Insurance news

• Investors warm to Fairfax-Allied World deal

  21-12-2016 22:41
  Investors appear to be getting more comfortable with the $4.85bn
  Fairfax Financial bid for Allied World as shares of both companies
  climbed today with little in the way of fresh news to drive the
  market.
  Fairfax shares surged 4.7 percent to C$664.71 ($498.53) in
  Toronto at mid-afternoon while in New York, Allied World climbed
  near the $54 a share deal price, gaining 1.3 percent to $53.71.
  The Canadian insurance holding company also had a strong
  day's trading yesterday, advancing by...
  
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• China curbs insurers' expansion tactics

  21-12-2016 18:19
  Chinese insurers face restrictions on their investment
  activities at home and overseas following scattergun stock
  purchases, hostile domestic takeover bids and capital outflows that
  have weighed on the yuan.
  The China Insurance Regulatory Commission (CIRC) is widely
  expected to lower the ceiling on Chinese insurers' domestic
  equity investments as a proportion of total assets to 30 percent
  from 40 percent, having only recently lifted the threshold.
  The regulator is also expected to cut the limit
  
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• Axa compromises on terms to get aerospace treaty home

  21-12-2016 18:19
  The growing resolve of aviation reinsurers following years of
  deteriorating primary pricing was in evidence earlier this month as
  Axa Corporate Solutions opted to relax its proposed terms to ensure
  the placement of a new proportional treaty, The
  Insurance Insider understands.
  Sources said the reinsurance market had agreed to support the
  new whole-account quota share - which is believed to cover around
  half of the insurer's book - after Axa agreed to give up ground
  on the deal's ceding commission
  
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• HCI plans $20mn share buyback

  21-12-2016 15:33
  The board of Floridian homeowners' insurer HCI Group has
  authorised a $20mn share buyback scheme for 2017.
  The plan will permit the Tampa-based carrier to buy back shares
  in cash transactions through open market purchases, block
  transactions and privately negotiated deals.
  HCI's share price has increased by 16.6 percent over the
  course of this year. After opening at $33.35 at the beginning of
  January, the stock was trading at $38.87 when markets closed
  yesterday.
  The insurer received a boost on.
  
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• AJ Gallagher buys benefits broker Group Insurance

  21-12-2016 15:33
  Acquisitive broker Arthur J Gallagher has struck its third deal
  in less than a week with an agreement to buy employee benefits
  insurance broker Group Insurance Associates for an undisclosed
  sum.
  The Louisiana-based target was founded in 1983 and serves small
  and mid-sized businesses and individual clients.
  Existing management, including president Wayne Landwerlin and
  associate Glenn Hayes, will transfer to the new owner. They will
  report to John Neumaier, who is head of AJ Gallagher's South
  Cent
  
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• Biba launches facility to check financial position of unrated insurers

  21-12-2016 13:30
  
  The new facility created with Litmus Analysis is free for members.
  
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• The festive season for home insurance claims

  21-12-2016 13:25
  
  Ageas statistics reveal that December claims cost on average nearly three times those of the rest of the year.
  
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• Biba launches long-awaited unrated insurer tool

  21-12-2016 13:20
  
  New tool will help brokers decide whether to use an unrated insurer
  
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• Former LV= staffer jailed for leaking claims data

  21-12-2016 13:12
  
  The case in which the ex-insurance employee has been jailed marks a first for IFED
  
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• Ex-insurance employee jailed over bribery offences

  21-12-2016 13:12
  
  The case in which the ex-insurance employee has been jailed marks a first for IFED
  
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• Ex-LV employee and conspirator jailed for bribery offences

  21-12-2016 13:09
  
  This is the first time IFED officers have had a successful conviction under the Bribery Act.
  
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• Liberty Mutual raises $160mn for Limestone capital markets vehicle

  21-12-2016 12:50
  Liberty Mutual has established a new multi-year collateralised
  reinsurance vehicle, the $160mn Limestone Re, which will provide
  reinsurance support for its property catastrophe, homeowners'
  and London market specialty insurance portfolios.
  There was no breakdown on how much specialty risk would be ceded
  under the transaction but the inclusion of this type of risk is
  unusual for sidecar-type deals.
  Most sidecars effectively provide retrocession for catastrophe
  reinsurance portfolios written by re
  
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• Fairfax-Allied deal has $196mn break fee

  21-12-2016 12:50
  Fairfax's $4.85bn takeover of Allied World is subject to a
  $196mn termination fee, according to an 8-K filing by Allied
  World.
  As part of the agreement, Allied World has a 30-day go-shop
  period once the deal has been signed. If Allied World opts for a
  superior offer, the termination fee will be lower, at $73.5mn.
  The break fee is equivalent to 4 percent of the transaction
  value.
  Termination fees for Bermudian (re)insurance M&A
  transactions have usually ranged from 3 to...
  
