Insurance news

• Willis specie broker Cohen joins Gordon group at JLT

  03-01-2017 21:41
  JLT Specialty has hired another specie broker
  from rival Willis Towers Watson as the dust settles on a $40mn
  lawsuit over an earlier raid.
  Paul Cohen will be based in Orange County,
  California and become a senior vice president of JLT's global
  fine art, jewelry and specie practice.Last year, JLT settled a dispute with its larger rival after team
  head David Gordon defected from Willis along with 31 other
  employees in 2015.Now, Cohen has moved over to join...
  
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• Reinsurance results not bad enough yet for flat renewal

  03-01-2017 19:09
  Reinsurers will have to suffer a period of real pain before they
  can expect a stabilisation in pricing and, ultimately, an increase,
  according to the reinsurance brokers.
  Despite the professed hopes of reinsurers at the autumn
  conferences for a flat renewal, pricing again softened across
  almost all lines and territories at 1 January.
  "The market is trying to stabilise but it hasn't yet,
  primarily because it's making too much money," said James
  Vickers, chairman of Willis Re International.
  Howeve
  
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• Reinsurance rate reductions persist into 2017

  03-01-2017 19:09
  Rate stabilisation once again eluded reinsurers during the
  January renewals season, according to Willis Re.
  The broker suggested it had been forced to work harder to secure
  rate reductions amid greater pushback from reinsurers, but that a
  profitable 2016 for carriers had ultimately allowed for price
  decreases.
  "While there are signs that reinsurers are not
  prepared to be as flexible as in earlier years, many buyers have
  yet again managed to achieve improved terms," Willis Re's
  global CEO John Ca
  
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• Overcapacity continues to dog energy market: JLT

  03-01-2017 19:09
  The energy market is still experiencing rate reductions as
  chronic overcapacity in the segment persists, according to broker
  JLT.
  In its latest quarterly Energy Newsletter, released today, JLT
  said the market was increasingly vulnerable to continued stresses
  including overcapacity and the reduction in underlying activity
  from customers.
  The coming year is set to be turbulent for parties on both sides
  of the insurance transaction, the broker added.
  Premium in the upstream sector has maintained it
  
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• Maison owner's shares down as M&A hunt remains fruitless

  03-01-2017 19:09
  Shares in 1347 Property Insurance Holdings (PIH) fell nearly 13
  percent early today in the first trading since the Louisiana and
  Texas specialty carrier notified investors last week that it still
  hasn't found a merger partner or a candidate for it to take
  over.
  The parent of residential carrier Maison Insurance disclosed in
  October that it was seeking to expand its business through
  strategic acquisitions or other actions.
  After markets closed on Friday (30 December), the company said
  that its...
  
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• Lloyd's contingency market braced for $50mn claim

  03-01-2017 19:09
  Lloyd's insurers look set to pay out a significant contingency
  claim following the death of Star Wars actress Carrie Fisher,
  The Insurance Insider revealed on 30
  December.
  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 acting obligations in the new Star Wars
  films, and the policy is now likely to trigger.
  The policy was underwritten by specialist New Jersey-based
  managing general agent Exceptiona
  
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• Insider View: Indian reinsurance branch approvals

  03-01-2017 19:09
  Where do you look for growth when your operations already span the
  globe?
  All the foreign reinsurance companies granted approval to set up
  branches in India do not want for scale.
  They are global behemoths, comfortably ingrained in the nooks
  and crannies of every major insurance market in the world.
  However, during a time of anaemic growth and teetering support
  from reserve releases, reinsurers must be bold in their long-term
  strategies.
  In this context, gaining a foothold in the potentially...
  
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• Industry bodies eye New York's revised cyber proposals

  03-01-2017 19:09
  New York regulators have made some key changes to proposed rules
  aimed at protecting client information held by insurers, but
  industry groups remain cautious about the new regulations and how
  they may affect companies once implemented.
  Major revisions, such as making implementation of many of the
  rules subject to companies' internal risk assessments, will
  ease the impact of the regulations, which are expected to take
  effect on 1 March. The change is just one of several that make the
  proposed...
  
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• India approvals mark liberalisation watershed

  03-01-2017 19:09
  A raft of foreign and domestic reinsurers have been granted
  final approval by the Insurance Regulatory and Development
  Authority of India (Irdai) to establish branches in the country, as
  it seeks to improve competition in the market.
  Global players Swiss Re, Hannover Re, Scor and Reinsurance Group
  of America all
  received "R3" approval from the regulator last week
  to set up branch offices in the estimated $12.9bn Indian non-life
  insurance market.Munich Re received approval on Monday (2
  January) a
  
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• Qdos Vantage partners with Tokio Marine HCC - International

  03-01-2017 18:32
  
  Accountancy scheme provider says the move will expand distribution capability in the UK.
  
