Insurance news

• S&P confirms CCR Re's A- rating

  09-01-2017 19:26
  Standard & Poor's (S&P) has confirmed its preliminary
  A- rating for the recently formed subsidiary of state-owned French
  reinsurer Caisse Centrale de Réassurance (CCR).
  The announcement comes just days after the regulatory approval
  and launch of CCR Re, which will write the open market business of
  France's reinsurance giant.
  The A- rating is a confirmation of the preliminary S&P
  rating assigned in September 2015. The rating agency said it would
  have withdrawn or revised the ra
  
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• Brightside Group v RSM UK Audit continues in court

  09-01-2017 17:52
  
  Broker awarded costs as RSM UK’s application is dismissed.
  
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• Government responds to driverless car consultation

  09-01-2017 17:36
  
  The government has unveiled plans to extend compulsory motor insurance to driverless cars.
  
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• RSG gives Rosson broker engagement role

  09-01-2017 17:10
  Former Woodruff-Sawyer & Co CEO Charlie Rosson has been made
  senior vice president at Ryan Specialty Group (RSG), the wholesale
  broker and underwriter announced today.
  Based in San Francisco, Rosson will be tasked with developing
  RSG's penetration with brokers across the US, the company said
  in a statement.
  The executive stepped down from Woodruff-Sawyer at the end of
  December after eight years as CEO of the broker and consulting
  firm.
  Commenting on the announcement, RSG founder, chairman an
  
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• Dual expands financial lines team

  09-01-2017 15:08
  Hyperion's underwriting arm Dual has hired Neil Roomes to
  bolster its financial lines team.
  Roomes will become a senior underwriter in Dual's financial
  lines business when he joins the company on 16 January, according
  to a statement from the Hyperion subsidiary.
  In his new role, Roomes will focus on growing Dual's crime
  and bankers' blanket bond portfolio, a type of cover that
  protects financial institutions from fraud, theft and employee
  malpractice.
  Roomes joins from Swiss Re, where he had bee
  
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• JLT will not wait for Article 50 to begin Brexit restructure

  09-01-2017 13:49
  
  JLT is already introducing contingency plans for post-Brexit operations, said deputy CEO Mark Drummond-Brady.
  
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• Aegis appoints property head

  09-01-2017 13:25
  Aegis London has appointed Toby Sawyer as its new head of property,
  the Lloyd's insurer said today.
  Sawyer takes over from Alex Powell, a former Lloyd's Market
  Association chair who first joined Aegis London in 2000. Powell
  will remain the active underwriter at Aegis Syndicate 1225.
  Sawyer joined Aegis London from Novae Syndicate in 2009, before
  becoming deputy head of property in 2015. Property is expected to
  make up around 35 percent of the syndicate's income for 2017
  and the...
  
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• Fraudster imprisoned following Ifed investigation

  09-01-2017 12:59
  
  A man has been sentenced to jail for making false car insurance claims.
  
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• Foil attacks 'crippling' Vnuk ruling

  09-01-2017 12:57
  
  The Forum of Insurance Lawyers is backing the government's move to address the "crippling implications" of the Vnuk ruling.
  
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• Green Insurance sees post-tax profit up 15% in 2016

  09-01-2017 12:54
  
  Revenue up as operating profit slips.
  
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• Name-change fraudster convicted

  09-01-2017 12:39
  
  Changing his name couldn’t keep this fraudster from arrest
  
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• Transactor reports first ever £1m Ebitda

  09-01-2017 12:35
  
  Software company also breaks through £10m revenue barrier.
  
