Insurance news

• Underlying reinsurance combined ratio 99%: Swiss Re

  22-11-2016 18:44
  The underlying combined ratio for the global non-life reinsurance
  sector will reach 99 percent this year, Swiss Re has predicted.
  According to the firm's global insurance 2016 review and
  outlook, international reinsurers are expected to report an
  industry combined ratio of 93 to 94 percent - a result flattered by
  benign catastrophe losses and reserve releases.
  Stripping out these two factors, the sector comes much closer to
  breakeven profitability, at 99 percent.
  The estimates assume no other la
  
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• Nine Merchants Re confirms launch under Warwick and Ye

  22-11-2016 18:44
  Nine Merchants Re, the $500mn start-up led by former Aon
  Benfield Greater China CEO Steve Warwick, has confirmed it is
  applying for authorisation to launch a reinsurance business in Hong
  Kong.
  On 18 October, The Insurance Insider
  broke the news that Nine Merchants had
  found a cornerstone backer in Chinese investment group First
  Seafront Financial and was targeting a 1 April inception date.The start-up - founded by Warwick and COO Helen Ye - is also in
  discussions with AM...
  
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• James River shares drop on secondary offering

  22-11-2016 18:44
  James River Group's shares opened down 7.7 percent this
  morning at $38.56 after the US excess and surplus lines player
  disclosed a proposed sale of stock by backer DE Shaw late
  yesterday.
  The shares were down as much as 8.6 percent before markets
  opened, as investors digested the implications of the secondary
  offering.
  James River said DE Shaw and its affiliates planned to sell 3
  million shares in a secondary offering run by Morgan Stanley, with
  an option to sell...
  
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• HDI Global branches into UK cyber

  22-11-2016 18:44
  HDI Global has entered the UK cyber market, promoting senior
  claims manager Peter Hawley to underwrite its new offering.
  Hawley will be joined by property underwriter James Stiff.
  HDI Global has entered the market with the launch of a dedicated
  cyber breach response policy with a limit of up to EUR50mn ($53mn),
  offering coverage across a range of industry sectors.
  The product covers the costs of defending the insured, carrying
  out forensic examinations to secure the breach, associated business
  i
  
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• Charles Taylor shares fall 14% amid profit warning

  22-11-2016 18:44
  Insurance services firm Charles Taylor saw its share price plummet
  by 13.8 percent today after it was forced to admit it was likely to
  miss market expectations for its 2017 earnings growth.
  In a stock exchange announcement detailing the acquisition of a
  closed book of life assurance, Charles Taylor said the deal was
  "expected to support the group's earnings growth, although
  this is now anticipated to be somewhat lower than the market's
  previous expectations for 2017".
  Shares promptly fell by...
  
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• BP Marsh invests in marine cargo MGA Fiducia

  22-11-2016 18:44
  BP Marsh has bought a 25 percent stake in marine cargo managing
  general agency (MGA) Fiducia for a total consideration of
  £75,000 ($92,895).
  In addition to the equity investment, BP Marsh has agreed to
  provide Fiducia with total loan funding of up to £1.73mn.
  Some £350,000 will be drawn down on completion of the deal,
  with further provision of funds subject to Fiducia meeting certain
  conditions as outlined in the agreed business plan.
  Fiducia is a Lloyd's coverholder that speci
  
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• 521 jobs at risk in Kwik-Fit Insurance office closure

  22-11-2016 18:23
  
  Ageas is consulting with more than 500 staff over the planned closure of Kwik Fit Insurance in Uddingston, Scotland.
  
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• Ageas puts hundreds of jobs at risk as it plots broker closure

  22-11-2016 18:06
  
  Company has entered into consultation with employees
  
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• Alan Boswell buys S-Tech

  22-11-2016 16:19
  
  Deal adds Cambridge office to the group.
  
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• Gable policies will expire in a month, FCA warns

  22-11-2016 16:03
  
  Policies with Gable will automatically be cancelled in less than a month’s time, the Financial Conduct Authority has warned.
  
