Insurance news

• AJ Gallagher buys affinity E&O programme manager

  16-12-2016 20:15
  Acquisitive broking house AJ Gallagher has announced a deal to buy
  California-based firm National Ethics Bureau.The affinity programme manager specialises in errors and omissions
  coverage for its membership, which includes insurance agents,
  investment advisors, real estate agents, tax preparers and
  book-keepers.The bureau's website said coverage is underwritten by CNA,
  Everest and Liberty International Underwriters. It is currently
  administered by Marsh & McLennan subsidiary Mercer along wit
  
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• RSA appoints Hunn as business development director

  16-12-2016 17:21
  
  RSA has appointed Kevin Hunn as business development director in its intermediated personal lines division.
  
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• Week in Post: Unrated insurers and reasons to detox

  16-12-2016 16:54
  
  The sallow, downbeat faces of my colleagues today can only mean one thing: it’s the morning after the staff Christmas party.
  
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• This week in Post: Unrated insurers and reasons to detox

  16-12-2016 16:54
  
  The sallow, downbeat faces of my colleagues today can only mean one thing: it’s the morning after the staff Christmas party.
  
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• Insurers cannot wait for government to lead on Brexit strategy

  16-12-2016 16:53
  
  The UK's insurers cannot wait for government to take the lead on Brexit strategy, according to Ashley Prebble, an insurance partner at Clifford Chance.
  
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• Singapore financial regulator clears ACR sale

  16-12-2016 16:30
  China's Shenzhen Qianhai Financial Holdings (QFH) and Shenzhen
  Investment Holdings (SIHC) have gained Singaporean regulatory
  approval to buy Asia Capital Re (ACR), just two months after the
  parties announced the deal.
  The news was released by ACR as the reinsurer secured
  affirmations from AM Best and Standard & Poor's following
  the ratings agencies reviews of the proposed transaction.
  In October, ACR confirmedreports by this publication that it had sealed a $1bn all-cash
  sale to Chinese prov
  
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• Bermuda resilience to see off tax reform threat

  16-12-2016 16:30
  Bermudian reinsurance experts believe the island's
  resilience will protect it against any tax changes from US
  president-elect Donald Trump that might threaten its position.
  Speaking on a panel at the EY Global (Re)Insurance Outlook
  conference, held in Hamilton Bermuda on 15 December,
  representatives from Arch Re, Global Atlantic Re and Hamilton Group
  supported the view that Bermuda's insurance industry is likely
  to escape unscathed from any tax reforms by the new administration
  and a Republican-
  
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• H&H Insurance buys Armitage Livestock Insurance Agency

  16-12-2016 15:36
  
  Armitage will continue to trade from Weybridge in Surrey as well as Carlisle.
  
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• 206,000 Enterprise policies transferred to new insurer

  16-12-2016 15:17
  
  Motorway Direct and NCI Roadside Assistance have transferred 206,000 Enterprise policies to new insurers with effect from 14 December.
  
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• Broking break - Your top five

  16-12-2016 14:43 via insuranceage.co.uk
  
  The FSCS, MGAM, Zurich and SME business all made the most read list for this week.
  
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• Pioneer expands into renewable energy

  16-12-2016 14:17
  Pioneer Underwriters has expanded into the renewable energy
  insurance market with the hire of Warren Diogo from Ascot.
  The London-based team, which will be led by Diogo, will
  underwrite on a global basis - including the US - and focus on both
  the on and offshore wind power and solar sectors.
  Diogo, whose appointment is effective immediately, reports to
  Graeme Rayner, Pioneer group director of underwriting.
  At Ascot, Diogo established Renewco, the first dedicated
  renewables operation in Lloyd's.
  
