Insurance news

• Kelso backs O'Farrell-Arch run-off start-up Premia Re

  05-01-2017 23:12
  Former Chubb chief reinsurance officer Bill O'Farrell and Arch
  are set to unveil a new $500mn+ Bermudian run-off vehicle with
  majority backing from private equity firm Kelso & Co,
  The Insurance Insider can reveal.
  Sources said the start-up has been named Premia Re and will operate
  as a Bermuda-based Class 4 reinsurer.
  Fundraising is believed to have closed at just over $500mn, with
  Arch taking a significant minority stake as a strategic partner
  that will provide quota share support to...
  
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• Vibe picks up Navigators' North American D&F book

  05-01-2017 18:51
  Navigators has sold its North American property direct and
  facultative (D&F) team along with the renewal rights for the
  book to George Soros-backed Lloyd's managing agent Vibe,
  The Insurance Insider can reveal.
  The deal will see Navigators' London-based practice leader
  Ed Pomeroy and underwriter Mark Herget move over to join the
  smaller Lloyd's-only carrier.
  As part of the agreement, Vibe will also take responsibility for
  any claims from policies that were in force as of the beginning of
  the
  
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• Travelers falls after Morgan Stanley 'underweight' recommendation

  05-01-2017 18:51
  Shares in Travelers fell during trading in New York today after
  Morgan Stanley downgraded its view on the stock to underweight.
  In Morgan Stanley's 2017 P&C outlook, analysts at the
  bank cut their recommendation on Travelers from equal weight to
  underweight, citing "concerns on lower reserve releases, auto
  margin pressure, and premium valuation".
  They maintained their price target for the stock at $110, which
  is 9 percent lower than the carrier's $120.25 closing price
  yesterday.
  Travelers sh
  
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• Reserves approaching inflection point: Flandro

  05-01-2017 18:51
  Industry reserve levels are "very, very close" to
  reaching a point where they are no longer sufficient, according to
  JLT Re's global head of analytics David Flandro.
  Speaking at an Insurance Institute of London lecture in the Old
  Library at Lloyd's today, Flandro said that while reserves may
  remain balanced in the next few years, he did not believe there
  would be a repeat of the liability crisis seen in the early
  2000s.
  However, he warned that a continuation of...
  
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• Icat and Neon team up on D&F large property accounts

  05-01-2017 18:51
  Icat's Lloyd's Syndicate 4242 and Neon have entered into a
  reciprocal capacity arrangement that will bring up to $40mn of new
  per account limit to the Bermuda property direct and facultative
  (D&F) market.
  The additional per risk catastrophe capacity will see Neon offer
  the limit on properties underwritten from its Bermuda office, with
  Syndicate 4242 delegating authority to the Martin Reith-headed
  insurer to write larger property schedules.
  Neon - the rebranded Marketform - launched its Bermu
  
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• Assurant buys distributor Green Tree for $125mn

  05-01-2017 18:51
  Specialty insurer Assurant has agreed to buy the Green Tree agency
  from Walter Investment Management for $125mn in cash.
  The deal has a potential earn-out of $25mn, depending on future
  performance, the New York based buyer said in a statement
  yesterday. The deal is expected to close by the end of March.
  Green Tree sells residential policies, including coverage for
  manufactured homes, the majority of which are underwritten by
  Assurant.
  Assurant president and CEO Alan Colberg said: "This
  acquisiti
  
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• Alex Alway joins Compass

  05-01-2017 18:28
  
  The former CEO of Jelf has been appointed executive chairman of Compass Broker Holdings as Jelf GI boss also set to exit.
  
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• Marsh loses another senior figure as Jelf GI boss to exit

  05-01-2017 17:18
  
  Jelf GI boss is understood to be looking for opportunities outside of industry
  
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• Marsh loses another chief as Jelf GI boss joins Alway out the door

  05-01-2017 17:18
  
  Exclusive: Jelf GI boss is understood to be looking for opportunities outside of industry
  
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• None of the revenue from IPT rise to be spent on flood defences

  05-01-2017 17:16
  
  None of the revenue generated from the recent increase in Insurance Premium Tax has been ring-fenced for flood defences, Post can reveal.
  
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• Sure Thing! posts £7.6m pre-tax loss for 2016

  05-01-2017 16:58
  
  The results which showed a turnover increase to £4.8m are in line with expectations according to the motor broker.
  
