Insurance news

• Navigators' hires former Chubb execs for Asian team

  04-01-2017 22:36
  Insurer Navigators has named three former Chubb executives to
  lead a push into the North Asian markets for marine, casualty and
  other specialty products.
  The Hong Kong-based team includes Asian managing director Jon
  Doherty, Asian chief underwriting officer Sang Kyoun (S.K.) Kim,
  and Paul D'Souza, who becomes COO/CFO for the region.
  Doherty is a near-30-year insurance industry veteran, and spent
  more than 20 years at Chubb, where he was most recently Asia
  Pacific strategic marketing manager. His
  
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• Alliant hires Marsh renewable-energy specialist Parikos

  04-01-2017 22:36
  Marsh renewable energy specialist Dimitrios Parikos has left the
  broking giant to join rival retailer Alliant to help the California
  company build up its business in the sector.
  Parikos, who was head of Marsh's renewable energy practice
  base in New York, will remain in the city as first vice president
  of Alliant's Energy and Marine Group.
  Specialty areas Parikos brings to Alliant include battery
  storage systems, wind energy generators, solar cells, biomass and
  waste-to-energy facilities, geother
  
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• Ask Alexa: Aviva develops jargon buster for Amazon Echo

  04-01-2017 18:09
  
  Owners of the Amazon Echo will now be able to get answers to insurance related questions thanks to an interactive jargon buster from Aviva.
  
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• PIB buys TFP Schemes

  04-01-2017 16:39
  
  The deal was for an undisclosed sum with PIB stating it will strengthen its MGA proposition.
  
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• PIB acquisition spree continues with TFP capture

  04-01-2017 16:10
  
  PIB Group made its seventh acquisition of 2016 with the capture of wholesale broker TFP Schemes.
  
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• McManus consolidator PIB makes seventh acquisition

  04-01-2017 15:40
  
  PIB has bought a wholesale schemes broker
  
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• Insurers paid out $50bn for natural disasters in 2016

  04-01-2017 14:06
  
  Insurers payed out $50bn (£41bn) in natural disaster claims during 2016, making it the costliest year for natural catastrophe losses since 2012.
  
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• Insurtech firms could face Brexit brain drain

  04-01-2017 14:00
  
  Insurtech start-ups could face a talent black hole as a result of Brexit, analysts have warned.
  
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• Zurich strategy chief Gienal resigns

  04-01-2017 13:22
  Zurich's group chief strategy officer Claudio Gienal, one of
  the chief architects of the carrier's turnaround programme, has
  left the company less than 10 months after taking up the role.
  The former McKinsey consultant has left to pursue "other
  career opportunities outside of Zurich", a spokesman for the
  company said, confirming a story that first appeared on Swiss
  financial news outlet finews.ch.
  "He was looking for other opportunities and has found
  one."
  The spokesman declined to elaborate.
  Gi
  
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• Swiss Re Corporate Solutions appoints Middle East head

  04-01-2017 13:22
  Swiss Re's insurance arm has promoted Falk Schmaler to head of
  Middle East and North Africa (Mena).
  Prior to the promotion Schmaler was a senior underwriter at the
  insurer's wholesale energy team in London, with a focus on
  mining.
  The underwriter had a client base in the Mena region, Swiss Re
  said.
  The German national joined Swiss Re in 2009 and has held several
  positions in property and energy underwriting in Zurich and
  London....
  
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• Insured nat cat 2016 losses total $50bn: Munich Re

  04-01-2017 13:22
  Earthquakes and powerful storms contributed to making 2016 the
  worst year for insured losses since 2012, according to Munich
  Re.
  In a report released today, the reinsurance giant said that
  insured losses for the year were $50bn worldwide, representing some
  30 percent of the economic loss, which totalled $175bn.
  Both overall and insured losses for 2016 exceeded the
  inflation-adjusted 10-year average amounts, which were $154bn and
  $45.1bn respectively.
  After removing small occurrences, some 750 re
  
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• Delta Lloyd's reinsurance book goes into run-off

  04-01-2017 13:22
  Dutch carrier Delta Lloyd's EUR60mn ($62.6mn) reinsurance
  book has officially gone into run-off.
  The insurer, which last month accepted a EUR2.5bn takeover offer
  from NN Group, is understood to have put the book into run-off at
  the turn of this year. The carrier said at the time of its Q3
  results in November that it would stop writing reinsurance
  business.
  "In October, we decided to cease writing new inward
  reinsurance contracts, as this is a non-core activity," Delta
  Lloyd said...
  
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• 25 reinsurers on $1bn Fema flood deal

  04-01-2017 13:22
  The US Federal Emergency Management Agency (Fema) said that 25
  reinsurers had provided cover for its $1.04bn flood reinsurance
  treaty for 2017, which is the organisation's first major
  placement.
  It paid a $150mn premium for the reinsurance.
  Under the agreement, the reinsurers will cover 26 percent of
  losses between $4bn and $8bn arising from a single flooding event -
  an eventuality that has a 17.2 percent chance of occurring in
  2017.
  That estimate suggests that reinsurers are actually providing
  
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• Japanese mutual to cut third of department staff after implementing AI system

  04-01-2017 12:00
  
  A Japanese life insurance mutual is preparing to cut nearly a third of its payment assessment department's workforce after introducing Artificial Intelligence System IBM Watson.
  
