Insurance news

• Insurance sector 'speaking with one voice' on Brexit

  06-12-2016 20:10
  
  The insurance industry is speaking “with one voice” on Brexit, according to trade bodies.
  
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• Matthew wreaks $110mn in damage on US pleasure craft

  06-12-2016 19:26
  Recreational boaters in the southeastern US states affected by
  Hurricane Matthew filed $110mn in claims related to watercraft
  damage from the storm, the Boat Owners Association of The United
  States (BoatUS) said today.
  Damage could have been higher, had not the storm taken its time
  to approach US waters and coastal areas, BoatUS said, giving owners
  and marina operators time to move their vessels out of harm's
  way.
  "The storm moved slowly, so everyone had plenty of early
  warning," Scott...
  
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• Opinion: Small broker options remain as consolidators eye big buys

  06-12-2016 17:45
  
  Small brokers do have a future with succession, but it won’t be with the larger consolidators, says Ataraxia boss Stuart Randall
  
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• Broking success: John Lumley, Lumley Insurance

  06-12-2016 15:30
  
  Flying high: Lumley Insurance’s managing director John Lumley explains the HNW broker’s growth ambitions and how it reclaimed the family name
  
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• Urban and Haverstick look to launch $140mn start-up

  06-12-2016 15:09
  Former Third Point Re executives Tony Urban and Shane Haverstick
  are fundraising for a start-up US programme insurer,
  The Insurance Insider can reveal.
  According to sources, the duo have already secured roughly
  $100mn of capital commitments from "friends and family"
  and have engaged TigerRisk's capital markets and advisory arm
  to raise up to $40mn in additional funds.
  Teaser prospectuses are understood to have been circulated, with
  a roadshow anticipated in the coming weeks.
  It is believed the p
  
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• The Insider 50 down for the week

  06-12-2016 15:09
  The Insurance Insider's
  updated group of major non-life (re)insurers - The Insider
  50 - was down by 0.33 percent last week, shedding 3.3 points
  to close at 996.7 points.
  The new benchmark, which will show the weighted average share
  price movements of this publication's 50 core companies, was
  indexed to 1,000 points with a baseline of 25 November.
  The result was heavily pressured by weak performances at the
  insurance brokers in our coverage universe, which recorded a 2.4
  percent decrease...
  
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• The Insider 50

  06-12-2016 15:09
  ...
  
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• RSA £600mn legacy sale reaches final stages

  06-12-2016 15:09
  The disposal of £600mn ($764mn) of RSA's legacy UK
  exposures has gone down to the wire, with parties now in the final
  stages of the bidding process, The Insurance
  Insider understands.
  Final bidders are believed to include Catalina, Enstar and
  Armour, sources suggested.
  This publication first revealed in September that first round
  bids had been made for the book, which contains disease, asbestos
  and abuse claims from its old employers' liability (EL) and
  public liability businesses.
  PwC is
  
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• QBE expands wholesale-only platform in US

  06-12-2016 15:09
  QBE North America is expanding its new wholesale-only excess and
  surplus lines (E&S) platform, with distribution exclusively
  through intermediary giants AmWins, RT Specialty and CRC/Swett,
  The Insurance Insider understands.
  The new division began underwriting its first line of business,
  primary casualty, on 1 July this year. It then added an excess
  casualty offering with up to $10mn of capacity on 1 October, and at
  the start of November began writing excess property with up to
  $25mn in capac
  
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• P&C carriers to take Matthew Q4 profit hit

  06-12-2016 15:09
  Losses from Hurricane Matthew are expected to dent fourth quarter
  profits at P&C carriers, as claims tied to the storm have
  climbed to more than $700mn in Florida alone, according to state
  figures.
  Matthew will particularly impact the four Florida-based publicly
  traded P&C carriers, which have said the event would add at
  least 20 percentage points to combined ratios.
  The storm erased any possibility of a benign 2016 for cat
  losses, while the National Hurricane Center described the Atlant
  
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• Navigators Re adds US property cat with RLI book

  06-12-2016 15:09
  Navigators has entered the US property cat excess of loss (XoL)
  reinsurance market by picking up the renewal rights on a book of
  business currently underwritten by fellow US specialty insurer RLI
  Corp, The Insurance Insider can
  reveal.
  According to sources, the company has hired RLI's George
  Dragonetti to run the book of business and is ready to bind risks
  for the key 1 January 2017 renewal date.
  Dragonetti was most recently senior vice president, property
  specialty treaty at RLI,...
  
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• London (re)insurers urged to engage with ILS proposals

  06-12-2016 15:09
  UK Economic Secretary to the Treasury Simon Kirby has called
  upon the insurance industry to engage thoroughly with the
  consultation on the draft regulations for London's
  insurance-linked securities (ILS) hub.
  "It's important we get it right," he told
  attendees at the Insurance Linked Securities: the New Opportunities
  conference in London on 5 December.
  The government published the draft regulations as part of the
  Autumn Statement at the end of November, and invited responses up
  until 18 January.
  
