Insurance news

• Near-term Talcott sale unlikely for The Hartford: Barclays

  08-12-2016 21:13
  The Hartford appears to be steering investors away from
  expectations that its Talcott Resolution unit is about to be
  sold.
  After a meeting with the US insurer\'s management this week,
  Barclays analyst Jay Gelb said that the run-off variable-annuity
  business is likely to remain a source of distributable capital to
  support share buybacks by the company.
  He added that Talcott Resolution "appears unlikely to be
  sold in the foreseeable future".
  The Insurance Insiderrevealed in September that The Hart
  
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• National General will piggyback on Nationwide network

  08-12-2016 21:13
  National General has struck an agreement with Nationwide that will
  extend the specialty P&C carrier's reach across the US for
  its non-standard auto policies.
  The renewal rights transaction with Nationwide lets National
  General leverage the mutual giant's exclusive and independent
  agent network to sell its non-standard auto coverage to their
  clients, the New York-based carrier said today.
  "This transaction adds additional scale to one of our core
  products and we expect it to have a positive i
  
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• Novae closes down 24% after profit warning

  08-12-2016 18:57
  Shares in Lloyd's carrier Novae plummeted more than 24
  percent today after the firm warned that larger individual risk
  losses will erode its underwriting profitability for the full
  year.
  At the close of trading, Novae shares were at 631 pence, 24.4
  percent down on yesterday's closing price and the lowest close
  since February last year.Novae said it is now expecting a combined ratio of between 98
  percent and 100 percent in 2016. The company reported a combined
  ratio of...
  
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• AIG leads $12mn Pakistan aviation loss

  08-12-2016 18:57
  AIG is the lead insurer for the Pakistan International Airlines
  (PIA) craft that crashed during an internal flight yesterday, The
  Insurance Insider has learned.
  The aircraft hull is understood to be valued at $12mn, while
  sources said it was still too early to accurately estimate
  potential liability losses.
  The policy was brokered by Marsh and UIB, according to market
  sources.
  The value of the aircraft is towards the lower end of those in
  the PIA fleet.
  The incident will bring...
  
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• Novae shares nosedive 23% after 2016 profit warning

  08-12-2016 17:05
  Shares in Lloyd's carrier Novae have plummeted 23 percent
  today after the firm warned that larger individual risk losses will
  erode its underwriting profitability for the full year.
  As of 1457 GMT, Novae shares were at an 18-month low of 644
  pence, 22.87 percent down on yesterday's closing price.Novae said it is now expecting a combined ratio of between 98
  percent and 100 percent in 2016. The company reported a combined
  ratio of 90.8 percent in 2015.
  "Our trading...
  
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• JLT wins Aon accounts as defectors' non-competes expire

  08-12-2016 17:05
  Aon has lost a number of US accounts to rival broker JLT
  Specialty USA in the wake of a series of team raids over the past
  two years, The Insurance Insider has
  learned.
  The JLT unit took at least 55 brokers from its larger rival,
  prompting a legal battle between the two firms.
  It is understood that JLT is now starting to reap the rewards as
  non-compete clauses in the ex-Aon employees' contracts expire,
  allowing them to go after their...
  
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• Fitch remains negative on Towergate credit outlook

  08-12-2016 17:05
  Fitch Ratings is maintaining a negative outlook on UK broker
  aggregator Towergate as uncertainty continues over its deleveraging
  process, turnaround efforts and tight liquidity position.
  The credit rating agency affirmed its long-term issuer default
  rating (IDR) of B- for Towergate, with a negative outlook.
  "Over the last year, Towergate has successfully reduced
  costs through its transformation plan, but continued declines in
  sales led to both falling earnings and leverage remaining
  high," Fitch
  
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• In-depth - hign net worth: Moving on up

  08-12-2016 16:37
  
  High net worth and ultra high net worth clients have a lot in common, but brokers have to up their service levels and get to grips with new specialisms when dealing with oligarchs and the international jet set
  