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• 2017 Preview: What lies ahead for insurance?

  04-01-2017 11:48
  
  After sharing their views on 2016 last month, insurers and brokers make their predictions for the coming year. What do they think the highlights and lowlights will be over the next 12 months?
  
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• Keith Frampton appointed as chairman of Biba's motor trade panel

  04-01-2017 11:13
  
  Frampton will replace George Nicol who has now retired.
  
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• CII appoints John Bissell as COO

  04-01-2017 10:44
  
  Bissell previously worked at the Association for Cooperative Operations Research and Development.
  
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• IAG lifts multi-year cover on A$7bn cat treaty

  04-01-2017 10:40
  IAG said it had sourced more multi-year reinsurance this year as
  it renewed its A$6.75bn ($5.1bn) excess A$250mn catastrophe treaty
  for 2017.
  The insurer said several counterparties had provided multi-year
  limit.
  IAG's 20 percent quota share with Berkshire Hathaway, now in
  its second year, means that only 80 percent of the treaty is placed
  in the broader reinsurance markets.
  There is one prepaid reinstatement available on the full treaty
  and three prepaid reinstatements for the lower layer of A$
  
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• Hartford-Berkshire deal signals A&E claims are not slowing

  04-01-2017 10:40
  The Hartford's deal with a Berkshire Hathaway unit for
  aggregate excess-of-loss reinsurance on asbestos claims may signal
  that the US carrier sees no slackening in the pace of those losses
  in the years ahead.
  Credit Suisse analyst Ryan Tunis offered that assessment of the
  transaction, which was announced today by The Hartford (HIG).
  "Economically, HIG is essentially prepaying $650mn of
  future charges, or 3-4 years of expected asbestos charges, in
  return for 8-9 years of added protection," Tunis
  
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• BGC Partners buys Besso

  04-01-2017 10:40
  BGC Partners has agreed to acquire 100 percent of Besso in a
  deal that values the independent London broker at £70.5mn
  ($86.6mn).
  BP Marsh announced the disposal of its 37.94 percent stake in a
  statement this morning, confirming December reports by
  The Insurance Insider that BCG waslikely to emerge as the winner of the Besso bidding process.Using Besso's valuation on its balance sheet as of 31 August
  2016, the pre-tax sale proceeds to BP Marsh would total
  £20.6mn...
  
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• B.P. Marsh sells Besso stake to BGC Partners

  04-01-2017 10:23
  
  Deal values broker at £70.5m.
  
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• Insurer megamergers slow down as firms eye new targets

  04-01-2017 09:53
  
  Brexit and Solvency II have been blamed for the slow down.
  
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• Swinton steps up high street revamp

  04-01-2017 09:12
  
  High street revamp follow strategic review of the business 
  
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• Broker revamps more offices in high-street overhaul

  04-01-2017 09:12
  
  Broker office revamps follow strategic review of the business 
  
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• PE firm creates investment war chest after broker sale

  04-01-2017 09:05
  
  BP Marsh is looking at opportunities in UK and abroad with investment war chest 
  
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• Investment firm buys Lloyd's broker outright

  04-01-2017 09:05
  
  Sale of stake in Lloyd’s broker will give PE firm BP Marsh war chest for investments in the UK and abroad
  
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• C-Force: It's time to unmask the claims heroes

  04-01-2017 08:00
  
  2016 was a big year for insurance claims – but who are the peoplebehind the scenes, making sure customer receive the best service possible?
  
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• Insuring the future: 10 tech gadgets

  04-01-2017 07:30
  
  Innovations are bringing new technology into our lives at an almost frightening pace. Whether we want to control our central heating from our smartphones or check on our home security, appliances that can be controlled remotely are giving us greater choice while also exposing us to new risks. Post has pulled together a selection of the latest gadgets to hit the tech fairs, which could become mainstream in the future, and asked connoisseurs across the industry what the insurance implications mig
  
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• Roundtable: Health and cyber crime: Cyber crime against the healthcare sector

  04-01-2017 05:00
  
  With cyber crime the fastest growing criminal activity in the world, attacks on healthcare providers are becoming more prevalent. Post, in association with Kennedys, hosted a roundtable to find out the scale of the threat – and what the industry can do to combat it
  
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• Career Development: Axa launches global parental leave and support policy for staff

  04-01-2017 03:00
  
  Axa has launched its first global policy covering inclusive parental leave and support.
  
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• Hartford-Berkshire A&E deal signals claims not slowing

  04-01-2017 01:37
  The Hartford's deal with a Berkshire Hathaway unit for
  aggregate excess of loss reinsurance on asbestos claims may signal
  that the US carrier sees no slackening in the pace of those losses
  in the years ahead.
  Credit Suisse analyst Ryan Tunis offered that assessment of the
  transaction announced today by The Hartford (HIG).
  "Economically, HIG is essentially prepaying $650mn of
  future charges, or 3-4 years of expected asbestos charges in return
  for 8-9 years of added protection," Tunis said in...
  
  Read more

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