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• Liberty and Ironshore get $3bn deal over the line

  06-12-2016 15:09
  Liberty Mutual has agreed to buy 100 percent of Ironshore from
  Chinese conglomerate Fosun in a transaction which indicates that
  takeout multiples are holding up better than many expected.
  The all-cash consideration is expected to be around $3bn, with
  the Boston-based mutual giant paying a handsome multiple of 1.45x
  tangible book value - although the number is only around 1.4x
  stated book when including the $80mn of intangibles stated as of 31
  March.
  Fosun, a Hong Kong-listed conglomerate, bought
  
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• Lancashire prepares to defend book against Blenheim

  06-12-2016 15:09
  Lancashire is girding its loins for a 1 January battle to keep
  hold of the business written by Cathedral, after almost all of the
  senior staff at its Lloyd's subsidiary defected to start-up
  Blenheim.
  Sources said Lancashire is taking a pragmatic approach in its
  dealings with cedants, indicating that it is willing to co-exist on
  slips with Peter Scales' rival start-up.
  Indeed, it is understood that Lancashire has said that in some
  instances it would even be willing to take...
  
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• Insider View: Urban and Haverstick start-up

  06-12-2016 15:09
  A successful launch of a US programme insurer by Tony Urban and
  Shane Haverstick would mark a rapid return to the market for the
  former Third Point Re duo.
  It would also demonstrate the growing appeal of the programme
  space, which has spawned a series of new ventures in the last 12
  months with several others waiting in the wings, including Jamie
  Sahara's fronting vehicle to target excess and surplus lines
  programme business.
  In the past, the segment has often...
  
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• Insider View: The London MGA sell-off

  06-12-2016 15:09
  News that CFC is considering a change in equity backing is a
  milestone in the development of the burgeoning London managing
  general agency (MGA) market.
  It will be the first major MGA to see the majority of its equity
  base turned over since the renaissance in London market MGAs began
  a number of years ago.
  There is an argument that CFC is a unique beast - a
  well-established, large-scale business with a strong foothold in a
  specialist market and burgeoning...
  
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• Greenberg fraud trial to continue into 2017

  06-12-2016 15:09
  The New York attorney general's long-awaited fraud case
  against former AIG CEO Maurice "Hank" Greenberg is set
  continue into the new year.
  After more than a decade of legal wrangling and multiple
  appeals, opening arguments were finally heard in September.
  Since then New York Supreme Court judge Charles Ramos has sat
  through well over 100 hours of laborious testimony surrounding two
  sham reinsurance transactions that the state has alleged former AIG
  CEO Greenberg and CFO Howard Smith had intimate
  
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• CPPIB completes Ascot acquisition

  06-12-2016 15:09
  The Canada Pension Plan Investment Board (CPPIB)'s $1.1bn
  acquisition of Lloyd's carrier Ascot has completed,
  The Insurance Insider understands.
  According to sources the deal closed this month,after the sale was announced in September.
  The deal consideration includes capital that will be provided to
  meet Syndicate 1414's Funds at Lloyd's (FAL)
  requirements.
  The Insurance Insider previously
  reported thatCPPIB was the preferred buyer for the company, with any deal
  expected to value the business at
  
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• CFC appoints bankers for strategic review

  06-12-2016 15:09
  Specialist managing general agent (MGA) CFC Underwriting has
  appointed boutique investment bank Evercore to explore strategic
  options for a change in equity ownership, The Insurance
  Insider can reveal.
  It is understood chairman Richard Corfield and five other
  individual investors are potentially looking to exit their
  investment in the £11mn ($14mn) Ebitda business as the typical
  five-year cycle of private investment comes to an end.
  CFC and Evercore are said to be in the early
  stages of th
  
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• Cat bond Bonanza for Florida carrier

  06-12-2016 15:09
  Floridian insurer American Strategic Insurance is set to raise
  $200mn from its Bonanza Re cat bond as strong investor demand
  pushed the insurance-linked coupon on the transaction below initial
  targets, sister publication Trading Risk
  reported.
  All but one of the cat bond deals to come to market in the
  fourth quarter have had similar outcomes as issuance volumes in
  2016 have dropped back from record levels in the past couple of
  years, driving down pricing following a period of flat...
  
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• Brunel joins Association of Consultancy and Engineering broker panel

  06-12-2016 13:24
  
  PI broker joins panel for 2017 along with Griffiths & Armour and Willis Towers Watson.
  
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• Report outlines priorities for Guernsey's emerging insurance market

  06-12-2016 13:21
  
  A report into Guernsey's "strong niche" insurance market, has identified areas to drive future growth.
  