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• R&Q acquires $8mn Clariant captive

  05-01-2017 16:56
  Randall & Quilter (R&Q) has acquired a captive from
  Swiss chemical giant Clariant, the third deal the legacy-to-live
  carrier has announced in less than a month.
  The vehicle is understood to have reserves of around £8mn
  for high-layer excess exposure to products and general liability
  risks.
  The Liechtenstein-based Clariant captive was formed in 2005
  before being put into run-off a decade later. R&Q is now in the
  process of relocating the vehicle to its run-off platform in
  Malta.
  
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• Property cat rates down 3.7% at 1.1: Guy Carp

  05-01-2017 16:56
  Global property cat reinsurance rates fell by 3.7 percent on
  average at 1 January, according to Guy Carpenter's rate-on-line
  index.
  This compared to a fall of close to 9 percent a year
  earlier.
  However, while traditional reinsurance rate reductions slowed,
  cat bond spreads moved "dramatically" in the fourth
  quarter in response to lower deal volumes, with decreases as high
  as 30 percent, the broker added.
  Guy Carpenter said it was too early to judge what the impact of
  these changes...
  
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• R&Q buys Clariant Insurance captive

  05-01-2017 16:36
  
  Non-life insurance investor Randall & Quilter Investment Holdings has acquired Clariant Insurance from the Swiss chemicals company Clariant AG.
  
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• AI start-up looks towards data collection to help insurers identify emerging risks

  05-01-2017 15:31
  
  Artificial intelligence start-up, Cytora, will soon be partnering with insurers with ‘big innovation teams’ to deliver a new system aimed at informing decisions around risk pricing.
  
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• Digital marketing platform could help insurers beat 'money drain' of price comparison sites

  05-01-2017 14:50
  
  Marketing group Digital Animal is undergoing a re-brand with plans to help insurers take back control of their marketing and kick price comparison websites to the curb.
  
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• Willis Towers Watson hires London product recall director

  05-01-2017 14:10
  Willis Towers Watson has hired George Beattie from CFC
  Underwriting as divisional director for product recall in London,
  The Insurance Insider has learned.
  It marks a return to the broker for Beattie, who was on the
  Willis product recall team before he joined managing general agency
  CFC in September 2015 as a crisis management underwriter.
  Sources said Beattie would lead the product recall team in
  London, and report to executive director Jamie Webb. Beattie's
  role is a new position within...
  
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• Besso's Bird to relinquish CEO role after BGC takeover

  05-01-2017 14:10
  Colin Bird will step down as CEO of London market broker Besso
  following the close of the company's acquisition by BGC
  Partners.
  In a statement released today, Besso said Bird will continue as
  chairman, with current managing director of global casualty Robert
  Dowman and head of property Russell Nichols named as joint chief
  executives.
  BGC Partners has agreed to acquire 100 percent of Besso in a
  deal valuing the intermediary at £70.5mn ($86.6mn).
  BP Marsh's announcement
  yesterday confirmed
  
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• Broking network hires industry big hitter Alex Alway

  05-01-2017 14:08
  
  Alex Alway will help network’s M&A strategy
  
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• RSG acquires Navigators' Nordic operations

  05-01-2017 14:07
  
  Insurance services business Ryan Speciality Group has entered into a deal to buy Navigators' operations in Sweden and Denmark.
  
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• Meet the techies: Freddy MacNamara warns brokers could be history in ten years

  05-01-2017 13:18
  
  Cuvva CEO Freddy MacNamara predicts that tech could change broking forever and calls on brokers to understand insurtech now.
  
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• Fear of cyber-attacks drives sale of insurance up 50%

  05-01-2017 11:44
  
  Total written premium for cyber insurance globally today is estimated at £2bn.
  
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• Zurich's group strategy chief resigns

  05-01-2017 11:30
  
  Zurich's group chief strategy officer Claudio Gienal has left the company less than a year after joining the Swiss insurer.
  
