Insurance news

• Lancashire's Maloney to put cash behind Cathedral

  07-11-2016 19:36
  Lancashire CEO Alex Maloney is considering buying out a
  Lloyd's corporate member, putting his own money down in support
  of the underwriting of the carrier's Lloyd's arm
  Cathedral.
  In a capacity auction disclosure published last week, the firm
  announced that Maloney and an unnamed non-executive director were
  in negotiations to acquire the member, which currently participates
  on Syndicate 2010 to the tune of £131,250 ($162,802).
  The decision will be interpreted by some as an attempt to
  buttr
  
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• Liquidator reveals Enterprise sold unauthorised business

  07-11-2016 18:10 via insuranceage.co.uk
  
  Report shows 54 brokers, including Autonet, had sold policies underwritten by Enterprise and shows Enterprise had 760,000 live policies when it was ordered to stop writing new business.
  
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• Madison Dearborn Partners becomes second largest Towergate shareholder

  07-11-2016 17:56
  
  Tango Investments buys up 17.9% of voting rights.
  
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• Enterprise issued thousands of policies without authorisation

  07-11-2016 17:39
  
  Enterprise Insurance wrote 10,000 UK roadside assistance policies in the UK without authorisation.
  
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• Clark takes Am Re non-exec role

  07-11-2016 17:35
  Boutique energy and marine specialist Am Re has appointed former
  Willis Re deputy chairman Chris Clark as non-executive chairman,
  the Lloyd's coverholder has announced.
  In a statement on Friday (4 November), Am Re said Clark was set
  to join the team in March next year.
  "Chris will be a major addition to the company and assist
  as Am Re continues its strategy of growth while further enhancing
  its quality of service," the coverholder said.
  In May, The Insurance Insider revealed...
  
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• Liquidator: Enterprise wrote thousands of unauthorised UK policies

  07-11-2016 16:41
  
  Enterprise liquidator Freddie White outlines failed insurer’s regulatory breaches in report
  
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• Autonet works with FSCS to replace Enterprise policies

  07-11-2016 16:33
  
  The van broker sold commercial motor policies underwritten by Enterprise.
  
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• Only one insurance product will take part in FCA's regulatory sandbox

  07-11-2016 16:13
  
  Out of the 24 applications submitted to join the FCA’s regulatory sandbox, just one of those was an insurance product.
  
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• Liquidator gives update on FSCS payments to Enterprise customers

  07-11-2016 16:11
  
  Majority of Enterprise’s UK policyholders appear to qualify for FSCS compensation
  
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• Enterprise’s legal fight with soccer club revealed

  07-11-2016 16:10
  
  Failed insurer Enterprise was embroiled in a number of lawsuits
  
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• Madison Dearborn completes Towergate buy-in

  07-11-2016 15:49
  Private equity house Madison Dearborn has completed its tender
  offer for shares in UK broking group Towergate, making it the
  company's second largest shareholder.
  Madison Dearborn has taken control of 17.9 percent of TIG Topco
  Limited and 37,577 A shares and 15,865,976 warrants in Sentry
  Holdings Limited, through its Cayman Islands-based vehicle Tango
  Investments.
  HPS Investment Partners (formerly Highbridge), KKR, Bain and
  Madison Dearborn now own 95.3 percent of Towergate shares, with the
  rema
  
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• Hiscox raises Syndicate 6104 forecasts

  07-11-2016 15:49
  Hiscox has upgraded its forecast for Syndicate 6104 on the 2014 and
  2015 years of account.
  For the 2014 year Hiscox expects profits of between 30 percent
  and 40 percent of Syndicate 6104's £72mn ($90.1mn) of
  capacity, up from a range of 27.5 percent to 37.5 percent.
  This new forecast suggests a minimum profit of £21.6mn and
  a maximum of £28.8mn for the 2014 year of account.
  For the 2015 year Hiscox expects profits at 25 percent to 35
  percent...
  
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• AmTrust completes ANV deal for $203mn

  07-11-2016 15:49
  AmTrust has completed the acquisition of ANV and its affiliates
  from Ontario Teachers' Pension Plan for approximately $203mn in
  cash, it announced today.
  The Insurance Insider broke the news
  thatAmTrust was the frontrunner to acquire ANV in March this year.AmTrust chairman, president and CEO Barry Zyskind said: "We
  believe adding ANV's experienced management and established
  reputation to AmTrust's existing Lloyd's operations will
  generate profitable growth and attractive returns for our
  sharehol
  
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• Space X satellite explosion creates £158m loss for insurers

  07-11-2016 15:04
  
  The insurance claim for the destruction of an Amos 6 satellite will total $196m (£158m) according to the Tel Aviv Stock Exchange.
  
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• Spacecom expects $196mn insurance payout

  07-11-2016 13:53
  The marine cargo market is set to pay out $196mn to reimburse
  Spacecom for a satellite destroyed on the launchpad at Cape
  Canaveral, Florida, in September.
  Spacecom told the Tel Aviv Stock Exchange this week that
  satellite supplier Israel Aerospace Industries had informed it that
  it would refund the cost effective 24 November.
  The loss is understood to be covered by a Pembroke-led
  consortium whose participants include Chaucer, Talbot, WR Berkley
  and XL Catlin, as
  reported earlier by The Insuranc
  
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• RFIB hires southeast Asia marine cargo team

  07-11-2016 13:53
  Lloyd's broker RFIB has entered the southeast Asia marine cargo
  market with the appointments of Paul Leith-Smith, Giles Penfold and
  Will Hawkins from Ed (formerly Cooper Gay).
  Leith-Smith was previously director of marine at Ed and a
  founding partner at Cameron Richard and Smith.
  Penfold joins with over 22 years of marine experience, while
  Hawkins spent the last four years at Ed as a marine cargo
  broker.
  Dennis Mahoney, CEO of RFIB, said: "Southeast Asia
  represents a key growth area...
  