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• Gable now in default, states FSCS

  22-11-2016 15:03
  
  Liechtenstein court appointed liquidator for Gable Insurance on 17 November.
  
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• FSCS declares Gable in default

  22-11-2016 14:48
  
  Gable has been declared in default by the Financial Services Compensation Scheme.
  
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• Driverless cars could 'kill off' motor insurance, Ageas warns

  22-11-2016 14:26
  
  Driverless cars could spell the end of motor insurance and force a transformation of the claims process, the CEO of Ageas has warned.
  
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• XL Catlin names CEO of InsurTech team

  22-11-2016 14:17
  XL Catlin has appointed Vincent Branch as CEO of its InsurTech
  unit Accelerate.Branch was previously chief underwriting officer and chief
  actuary for UK medical insurance specialist VitalityHealth. Prior
  to this role, he was the global chief underwriting officer for
  personal lines at Zurich.During his time in the personal lines space, Branch had worked
  with the use of wearable technology, telematics and automation for
  the insurance industry.Accelerate is led by former XL Catlin CUO for insurance
  
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• UK P&I Club gives 3% premium discount

  22-11-2016 14:17
  The UK P&I Club has agreed a 3 percent premium discount on the
  total mutual call for the 2015 policy year.
  In the current shipping environment, the UK Club board has
  decided it is prudent to revise the club's approach to the
  general increase, it said in a statement today.
  The club will not be seeking a standardised general increase for
  the 2017 renewal, but the premium will instead reflect the specific
  risk a member brings to the club for...
  
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• Towergate returns to Ebitda growth

  22-11-2016 14:17
  UK broking group Towergate posted a 5.9 percent increase in
  adjusted Ebitda to £19.4mn ($24.0mn) in Q3, its first quarter
  of positive year-on-year growth since its financial restructuring
  in 2015.
  Towergate said the improvement in underlying profitability had
  been driven by strong cost control and stabilising income.
  Third quarter income fell 4.8 percent to £80.8mn. Revenue
  decline slowed against the backdrop of challenging market
  conditions, supported by improvements in staff retent
  
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• Steadfast Re opens London office

  22-11-2016 14:17
  Steadfast Re is to open an office in London, The
  Insurance Insider can reveal.
  The office will give the Australian reinsurance broker a base
  for placing existing business from Australia, New Zealand and Asia
  into the London market.
  David Saxton, former vice president of broking at Beach &
  Associates, will head up the office, which will have with four or
  five permanent members of staff and will begin operating in
  December.
  Saxton spent almost nine years at Beach before moving...
  
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• PCS finalises Canada wildfire industry loss at $3bn

  22-11-2016 14:17
  The final PCS industry loss figure for the Fort McMurray
  wildfires in Alberta, Canada has settled at C$3.98bn ($2.96bn),
  sister title Trading Risk reported last
  week.
  This was down 15 percent from the estimate of C$4.67bn released
  in September, affirming reports at that time from this publication
  that claims from the Canadian disaster were likely to be at the
  lower end of initial forecasts.
  "Personal lines losses decreased significantly," said
  Ted Gregory, PCS's director of operations.
  Insurers
  
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• Insider View: Zurich's strategy update

  22-11-2016 14:17
  Greco's turnaround project for Zurich addresses the immediate
  investor concerns that caused the firm's valuation to slump
  below book value just under a year ago.
  The Italian CEO - credited with the reform of Generali - has put
  in specific targets which aim to correct the deeply engrained
  problems at his new workplace, including lax underwriting
  discipline, insufficient risk management and a bloated
  waistline.
  However, it's difficult to see how this three-year plan
  positions Zurich for the long t
  
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• Insider View: AIG investor day

  22-11-2016 14:17
  AIG may not be out of the woods just yet, but the dense foliage
  is thinning and the path to meeting its 2017 turnaround targets
  looks clearer.
  The latest data points suggest that the insurance giant is well
  ahead on expense rationalisation, on course with capital
  management, and confident on cutting its core commercial loss ratio
  to 60 percent.
  A core part of the commercial insurance reform succeeding will
  be AIG's ability to reposition its ongoing portfolio of
  business to...
  
