Insurance news

• Judge sets next date in Das v Asplin and others hearing

  19-12-2016 20:27
  
  A decision as to whether Das' criminal prosecution against its former CEO and others will proceed to court has been put back three months.
  
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• ABI launches legal challenge over discount rate review

  19-12-2016 18:19
  
  The Association of British Insurers launched a legal challenge of the Lord Chancellor’s decision to review the discount rate for personal injury damages.
  
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• Size of Fairfax-Allied cash component unclear

  19-12-2016 18:02
  Fairfax Financial CEO Prem Watsa provided little additional
  clarity on how much cash Allied World shareholders would receive as
  part of the agreed deal between the two firms, or where it would
  come from, on a conference call following the announcement of the
  transaction.
  Under the terms announced today, Fairfax is offering$54 per Allied World share for the company, or $4.85bn in
  total, through a potentially moveable combination of stock and
  cash.The $54 per share "base" offer includes...
  
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• CEO Hedges to leave Greenlight Re

  19-12-2016 18:02
  Greenlight Re today announced the departure of CEO Bart Hedges,
  just over a month after escalating underwriting losses led to an AM
  Best downgrade.
  Former CEO Leonard Goldberg, a current board member, will take
  the helm on an interim basis after Hedges steps down on 31 March
  2017.
  "GLRE intends to undertake a fulsome succession process,
  including conducting a search process of internal and external
  candidates, to find a permanent successor to Mr Hedges," the
  Cayman Islands-based carrier said in.
  
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• Allied World trades below $54 Fairfax offer price

  19-12-2016 18:02
  Shares in Allied World surged 12 percent in early trading in New
  York today but remain nearly 5 percent below the takeover price
  offered by Fairfax Financial.
  The stock had risen as much as 12.5 percent to $51.49 as of
  14:45 GMT, climbing to 4.6 percent below Fairfax's offer price
  of $54 per share.
  The share price then retreated to under $50.97 by 15:34 GMT, as
  markets signalled some uncertainty around deal completion and also
  to reflect the impact the...
  
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• JLT Re to acquire reinsurance broker StoneHill

  19-12-2016 16:24
  JLT Re has agreed to buy Minnesota medical professional
  liability specialist intermediary StoneHill Reinsurance Partners
  for an undisclosed sum.StoneHill was established by Dan Koshiol in 2012 as an
  independent casualty reinsurance broker in Minneapolis, with a
  focus on medical professional liability.Sources said that StoneHill has revenues in the mid-single-digit
  millions.The StoneHill team, led by Koshiol and executive vice president
  Chip Ott, will join JLT Re immediately.Koshiol began his rei
  
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• IT Awards 2016: digital edition

  19-12-2016 15:50
  
  See all the videos, pictures and judges comments from the IT Awards 2016
  
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• Judge sets next date in Das v Asplin and others trial

  19-12-2016 15:06
  
  The next date of Das' criminal prosecution against its former CEO has been set for March.
  
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• Christmas Q&A with Mark Cliff and Neil Campling

  19-12-2016 14:50
  
  The bosses of Brightside and ICB Group are both big fans of Christmas Pudding.
  
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• Insider View: Fairfax-Allied World deal

  19-12-2016 14:37
  Following the sale of four other publicly listed Bermudians over
  the last two years, the $4.9bn agreed takeover of Allied World
  comes as little surprise.
  The era of the small- to mid-sized Bermudians looks like it is
  drawing to a close and the question now is more about the shape
  that the remainder of the M&A on the island takes, as well as
  the timing, not whether or not it will happen.
  Interestingly, the look and feel of Bermuda may...
  
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• Carmilani to pick up $80mn from Fairfax deal

  19-12-2016 14:37
  Allied World founding chief executive Scott Carmilani is poised
  to receive a $79.6mn payout following the carrier's acquisition
  by Canadian group Fairfax Financial.
  Analysis by The Insurance Insider
  shows Carmilani held a 1.7 percent stake in the company as of 22
  February 2016, comprising 1.25 million directly owned shares,
  139,000 shares held indirectly in a trust and 83,863 stock
  options.
  The cumulative total of 1,475,086 shares is valued at $79.6mn
  based on Fairfax's offer price of $54 per sh
  
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• Valuation in spotlight as Allied goes for 1.34x book and 18% uplift

  19-12-2016 13:02
  Investors will be carefully surveying the scene for a competing
  bid for Allied World after the company's board agreed a sale to
  Canadian insurance holding company Fairfax Financial at a
  relatively low 18 percent premium to the undisturbed share
  price.
  Allied World CEO Scott Carmilani and the rest of the executive
  team have secured their futures with the management-friendly $4.9bn
  cash-and-shares deal given Fairfax's preference for a
  decentralised model.
  Although the valuation represents a peer-c
  
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• Fairfax-Allied deal to create fifth-largest E&S writer

  19-12-2016 13:02
  Fairfax Financial's proposed acquisition of Allied World
  will take pro-forma gross written premiums (GWP) to around $12.5bn
  and make the group the fifth-largest excess and surplus lines
  (E&S) writer across all of its operating companies.
  Based on figures for the 12 months to 30 September 2016,
  pro-forma GWP amounts to $12.5bn, with a combined ratio of 92.4
  percent, according to an investor presentation.
  Three-quarters of the combined portfolio would be North American
  business. The combined E
  
