Insurance news

• Kinsale falls on Moelis stake sale

  29-11-2016 21:17
  Shares in Kinsale Capital Group slid as much as 7 percent in
  early trading in New York today after the excess and surplus lines
  specialist filed a plan for a secondary stock offering of up to
  3.22 million common shares late yesterday.
  The stock to be sold is chiefly held by Moelis Capital Partners
  and comes barely four months after the Richmond, Virginia-based
  insurer raised $72.8mn through an IPO of 7.59 million shares,
  priced at $16.00 each.
  Kinsale shares fell...
  
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• Federated National shares gyrate on new buyback plan

  29-11-2016 21:17
  Shares of Federated National gained as much as 7.5 percent in
  early New York trading today after the Florida property and
  casualty carrier added $10 million in purchasing authority to its
  stock buyback programme.
  However the shares gave up the entire gain by early afternoon
  and traded unchanged yesterday's close at $17.49, after dipping
  to a small loss.
  In March, the company announced a $10mn share repurchase
  authorisation, saying it would expire in about 12 months and would
  be funded...
  
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• D&O defense costs double: AGCS

  29-11-2016 21:17
  Defense costs under directors and officers (D&O) policies
  have almost doubled in the past six years, according to Allianz
  Global Corporate & Specialty (AGCS).
  In a recent report, the insurer pointed to a global trend of
  D&O claims being dragged out resulting in lengthier legal
  battles that increase settlement expectations and rack up legal
  fees.
  As an example, AGCS highlights US securities class-action cases
  which tend to take three to six years to conclude and cost an
  average of $10
  
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• Helios raises profit forecasts

  29-11-2016 18:16
  Aim-listed Helios Underwriting has upgraded its forecasts for the
  2014 and 2015 years of account.
  The Lloyd's carrier now expects a midpoint profit of 12.78
  percent of capacity for the 2014 year of account, up 1.47
  percentage points on the forecast at 30 June and above the
  Lloyd's average of 9.40 percent for the year.
  This would generate a profit of £8.23mn ($10.20mn) for the
  2014 year of account, based on capacity of £34.40mn.
  For the 2015 year of account,...
  
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• Call for London ILS framework to clarify 'fully funded' definitions

  29-11-2016 18:16
  The London market ILS framework needs to introduce clearer
  terminology on the requirement for transaction structures to be
  "fully funded" to avoid uncertainty, according to
  Clifford Chance, legal advisers to London Market Group (LMG)'s
  ILS working group.
  In order to meet Solvency II requirements, multi-arrangement
  insurance special purpose vehicles (ISPVs) used to write ILS
  business in London will have to be "fully funded", with
  enough assets set aside upfront to meet liabilities.
  However, Cliff
  
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• US carriers on the rise

  29-11-2016 15:19
  The Insider 30 was up 1.1 percent last
  week on average, buoyed by the good stock performance of the North
  American carriers in the group.
  Fairfax was the week's biggest riser as its shares climbed
  4.9 percent to C$618. This marked the stock's first recovery
  since its dramatic drop following the company's Q3 earnings
  release.
  Shares in Markel were up 3.6 percent in the week, closing at
  $914.99, as the carrier continued to enjoy the upwards trajectory
  triggered by its...
  
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• Turbulence on the way from Brexit: Deutsche Bank

  29-11-2016 15:19
  The UK should prepare itself for the unavoidable economic
  turbulence that the decision to leave the European Union (EU) will
  begin to bring in 2017.
  This was the view presented by Mark Wall, Deutsche Bank's
  chief European economist, at a breakfast briefing to senior
  executives in the UK insurance industry last week, organised by
  Deutsche Asset & Wealth Management.
  Wall explained that the vote to leave the EU was starting to
  making itself felt through economic transmission mechanisms.
  The fir
  
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• NZ Super Fund keeps ILS investments at $200mn