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• In-depth - high net worth: Moving on up

  08-12-2016 16:37
  
  High net worth and ultra high net worth clients have a lot in common, but brokers have to up their service levels and get to grips with new specialisms when dealing with oligarchs and the international jet set
  
  Read more

• In-depth - high net worth: Higher ground

  08-12-2016 16:37
  
  As clients move from standard policies to mid and high net worth, brokers need to guide them through the confusing process of changing their cover as their circumstances improve
  
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• In-depth - high net worth: Can’t beat a broker

  08-12-2016 16:37
  
  Simon Goddard, high net worth household senior underwriter at MS Amlin, outlines how brokers will remain important to clients, even in a world with technology and online trading
  
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• New Towergate shareholder ready to put in more money

  08-12-2016 16:13
  
  Towergate shareholder is expecting to participate in capital raisings
  
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• New Towergate investor ready to invest more

  08-12-2016 16:13
  
  Towergate shareholder is expecting to participate in capital raisings
  
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• Fitch downgrades Towergate bonds amid “slow” turnaround

  08-12-2016 16:10
  
  Ratings agency takes action on Towergate bonds
  
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• Fitch downgrades Towergate bonds

  08-12-2016 16:10
  
  Ratings agency takes action on Towergate bonds
  
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• Bird flu outbreak could hit insurers hard

  08-12-2016 15:35
  
  An “almost inevitable” bird flu outbreak in the UK could be costly for insurers, a specialist agriculture loss adjustor has warned.
  
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• Mitsui Sumitomo using Nasa data for weather product

  08-12-2016 15:05
  Mitsui Sumitomo Insurance is to launch a weather parametric
  product that utilises data from Nasa satellites, according to media
  reports.
  Japan's Nikkei Asian Reviewreported yesterday that the Japanese insurer used surface
  temperatures and other data from the space agency to develop the
  product, which is targeted at companies whose earnings can be
  impacted by the weather.
  The product will be sold through Mitsui Sumitomo subsidiary MSI
  GuaranteedWeather, which provides weather-based risk managemen
  
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• Aon outsourcing exit may not be EPS accretive: Credit Suisse

  08-12-2016 15:05
  Credit Suisse analysts have expressed concerns over whether
  Aon's rumoured sale of its benefits outsourcing division would
  boost earnings per share (EPS).
  Reuters reported a potential deal was in the works to sell a
  substantial part of the Hewitt business that Aon acquired just six
  years ago.
  The transaction would involve the outsourcing unit of Aon's
  HR Solutions segment, according to the report, which said a sale
  may be valued at around $5bn.
  Credit Suisse analyst Ryan Tunis noted on...
  
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• Axa tops Brokerbility survey for seventh year running

  08-12-2016 14:32
  
  Axa has topped Brokerbility’s bi-annual survey of insurer partner performance for the seventh year running.
  
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• Cold war over commissions

  08-12-2016 14:30
  
  Insurers and brokers are squaring up over demands for higher commissions
  
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• The Hartford warns on $50mn auto reserve charge

  08-12-2016 13:00
  The Hartford has said it expects to take a $50mn pre-tax reserve
  adjustment in its personal and commercial auto lines book for the
  2015 accident year.
  Speaking at the Goldman Sachs Financial Services Conference
  yesterday, the carrier's chairman and CEO Chris Swift said the
  uptick in frequency and severity trends in the second half of last
  year had put pressure on the book.
  The company's shares closed down 1.49 percent in New York
  yesterday at $47.52 following the announcement.
  Around...
  
