015.
  At $2.09 a share, operating earnings were below the $2.19
  consensus of analysts as reported by MarketWatch.com.
  However, analysts noted that excluding unusual items - including
  one of costs relating to the retirement of CFO Jeff Kelly and FX
  c
  
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• Markel profits hit by $37mn reserve charge

  02-11-2016 01:01
  A $36.5mn reserve strengthening exercise following adverse
  development in Markel's book of liability insurance business
  has contributed to a 10 point uptick in the group's combined
  ratio for Q3.
  The carrier said increasing claims trends in its medical
  malpractice and specified medical product lines had forced
  management to bolster reserves in the third quarter.
  In all, Markel said the 98 percent group combined ratio included
  $50.1mn of losses or loss adjustment expenses relating to the
  managemen
  
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