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• Lloyd’s to update operating structure

  06-12-2016 12:23
  
  Lloyd’s has unveiled its new operating structure, to be rolled out in the New Year.
  
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• United places $30mn debt with Twelve Capital

  06-12-2016 12:22
  Zurich-based ILS manager Twelve Capital has taken on $30.0mn of
  senior debt notes from United Insurance Holdings (UPC Insurance).
  The 10-year notes bear interest at a floating rate of 5.75
  percent above Libor rates.
  UPC Insurance CEO John Forney said the debt issuance was a
  cost-effective way for the Florida-based carrier to continue to
  support organic growth while maintaining conservative leverage
  ratios.
  BMS Capital Advisory advised on the transaction.
  Twelve Capital head of investment managem
  
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• Treasury increasingly reliant on tax receipts from insurance firms

  06-12-2016 12:19
  
  The UK’s financial services sector contributed £71.4bn in taxes in the year to March 2016 with banks and insurers being the biggest contributors.
  
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• GRP posts £400m GWP

  06-12-2016 11:50
  
  But posts £7.11m loss due to acquisition drive.
  
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• XL promotes Keller to investment chief

  06-12-2016 10:47
  XL Group named former Catlin Group finance executive Andre Keller
  as chief investment officer to replace retiring Benji Meuli,
  effective 1 January.
  A managing director, Keller is currently head of global asset
  positioning for XL Group. He is a former deputy chief investment
  officer with both the Catlin Group and Nationale Suisse.
  In his new role, he'll be based in New York and will report
  to Pete Porrino, XL's CFO.
  "The fact that we are able to fill this role...
  
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• Lester to join Aon as M&A insurance head

  06-12-2016 10:47
  Alistair Lester is to become head of M&A insurance at Aon,
  returning to the sector after more than two years as global head of
  Willis Towers Watson's facultative operation, The
  Insurance Insider understands.
  Lester's departure from Willis Towers Watson was first
  reported by sister publication Inside
  FAC.
  At Willis Tower Watson, Lester had most recently been heading
  the facultative business emanating from Willis under the Willis
  Towers Watson banner, following the retirement of the Faber
  bran
  
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• GRP Ebitda trebles as acquisitions mount

  06-12-2016 10:47
  Ebitda at UK broker-consolidator Global Risk Partners has trebled
  to £12mn ($15.2mn) for the year ended 31 March as the group
  accelerated the pace of its acquisitions.
  In the same period in 2015, GRP reported an Ebitda of
  £4mn.
  Gross written premiums more than doubled to £400mn from
  £150mn a year ago, while trading profit also surged to
  £5.3mn from £2.4mn, reflecting additional earnings from a
  number of acquisitions of managing general agencies (MGAs),
  Lloyd's
  
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• GRP to go for regional push in 2017

  06-12-2016 10:30
  
  The company is targeting regional broker hubs and has five companies in due diligence.
  
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• Aviva to delist shares in New York stock exchange

  06-12-2016 10:21
  
  Aviva has delisted its shares from the New York Stock Exchange after selling its US insurance operations.
  
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• Lloyd’s announces restructure

  06-12-2016 10:12
  
  The organisation has developed a new corporation operating model as it looks to make key changes.
  
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• Broker Expo Live 2016: Follow the action

  06-12-2016 10:00
  
  Insurance Age's team of award-winning journalists bring you all of the news from Broker Expo Live 2016.
  
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• Broker Expo Live 2016: Catch up on all the action

  06-12-2016 10:00
  
  Insurance Age's team of award-winning journalists brought you all of the news from Broker Expo Live 2016.
  
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• UK insurer delists shares from New York Stock Exchange

  06-12-2016 09:11
  
  UK insurer delists American Depositary Shares from NYSE
  
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• In Depth: How Facebook unfriended Admiral

  06-12-2016 08:00
  
  Where do insurers stand now on the use of social media data?
  
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• Expertise from A-Z: 2016 Review: A year of change

  06-12-2016 08:00
  
  A look at the tumultuous changes of 2016 – and a preview of what 2017 may have in store for the industry
  
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• GRP almost triples in size after ‘frenetic’ year

  06-12-2016 03:00
  
  But consolidator GRP’s statutory results look less flattering
  
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• GRP outlines acquisition strategy as it sets ambitious target

  06-12-2016 02:58
  
  Chief executive David Margrett discusses consolidator’s acquisition strategy
  
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• Liberty deal resolves Ironshore credit issues: AM Best

  06-12-2016 01:06
  Ironshore's proposed sale to Liberty Mutual looks set to
  bring to an end the ratings issues that have dogged the specialty
  insurer since its sale to Chinese conglomerate Fosun last year.
  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
  p
  
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