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• Egyptian state reinsurer plans revived: reports

  08-12-2016 13:00
  Egyptian state-owned insurer Misr Insurance Holdings has been
  appointed to lead a renewed bid to create a national reinsurance
  company in the country.
  According to local media outlet Al Mal News, Misr
  chaired a meeting about the mooted venture at the Insurance
  Federation of Egypt several days ago, during which insurance and
  reinsurance officials discussed the proposed $200mn capitalisation
  for the carrier.
  However, attendees cited obstacles to the figure, including US
  dollar shortages, the decli
  
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• Delayed Biba SME flood insurance scheme launches

  08-12-2016 13:00
  The British Insurance Brokers' Association (Biba) has
  launched a commercial flood insurance scheme for its members, after
  a series of delays.
  Biba members will be able to obtain flood coverage for
  commercial properties currently excluded from the government's
  Flood Re programme from Monday (12 December).
  The launch of the commercial insurance scheme comes several
  months after the original early summer target, which was later
  postponed to September or October.
  The new facility will include flood
  
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• Carlyle-backed consolidator JenCap adds NIF

  08-12-2016 13:00
  US-based wholesale consolidator JenCap has made its fourth
  acquisition since being purchased by Carlyle, with an agreement to
  buy privately held NIF Group.
  The deal comes nine months after private equity house Carlyle
  bought JenCap to use as a vehicle to buy specialty insurance
  distributors including managing general agents (MGAs), programme
  managers and wholesale brokers.
  Around the same time, the Washington DC private equity firm
  bought the assets of Wholesale Trading Co-Op Insurance Services
  
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• European insurers concerned with EU services card proposal

  08-12-2016 12:20
  
  Members of the European insurance sector have expressed concern on plans to introduce an EU services card.
  
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• December Post: Cold call crackers

  08-12-2016 12:10
  
  In the December issue of Post: freezing cold calls and looking back at the year.
  
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• Customers urged to 'shop around' for better deals as van insurance increases by 11.7%

  08-12-2016 12:09
  
  Van insurance premiums have increased to an average of £1591 with best-buy deals going up by 11.7%.
  
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• O'Donnell replaces Catlin as ABIR chairman

  08-12-2016 11:08
  RenaissanceRe president and CEO Kevin O'Donnell has been
  elected chairman of the Association of Bermuda Insurers and
  Reinsurers (ABIR).
  O'Donnell replaces XL Catlin executive deputy chairman
  Stephen Catlin, who will end his two-year term on 31 December.
  O'Donnell will also serve a two-year term, which will start
  on 1 January.
  Brian Duperreault, chairman and CEO of Hamilton Insurance Group,
  was elected first deputy chair of the ABIR, while Axis Capital
  president and CEO Albert Benchimol was elect
  
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• Novae shares plunge 18% as it warns on 2016 profit

  08-12-2016 11:08
  Shares in Lloyd's carrier Novae plummeted 18 percent in
  early trading today as the firm warned that larger individual risk
  losses will erode its underwriting profitability for the full
  year.
  As of 0900 GMT, Novae shares were at an 18-month low of 684
  pence.
  Novae said it is now expecting a combined ratio of between 98
  percent and 100 percent in 2016. The company reported a combined
  ratio of 90.8 percent in 2015.
  "Our trading experience in the second half...
  
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• Brit confirms Wilson as group CEO

  08-12-2016 11:08
  Brit has confirmed that Matthew Wilson will replace Mark Cloutier
  as group CEO, asrevealed by The Insurance Insider yesterday.In a statement released this morning, the company said Wilson
  would become group CEO from 1 January, subject to regulatory
  approval, as Cloutier takes up his new role as executive chairman
  of Brit Ltd.
  Current non-executive chairman Richard Ward will remain on the
  Brit board, becoming senior independent director, and will continue
  in his position as chairman of the carrie
  
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• Winner of the Broker Apprentice 2016 revealed

  08-12-2016 10:31
  
  The contestants face a one-to-one grilling from LV chief Mike Crane as they battle for the title – who do you think will triumph?
  
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• Broker Apprentice 2016: The winner is revealed - episode six

  08-12-2016 10:31 via insuranceage.co.uk
  
  The contestants face a one-to-one grilling from LV chief Mike Crane as they battle for the title – who do you think will triumph?
  
