Insurance news

• Reinsurers survived 2016 in 'reasonable' shape: AM Best

  06-01-2017 22:32
  Despite pressures from overcapitalization and persistent low rates,
  reinsurers as a class will still post "reasonable"
  results for 2016, credit-rating company AM Best said, citing the
  lack of large US catastrophe losses and favourable reserve
  developments.
  In some areas, AM Best said headwinds that have buffeted the
  industry appear to be dying off.
  "We may be nearing the bottom of the soft market as brokers
  are experiencing greater difficulty filling out under-priced
  programs and demands for fur
  
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• PA market faces $35mn baseball claim

  06-01-2017 19:35
  The personal accident (PA) market is bracing itself for a $35mn
  permanent total disablement loss from US baseball team the Texas
  Rangers following the career-ending injury of player Prince
  Fielder, The Insurance Insider can
  reveal.
  Industry sources have indicated that US carrier Tokio Marine HCC
  is the lead insurer on the policy, which is understood to have a
  limit of around $35mn.
  Tokio Marine HCC is believed to have retained some of the risk,
  but the majority has been reinsured...
  
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• Whiplash consultation now closed

  06-01-2017 18:30
  
  The government's whiplash consultation deadline has now passed.
  
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• Gibraltar insurer stops writing business ahead of Brexit

  06-01-2017 16:35
  
  Gibraltar-based Horizon Insurance has ceased renewing and accepting new motor policies in the wake of the Brexit vote.
  
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• Reinsurance capital growth returned in 2016: Aon Benfield

  06-01-2017 15:53
  Reinsurance capital increased by 5.3 percent to $595bn through
  the first nine months of 2016 in a turnaround from the 2 percent
  decline recorded for the full-year 2015, according to an Aon
  Benfield report following the 1 January renewals.
  Traditional capital increased by 4.7 percent during the
  nine-month period to $517bn, after having declined by 3.5 percent
  over the course of 2015.
  The growth was driven by solid reinsurer earnings and unrealised
  gains on bond portfolios that resulted from decli
  
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• Gibraltar insurer stops writing motor business

  06-01-2017 15:32
  
  Insurer has also stopped accepting renewals
  
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• Gibraltar insurer stops writing business

  06-01-2017 15:32
  
  Insurer has also stopped accepting renewals
  
  Read more

• Government urged to exempt charities from IPT

  06-01-2017 14:54
  
  Specialist charities insurer Access Insurance has launched a campaign calling on government to exempt the charities sector from insurance premium tax.
  
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• Claims heroes on the cover of Post's January 2017 issue

  06-01-2017 13:54
  
  Post is starting 2017 by unmasking its claims heroes. On our C-Force cover, you may recognise Allianz' Sarah Mallaby, Zurich's Anne Fleming, RSA's Ian Currie, LV's Martin Milliner and Aviva's Andrew Wilkinson.
  
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• Octagon switches from insurer to MGA post Brexit

  06-01-2017 13:18
  
  The Gibraltar company has ceased to write new business but insists it is still solvent.
  
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• Octagon closes to new business

  06-01-2017 13:18
  
  The Gibraltar switches from insurer to MGA and insists it is still solvent.
  
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• Taiping Re opens Japanese representative office

  06-01-2017 13:07
  Chinese carrier Taiping Re has opened a representative office in
  Japan.
  The Tokyo office was registered November before opening on 15
  December.
  Joyce Li, Taiping Re's deputy chief marketing officer, has
  been appointed chief representative of the Japanese office. Li has
  more than 20 years' experience as a reinsurance treaty
  underwriter and is familiar with the Japanese market.
  A spokesman for Taiping Re told this publication that Japan was
  one of the carrier's key markets and had a good track...
  
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• Pryce appointed to Franchise Board

  06-01-2017 13:07
  QBE Europe CEO Richard Pryce has been named as a non-executive
  director on the Lloyd's Franchise Board.
  In an announcement this morning, the Corporation said Pryce will
  serve as a "market connected non-executive director" for
  an initial three-year term, effective immediately.
  The appointment remains subject to Prudential Regulation
  Authority notification.
  He replaces Beazley co-founder Nicholas Furlonge, who has
  retired after nine years on the board.
  Lloyd's chairman John Nelson called Pryce's e
  
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• Indian brokers oppose right of refusal rules

  06-01-2017 13:07
  Indian (re)insurance brokers have called for the abolition of
  right of first refusal rules for reinsurance business in the
  country, claiming the proposed regulations are
  anti-competitive.
  In a letter to insurer CEOs seen by The Indian Express, the
  Insurance Brokers Association of India (IBAI) called for the
  immediate repeal of the "regressive, anti-policyholder and
  anti-competitive" regulation.
  "IBAI is of the strong view that for a more balanced and
  policyholder-centric interpretation in line w
  
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• Compre acquires AG Insurance's run-off book

  06-01-2017 13:07
  Compre has finalised a deal to take on the insurance and
  reinsurance run-off books of the UK branch of Belgium's AG
  Insurance.
  The European legacy acquirer will undertake a loss portfolio
  transfer before it assumes the business, subject to approval from
  regulators in Belgium, Finland and the UK.
  The buyer said the deal would provide AG Insurance with complete
  finality in relation to its UK branch business, but didn't
  disclose the terms of the transaction.
  Compre CEO Nick Steer noted...
  