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• Third Point investments turn positive

  03-01-2017 17:04
  Third Point Re's investment management arm Third Point LLC has
  posted a return of 0.5 percent for December, taking the
  year-to-date result to 4.3 percent.
  The result is the first positive return generated by the fund
  since September, after it reported a negative return of 1.1 percent
  in October and November.
  The December result compares with the S&P 500 return of 1.82
  percent.
  Keefe Bruyette & Woods analyst Meyer Shields said the
  performance fell below its forecast for a return...
  
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• The Hartford buys $1.5bn adverse development cover

  03-01-2017 17:04
  The Hartford has struck a $1.5bn reinsurance agreement with
  Berkshire Hathaway unit National Indemnity Company (Nico) to cover
  certain legacy asbestos and environmental liability exposures, it
  announced today.
  The aggregate excess-of-loss cover provides up to $1.5bn of
  reinsurance for adverse net loss reserve development above
  estimated net loss reserves of $1.7bn as of 31 December, when the
  cover took effect. The reinsurance premium was $650mn.
  The cover excludes the £477mn ($588mn) of le
  
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• Ryan Specialty to acquire Navigators' Nordic operations

  03-01-2017 17:04
  Ryan Specialty is in line to buy Navigators' two Nordic
  offices as the prospective seller refocuses its resources on
  potential growth markets, The Insurance
  Insider can reveal.
  The planned divestiture of the Stockholm and Copenhagen service
  companies follows various strategic moves from Navigators to expand
  its business in other markets.
  It is understood that Navigators will continue to provide paper
  to the two offices via Lloyd's Syndicate 1221, with staff due
  to transfer across to distribution
  
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• RenRe sets up new $140mn sidecar

  03-01-2017 17:04
  RenaissanceRe has set up a new $140mn reinsurance sidecar dubbed
  Fibonacci Re, which will write property catastrophe business.
  Sister publication Trading Risk
  reported earlier today that the $140mn Fibonacci Re vehicle was
  established in Bermuda in late December.The reinsurer subsequently disclosed its role in the
  transaction. Fibonacci's capital was raised from third-party
  investors and the company's own $169mn Medici cat bond
  fund.
  RenaissanceRe typically invests significant capital in its own
  
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• Munich Re confirms Mumbai office

  03-01-2017 14:56
  Munich Re today confirmed it had received final approval from
  the Insurance Regulatory and Development Authority of India (Irdai)
  to establish a branch in the country.
  The reinsurer will set up a branch office in Mumbai to service
  the P&C, life and health reinsurance markets in India.
  This publication reported in late December that Munich
  Re had obtained "R3" approval, but was awaiting final
  procedural clearance from the regulator."With this set-up, the group is in an excellent position to..
  
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• JLT Re acquires LatAm casualty specialist

  03-01-2017 14:56
  JLT Re has acquired Miami-based casualty treaty specialist Risk
  & Re-Insurance Solutions Corp (RRISC), it announced today.
  The deal will expand JLT Re's business in Puerto Rico and
  the Caribbean, as well as increasing the reinsurance broker's
  presence in Latin America more generally, JLT Re North America CEO
  Ed Hochberg said in a statement.
  The deal consideration was not disclosed.
  RRISC was established in 2001 by Anthony Mirabal, who will
  continue to lead the firm under JLT Re's ownership.
  
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• Arch closes UGC deal

  03-01-2017 14:56
  Arch Capital has completed the acquisition of United Guaranty
  Corporation (UGC) from AIG, it announced today.
  In August the Bermudian agreed to pay $3.4bn for AIG's
  mortgage insurance business, creating the largest private mortgage
  insurer in the world.
  In a statement today, the firm said the acquisition complemented
  its specialty insurance and reinsurance businesses.
  Arch's global mortgage operations are led by the
  segment's CEO Andrew Rippert, while its US primary mortgage
  insurance business i
  
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• Lemonade rolls out US-wide expansion

  03-01-2017 13:47
  
  Lemonade will be expanding nationwide within the over the next year, with the company claiming its service is highly demanded in California, Michigan, New Jersey and Texas.
  
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• Axa reveals £69m loss following Bluefin sale

  03-01-2017 12:35
  
  Axa has revealed a £69m loss following the completion of the sale of its national broker Bluefin to Marsh.
  