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• Brit appoints Matthew Wilson as new CEO

  08-12-2016 10:28
  
  Wilson has been with the insurer since 1999 and steps up from deputy CEO.
  
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• Brit appoints new chief executive

  08-12-2016 09:39
  
  Brit appoints new chief executive and executive chairman
  
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• Brightside to launch MGA in September

  08-12-2016 09:35
  
  CEO Mark Cliff says MGA will specialise in van and tradesman insurance.
  
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• Wilson promoted to group CEO at Brit

  08-12-2016 09:23
  
  Fairfax-owned London-headquartered (re)insurer Brit has appointed group deputy CEO Matthew Wilson as group CEO starting on 1 January 2017.
  
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• Lloyd's insurer expects lower 2016 underwriting profit

  08-12-2016 08:56
  
  Lloyd’s insurer expects 2016 COR to worsen to 98-100%
  
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• Concerts: Music to the ears of contingency insurers

  08-12-2016 08:00
  
  The renaissance of live music events is fuelling opportunities for contingency insurers worldwide.
  
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• Navigators sets 2-for-1 stock split

  08-12-2016 02:03
  US specialty carrier Navigators plans a two-for-one stock split,
  payable as a stock dividend next month to shareholders of record on
  30 December.
  Navigators shares climbed about 2.3 percent today to close at
  $112.50 in New York trading. The split was announced after normal
  trading ended yesterday.
  By comparison, the PowerShares KBW Property and Casualty
  Insurance ETF rose about 0.9 percentage point, the iShares US
  Insurance ETF increased 1 percent and the KBW Nasdaq Insurance
  Index gained 1.3 pe
  
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• US storms add to November cat toll for insurers: Aon Benfield

  08-12-2016 00:16
  Scattered thunderstorms in the south of New Mexico and western
  Texas early last month added to November insured losses in a month
  dominated by the Kaikoura earthquake in New Zealand, Aon Benfield
  said in its monthly catastrophe report.
  The broker's Impact Forecasting unit said the severe weather
  in Texas and New Mexico led public and private insurers to record
  losses nearing $300mn, with economic losses put at $450mn.
  Wildfires in eastern Tennessee killed 14 people and the economic
  tally is...
  
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• 'Out of control' litigation threatens Florida's Citizens

  08-12-2016 00:16
  The long-term financial stability of Florida's Citizens
  Property Insurance Corporation is threatened by the surging water
  losses and assignment of benefits (AOB) crisis dogging the state.
  At a governing board meeting today, Citizens management warned
  that rising water claims and "out of control" litigation
  would also stymie efforts to offer premium breaks to policyholders
  in 2017, as it again called for legislative reform in the
  state.
  And it said that it is estimating net operating losses of $1
  
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• Deadly Indonesian quake losses seen as minimal: AIR

  08-12-2016 00:16
  A 6.5 magnitude earthquake that rocked Indonesia and killed
  almost 100 people today may nonetheless produce minimal insured
  losses, according to modelling firm AIR Worldwide.
  The quake shook the northernmost area of the island of Sumatra
  just after 5 am local time, destroying or damaging hundreds of
  buildings, AIR said later today in report.
  Nearly 100 fatalities have been reported and 600 more people
  have been injured, and those numbers are expected to rise, AIR
  said. Most of the damage...
  
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• Aon said to eye sale of benefits outsourcing business

  08-12-2016 00:16
  Aon is reportedly eying the sale of a substantial part of the
  Hewitt business it acquired just six years ago, leading to
  questions about the company's focus going forward and how it
  may use cash generated by a $5bn deal.
  "It appears Aon is dismantling at least a portion of its
  2010 acquisition of Hewitt which was acquired for $4.9bn,"
  said Jay Gelb, a Barclays analyst, in a note today.
  "At this early stage, we think the next major question...
  
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