Insurance news

• Aon Benfield mulls EMEA fac facility

  09-12-2016 22:26
  Reinsurance broking behemoth Aon Benfield is in the early stages of
  putting together a new facility for facultative business coming out
  of Europe, Middle East and Africa, sister title Reactions
  reported.
  If the facility makes it beyond the embryonic stage of development,
  it could grow to around $400mn in premium placements, according to
  the report, which has subsequently been verified by The
  Insurance Insider.
  Codenamed "Project Landmark" the facility is expected to
  launch during the first half
  
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• Axis plans new $1bn share buyback

  09-12-2016 19:29
  Axis Capital has been authorised by its board to repurchase up to
  $1bn of its shares in 2017.
  The new authorisation, which comes into effect on 1 January,
  replaces an existing programme that had $264.9mn remaining on it
  through to the end of this year.
  The Bermudian group's president and CEO Albert Benchimol
  said: "This new share repurchase authorisation from our board
  will allow us to continue to improve investor returns through
  intelligent capital management."
  He highlighted the company's "str
  
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• Aviation market shows resilience in November renewals: JLT

  09-12-2016 19:29
  Underwriters in the aviation market took a harder stance during
  the bellwether November renewals, as discipline and risk
  selectivity continued to differentiate results, according to
  JLT.
  In its Plane Talking report for November, the broker said it was
  becoming increasingly difficult to place airline business at the
  competitive terms the market has become accustomed to.
  JLT said analysis of the market as a whole had been difficult
  because conditions and pricing were so segmented. The broker had
  p
  
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• Wall to lead Fosun's US legacy push

  09-12-2016 17:22
  The former CEO and chairman of Enstar US Karl Wall is set to
  spearhead Fosun's push into the US run-off market,
  The Insurance Insider can reveal.
  Wall left Enstar in 2013 and founded Aylesbury Insurance
  Services, a consolidation vehicle for US legacy liabilities.
  But now the executive is in line to lead Fosun's widely
  anticipated charge into the US run-off space.
  The Chinese conglomerate has flirted with a series of legacy
  investment opportunities and is understood to have explored
  numerous...
  
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• American Club's Hughes calls end to marine rate cuts

  09-12-2016 17:22
  Pricing levels across the marine insurance sector are
  "edging towards normalisation", according to The American
  Club chairman and CEO Joseph Hughes.
  Speaking at the protection and indemnity (P&I) club's
  annual event in London today, Hughes expressed optimism about rates
  following years of contraction.
  He said: "Marine (re)insurance might be edging towards
  normalisation, without constant reductions year on year.
  "Maybe there might be a degree of stability going forward
  not just in relation to
  
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• Endsleigh sees operational resignations

  09-12-2016 15:50
  
  Endsleigh’s head of customer operations, Trudi Archer, has left the organisation, Post understands.
  
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• XL Catlin puts Gale at helm of Bermuda reinsurance

  09-12-2016 15:40
  XL Catlin has moved Jonathan Gale to the post of chief executive of
  its Bermuda reinsurance operation and installed Rob Littlemore as
  London reinsurance head. The moves build on an October leadership
  shake-up.
  In a statement released today the carrier said Gale, who is
  currently CEO of London reinsurance, will assume the new role from
  January. His replacement in London, Littlemore, is underwriting
  director for London reinsurance at present.
  Both will report to Charles Cooper, who in January move
  
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• News analysis: IPT hike – industry fears further rise

  09-12-2016 14:24 via insuranceage.co.uk
  
  As IPT is raised to 12%, many commentators wonder if a VAT-matched rate of 20% is on the cards
  
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• XL Catlin targets $1bn of retro from cat bonds

  09-12-2016 13:54
  XL Catlin is seeking to raise up to $1bn of retrocession cover from
  new cat bond issuances, sister publication Trading
  Risk reported this morning.
  The company is looking to raise cover from two Galilei Re
  issuances at once, with each set at a $500mn size.
  The combined deal is one of the largest transactions at launch
  in the insurance-linked securities (ILS) market's history,
  Florida Citizens Property Insurance issued the market's
  largest ever cat bond in 2014 at $1.5bn, but the...
  
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• Towergate takes another property underwriter

  09-12-2016 13:54
  The expansive managing general agency (MGA) arm of UK broker
  Towergate has hired Clodagh Mitchell from Axis, The
  Insurance Insider can reveal.
  Mitchell is vice president of global property at Axis, where she
  has been working for almost five years, according to her LinkedIn
  profile.
  Prior to joining Axis, the underwriter spent eight years at the
  insurance and reinsurance platforms of Allied World.
  The newly appointed exec is expected to take up her role at
  Towergate in spring next year....
  
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• IAG to cut costs by 10%

  09-12-2016 13:54
  IAG will cut 10 percent of its cost base by the end of the 2019
  fiscal year, the company told investors yesterday.
  Managing director and CEO Peter Harmer said the Australian
  carrier plans to make A$250mn ($186.2mn) of pre-tax savings a year
  by the end of 2019.
  IAG aims to simplify processes, cut its claims and policy
  administration systems from 32 to two and introduce a simpler
  procurement model. Harmer said jobs would go, but would not specify
  numbers.
  IAG...
  