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• Marsh completes Bluefin deal

  03-01-2017 12:20
  Marsh has completed its previously announced acquisition of Axa
  subsidiary Bluefin Insurance Group.
  The deal was first rumoured in October 2016, before being
  confirmed by Marsh in November. Marsh bought the UK broker for
  £295mn ($361.6mn).
  Founded in 2008, Bluefin has approximately 1,500 staff based in
  45 locations around the UK, and around 150,000 business and
  individual clients. It also operates an extensive broker network
  and a managing general agent business.
  Marsh will combine Bluefin
  
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• Markel hires cargo chief

  03-01-2017 12:20
  Markel International has appointed Ryan Godfrey as senior
  underwriter and head of the cargo team within its marine, energy
  and property division.
  He joins the carrier from XL Catlin, where he previously served
  as cargo class underwriter for eight years.
  Prior to that he held positions at Allianz and Eagle Star.
  He will work alongside senior underwriter Richard Burnett under
  the company's marine managing director Chris Fenn.
  The announcement follows Markel's acquisition of marine
  professional ind
  
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• Endurance sets date for shareholder vote on Sompo takeover

  03-01-2017 12:03
  
  Endurance has set the date when shareholders will vote on the company’s $6.3bn (£4.96bn) takeover by Sompo.
  
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• FSCS pays out over £26m on Enterprise claims

  03-01-2017 11:55
  
  The Financial Services Compensation Scheme has paid out over £26m in compensation on claims following the collapse of Enterprise Insurance.
  
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• Axa reveals £70m hit from Bluefin deal

  03-01-2017 11:48
  
  Marsh to combine Jelf and Bluefin to be led by Phil Barton.
  
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• IUA says Brexit representation is the London market priority for 2017

  03-01-2017 11:28
  
  The strong representation of London insurers’ views on Brexit is a priority for 2017, according to the International Underwriting Association.
  
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• Abbey Insurance Brokers posts loss after restructuring costs

  03-01-2017 11:28
  
  Company reports rise in turnover and Ebitda.
  
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• Marsh completes Bluefin acquisition

  03-01-2017 11:21
  
  Phil Barton to lead combined unit with Jelf following Bluefin acquisition
  
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• AXA reveals impact of Bluefin sale

  03-01-2017 11:21
  
  Impact from Bluefin sale is larger than estimated amount published in November
  
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• FSCS pays £26m to Enterprise customers

  03-01-2017 11:20
  
  The body revealed payments had been made through brokers and directly following the liquidator cancelling Enterprise policies.
  
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• Boris Johnson hits out at EU court

  03-01-2017 11:09
  
  Foreign secretary slams EU Court ruling
  
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• Lloyd's Beale wins damehood

  03-01-2017 10:28
  Lloyd's chief executive Inga Beale has been awarded a
  damehood in the UK New Year's Honours list for services to the
  economy.
  The award cited Beale's modernisation work at the
  Corporation, including the opening of offices in Dubai and Beijing,
  the updating of "antiquated" paper-based systems and her
  work to tackle cyber risk.
  It also pointed to her work to overcome gender barriers
  throughout her career and position atop the Financial
  Times annual power list of LGBT executives as the...
  
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• Broker Arron Banks’ Brexit film in works

  03-01-2017 10:10
  
  Film company in talks to buy rights to Go Skippy owner Arron Banks’ "Bad Boys of Brexit" book.
  
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• #insagepeople: 3 - 6 January 2017

  03-01-2017 10:07
  
  Keep up to date with all the latest people moves.
  
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• Boris Johnson rounds on ‘insane’ Vnuk ruling

  03-01-2017 09:29
  
  Boris Johnson has declared the EU Vnuk ruling as “insane”, even as the government launches a consultation on ways to incorporate the ruling into UK law.
  
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• Reinsurers face cost-cutting

  03-01-2017 09:01
  
  Reinsurers face cost-cutting after global prices fall
  
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• New EU rules to hit motor insurance

  03-01-2017 08:41
  
  New EU rules to extend compulsory insurance
  
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• Trumped out of Iran: US politics and the London Market ‘gold rush’

  03-01-2017 08:00
  
  One year on from the lifting of sanctions on Iran, what has changed?
  
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• Spotlight: Motor data: Taking today's customers into the fast lane

  03-01-2017 08:00
  
  Having grown up in the internet age, Millennials have very different expectations to previous generations. Young people are getting into the driver’s seat and motor insurers need to understand how to build a relationship with them
  
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