Insurance news

• Best says Liberty deal would resolve Ironshore credit issues

  05-12-2016 23:31
  Ironshore's proposed sale to Liberty Mutual would cure its
  issues with AM Best credit analysts.
  In placing the Boston-based specialty insurer owned by Fosun
  under review, Best said the $3bn deal announced earlier today would
  "resolve any potential concerns associated with the credit
  profile and financial leverage position of its current parent,
  Fosun."
  "However, should the transaction not be completed as
  planned and Ironshore remains exposed to these financial pressures,
  negative rating actions
  
  Read more

• Axa to enter chemicals and midstream energy

  05-12-2016 23:31
  Axa Corporate Solutions has hired Mark Mackay from Allianz Global
  Corporate & Specialty (AGCS) as it looks to expand its entry
  into new corners of the energy market, The Insurance
  Insider can reveal.
  Axa Corporate Solutions already writes a book of power
  generation and renewables business, with both property and
  liability exposures, and will now move into chemicals and midstream
  risks.
  Despite rumours swirling in the energy market, Axa Corporate
  Solutions will not re-enter the upstream marke
  
  Read more

• Matthew claims climb past $700mn in Florida

  05-12-2016 23:31
  Claims stemming from Hurricane Matthew's brush with Florida
  have climbed 20 percent to $729mn, according to state data revised
  today.
  Much of the increase came from commercial property claims, which
  jumped 25 percent to 6,095 from almost 4,900 reported at the end of
  October by the Florida Office of Insurance Regulation. The state
  doesn't break out the value of claims by segment.
  Residential property damage prompted the greatest number of
  claims, with almost 95,000 filed, up about 10.5 percent.
  M
  
  Read more

• Lloyd's to restructure operations following review

  05-12-2016 19:43
  Lloyd's announced a series of steps designed to sharpen its
  operational focus on protecting, promoting and serving the market
  more efficiently as it strives to refine its structure and improve
  its margins over the next several years.
  Changes that take effect at the start of 2017 include setting up
  a Syndicate Capability Oversight team led by Peter Montanaro and
  reporting to Jon Hancock, the new head of the Corporation's
  Performance Management division.
  In addition, several groups will be merged
  
  Read more

• Advertisement

• HPS joins Madison Dearborn on NFP shareholder roster

  05-12-2016 19:43
  JP Morgan spin-off HPS Investment Partners plans to take a
  minority stake in NFP, a diversified insurance broker and employee
  benefits consultant controlled by buyout firm Madison Dearborn
  Partners.
  HPS will make a "substantial minority investment", the
  companies said, without specifying the price, while Madison
  Dearborn will retain control of the business.
  Madison Dearborn bought the-then New York Stock Exchange-listed
  NFP for $1.3bn in July 2013.
  NFP's operation spans commercial and reinsuranc
  
  Read more

• Ex-Towergate agriculture specialist joins challenger brand

  05-12-2016 19:10
  
  Seasonded underwriting boss excited at joining firm grabbing market share in agriculture insurance 
  
  Read more

• Opinion: Tony Cornell reflects on his career in insurance

  05-12-2016 18:30 via insuranceage.co.uk
  
  After 12 years of writing in Insurance Age and 57 years in the insurance industry, Tony Cornell says farewell.
  
  Read more

• JM Glendinning in deal with Accelerate

  05-12-2016 18:21
  
  The broker has partnered with the underwriting agency for a commercial deal.
  
  Read more

• Advertisement

• Worldwide Facilities grows with auto MGA acquisition

  05-12-2016 17:51
  Expansive wholesale broker and managing general agency (MGA)
  Worldwide Facilities has acquired a Georgia-based underwriting
  manager and wholesaler as it looks to deploy funds from its private
  equity investment.
  Trinity Underwriting Managers specialises in writing and placing
  commercial transportation risks.
  In a statement today, Worldwide said Trinity offered its
  products across the US, distributing through retail agents and
  brokers.
  The deal will see Trinity principal Stephen Standing join
  Worl
  
  Read more

• Liberty Mutual seals $3bn Ironshore deal

  05-12-2016 17:51
  Liberty Mutual has struck a deal to acquire 100 percent of
  Ironshore from Fosun for around $3bn, valuing the specialty insurer
  at 1.45x tangible book value, the mutual giant said today.
  The Insurance Insider revealed on 1
  December thatLiberty and Ironshore were close to finalising a deal.
  Ironshore will continue to operate with the same management team
  and under its current brand following the closure of the deal in
  the first half of 2017, Liberty said.
  "Ironshore has a...
  
  Read more

• Generali shares drop as Italian banking crisis deepens

  05-12-2016 17:51
  Shares in Italian carrier Generali fell by as much as 3.4
  percent this morning before recovering as investors scrutinised the
  impact of the Italian referendum result on the country's
  beleaguered banks.
  The stock fell to a low of EUR11.89 ($12.80) in early trading,
  before moderating to EUR12.19 as of 14:50 GMT, 1.46 percent lower
  than Friday's closing price.
  The share price showed significant volatility, with the stock
  initially advancing to EUR12.59 before falling back.
  According to reports, the
  
  Read more

• Families affected by St Albans sinkhole will return to homes in time for Christmas

  05-12-2016 17:50
  
  After spending 14 months away from their homes following a sinkhole that opened in St Albans, families will be able to return to their houses in time for Christmas.
  
  Read more

• Liberty Mutual to acquire Ironshore for $3bn

  05-12-2016 16:52
  
  Liberty Mutual Insurance is to acquire Ironshore, a global specialty lines company, from Fosun International.
  
  Read more

• Insurers meet with ministers to discuss Brexit strategy

  05-12-2016 16:02
  
  Insurers and other financial services bosses met with senior ministers to discuss the country's Brexit strategy.
  
