Insurance news

• Towergate continues London growth with brace of hires

  30-11-2016 23:50
  Towergate's freshly-rebranded London market division
  Bishopsgate has hired two senior brokers from rivals THB and
  Lockton as it continues its buildout, The Insurance Insider
  understands.
  Matt Edwards is set to join the broker early next month to head
  up its international property team after a stint in the garden
  following his departure from THB last year.
  Meanwhile, former Lockton professional indemnity broker Paul
  "Charlie" Browne has been appointed to run a rival team
  at Towergate.
  This public
  
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• Fitch downgrades P&C sector outlook to negative

  30-11-2016 23:50
  Fitch Ratings has downgraded its outlook for the property and
  casualty sector to negative from stable, citing rising competition
  and deteriorating profitability in a persistently soft market
  heading into 2017.
  "Pricing continues to trend unfavourably in most major P/C
  segments and there is no catalyst in sight in 2017 that would
  promote a meaningful shift in pricing trends" said Fitch
  managing director James Auden in a report released today.
  Profitability and market conditions are unlikely to im
  
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• Best impaired insurers list expands by 9 in 2015

  30-11-2016 23:50
  The number of failing US insurers added to AM Best's list of
  impaired carriers nearly doubled last year from 2014, with nine
  placed either into liquidation or receivership in 2015, the
  credit-rating company said today.
  Eight of the companies identified by Best as newly added to its
  impairment list were property/casualty insurers, while the ninth
  wrote life policies, Best said in the annual industry study.
  Of the P&C carriers, several were focused on the challenged
  auto and transportation lin
  
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• Opinion: Charles Manchester reviews the year

  30-11-2016 17:53
  
  2016 and all that: Manchester Underwriting Management's Charles Manchester casts his eye over the political, economic and insurance events of this year.
  
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• Kaikoura quake losses up to $2bn: NZ Treasury

  30-11-2016 15:57
  The Kaikoura earthquake could result in economic losses of NZ$2bn
  to NZ$3bn ($1.4bn-$2.1bn), according to estimates from the New
  Zealand Treasury.
  Treasury Secretary Gabriel Makhlouf told parliament that
  insurance would cover some costs, but that the figures did not
  include the potential cost of rebuilding some of the damaged
  infrastructure.
  The residential areas that were most affected by the earthquakemade up just 0.4 percent of the country's households, he
  said, compared to 10 percent for the
  
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• IUA: Single market access is key Brexit concern

  30-11-2016 13:44
  
  The London insurance market must maintain access to the single market following Brexit negotiations, the International Underwriting Association has warned.
  
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• RSA appoints chief technology officer

  30-11-2016 13:29
  RSA has hired David Germain as chief technology officer from UK
  bank RBS, it announced yesterday.
  Germain was most recently head of technology, operations and
  product processing at RBS's commercial and private banking
  unit. He has also held senior roles at Deutsche Bank, Close
  Brothers and GE Capital.
  He replaces Tim Skates, who has moved on to become Aviva's
  group IT risk director, according to the executive's LinkedIn
  profile.
  Based in London, Germain will report to group chief information
  off
  
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• Greek government launches EUR600mn Ethniki auction

  30-11-2016 13:29
  The Greek government has launched the sale process for
  state-owned insurance company Ethniki, The Insurance
  Insider has learned.
  Sources said Morgan Stanley and Goldman Sachs had been appointed
  to handle the sale of the largest insurer in Greece, which has book
  value of around EUR600mn ($635mn).
  It is understood that a teaser sale prospectus has been sent out
  to potential bidders, with non-binding offers due just before
  Christmas.
  Sources said that the business could be expected to fetch
  roughly
  
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• D&O defence costs double: AGCS

  30-11-2016 13:29
  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 highlighted US securities class action
  cases, which tend to take three to six years to conclude and cost
  an average o
  
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• Cost cutting is 'not a strategy': Allianz CEO

  30-11-2016 13:29
  Allianz CEO Oliver Bäte today rejected speculation that his
  firm will embark on an efficiency drive like that of peers Generali
  and Zurich, arguing that cost cutting "is not a
  strategy".
  During questioning by analysts at the firm's capital market
  day, Bäte said cost-cutting regimes result from
  management's failure to "mend the ship" and invest in
  a business effectively in previous years.
  A company's management then unveils higher dividends and
  share buybacks to compensate, the CEO adde
  