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• Cat bond spreads tighten amid slow Q4

  22-11-2016 14:17
  Two repeat cat bond sponsors are set to raise as much as $650mn of
  reinsurance limit from the insurance-linked securities (ILS) market
  as pricing on their new deals came in at competitive levels, sister
  publication Trading Risk has reported.
  The anticipated insurance coupon on a new Bonanza Re cat bond
  from American Strategic Insurance has dropped 9 percent below
  initial targets, sources said.
  Meanwhile, anticipated pricing on the latest Ursa Re bond for
  the California Earthquake Authority (CEA)
  
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• Axa tests reinsurers' resolve with 50% aviation QS

  22-11-2016 14:17
  A litmus test of the aviation reinsurance market is on the way
  as carriers weigh the merits of a new 50 percent whole-account
  quota share sought by top-10 aviation insurer Axa.
  The Insurance Insider understands Axa
  has approached reinsurers with a view to placing the major new pro
  rata treaty at 1 December, with some of the market sceptical about
  the cedant's motives given that aviation business is
  loss-making following years of compound rate reductions.
  Sources said a number of...
  
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• Analysts welcome AIG progress report

  22-11-2016 14:17
  AIG's investor day last Friday (18 November) met with a
  lukewarm share price reaction, as the stock closed marginally down
  before edging back up at the start of this week.
  But sell-side analysts broadly welcomed a level of detail on
  operating and legacy portfolios from management, which they said
  should add to investor confidence that the insurer can achieve its
  turnaround targets.
  CEO Peter Hancock said that the company is on
  course to meet its goal of returning at least...
  
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• AIG weighs European HQ relocation

  22-11-2016 14:17
  Anthony Baldwin, CEO of AIG Europe and AIG UK, has said that the
  carrier would consider moving its European headquarters out of
  London in the wake of the Brexit vote.
  Speaking at the Association of British Insurers' conference
  today, Baldwin was asked whether he could take a decision to move
  the London head office to elsewhere in the EU in the coming year,
  to which he responded: "Yes, we might take that
  decision."
  "We will always continue to have a...
  
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• FSCS: Gable now in default

  22-11-2016 14:17
  
  Compensation scheme working with Gable’s newly-appointed liquidator
  
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• Updated: Solvency II has 'not been worth it', ex PRA director admits

  22-11-2016 14:10
  
  Solvency II has "not been worth it", the former insurance director at the Prudential Regulatory Authority has admitted.
  
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• Solvency II has 'not been worth it', ex PRA director admits

  22-11-2016 14:10
  
  Solvency II has "not been worth it", the former insurance director at the Prudential Regulatory Authority has admitted.
  
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• FCA calls for insurers to help solve FSCS puzzle

  22-11-2016 14:03
  
  FCA chief executive Andrew Bailey asks for help on PI insurance
  
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• AIG to move European HQ out of London following Brexit vote

  22-11-2016 13:56
  
  AIG could move its European headquarters from London to an EU country, following the referendum result.
  
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• Headley buys Robinson Buckley Insurance Brokers

  22-11-2016 13:47
  
  The deal is the second acquisition for Headley Insurance Services in 2016.
  
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• Trov partnership is a model for how to handle disruptors, says Blanc

  22-11-2016 13:39
  
  Insurers should embrace 'disruptive' insurtech start-ups like Trov, said Amanda Blanc, Axa UK CEO.
  
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• Insurers pay out £56.7m in claims every day

  22-11-2016 13:27
  
  Insurers paid out £56.7m to customers every day in 2015, according to figures from the Association of British Insurers.
  
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• Sign up now - less than a fortnight to go until Broker Expo Live

  22-11-2016 13:24
  
  Reserve your slot now for free access to the online event on 6 December.
  