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• Donegal sets Mountain States merger for US expansion

  19-12-2016 13:02
  Donegal Mutual agreed to acquire Mountain States Insurance Group
  in a deal that will extend the reach of Donegal's small
  business and personal lines coverage into several western US
  states, the two companies said today.
  The agreement calls for Donegal to merge with Mountain States
  Mutual Casualty Company, with Donegal becoming the surviving
  entity. The deal must receive regulatory and policyholder approvals
  before it can be consummated.
  Mountain States indemnity and commercial insurance subsidia
  
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• Allied deal multiple represents valuation ceiling: KBW

  19-12-2016 13:02
  Fairfax Financial's offer to acquire Allied World for
  $4.9bn, or 1.34x book value, represents a likely valuation ceiling
  for most near-term deals, according to analysts at Keefe, Bruyette
  and Woods (KBW).
  Last night, Fairfax announced it had agreed to buy the
  Switzerland-based carrier for $54 dollars a share, comprising $10
  in cash and $44 in Fairfax stock, translating to a 1.34x
  price-to-book multiple.
  Fairfax said that $5 of the consideration would come in the form
  of a pre-closing cash divide
  
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• FCA admits its email system was 'spoofed'

  19-12-2016 12:34
  
  The Financial Conduct Authority said it issued a fake email to its mailing list on Friday.
  
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• Aviva claims director joins IFB board

  19-12-2016 12:34
  
  Rob Townend, Aviva’s claims director for UK general insurance, has joined the board of the Insurance Fraud Bureau.
  
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• Insurers face 'highly challenging period', says AM Best

  19-12-2016 12:07
  
  The insurance industry is entering a highly challenging period in its history, according to new research from AM Best.
  
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• FCA issues warning on spoofed email

  19-12-2016 11:28
  
  Regulator urges recipients to delete the email sent on Friday without opening it.
  
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• Fairfax to pay $4.9bn for Allied World

  19-12-2016 11:02
  Canada's Fairfax Financial has swooped on Allied World with
  an agreed $4.9bn bid that will give the target's shareholders
  up to 27 percent of the enlarged company.
  Fairfax is offering $54 per Allied World share for the company,
  through a potentially moveable combination of stock and cash.
  Under the terms of the agreement, Allied World shareholders will
  receive cash consideration of $10 for each Allied World share,
  $5.00 of which will be paid in the form of a pre-closing cash...
  
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• Brit owner Fairfax buys Allied World for $4.9bn

  19-12-2016 11:02
  
  Canada’s Fairfax Financial is to buy insurance giant Allied World for $4.9bn (£3.9bn).
  
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• Gallagher buys US E&O programme manager

  19-12-2016 10:27
  
  Arthur J Gallagher is to buy California-based National Ethics Bureau for an undisclosed sum.
  
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• Axa's Duverne on the insurance industry waking up to women decision-makers

  19-12-2016 10:26
  
  2016 may go down as the year the insurance sector woke up to the growing importance of women in the global economy and recognised that it needs to address their requirements for a whole range of products and services.
  Whether as entrepreneurs or heads of household, women are now financial decision-makers.
  
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• #insagepeople: 19 - 23 December 2016

  19-12-2016 10:01
  
  Keep up to date with all the latest people moves.
  
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• Christmas Q&A with Charles Manchester and Ian Donaldson

  19-12-2016 09:45
  
  MUM's CEO explains why Fairytale of New York is his favourite festive tune and Autonet's MD reveals which song gets him in the mood for Christmas.
  
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• Fairfax to pay $4.9B for Allied World

  19-12-2016 09:39
  Canada's Fairfax Financial has swooped on Allied World with
  an agreed $4.9bn bid that will give the target's shareholders
  up to 27 percent of the enlarged company.
  Fairfax is offering $54 per Allied World share for the company,
  through a potentially moveable combination of stock and cash.
  Fairfax pegged the value of the offer at 1.35x Allied
  World's diluted book value as of 30 September.The $54 per share "base" offer includes $10 in cash
  and $44 in Fairfax shares,...
  
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• Aspen promotes group risk officer Thornton to COO

  19-12-2016 09:39
  Aspen's Richard Thornton has been appointed to the newly
  created role of group chief operating officer, leaving his job as
  chief risk officer temporarily unfilled, the carrier said
  today.
  Thornton retains his responsibilities as group strategy head as
  he takes up his new duties, Aspen said.
  Chris O'Kane, the Bermudian's CEO, said that in his new
  role, Thornton will take responsibility for leading the group's
  operational strategy across its business segments, platforms and
  corporate functions.
  "R
  
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• Aviva cancels agencies of commission-chasing brokers

  19-12-2016 09:08
  
  UK’s biggest Insurer says commission-chasing brokers are not acting in customers’ best interests
  
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• Brit owner to buy insurance giant in multi-billion-dollar deal

  19-12-2016 08:48
  
  Consolidation continues as insurance giant bought by conglomerate
  
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• Broker names Enterprise replacement as more policies axed

  19-12-2016 08:20
  
  FSCS hails Enterprise replacement cover as ‘good news’ for policyholders
  
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