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• Allianz unveils EUR430mn tech fund

  30-11-2016 13:29
  Allianz has established a EUR430mn ($456mn) fund to support the
  development of technology start-ups, as it looks to stave off the
  threat of disruption.
  Allianz X will build new technology companies and invest in
  start-ups and international venture funds, Allianz chief digital
  officer Solmaz Altin said at the firm's capital market day
  today.
  "All start-ups are looking for scale. We have that and we
  can employ it," he said.
  To create Allianz X, the carrier has revamped its "digital
  accelerator&
  
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• Two fundamentally dishonest PI claims thrown out after lies caught on TV

  30-11-2016 13:29
  
  Claimants have also been ordered to pay defence costs for the fundamentally dishonest PI claims
  
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• TV footage helps uncover fundamentally dishonest PI claims

  30-11-2016 13:29
  
  Claimants have been ordered to pay defence costs for the fundamentally dishonest PI claims
  
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• Lies caught on TV uncover fundamentally dishonest PI claims

  30-11-2016 13:29
  
  Claimants have been ordered to pay defence costs for the fundamentally dishonest PI claims
  
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• Pool Re chairman joins Neon as non-executive chairman

  30-11-2016 11:50
  
  Neon has appointed former Pool Re chairman Geoff Riddell as non-executive chairman.
  
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• Neos enters partnership with Zoopla Property Group

  30-11-2016 11:40
  
  Connected home insurance provider Neos has acquired investment as part of a new partnership with Zoopla Property Group.
  
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• Cash for crash fraudster jailed

  30-11-2016 11:38
  
  Cash for crash fraudster caught after witness recognised him
  
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• Lib Dems urge rethink on IPT increase

  30-11-2016 11:01
  
  An early day motion has been raised by the Liberal Democrats’ leader for the government to rethink its decision to increase the insurance premium tax.
  
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• Lib Dem leader calls for IPT rethink

  30-11-2016 10:45
  
  Tim Farron has called on the government to review its decision to increase insurance premium tax to 12%.
  
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• The stats: December 2016 - The Acturis Premium Index

  30-11-2016 10:25
  
  Brokers will be concerned that the now traditional third quarter falls in the Acturis Premium Index have happened again.
  
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• RSA research: Brokers see little business risk from Brexit

  30-11-2016 10:24
  
  Survey also investigated the reasons for underinsurance in the SME market.
  
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• Watchstone suspends planned capital returns until Slater & Gordon claim resolved

  30-11-2016 10:05
  
  Watchstone Group's planned capital returns to investors is on hold until its warranty claim with Slater & Gordon has been resolved.
  
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• Brokers reveal scale of SME underinsurance

  30-11-2016 09:41
  
  A new report also reveals the reasons behind SME underinsurance
  
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• Former Quindell's legal battle with law firm intensifies

  30-11-2016 09:10
  
  Value of claim in the former Quindell’s legal battle is also revealed
  
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• Spotlight: Motor Data: Get ready for the full impact

  30-11-2016 08:00
  
  Data can bring benefits and early adopters of digital technologies are already seeing a return on investment. What will the full impact of digital and data enrichment be on the motor sector?
  
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• Arch Capital sets $950mn debt sale to back UGC deal

  30-11-2016 02:02
  Arch Capital Group plans to sell $950mn in debt to help finance
  its $3.4bn acquisition of AIG's United Guaranty unit, announced
  in August.
  Some of the proceeds of the sale, set to close on 8 December,
  will also be used to finance growth in Arch's mortgage
  business, the company said late today.
  The debt offering will be structured in 10- and 30-year senior
  notes. Arch plans to issue $500mn of 4.011 percent notes that
  mature in 2026 and $450mn of...
  
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• Allstate declines on dilutive $1.4bn SquareTrade deal

  30-11-2016 02:02
  Allstate shares slipped as much as 4.2 percent today after the
  company said that a $1.4bn acquisition could create a drag on
  profits for three years.
  "Nobody likes to see a dilutive acquisition," said
  Cathy Seifert, a CFRA Research analyst in New York.
  The national property and casualty carrier agreed to buy
  SquareTrade, a provider of consumer-product protection plans, using
  cash and debt issuance, the companies said late yesterday.
  While saying the deal may be "modestly dilutive" to
  net income.
  
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