Insurance news

• Lloyd's braced for $50mn Carrie Fisher Star Wars claim

  30-12-2016 20:53
  Insurers at Lloyd's of London look set to pay out the
  market's biggest ever single personal accident insurance claim
  following the tragic death of Star Wars actress Carrie Fisher,
  The Insurance Insider can reveal.
  Sources said that Disney had taken out $50mn of so-called
  contract protection cover as insurance for the event that Fisher
  was unable to fulfil her obligations to act in the new Star Wars
  films, with the policy now likely to trigger.
  The policy was underwritten by...
  
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• Texas sees over $6bn of losses tied to weather in 2016

  30-12-2016 18:41
  Hail and other severe weather caused more than $6bn in damage to
  homes and automobiles in Texas in 2016, including $1.4bn from a
  single storm, according to the Insurance Council of Texas.
  A hail storm in April caused $1.4bn in damage in San Antonio and
  Bexar County, a state record for a single storm, the organisation
  said. The previous hail record was $1.1bn, set in 1995 in Fort
  Worth.
  An early November hail storm in El Paso caused more than...
  
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• Private start-up ITI Re gets final Irdai approval

  30-12-2016 18:41
  India's first domestic private sector reinsurer ITI Re has
  received final approval from the Insurance Regulatory and
  Development Authority of India (Irdai) to begin operations,
  according to local press reports.
  The Economics Times cited an interview with the Fortunate
  Financial Services-controlled company's chief operating officer
  R Raghavan on PTI Today in which the executive revealed it had been
  granted 'R3' approval and had acquired "a substantial
  part" of the 500 rupees crore ($73.6mn) requi
  
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• McGavick pockets $15mn from share options

  30-12-2016 16:15
  XL Group CEO Mike McGavick has made a profit of $14.9mn from
  exercising share options over the past month.
  McGavick flagged his intention to sell shares on the
  company's third-quarter conference call in October. He said the
  move was part of a broader financial plan decided with his family
  more than two years ago but delayed due to the merger between XL
  and Catlin.
  On 1 December McGavick bought 146,500 shares for $484,915 before
  selling them the same day for...
  
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• Date set for vote on United-American Coastal deal

  30-12-2016 16:15
  Shareholders of homeowners' carrier United Insurance Holdings
  will meet in just over a month's time to vote on its complex
  takeover of residential commercial specialist American Coastal.
  In a definitive proxy statement issued yesterday, United set a 3
  February date for the shareholders' meeting.
  As agreed in August, United will issue shares to RDX, the owner
  of American Coastal. The two-step process entails a newly formed
  United subsidiary merging into American Coastal, after which
  American Coas
  
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• Endurance sets date for Sompo takeover vote

  30-12-2016 14:12
  Endurance shareholders will vote at the end of next month on the
  company's $6.3bn takeover by Sompo, which marked the biggest
  P&C M&A deal of 2016.
  In a definitive proxy statement released yesterday, Endurance
  set a 27 January date for the shareholders' meeting.
  Shareholders on the register as of 28 December will be entitled
  to vote on the $93-per-share offer.
  The takeover requires the approval of a majority of votes cast
  at a meeting where at least half the owners...
  
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• China Re president steps down

  30-12-2016 14:12
  China Re president Zhang Hong has retired from his position and
  relinquished his seat on the state-owned reinsurer's board of
  directors.
  Zhang was due to be replaced be current vice president He
  Chunlei with effect from 28 December, pending regulatory
  approval.
  He (Chunlei) has also been approved by the board as executive
  director.
  Zhang will continue to work with the company under a
  "supervisor's service contract", replacing Wang
  Yonggang, who has retired as chairman of the board of supervisors
  
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• Global property cat rates down 5.7% at 1.1: JLT Re

  30-12-2016 10:31
  The reinsurance market was again soft in the January renewals,
  although the pace of rate reductions moderated and the conditions
  for a pricing correction have started to crystallise, JLT Re has
  said.In a statement released just ahead of the 1 January renewals, the
  reinsurance broker estimated an average risk-adjusted reduction in
  property catastrophe rates worldwide of 5.7 percent, an improvement
  on the 8.2 percent decline a year ago, and on 11 percent in 2015
  and 12 percent in 2014....
  
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• Munich Re, Swiss Re gain India go-ahead

  30-12-2016 08:53
  Munich Re and Swiss Re have received clearance from the
  Insurance Regulatory and Development Authority of India (Irdai) to
  establish a branch in the country.
  The German reinsurer is understood to have obtained
  "R3" approval, but is awaiting final procedural clearance
  from the regulator, while a Swiss Re representative confirmed Irdai
  has granted it R3 go-ahead.
  Earlier this week Hannover Re and Scor announced they had
  secured final approval to set up branch offices in India.
  US life reinsurer Re
  
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