  29-11-2016 15:19
  The New Zealand Super Fund's reinsurance allocation remained
  stable at about $200mn in 2016.
  In its annual report, the sovereign wealth fund disclosed an
  NZ$75mn ($53mn) allocation to Elementum Advisors and a NZ$213mn
  investment with Leadenhall Capital Partners as at 30 June, around
  the same level it had invested with the funds at the same point
  last year.
  The reinsurance and life settlements allocation represented 2.4
  percent of its total NZ$30.1bn portfolio as of June.
  The fund delivered a 1.8
  
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• Korean Re syndicate part of broader international push

  29-11-2016 15:19
  Korean Re's plans to launch a full Lloyd's syndicate are
  a further step in its ambitions to "dominate" the global
  reinsurance market.
  The Insurance Insider revealed
  yesterday that the Seoul-headquartered reinsurer has beenholding discussions with turnkey managing agents as it begins
  work on establishing a full syndicate at Lloyd's.
  Sources told this publication the top-10
  global reinsurer has engaged in early-stage discussions with
  Charles Taylor and Asta, although it may yet approach other
  firm
  
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• Insider View: Korea's sleeping giant

  29-11-2016 15:19
  When the global specialty and reinsurance markets think of inbound
  investment from Asia, it is usually Japan and China which spring to
  mind.
  But the South Korean market is equally as mature, and has the
  potential to make just as big an impact.
  Korean Re itself is a $5.4bn premium business that has made a
  clear statement of its ambitions for international status and
  recognition.
  But next to it sits a financial powerhouse patiently lying in
  wait for the opportune...
  
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• Insider View: Hearn's strategy for Guy Carpenter

  29-11-2016 15:19
  What will the reinsurance broker of the future look like? That is
  the question that I would be asking if I were sitting in Peter
  Hearn's chair now as he determines the strategic direction that
  he wants to take Guy Carpenter in.
  He will not be able to set aside the short-term considerations
  that come with the continuation of a soft market that has eaten
  away at reinsurance broking margins for a number of years now, but
  the longer-term challenge...
  
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• Insider View: Hamilton 2.0

  29-11-2016 15:19
  At the interface of technological innovation and traditional
  underwriting it can be difficult to separate the initiatives that
  will bring genuine change to the industry from those that promise
  much, but deliver little.
  And for its first two years, Hamilton USA has looked to be
  stalling between the two.
  The concept looked tailor-made: the tie-up with a renowned
  technology fund, high-calibre investors and a number of
  heavyweights on the board. And in Brian Duperreault, CEO of the
  Bermudian parent
  
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• Hearn targets efficiencies at Guy Carpenter

  29-11-2016 15:19
  CEO Peter Hearn is expected to attempt to make efficiency
  savings at Guy Carpenter as he looks to reallocate resources away
  from transactional broking and towards higher-end consultancy and
  analytics.
  Sources have said that, having assessed Guy Carpenter in his
  first six months in the role, Hearn will try to take cost out of
  the business in order to future-proof the organisation.
  The changes would form part of a broader push by reinsurance
  brokers to reinvent themselves as broad-based risk...
  
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• Hamilton USA refocuses on $70bn middle market

  29-11-2016 15:19
  Hamilton USA is in talks with a number of programme partners as it
  looks to exit its current portfolio and reposition itself for
  growth in the middle market segment under new CEO Seraina Macia,
  The Insurance Insider can reveal.
  According to sources, the carrier is in discussions with WKFC,
  Berkley Risk Specialty, McGowan Companies, Insurance Company of the
  West, Blue Sky and Alta Risk, among other managing general agents
  and programme managers.
  Programme business is thought to account for around
  
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• Generali targets EUR180mn motor cover