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• Allianz and Integro launch motorsports cover

  09-12-2016 13:54
  Allianz Global Corporate & Specialty (AGCS) and Integro have
  launched a package product aimed at the UK motorsport industry.
  The Integro Motorsport Solutions product will offer full-suite
  insurance for motor racing facilities, events, race teams sponsors,
  sanctioning bodies and governing racing associations.
  The cover will initially be offered exclusively in the UK via
  Integro's motorsports team, which joined the broker in 2015
  following the acquisition of London intermediary Ellis Clowes.
  T
  
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• Quizzical questions: 9 December 2016

  09-12-2016 12:20
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Apollo's Athene prices IPO to raise $1.08bn

  09-12-2016 11:53
  Apollo-backed Athene Holding has priced shares in its New York
  initial public offering (IPO) in the middle of a previously
  announced range to raise $1.08bn for its selling shareholders.
  Athene priced 27 million Class A shares at $40 per share, having
  set a marketing range of between $38 and $42. The IPO, which may
  include an additional $162mn of shares in the case of strong
  demand, values Athene's equity at about $7.4bn.
  Athene said it would not receive any proceeds...
  
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• Banks could face more PPI payouts as FCA delays deadline decision

  09-12-2016 11:44
  
  Watchdog’s move means final deadline for claims is likely to be pushed back by a few months from mid-2019 Banks could have to pay out more in compensation to victims of the £40bn payment protection insurance (PPI) scandal after the financial regulator delayed a decision on setting a deadline for complaints.The Financial Conduct Authority said in August it was considering a mid-2019 cut-off for PPI claims and would decide before the end of 2016. The proposed deadline was more than a y
  
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• Aviva has 'significant opportunity' to make cuts next year

  09-12-2016 11:43
  Aviva may embark on a “significant” cost cutting programme next year, analysts claim.
  
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• FCA delays PPI feedback until next year

  09-12-2016 11:00 via insuranceage.co.uk
  
  Watchdog pushes deadline into first quarter of 2017.
  
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• How hidden charges sting the broker

  09-12-2016 10:56
  
  Bexhill UK’s Alan Atkins argues that cheaper is not always better when it comes to premium finance.
  
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• Market moves December 2016: Making merry

  09-12-2016 10:50 via insuranceage.co.uk
  
  If job move stories were presents under the Christmas tree then insurers would certainly have a nice Fir, Spruce or Pine surrounded by boxes
  
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• Fitch downgrades Towergate bond

  09-12-2016 10:34
  
  The ratings agency notes “slow” progress on transformation plan and maintains negative outlook.
  
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• FCA extends timetable on PPI complaints deadline

  09-12-2016 10:32
  
  The Financial Conduct Authority said it needs more time to make a decision on whether it will impose a cut-off deadline for Payment Protection Insurance claims.
  
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• FCA extends timetable on PPI complaints cut-off deadline

  09-12-2016 10:32
  
  The Financial Conduct Authority said it needs more time to make a decision on whether it will impose a cut-off deadline for Payment Protection Insurance claims.
  
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• Broker Apprentice 2016: The winner is revealed – video blog 6

  09-12-2016 10:01 via insuranceage.co.uk
  
  Judges and contestants reflect on the whole series sharing their favourite moments, what they learnt from the experience and tips for future candidates.
  
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• News analysis: Broad support for Marsh’s Bluefin buyout

  09-12-2016 09:50
  
  US broking giant agrees £295m takeover deal with Axa that will see Bluefin and Jelf combined
  
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• FCA wants more time on PPI deadline

  09-12-2016 09:22
  
  FCA extends PPI deadline timetable
  
  Read more

• Transport minister caught without insurance

  09-12-2016 09:21
  
  Scotland transport minister charged for driving without insurance
  
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• Blog: Smart world - unlearning the past

  09-12-2016 08:00
  
  We're living in an increasingly ‘smart' world. Smartphones have become indispensable to our day-to-day lives and the concept of smart homes and driverless cars is becoming reality.
  
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• Blog: Building the business case for digital insurance

  09-12-2016 08:00
  
  The ever-increasing range of digital applications in insurance drives a host of opportunities to provide products and services that are more useful, convenient and appealing to the individuals and businesses that the industry serves. Digital technologies also offer a huge and diverse range of exciting opportunities for those of us involved in the industry.
  
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• IAG plans A$250m a year of cost savings

  09-12-2016 03:52
  
  Australian giant IAG is aiming to save A$250m (£148m) from its operating costs over the next three years.
  
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• Axa to roll out staff maternity and paternity benefits in Asia

  09-12-2016 03:29
  
  Global insurer Axa will harmonise its global maternity and paternity policies from the beginning of next year.
  
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• Axa to increase staff maternity and paternity benefits in Asia

  09-12-2016 03:29
  
  Global insurer Axa will harmonise its global maternity and paternity policies from the beginning of next year.
  
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• Specialty Program buys Michigan's Global Marine

  09-12-2016 01:55
  Hub International's Specialty Program Group (SPG) has acquired
  Global Marine Insurance Agency.
  SPG was set up late last year by the US broking giant as a
  consolidation platform to buy and grow underwriting facilities and
  specialty businesses in North America.
  As previously revealed by The Insurance
  Insider, Hub International hired former Marsh
  executive Chris Treanor to develop the new division after leaving
  his position as president of Preferred Concepts following its
  acquisition by Alliant las
  
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• Berkley taps Kallo to replace McAuliffe as E&S head

  09-12-2016 01:55
  Specialty carrier WR Berkley named Miklos Kallo as president of its
  Berkley Regional Specialty unit, succeeding Paul McAuliffe, who is
  set to retire at year-end.
  Kallo joined Berkley in 1999 and has served in senior executive
  roles in two of the company's operating units. His new
  appointment takes effect immediately.
  McAuliffe was credited with advancing the company's excess
  and surplus lines operation during the past seven years, working
  with Berkley agents....
  
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