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• Fairfax in talks with Omers to part-fund Allied bid: report

  09-01-2017 11:50
  Fairfax Financial is in talks with Canadian pension fund Ontario
  Municipal Employees Retirement System (Omers) to provide assistance
  in funding the carrier's takeover of Allied World, according to
  Bloomberg.
  The newswire service reported on Thursday (5 January) that Omers
  could take a minority stake in Allied World, reducing the financing
  cost for Fairfax. Other potential backers are also understood to be
  involved in discussions.
  Under the terms of the deal announced on 18 December, $5 per
  share
  
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• Elliott completes Aeolus acquisition

  09-01-2017 11:50
  Hedge fund manager Elliott Management has completed its acquisition
  of amajority stake in insurance-linked securities manager Aeolus,
  sister publication Trading Risk reported.
  The two hedge funds managed by Elliott that have invested in
  Aeolus are Elliott Associates and Elliott International. The two
  vehicles have a combined $30bn of assets under management.
  Allied World took a 20 percent stake in Aeolus four years ago
  and had allocated approximately $200mn to the manager's funds
  in 2016.
  Aeolus
  
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• Cobra holding company posts rising revenue and profits

  09-01-2017 11:09
  
  Bank debt drops by over £2m following disposals.
  
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• Why brokers must look to other industries for their future workforces

  09-01-2017 10:58
  
  The insurance sector must look outward to secure the best candidates, according to Claire Eades.
  
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• Former Chubb execs join Navigators Asia team

  09-01-2017 10:55
  
  Three former Chubb executives have joined Navigators’ Asian operations as the insurer continues to expand in North Asian marine, casualty and specialty markets.
  
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• Brit grows Versutus sidecar to $110m

  09-01-2017 10:33
  
  Global insurance and reinsurance firm Brit has renewed and expanded its collateralised reinsurance sidecar Versutus.
  
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• #insagepeople 9 - 15 January

  09-01-2017 10:32
  
  Keep up to date with the latest people moves.
  
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• ABI slams move to continue building homes in flood risk areas

  09-01-2017 10:22
  
  Figures show homes are still being built in flood risk areas despite Environment Agency objections
  
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• ABI slams move to continue building homes as flood fears grow

  09-01-2017 10:22
  
  Figures show homes are still being built in flood risk areas despite Environment Agency objections
  
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• IBC pegs Fort McMurray wildfire losses at $2.8bn

  09-01-2017 10:07
  Wildfires in Fort McMurray, Alberta, last May caused insured damage
  of about C$3.70bn ($2.80bn), the Insurance Bureau of Canada (IBC)
  said.
  The IBC, citing Catastrophe Indices and Quantification (CatIQ)
  figures, said the losses pushed total insured losses in Canada last
  year to a record C$4.9bn, 53 percent more than the previous C$3.2bn
  record set in 2013. The IBC blamed the tally on severe weather
  caused by climate change.
  IBC president and CEO Don Forgeron said: "The record damage
  reported in.
  
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• Brit expands sidecar to $110mn

  09-01-2017 10:07
  Brit has renewed and increased the collateralised reinsurance
  capacity provided by its Versutus sidecar by 33 percent, it
  announced today.
  The Bermuda-domiciled special purpose insurer will be
  capitalised at $110mn in support of Brit's property treaty
  portfolio for 2017.
  Funding has been secured from renewal and new third party
  capital partners accepting risk from 1 January 2017. GC Securities
  acted as placement agent.
  Jon Sullivan, head of short-tail reinsurance at Brit, said the
  sidecar would
  
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• Insurers turning to cyber security start-ups amid risk uncertainty

  09-01-2017 09:45
  
  Cyber security start-ups are helping insurers understand their liabilities better
  
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• Your view: robot-takeover or short-lived strategy? #AIandI

  09-01-2017 09:14
  
  We want your thoughts on Fukoku’s announcement that they will be replacing 34 workers with a supercomputer #AIandI
  
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• Your view: robot-takeover or short-lived strategy? #AandI

  09-01-2017 09:14
  
  We want your thoughts on Fukoku’s announcement that they will be replacing 34 workers with a supercomputer #AIandI
  
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• XL Catlin's Paul Greensmith on the fairness the Insurance Act has brought

  09-01-2017 08:00
  
  They say all is fair in love and football but what about insurance?
  
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