Insurance news

• P&C disrupter Lemonade begins nationwide US expansion

  22-12-2016 22:36
  Lemonade has registered to start operations in 46 more states
  and the District of Columbia, the New York-based
  "peer-to-peer" P&C carrier announced today.
  Backed by traditional P&C companies and (re)insurers,
  Lemonade said that when it made its digital platform available to
  consumers in New York several months ago it drew responses from
  tens of thousands of people across the US. That led company leaders
  to make national expansion a priority.
  On its website, where homeowners and renters c
  
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• Navigators scores an A grade from S&P on overseas unit

  22-12-2016 22:36
  Navigator Group's new international unit received an A
  rating from Standard & Poor's, which cited the parent
  company's two-decade track record of writing coverage for
  clients in the UK and Europe.
  "The management and underwriting teams are made up largely
  of current Navigators professionals who have conducted business in
  the targeted regions," S&P's analysts said today.
  The new unit, Navigators International Insurance Co Ltd, will
  give Navigators greater reach into the European Economic
  
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• NY agency delays cybersecurity rule fought by insurers

  22-12-2016 20:20
  New York state's pending cybersecurity regulations for
  insurers and other financial companies will take shape a little
  more slowly than expected, with an approaching deadline pushed back
  to March 1.
  The draft rule drew a storm of criticism from insurer groups when it was
  published in mid-September, and the scale of requested changes
  raised speculation that the state Department of Financial Services
  would tear up its proposal and restart the process. A Jan. 1
  implementation had been scheduled.
  Bu
  
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• Fema's new $4bn cat treaty prices

  22-12-2016 17:53
  The US Federal Emergency Management Agency (Fema) is set to pay
  more than $150mn of premium for its new catastrophe reinsurance
  programme covering the National Flood Insurance Program (NFIP) for
  2017, The Insurance Insider can
  reveal.
  It is understood that the programme, the biggest new US cat
  treaty in years, is structured as two $2bn layers, although
  underwriters have been told to expect that only around $1bn will be
  placed at the 1 January inception.
  Sources told this publication that...
  
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• At least 170 staff gone in CNA cull

  22-12-2016 17:53
  CNA has let go at least 170 staff since August as the US insurer
  becomes the latest in the sector to roll out a wide-ranging
  efficiency programme, ‎The Insurance
  Insider has learned.
  It is thought that the latest wave brings the total number of CNA
  staff redundancies in 2016 to around 350, or just over 5 percent of
  the 6,900 staff the carrier reported at the close of last year.
  The news comes just weeks after Chubb's former commercial and...
  
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• New Pro owner to support further growth: CEO

  22-12-2016 14:14
  The chief executive of Pro Global, which has agreed to sell its
  services company to a private equity house, said the new owner
  plans to invest in further growth.
  Speaking to The Insurance Insider
  after the deal with Acuity was announced, Artur Niemczewski said he
  expects the new owner to support further expansion of the
  firm's services offering.
  He added that Acuity was "explicitly" supporting the
  firm's recently launched operation, ProTucket, a run-off
  vehicle that is expected to take advantage
  
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• Collins gets January start date as Miller CEO

  22-12-2016 14:14
  Greg Collins will take over from Graham Clarke as CEO of Miller
  from 1 January, the broker announced today.
  The Insurance Insider reported in June
  that Clarke was due to step down next yearto
  become non-executive chairman.In 2015, Clarke, who has been CEO of Miller since 2000, oversaw
  the sale of an 85 percent stake in the business to big-three broker
  Willis for $392mn.
  He succeeds Nicholas Lyons, who has been non-executive chairman
  for Miller for the past...
  
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• Moody's puts Allied World on credit watch

  22-12-2016 12:33
  Moody's Investors Service has become the latest ratings
  agency to put Allied World under review for a potential downgrade
  following the group's agreement to sell itself to Canada's
  Fairfax Financial for $4.85bn.
  The rating agency's review includes the Baa1 senior debt
  rating for Allied World Assurance Company Holdings Ltd and the A2
  insurance financial strength (IFS) rating of the carrier's
  insurance subsidiaries.
  Moody's said it made the move because of Fairfax's lower
  credit profile, an expect
  
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• Helios acquires Lloyd's LLV Pooks

  22-12-2016 12:33
  Aim-listed carrier Helios Underwriting is to acquire Lloyd's
  limited liability vehicle Pooks for £870,659 ($1.1mn) in cash.
  The vehicle is currently owned by Helios CEO Nigel Hanbury and
  has underwriting capacity of £784,666. In the year ended 31
  December 2015, Pooks made a profit before tax of £28,156 on
  gross premiums written of £606,141.
  Hanbury controls Pooks through his indirect ownership of
  Upperton Holdings. The deal constitutes a substantial property
  transaction a
  
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• Storm Barbara ‘could be first major test of Flood Re’

  22-12-2016 12:13
  
  Home owners should take extra steps to ensure they have sufficient cover this Christmas owing to the risk of flooding from Storm Barbara.
  