  29-11-2016 15:19
  Generali is seeking EUR180mn ($192mn) of cat bond cover for its
  motor third-party liability book through a Dublin-based special
  purpose vehicle called Horse Capital I DAC, sources told sister
  publication Trading Risk. ‎
  The Italian insurer is looking to reinsure the portfolio's
  2017, 2018 and 2019 loss ratios in Italy, Germany, the Czech
  Republic, France, Austria, Spain and Switzerland.
  The transaction has an indemnity trigger and losses will be
  calculated on an annual aggregate basis.
  Inves
  
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• Clifford Chance: Aspects of ILS tax framework 'ill-defined'

  29-11-2016 15:19
  Some concepts in the UK Treasury's insurance-linked securities
  (ILS) tax framework are unclear and could lead to uncertainty,
  according to Clifford Chance, legal advisers to London Market Group
  (LMG)'s ILS working group.
  There needs to be clearer terminology on the requirement for
  transaction structures to be "fully funded", the law firm
  said.
  In order to meet Solvency II requirements, multi-arrangement
  insurance special purpose vehicles (ISPVs) used to write ILS
  business in London will have to
  
  Read more

• Beale dismisses compulsory cyber cover

  29-11-2016 15:19
  Lloyd's CEO Inga Beale has rejected the idea of mandatory cyber
  insurance for businesses, describing it as a "blunt
  instrument" for increasing cyber penetration.
  Speaking at the CFC Cyber Symposium in London last week (24
  November), Beale said a better way to address this would be to make
  it a requirement for companies to disclose the robustness of their
  cybersecurity.
  "This is how I would tackle it. This way the customers end
  up choosing whether to use it or not....
  
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• Barents Re launches Luxembourg company for London push

  29-11-2016 15:19
  Panama-headquartered reinsurer Barents Re has set up a new
  capitalised entity in Luxembourg as it prepares to write business
  from London at 1 January.
  Barents Re will operate in London as a branch of the Luxembourg
  arm, which is fully capitalised and has received a financial
  strength rating of A from AM Best.
  The London office will focus on writing facultative reinsurance
  business across a range of specialty lines in Europe, including
  energy, property and general aviation, and is likely...
  
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• Zurich veteran Riddell to become Neon chairman

  29-11-2016 13:17
  Zurich's former CEO of Asia Pacific Geoff Riddell is set to
  become non-executive chairman of American Financial Group's
  revamped Lloyd's business Neon early next year, The
  Insurance Insider can reveal.
  Sources told this publication that Riddell is set to take over
  from outgoing chairman John Mumford in around February, completing
  the overhaul of the old Marketform leadership team since Martin
  Reith was brought in as CEO in November 2015 to reform the
  misfiring insurer.
  Riddell is an eminent indu
  
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• Tokio Marine Kiln leads $25mn LaMia liability policy

  29-11-2016 13:17
  Tokio Marine Kiln (TMK) is the lead reinsurer on a $25mn liability
  policy covering Bolivian charter airline LaMia, which was operating
  a plane that crashed yesterday killing 76 people, The
  Insurance Insider can reveal.
  It is understood that TMK has a 30 percent line on the
  international reinsurance policy, placed by Aon, with the local
  cover fronted by Bisa Seguros y Reaseguros.
  London market sources said the hull of the plane is not known to
  have insurance.
  Tokio Marine Kiln...
  
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• LV Broker mulls exit from home after ‘forensic’ review

  29-11-2016 13:13
  
  LV Broker is considering plans to stop selling home insurance, following a “forensic” review of the business.
  
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• LV ponders pulling out of broker personal lines home insurance

  29-11-2016 12:49 via insuranceage.co.uk
  
  Insurer consulting with staff over impact on jobs.
  
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• Top 20 insurer plans exit from brokered home business

  29-11-2016 12:48
  
  Company consulting with employees over proposed brokered home exit
  
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• Big-name insurer plans exit from brokered home business

  29-11-2016 12:48
  
  Company consulting with employees over proposed brokered home exit
  
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• InsurTech Futures: Brokers could be replaced by robots

  29-11-2016 12:34
  
  Experts warn that customers sometimes “prefer” service and advice from a machine.
  