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• Great American hires Asia marine head

  05-01-2017 11:06
  Great American Insurance has hired former Ace executive Choi
  Moon Kee as director of marine and client relationship management
  at its Singapore branch.
  The Cincinnati-based insurer said the executive would assume
  responsibility for marine underwriting and portfolio management
  within Asia, as well as assisting Singapore branch CEO Chee Keng
  Koon "in leading the business toward its growth objectives
  within Asia".
  Choi has more than 20 years of marine insurance experience in
  Korea, with previous po
  
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• Genstar-backed Alera moulded from 24 US brokerages

  05-01-2017 11:06
  Alera Group announced its formation today as a brokerage created
  from the combination of two dozen independent US firms with over
  20,000 clients and operations in 15 states and with the financial
  backing of private equity investor Genstar Capital.
  Working from 40 offices from Connecticut to California,
  Alera's components collectively produce $158mn in annual
  revenue and employ more than 750 people, the company said. Terms of
  the merger weren't disclosed.
  CEO Alan Levitz said the combination was
  
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• CIRC sets compliance standards

  05-01-2017 11:06
  The China Insurance Regulatory Commission (CIRC) has introduced
  a set of new compliance regulations as part of its push to improve
  governance in the industry.
  The rules, which take effect from 1 July, require insurance
  companies to introduce a three-tiered compliance structure aimed at
  improving compliance governance, implementation and oversight.
  In a statement, the CIRC said the holding company of an
  insurance group must establish a compliance management framework to
  oversee the entire group.
  
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• BHSI mulls entering Japanese quake market

  05-01-2017 11:06
  Berkshire Hathaway Specialty Insurance (BHSI) is considering
  entering the Japanese earthquake insurance market, according to a
  senior executive at the firm.
  Speaking to The Insurance Insider this
  morning, BHSI Asia president Marc Breuil said the company had
  already written a small amount of standalone earthquake capacity
  for Japanese domestic risks via reinsurance contracts.
  In addition, BHSI is considering offering multi-year policies
  for Japanese quake cover, in response to customer demand.
  Ja
  
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• AGCS replaces hull and marine liability product head

  05-01-2017 11:06
  Allianz Global Corporate & Specialty (AGCS) has named Baptiste
  Ossena as global hull and marine liability product leader following
  the departure of Sven Gerhard on 1 January.
  Gerhard, who joined AGCS in 2006 and took on his most recent
  role in 2009, has become the Hamburg-based head of asset
  management, rescheduling and strategy at Euler Hermes, a trade
  credit insurance provider.
  Gerhard is replaced by Ossena, who also keeps his current role
  as head of marine for the Mediterranean region...
  
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• Finch Group buys Citymain Insurance Services

  05-01-2017 10:53
  
  It is the first acquisition for the Broker Network member.
  
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• Broker Network 'powerhouse' buys broker

  05-01-2017 09:45
  
  Finch in first acquisition since Broker Network takeover
  
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• Insurers won't pass on whiplash savings - lawyers

  05-01-2017 09:23
  
  Lawyers body says government ‘naïve’
  
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• Insurer replaces claims handlers with computer

  05-01-2017 08:59
  
  Insurer says claims handled more efficiently
  
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• Should we buy a property in an area of coalmining subsidence?

  05-01-2017 08:00
  
  We are awaiting a full mining report and have had a structural survey, but know we risk insurance being far higherQ We are in the process of purchasing a property and have a report that states our property is within 50 metres of coalmining subsidence claims. We’ve had a full structural survey done, which says there is no evidence of current subsidence, but are awaiting a full mining report for the area. We want to know if this will affect the value of our future home. Also, if we go ahead
  
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• Lorry safety changes will not be delivered any time soon

  05-01-2017 08:00
  
  Remove the cab of a lorry and chop off the bottom, put it back, sliding it forwards and downwards in front of the engine and - voilà! - better road safety because the driver is closer to the ground and better able to the see directly the space around the vehicle.
  
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• BGC to use Besso as platform to build insurance arm

  05-01-2017 01:35
  BCG Partners has signaled its intent to use Besso as a springboard
  to build a significant operation in the insurance brokerage space.
  The New York-based interdealer and real estate broker has
  agreed to buy 100 percent of the independent London broker in a
  deal that values Besso at £70.5mn ($86.6mn).
  And BGC president Shaun Flynn described the deal as a
  "strategic" move in the insurance brokerage sector.
  "After extensively researching the insurance brokerage
  industry, Besso stood out as pro
  
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• Alera molded from 24 US brokerages with Genstar backing

  05-01-2017 01:35
  Alera Group, a brokerage created from the combination of two dozen
  independent US firms announced its formation today, counting over
  20,000 clients, operations in 15 states and the financial backing
  of private equity investor Genstar Capital.
  Working from 40 offices from Connecticut to California,
  Alera's components collectively produce $158mn in annual
  revenue and employ more than 750 people, the company said. Terms of
  the merger weren't disclosed.
  CEO Alan Levitz said the combination was drive
  
  Read more

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