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• CBL acquires majority stake in SFS

  06-01-2017 13:07
  New Zealand-based credit and financial risk (re)insurer CBL
  Corporation has completed a EUR94.5mn ($100mn) acquisition of 71
  percent of Securities and Financial Solutions Group (SFS), it
  announced this morning.
  SFS is France's largest specialist producer of construction
  insurance, and CBL's largest single client. The deal also sees
  CBL acquire SFS's claims management operation IMS Expert
  Europe.
  The transaction closed on 5 January following approval from the
  Commissariat aux Assurances in Octobe
  
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• Barbican sets up UK marine division

  06-01-2017 13:07
  London market carrier Barbican's UK arm Barbican Protect has
  launched a marine insurance division for the UK small and
  medium-sized enterprise (SME) market.
  Former Argosy Underwriting Agency director and underwriter Sarah
  Joiner has joined the division as a marine underwriter, reporting
  to managing director of Barbican Protect Stuart Kilpatrick.
  Joiner has more than 10 years' experience in the marine
  sector, having worked at Northern Marine Underwriters and ACIS
  Cargo Underwriting prior to her r
  
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• Arch Capital downgraded by Moody's on UGC completion

  06-01-2017 13:07
  Moody's Investors Service has downgraded the ratings of Arch
  Capital following completion of its $3.4bn purchase of United
  Guaranty Corp (UGC) from AIG on Tuesday (3 January).
  The one-notch downgrades lower the insurance financial strength
  (IFS) ratings of Arch's main P&C operating subsidiaries
  from A1 to A2 and its senior unsecured debt rating from A3 to
  Baa1.
  Moody's assigned a stable outlook to the ratings. It also
  downgraded the IFS rating of Arch Mortgage Guaranty Company (AMG)
  from A3
  
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• Ecclesiastical CEO Mark Hews becomes chairman at Lycetts

  06-01-2017 13:03
  
  Incumbent Edward Creasy has moved to parent company Ecclesiastical.
  
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• Whiplash consultation closes today

  06-01-2017 12:22
  
  The government's whiplash consultation deadline is 5.30pm today.
  
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• Transactor blames Brexit for hosting price rise

  06-01-2017 12:20
  
  Software house says increase in hosting price is a result of the decline in value of the pound against the US dollar.
  
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• Compre acquires UK business of AG Insurance

  06-01-2017 12:12
  
  Insurance and reinsurance legacy specialist Compre has acquired the UK business in run-off of the Belgian (re)insurer AG Insurance for an undisclosed sum.
  
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• Quizzical questions: 6 January 2017

  06-01-2017 12:03
  
  Test your knowledge of the week's news with our topical quiz.
  
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• Beazley adds pleasure craft cover to its e-trading platform

  06-01-2017 11:47
  
  Policy can cover vessels worth up to £10m.
  
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• Barbican Protect sets up marine division for UK SME market

  06-01-2017 11:38
  
  Following Barbican Protect's, decision to launch a marine insurance division targeted towards the UKs SME market, Sarah Joiner has been appointed as marine underwriter.
  
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• Barbican Project sets up marine division for UK SME market

  06-01-2017 11:38
  
  Following Barbican Project's, decision to launch a marine insurance division targeted towards the UKs SME market, Sarah Joiner has been appointed as marine underwriter.
  
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• Barbican Protect launches marine insurance division targeting SME business

  06-01-2017 10:33
  
  Sarah Joiner appointed as marine underwriter.
  
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• Willis Towers Watson Asia duo departs

  06-01-2017 10:05
  A brace of senior staff have left global
  broker Willis Towers Watson's Asian operations, The
  Insurance Insider can reveal.
  Matthew Hooker, head of natural resources for Asia, and Duncan
  Urquhart, head of construction industry and broking in Asia, have
  both left the company, according to sources.
  Urquhart worked for Willis' Asian operation for six years
  prior to his exit. Before that, he was managing director of energy
  and construction at Lockton for almost four years. He also spent
  nine years...
  
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• Ford deal means drivers could insure by speaking to car

  06-01-2017 09:44
  
  Amazon and Ford tie-up set to a herald a new way of buying insurance 
  
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