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• Alpine Eternity loss climbs to $275mn

  16-12-2016 14:17
  (Re)insurers have been notified that the ground-up loss from
  last year's Alpine Eternity collision has risen to $275mn,
  The Insurance Insider understands.
  The International Group (IG)'s reinsurance programme looks
  set to absorb the lion's share of the loss, the payment of
  which has been complicated by western sanctions against Iran.
  For 2015/16, the reinsurance programme for the group of
  protection and indemnity clubs - which is led by XL Catlin -
  attaches at $80mn.
  Britannia Club, which insures
  
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• Pioneer launches renewable energy team

  16-12-2016 13:35
  
  Pioneer has launched a renewable energy underwriting team led by Warren Diogo.
  
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• Insurers hold up under ‘extreme’ EU stress tests

  16-12-2016 13:23
  
  Insurers have held up under “very severe” circumstances as part of a Europe-wide market stress test.
  
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• Quizzical questions: 16 December 2016

  16-12-2016 13:13
  
  Test your knowledge of the week's news with our topical quiz.
  
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• Catalina the frontrunner to acquire £600mn RSA book

  16-12-2016 12:29
  Legacy specialist Catalina is in pole position to acquire
  RSA's £600mn ($750mn) UK legacy book as the sale process
  draws towards a close, The Insurance
  Insider can reveal.
  Sources said that following the submission of final bids
  Catalina is the likeliest acquirer of the business, with both
  Armour Holdings and Enstar set to come in as underbidders.
  A deal has not yet been signed and may still not materialise,
  the sources added.
  Last week (6 December) this publication reportedthe...
  
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• Bond sell-off hits Skuld's bottom line

  16-12-2016 12:29
  Norway-headquartered protection and indemnity (P&I) club Skuld
  said profits slipped to $16mn for the first nine months from $29mn
  in the first half of the year after a bond sell-off eroded
  investment income.
  Despite the quarterly deterioration, investment gains continued
  to more than offset a small loss on underwriting for the nine-month
  period, however.
  Marine publication TradeWinds reported that for the
  third quarter the company achieved a $2.3mn underwriting surplus,
  taking the combined r
  
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• Allianz considering bid for Generali's French business: report

  16-12-2016 12:29
  Allianz is in discussions with Generali over a move for the Italian
  carrier's operations in France, according to reports.
  Executives at Allianz are uncertain the deal would be approved
  by regulators and a final agreement may not be reached, reported
  Bloomberg, citing people familiar with the matter.
  Generali shares were up 2.82 percent at EUR14.57 in morning
  trading in Milan, while Allianz shares were broadly flat at
  EUR156.25 in Frankfurt.
  Allianz CFO Dieter Wemmer told journalists after the in
  
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• BP Marsh takes a further 6.87% stake in Nexus

  16-12-2016 12:18
  
  BP Marsh has acquired a further 6.87% in Nexus Underwriting for £4m.
  
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• Skuld reports $16m bottom line

  16-12-2016 11:40
  
  Marine insurance provider Skuld has reported bottom-line results of $16m (£12.8m) for the nine months of the financial year 2016/17 ending 20 November.
  
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• Passport stolen on holiday? Don’t expect your travel insurer to pay up

  16-12-2016 11:38
  
  Paul Whyte faced a £1,300 bill when vital documents he needed to get home were taken from his locked car, but his travel policy didn’t cover their lossA businessman who had everything – including his passport – stolen from a hire car on the last day of a Spanish holiday says he has been left with a £1,300 bill after his holiday insurance refused to pay most of the claim.Paul Whyte and his 17-year-old son had all their bags snatched from the locked boot after stoppin
  
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• BP Marsh & Partners increases stake in Nexus Underwriting Management

  16-12-2016 11:30
  
  The investor acquired a further 6.9% stake in Nexus for £4m.
  
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• Christmas Q&A with Russell Lane

  16-12-2016 11:28
  
  Brunel Professional Risks' managing director talks tunes and desserts.
  
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• Further M&A expected among Bermudians

  16-12-2016 10:41
  Market fundamentals are going to cause further M&A, according
  to reinsurance experts speaking at EY's Global (Re)Insurance
  Outlook conference in Hamilton, Bermuda.
  During a 15 December panel discussion April Galda, co-CEO of
  reinsurance at Global Atlantic Re, said there were multiple reasons
  why M&A made sense for P&C carriers.
  "There's so much capital sloshing around and new
  opportunities such as cyber aren't big enough to suck it up,
  and if I have a lot of cash in my pocket, it...
  