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• Cargo plane crashes in Colombia

  21-12-2016 12:50
  A cargo plane has crashed in eastern Colombia, killing five crew
  members and injuring another, according to media reports.
  ABC News reported that the AeroSucre Boeing 727 aircraft crashed
  about 8km from Puerto Carreño's Germán Olano Airport
  on a flight bound for Bogotá.
  The crash occurred at 17:23 local time, about three minutes
  after take-off, the Colombian civil aviation authority said in a
  statement.
  It is not clear what cargo the aircraft was carrying.
  The crash comes le
  
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• Ex-LV employees sentenced for bribery

  21-12-2016 12:26
  
  Two former LV employees have been sentenced to 12 months in prison for leaking confidential data to a claims management company.
  
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• Ex-LV employee sentenced for bribery

  21-12-2016 12:26
  
  A former LV employee and an employee from a claims management company have been sentenced to 12 months in prison for bribery.
  
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• Half of PI law firms to close if whiplash reforms go through

  21-12-2016 12:02
  
  Over half of personal injury lawyers will be forced to shut down if the government’s proposed whiplash reforms go through.
  
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• Andrew McKee leaves MS Amlin

  21-12-2016 11:00
  
  Tom Clementi to step up to CEO of MS Amlin Underwriting role.
  
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• Allianz’s Graham Gibson reviews 2016 and looks ahead to 2017

  21-12-2016 10:43
  
  From severe weather to success with the IFB the past 12 months have been packed with action for Allianz’s claims director. What will 2017 hold?
  
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• Join the High Net Worth Society

  21-12-2016 10:36
  
  Build the expertise of your business in this potentially lucrative sector with our new community offering for 2017 – save the dates in your diary.
  
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• Christmas Q&A with Peter Blanc and Bob Darling

  21-12-2016 10:32
  
  Aston Scott's group CEO admits his love of brussel sprouts, while Coversure's MD reveals the Xmas movie that he would unwind to.
  
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• Government consultation on Vnuk may change the definition of a vehicle

  21-12-2016 10:20
  
  The government has begun a 14-week consultation to determine whether the current definition of a vehicle should be extended.
  
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• Government consultation may change the definition of a vehicle

  21-12-2016 10:20
  
  The government has begun a 14-week consultation to determine whether the current definition of a vehicle should be extended.
  
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• London market profit outlook remains grim: PwC

  21-12-2016 10:08
  Holiday cheer on Lime Street may be in short supply this season
  as the outlook for insurers heading into next year can scarcely be
  called joyful, according to PwC.
  Almost a third of the London market expects to lose money on
  underwriting in 2017, PwC said in a report.
  "Nearly one in three insurers are now reliant on investment
  returns to generate profits," PwC said, noting that in the
  current investment climate their prospects are far from
  sanguine.
  Insurers in...
  
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• Government plots to change EU law over car insurance on private land

  21-12-2016 10:07
  
  Consultation follows Vnuk court case ruling on whether car insurance on private land is needed
  
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• Government plots change to EU car insurance law

  21-12-2016 10:07
  
  Consultation follows Vnuk court case ruling which affects EU car insurance law
  
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• Law firms fear closure with whiplash reforms

  21-12-2016 09:33
  
  A new survey reveals how law firms believe they will be affected by the whiplash reforms
  
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• Revealed: the brokers that have boosted/lost SME market share

  21-12-2016 08:48
  
  A new study tracks how broker SME market share has changed in a decade
  
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• Blog: Brokers need to tap the Gap potential

  21-12-2016 08:00
  
  Guaranteed asset protection insurance presents a largely untapped opportunity for brokers.
  
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• Allied World downgrade 'likely' post-Fairfax deal: S&P

  21-12-2016 00:21
  AM Best and Standard & Poor's both placed Allied
  World's credit ratings on watch today following its agreed
  $4.85bn sale to Fairfax Financial, and S&P warned of a possible
  downgrade to bring the firm into line with the other operating
  entities owned by its prospective parent.
  "After the transaction closes, we will likely lower our
  counterparty credit and financial strength ratings on Allied World
  by one notch to A- to align them with those on Fairfax's core
  operating subsidiaries,&qu
  
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