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• R&Q seals run-off deal for Irish solicitors' fund

  07-11-2016 13:53
  Randall & Quilter (R&Q) has entered into a legacy
  arrangement with the Law Society of Ireland in relation to the
  run-off obligations of the Solicitors Mutual Defence Fund
  (SMDF).
  SMDF was established in 1987 as a mutual fund to provide
  professional indemnity protection for solicitors practicing in
  Ireland. The fund ceased trading in 2011 following a series of
  heavy losses relating to the economic downturn in Ireland.
  The size of the book and the financial terms of the arrangement
  were...
  
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• Bennison joins Tokio Millennium Re board

  07-11-2016 13:53
  Richard Bennison, chairman of Tokio Marine Kiln Syndicates and
  Tokio Marine Kiln Insurance, has joined the board of the
  company's reinsurance arm Tokio Millennium Re.
  Bennison will become an independent non-executive director at
  the company with immediate effect.
  He has more than 35 years of experience in the financial sector,
  the majority of which was spent at KPMG, where he previously served
  as chief operating officer of KPMG Europe and CEO of the firm's
  UK arm.
  He became chairman of...
  
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• FCA reveals list of firms in innovation ‘sandbox’

  07-11-2016 12:54
  
  One insurance organisation is part of the FCA scheme which is designed to support innovators navigate the regulatory system.
  
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• Hedge fund grows Esure stake

  07-11-2016 12:29
  
  Investor buys a further 4.6 million shares
  
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• Lloyd's granted Indian branch approval

  07-11-2016 12:28
  Lloyd's will establish an Indian branch in 2017 after
  securing R1 approval from the Insurance Regulatory and Development
  Authority of India (Irdai).
  The approval means Lloyd's will be able to provide onshore
  reinsurance services in India.
  The branch will be set up in Mumbai.
  Lloyd's chairman John Nelson said he believed the
  Corporation could bring unique benefits to India by providing both
  protection and new opportunities for many domestic insurance
  businesses.
  "India is one of the world's great
  
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• Video: TT Club on the development of freight

  07-11-2016 12:15
  
  All this week we have a series of videos with TT Club outlining the key issues in the freight market.
  
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• Networks necessary for broker growth

  07-11-2016 12:15
  
  Study reveals many smaller UK brokers deem networks essential for coping with regulation.
  
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• Insurance product makes it into FCA testing zone

  07-11-2016 12:00
  
  FCA has admitted 24 of 69 initial applicants into testing area
  
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• Stolen goods shop sheds light on household theft

  07-11-2016 11:00
  
  Nearly half of London homes targeted by thieves in winter months
  
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• Editor's letter - November 2016

  07-11-2016 10:40
  
  “There definitely needs to be change. And it is only through such collective thinking and a combined effort that solutions will be found”
  
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• Hiscox UK premiums grow in third quarter

  07-11-2016 10:37
  
  Specialty commercial business has helped to drive growth
  
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• FX gains benefit Hiscox GWP growth

  07-11-2016 10:33
  UK-headquartered carrier Hiscox has posted top line growth of
  14.3 percent to £1.9bn ($2.38bn) in the first nine months of
  the year as it benefitted from foreign currency gains.
  In reported currency terms gross written premium (GWP) surged
  20.9 percent as the company benefitted from sterling fluctuations
  following the UK's vote to leave the European Union.
  However, the company warned its London Market business and
  Hiscox Re both face challenging trading conditions despite
  expanding year-on
  
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• R&Q to take on the Law Society of Ireland's run-off portfolio

  07-11-2016 10:25
  
  Randall and Quilter Investment Holdings has bought the portfolio of the Law Society of Ireland in respect of the run-off obligations of the Solicitors Mutual Defence Fund.
  
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• Prime Ministerial trips to India see UK edging closer to trade agreements

  07-11-2016 10:08
  
  Recent trips to India have seen London take a step closer to trade agreements, with Lloyd’s ready to set up an Indian branch in 2017 and Sheffield tech firm joining the Prime Minister on her first trade trip.
  
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• #insagepeople: 7 - 13 November 2016

  07-11-2016 10:04
  
  Keep up to date with all the latest people moves.
  
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• Top industry boss says tech will replace insurance jobs

  07-11-2016 09:14
  
  RSA chief executive outlines that there will be less high skilled people in the future
  
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• Z/Yen launches research project exploring use of new tech

  07-11-2016 09:04
  
  The Insurtech Academy will study technologies such as blockchain, big data and robotics
  
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• Pre-action protocol becomes compulsory in Scotland

  07-11-2016 08:00
  
  Those of us who represent defenders in personal injury litigation in Scotland have long bemoaned the lack of a compulsory pre-action protocol. The voluntary pre-action protocol came into force in Scotland on 1 January 2006, but the title gives the game away: it has no statutory basis and is entered into entirely voluntarily by the parties involved.
  
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• Legal Update: Apologies and the risk of contravention of 'no admission' clause

  07-11-2016 08:00
  
  Apologies and self-reporting may be tantamount to an admission of liability, in some cases. Clear wordings and careful crisis management can help avoid that.
  
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• Pre-med settlements are routinely undercutting claimants

  07-11-2016 01:14
  
  Accident victims are routinely offered settlements by insurance companies that are several hundred pounds lower than the amount they are awarded if the case goes to court.
  
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