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• RSA urges government to support SMEs

  22-12-2016 11:59
  
  Over half of UK SMEs think the government is not doing enough to help businesses grow, with seven out of 10 expecting their revenues to fall or stand still in 2017.
  
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• Blog: Connected Technology - pricing or protection?

  22-12-2016 11:08
  
  Ageas' Matthew Thomas on the key role brokers have to play.
  
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• Miller appoints Greg Collins as CEO

  22-12-2016 11:05
  
  Current CEO Graham Clarke to take up non-executive chairman position.
  
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• Towergate Underwriting's Alex Fletton reviews 2016 and looks ahead to 2017

  22-12-2016 11:04 via insuranceage.co.uk
  
  The firm's head of personal lines on loyalty, wanting to work in insurance, commuting and renewal pricing transparency.
  
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• Christmas Q&A with Paul Macbeth and Paul Beck

  22-12-2016 10:59
  
  Macbeth's MD tells us about his favourite part of Christmas dinner and Amicus' director reveals what present he'd like in his Xmas stocking.
  
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• The top Christmas jumpers in insurance

  22-12-2016 10:57
  
  Yuletide is around the corner so with that in mind Insurance Age has gathered the best festive jumpers from the market. Prepare yourself
  
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• Acuity to acquire Pro for £8.3m

  22-12-2016 10:48
  
  Private equity firm Acuity Investment is planning to acquire Pro Global Service’s service provider business Pro for £8.3m.
  
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• Gang jailed for huge insurance scam

  22-12-2016 10:46
  
  Huge insurance scam uncovered in police investigation
  
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• Pro sells itself to Acuity for £8.3mn

  22-12-2016 10:42
  AIM-listed business outsourcing and consultancy firm Pro Global
  Insurance has sold everything but its 30 percent Asta Capital stake
  to a recently formed private equity house for £8.3mn.In a statement today, the company said it had conditionally agreed
  to sell shares in its consultancy business Pro Services, leaving
  the company with nothing but its Asta shareholding."Asta has performed very well since its acquisition in 2011,
  and we look forward to focussing on growing Asta following the sa
  
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• Husky oil spill loss revised down to C$180mn

  22-12-2016 10:42
  Husky Energy has notified the general liability market of a
  C$180mn ($134mn) loss from a Canadian oil spill which occurred in
  July, The Insurance Insider
  understands.
  In September, this publication revealed QBE was the lead insurer
  on the general liability placement.
  At the time, early market chatter suggested loss estimates of as
  much as C$500mn, but sources said this figure has since been
  revised down due to swift repair work and damage mitigation.
  The final loss estimate could in fact...
  
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• AM Best upgrades Arig after Takaful Re run-off move

  22-12-2016 10:42
  AM Best has upgraded its rating on Arab Insurance Group (Arig)
  of Bahrain, citing the company's ability to make strategic
  moves to improve its business.
  AM Best raised Arig's financial strength rating to A- from
  B++, noting that changes recently made by the organisation had
  helped it generate stronger performance, with a combined ratio of
  90 percent in each of the past three quarters.
  In 2015, Arig delivered a combined ratio of 109 percent for its
  non-life underwriting operations, driven...
  
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• Acrisure expands with Alaska credit union deal

  22-12-2016 10:42
  Brokerage group Acrisure has acquired the commercial insurance
  and benefits business of AlaskaUSA Federal Credit union, adding 52
  people to its geographically dispersed operations.
  The Grand Rapids, Michigan-based buyer already has more than 86
  platform agencies in over 100 locations. Acrisure employs more than
  2,700 people in 26 states.
  Acrisure closed the transaction for undisclosed terms on 15
  December, according to marketing and communications director Rob
  Trube. The operations acquired were
  
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• Insurance outsourcer sells business arm

  22-12-2016 09:50
  
  Sale will provide insurance outsourcer division with long-term stability
  
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• Brokers fear repercussions over cyber mis-selling

  22-12-2016 08:23
  
  Companies trying to protect themselves against cyber mis-selling claims
  
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• Blog: Drone regulation

  22-12-2016 08:00
  
  Drones or Unmanned Aerial Vehicles are now being used across a range of sectors and usage gives rise to some issues.
  
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