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• Opinion: the CII's Sian Fisher on equal opportunities

  29-11-2016 12:15
  
  Delivering diversity: There is still an imbalance in insurance when it comes to diversity, but the industry is working hard to correct it, says Sian Fisher
  
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• Humphreys admits Markerstudy could bid for Brightside "if it came back on the market"

  29-11-2016 11:54
  
  Markerstudy's Gary Humphreys talks exclusively to Insurance Age for the December edition.
  
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• Tomorrow's Foil elects new president

  29-11-2016 11:25
  
  Browne Jacobson insurance law specialist, Mukesh Kainth, has been elected president of Tomorrow’s Forum of Insurance Lawyers.
  
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• China may move to restrict outbound M&A

  29-11-2016 11:20
  The Chinese government is preparing to clampdown on outbound
  foreign investment to prevent capital flight, The Financial
  Times reported.
  Sources told the publication the Chinese State Council will ban
  outbound investment deals worth more than $10bn or M&A
  transactions above $1bn if they are not within the Chinese
  investors' core business.
  Meanwhile, state-owned enterprises will also now be allowed to
  invest more than $1bn in foreign real estate.
  Non-financial outbound investment by Chinese c
  
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• Insurance executive retires

  29-11-2016 09:31
  
  Insurance executive retires after 36 years at one firm
  
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• Insurance law firm in merger

  29-11-2016 09:02
  
  Insurance law firm merges with Northern Ireland firm
  
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• Time to focus on liability

  29-11-2016 08:05
  
  Most employers don't spend too much time thinking about employers' liability, public liability and product liability unless they actually have a claim. So perhaps it is just as well that the national media is continually drawing attention to tragic incidents where such policies are likely to come into play.
  
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• Spotlight: Motor Data: Increasing data use in the van sector

  29-11-2016 08:00
  
  Van insurance is often purchased by sole traders in the same way as household insurance but data in this sector lags behind the rest of the personal lines sector. What can the sector do to catch up?
  
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• Covéa's Carol Geldard on why a child's perspective can be helpful

  29-11-2016 08:00
  
  It’s slightly galling, but at the same time strangely satisfying, when your 11-year-old points out the glaringly obvious.
  
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• Kinsale sets secondary offering as Moelis cuts stake

  29-11-2016 05:32
  Excess and surplus lines specialist Kinsale Capital Group has
  registered a secondary stock offering of up to 3.22mn common shares
  to be sold by investors only a few months after its IPO.
  Kinsale, founded in 2009 in Richmond, Virginia, focuses on the
  US small business market and employs a proprietary technology
  platform to quickly collect and analyse data and rapidly respond to
  customers, according to the company.
  In its July IPO, Kinsale raised $72.8mn by selling 7.59mn shares
  at $16...
  
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• Allstate adds consumer reach with $1.4bn SquareTrade deal

  29-11-2016 02:30
  Allstate has agreed to buy SquareTrade, a provider of consumer
  protection plans for products such as mobile phones, televisions
  and appliances, for about $1.4bn in cash and debt issuance.
  The deal will dramatically expand the personal-lines
  carrier's reach into the specialty market by adding 25mn
  customers currently doing business with San Francisco-based
  SquareTrade, the companies said in a statement posted on their
  websites late today.
  The acquisition is expected to close in January and will r
  
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• Axis to buy EUR50mn aviation carrier Aviabel

  29-11-2016 00:05
  Axis Capital is set to build out its presence in the global
  aviation market after agreeing to buy Belgium-based carrier
  Aviabel.
  The general aviation insurer and reinsurer writes around EUR50mn
  of gross written premiums annually with products and services
  across general aviation, airlines, airports, pilots and crews, and
  aerospace manufacturers.
  The acquisition will extend Axis' geographic reach and its
  presence in smaller account markets.
  In a statement, Axis said it will continue to maintain t
  
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