  Read more

• Haushofer succeeds Flandrin as SRA chairman

  05-12-2016 15:51
  Validus Re's Asia Pacific head Marc Haushofer is to become
  chairman of the Singapore Reinsurers' Association (SRA).
  He is replacing Alain Flandrin less than six months after the
  outgoing PartnerRe executive was elected for the 2016/17 term.
  Haushofer will succeed Flandrin, who is CEO of PartnerRe Asia,
  from 1 January, the SRA said today.
  Flandrin's decision to step down follows PartnerRe's
  announcement in September that he would leave the business in
  January, and would be replaced as Asia CEO by
  
  Read more

• FCA says brokers may be underinsured

  05-12-2016 14:27
  
  Regulator has warned that some brokers do not have the right professional indemnity insurance and calls on sector to review its coverage.
  
  Read more

• United barred from MGA investments by AmCo deal

  05-12-2016 14:23
  United Insurance Holdings (UIHC) will be prohibited from
  investing or acquiring managing general agencies (MGAs) for the
  next five years after signing a restrictive covenant as part of its
  deal to purchase American Coastal.
  The covenant will become effective once the deal closes, which
  is anticipated to be in early 2017, and will expire on 1 June
  2022.
  The condition was disclosed as part of United's proxy filing
  that gave shareholders details of the proposed deal.
  The filing revealed that...
  
  Read more

• Oak Underwriting addresses the connected home - sign up to join Broker Expo Live tomorrow

  05-12-2016 13:07
  
  Sign up now for free online access to this one-of-a-kind event, which kicks off at 10:30am.
  
  Read more

• PI firm's 'ethnic penalty' motor premium findings submitted to Human Rights Commission

  05-12-2016 12:59
  
  PI law firm Thompsons Solicitors has submitted its findings on 'ethnic penalties' in motor insurance to the Equality and Human Rights Commission.
  
  Read more

• Prudential looking at annuity disposal: reports

  05-12-2016 12:20
  The prospect of a breakup of Prudential resurfaced today with a
  report that the UK insurer is contemplating selling its £45bn
  ($57bn) closed UK annuity book.
  The Times reported a sale of the annuity book might
  lead to a selloff of other businesses, though analysts at Keefe,
  Bruyette & Woods (KBW) said a group breakup is "less
  likely" than an annuity book disposal.
  Prudential declined to comment.
  As well as its core British pensions and insurance operations,
  Prudential's business includ
  
  Read more

• Helios acquires Lloyd's LLV

  05-12-2016 12:20
  AIM-listed carrier Helios Underwriting has acquired Lloyd's
  limited liability vehicle (LLV) Salviscount Limited Liability
  Partnership for £800,000 ($1.02mn) in cash.
  In a stock exchange filing this morning Helios said it expected
  to retain the LLV's total capacity of £1mn for the 2017
  underwriting year.
  Salviscount participates in a spread of Lloyd's syndicates
  similar to that of Helios.
  The LLV generated a pre-tax profit of £118,000 in 2015 on
  gross written premiums of £
  
  Read more

• ArgoGlobal hires hull class underwriter

  05-12-2016 12:20
  Argo's Lloyd's arm ArgoGlobal has appointed Michael
  Thompson as hull class underwriter, effective immediately.
  Thompson joins from Endurance Syndicate 5151 (formerly
  Montpelier Re), where he was head of hull and liability
  underwriting. Prior to that he was a senior hull and liability
  underwriter at Swiss Re.
  He will report to head of marine Steve O'Gorman.
  In August, ArgoGlobal acquired the renewal rights for Allied
  World's marine hull business in Asia.
  The business was part of the Singapore and
  
  Read more

• Accelerate signs three year deal with JM Glendinning

  05-12-2016 12:04
  
  Specialist managing general agent Accelerate Underwriting has agreed a three year deal with UK insurance broker JM Glendinning.
  
  Read more

• FCA probe finds holes in brokers’ PII cover

  05-12-2016 11:30
  
  Regulator unveils findings of review into brokers’ PII cover
  
  Read more

• Biba launches flood scheme for businesses

  05-12-2016 10:31
  
  Scheme developed with Landmark, Guy Carpenter and R&Q Risk Services.
  
  Read more

• News analysis: CII seeks to build trust in insurance

  05-12-2016 10:26
  
  Institute’s manifesto promises push on professional standards and a new broker member programme
  
  Read more

• Ecclesiastical offers enhanced specialist education product

  05-12-2016 10:17
  
  Product designed to meet the core needs of education cover.
  
  Read more

• #insagepeople: 5 - 11 December 2016

  05-12-2016 10:09
  
  Keep up to date with all the latest people moves.
  
  Read more

• Post People: 5 - 9 December

  05-12-2016 10:07
  
  The latest people moves from the insurance industry
  
  Read more

• Biba launches flood product for businesses in flood hit areas

  05-12-2016 09:48
  
  The British Insurance Brokers’ Association has developed an affordable solution for small businesses excluded from Flood Re.
  
  Read more

• Insurers face huge increase in expected asbestos payouts

  05-12-2016 09:37
  
  A new study outlines factors that are driving up asbestos payouts
  
  Read more

• Biba unveils launch date and new partners for SME flood scheme

  05-12-2016 03:00
  
  Trade body also reveals fresh details about long-awaited SME flood scheme
  
  Read more

• Tech giant's driverless car plans revealed

  05-12-2016 02:12
  
  A letter to the regulator has provided more details about the tech giant’s driverless car plans
  
  Read more

• Mobile phone giant's driverless car plans revealed

  05-12-2016 02:12
  
  A letter to the regulator has provided more details about the mobile phone giant’s driverless car plans
  
  Read more

Follow @Insurance_UKnws on Twitter!