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• Brokers will play key role in market innovation: Cedent

  16-12-2016 10:41
  Insurance intermediaries are the agents of change for technological
  innovation in the (re)insurance market, according to Cedent
  chairman and CEO Michael Coles.
  Speaking at the EY Global (Re)Insurance Outlook conference in
  Bermuda on 15 December, Coles said brokers play "an incredible
  role in innovation" and are key partners for carriers in
  helping them to advance.
  "Brokers bring an incredible amount of value," he
  said. "Most of us use their services to help manage our
  risk... and their role toda
  
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• Why digital isn't doomsday for general insurance brokers

  16-12-2016 10:39
  
  Accenture’s Hammad Rafique explains how brokers can use technology to reinvent themselves.
  
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• Christmas Q&A with Tim Ryan

  16-12-2016 10:01
  
  The executive chairman of Ryan's chats Christmas tunes and reveals what he would most like to receive in his Christmas stocking.
  
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• Lloyd's to create new EU base amid Brexit fears

  16-12-2016 09:32
  
  Fears of job losses at world’s oldest insurance market trigger move 
  
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• Insurance broking crook hit with lengthy ban

  16-12-2016 09:20
  
  Crook plundered money from broking off dying boss 
  
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• Insurance broking crook hit with lengthly ban

  16-12-2016 09:20
  
  Crook plundered money from broking off dying boss 
  
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• Blog: Loss adjusters lead encouraging flood-resilient repairs

  16-12-2016 08:00
  
  Loss adjusters are encouraging flood-resilient repairs but a strong incentive is needed to support take up.
  
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• IG reinsurance charges to shipowners down 7.2%

  16-12-2016 03:50
  Group reinsurance rates for shipowners in the reinsurance
  programme for the International Group (IG) of protection and
  indemnity (P&I) clubs have dropped by between 5 percent and 10
  percent.
  The costs from the overall programme are charged as separate
  fixed costs together with 2017 advance call rates, giving the
  clubs' members the full benefit of the reduction.
  On average the rates will come down by 7.2 percent.The 2017 group reinsurance rates for both dirty tankers and dry
  cargo vessels...
  
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• Enstar launches $620mn KaylaRe

  16-12-2016 00:16
  Enstar has secured the launch of its long-planned total return
  reinsurer with significant backing from the Chinese investment
  company that bought into the New York-listed insurer in September
  in a separate deal.
  Bermuda-based KaylaRe will launch with $620mn of equity capital,
  with $300mn provided by Enstar, $270mn from Chinese investment firm
  Hillhouse and $50mn from long-term financial partner Stone Point
  Capital, the legacy-to-live carrier said today.
  As previously revealed by The Insurance In
  
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• Clear Blue may tap more capital for 2017 growth

  16-12-2016 00:16
  Programme transformer Clear Blue is considering drawing down
  further funds from the $250mn commitment made by backer Pine Brook
  to support 2017 growth from its pipeline of new deals,
  The Insurance Insider understands.
  According to sources, the start-up has inked 15 MGA transactions
  in its first year of operating with an expected annual run rate of
  $180mn in premium volume.
  Lines of business written on its program portfolio include
  commercial property, homeowners, construction general liability,
  
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• BP Marsh adds to Nexus stake with £4mn purchase

  16-12-2016 00:16
  Venture investor BP Marsh has raised its stake in MGA Nexus
  Underwriting Management, buying another 6.87 percent of the
  company's equity for £4mn ($5.0mn).
  The sellers were two of the founding shareholders, Colin
  Thompson and Ian Whistondale, the two companies said today in a
  statement. The purchase raised BP March's Nexus stake to 18.8
  percent and valued the business at £58mn.
  Nexus chairman Thompson hailed the transaction, saying in the
  statement: "We have a number of exciting M&am
  
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