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• ABI hires former Insurance Times exec for innovation role

  22-11-2016 12:29
  
  Trade body names its first tech and innovation associate
  
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• Insurers call for data standards on driverless cars

  22-11-2016 12:27
  
  Cars of the future will need to collect a basic set of core data to prevent drivers being unfairly blamed if technology goes wrong, the Association of British Insurers Annual Conference will hear today.
  
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• VIG sees 88.4% rise in Q3 profits

  22-11-2016 12:20
  
  Vienna Insurance Group has seen an 88.4% rise in pre-tax profits in the third quarter of the year.
  
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• Government 'priority' to work with insurance industry to enhance economy

  22-11-2016 12:18
  
  The government will continue to work alongside the insurance industry in order to prepare for market changes.
  
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• Japan shaken by magnitude 7.4 quake

  22-11-2016 12:05
  A magnitude 7.4 earthquake struck the eastern coast of Japan at 6am
  local time today.
  The event occurred near Fukushima - the site of 2011's
  magnitude 9.0 quake and resulting tsunami - triggering initial
  warnings of 3-metre-high tsunami waves.
  The Japan Meteorological Agency declared that the temblor was an
  aftershock to the 2011 earthquake, and the largest since that
  quake's immediate aftershocks.
  The US Geological Survey initially put the magnitude at 7.3 but
  later downgraded this to 6.9 - low
  
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• Casserley to depart with $21mn

  22-11-2016 12:05
  Willis Towers Watson deputy CEO Dominic Casserley will receive a
  payout of up to $21mn when he leaves the firm at the end of the
  year, the Financial Times has reported.
  Analysis of company filings suggested the non-renewal of
  Casserley's contract would result in a cash payment of about
  $8mn and share-based awards worth about $13mn. He will also qualify
  for about $200,000 of other benefits.
  In April, The Insurance Insider
  reported widespread rumours that Casserley's days at the newly...
  
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• Storm Angus brings flooding, damage and destruction to the UK

  22-11-2016 11:51
  
  Large parts of the UK have been warned of further flooding and bouts of strong winds as a result of Storm Angus, the first named storm to hit the UK this year.
  
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• FCA boss warns insurers about ‘exploiting’ customers through Big Data

  22-11-2016 11:34
  
  The Financial Conduct Authority has warned against insurers “exploiting” customers by using Big Data to unfairly tailor premiums.
  
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• In Focus: How can brokers protect their SME clients?

  22-11-2016 11:30
  
  Sam Barrett explores what kind or risk management advice brokers need to offer their customers in part two of our series
  
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• David Ross upbeat on organic growth at Towergate

  22-11-2016 11:11
  
  CEO hails foundations in place with stable workforce.
  
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• CFC unveils kidnap & ransom product

  22-11-2016 10:41
  
  Policy is backed by a number of Lloyd's syndicates.
  
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• InsurTech Futures: Axa teams up with Trov app

  22-11-2016 10:20 via insuranceage.co.uk
  
  The UK partnership allows customers to buy insurance on demand via the Trov app.
  
  Read more

• Damage and disruption as 2016’s first named storm hits

  22-11-2016 09:54
  
  More damage expected as Storm Angus lashes UK
  
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• Towergate posts positive Ebitda growth in Q3

  22-11-2016 09:51
  Towergate today posted a 5.9 percent increase in adjusted Ebitda to
  £19.4mn ($24.0mn) in Q3, its first quarter of positive
  year-on-year growth since its financial restructuring in 2015.
  Towergate said improvement in underlying profitability had been
  driven by strong cost control and stabilising income, as the
  results of its restructuring started to bear fruit.
  Third-quarter income fell 4.8 percent to £80.8mn. Revenue
  decline had slowed against the backdrop of challenging market
  condi
  
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• Towergate poised to start acquiring again

  22-11-2016 09:43
  
  Towergate chief executive also expecting organic growth
  
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• Ebitda rises despite income fall at Towergate in Q3 2016

  22-11-2016 09:32
  
  CEO Ross says consolidator has reached a “milestone”.
  
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• Towergate boosts profits amid cost cutting

  22-11-2016 09:13
  
  But Towergate’s year-to-date profitability still down
  
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