Insurance news

• Berkshire enters Canada marine market with Chubb hire

  10-01-2017 23:54
  Berkshire Hathaway Specialty Insurance (BHSI) is set to enter
  the inland and ocean marine insurance market in Canada after hiring
  Gord Rider from rival Chubb.The new division will write ocean cargo, stock throughput and
  project cargo insurance alongside a full line of inland marine
  products, said BHSI vice president of marine John Evans in a
  statement.Rider joins the Berkshire Hathaway subsidiary as a senior marine
  underwriter, the same position he held at Chubb Insurance Company
  of Canada.Rider
  
  Read more

• XL disclosure points to higher industry cat losses

  10-01-2017 17:52
  Analysts warned of higher-than-expected catastrophe losses from
  P&C (re)insurers in Q4, as XL Group disclosed its own $245mn
  net cat loss for the period.
  On Monday (9 January), XL said just over half of the loss would
  fall in the Bermuda-based carrier's insurance segment, with the
  remaining $120mn expected to be paid by its reinsurance
  division.
  Hurricane Matthew generated a net loss of $130mn for XL, while
  earthquakes in New Zealand are expected to cost the carrier $75mn.
  Three quarters...
  
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• XL Catlin and AIG continue multi-line agg trend

  10-01-2017 17:52
  Growing interest in multi-line aggregate covers translated into
  fresh or expanded placements at 1 January by cedants such as XL
  Catlin and AIG, The Insurance Insider can
  reveal.
  The strategy appears to be driven by multiple motivations,
  including greater placement efficiency at a time when insurers'
  margins are coming under increased pressure.
  It also fits the narrative of carriers looking to reposition
  their reinsurance protection to address earnings volatility after a
  year in which many compan
  
  Read more

• Willetts to boost A&H offering at Endurance

  10-01-2017 17:52
  Dale Willetts, head of accident and health (A&H) and special
  risks at AmTrust at Lloyd's Syndicate 1861, has left the
  company to join Endurance, The Insurance
  Insider understands.
  Willetts had been in the role since AmTrust acquired ANV in
  November last year. He first joined ANV as head of underwriting for
  A&H in October 2012, taking on the additional role of business
  development director in January 2014.
  Prior to this he was head of A&H underwriting at Travelers
  for four...
  
  Read more

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• US casualty re disguises weakening fundamentals

  10-01-2017 17:52
  For many reinsurers US casualty was a safe harbour in a sea of
  disappointment at the 1 January renewals.
  Despite abundant capacity, there was evidence that underwriters
  were beginning to push back on terms that had reached historically
  weak levels, as the majority of placements renewed flat.
  Where loss experience emerged on underlying portfolios,
  reinsurers were able to achieve rate increases on excess-of-loss
  (XoL) covers for general liability and, most notably, auto
  liability, for which Willis
  
  Read more

• Trust Re receives $50mn capital boost

  10-01-2017 17:52
  Bahrain-based reinsurer Trust Re has received a $50mn capital
  injection as it expands its emerging market operations.
  Group chief executive Fadi Abu Nahl said today that the company
  was looking to expand, either by setting up new operations around
  the world or through acquisitions.
  Trust Re said its issued and paid up capital allocation had
  increased from $200mn to $250mn, and that its authorised capital
  level - the ceiling on potential investment - had increased from
  $200mn to $500mn.
  Trust...
  
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• Soft market slog looms after further concessions

  10-01-2017 17:52
  Reinsurers are preparing to dig in for two or three years of
  deteriorating results, as the 1 January renewals look set to mark
  the last meaningful erosion of rates following years of significant
  compound reductions.
  The renewals were characterised by declining pricing in most
  lines and geographies, although almost everywhere the pace of
  reductions was slower than 12 months ago.
  Despite the slowing, reinsurers are likely to be more
  disappointed than buyers as hopes of a flat renewal evaporated
  ea
  
  Read more

• Resilience Re finalises record private cat bond

  10-01-2017 17:52
  Willis Capital Markets & Advisory's private cat bond
  platform Resilience Re has completed a $187mn deal, its largest
  transaction so far.
  The Series 1712 issuance was made up of three tranches, two of
  which provided two-year reinsurance cover. The class A and B
  two-year notes raised $101mn and $35.99mn of limit
  respectively.
  The class C notes raised $49.99mn of one-year cover. Each series
  of notes was listed on the Bermuda Stock Exchange (BSX).
  The broker's Resilience Re platform is designed.
  
  Read more

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• RenRe revealed as Fibonacci Re sponsor

  10-01-2017 17:52
  RenaissanceRe has confirmed it set up the $140mn Fibonacci Re
  vehicle, which was established in Bermuda in late December, to
  provide it with more property catastrophe capacity.
  Fibonacci's capital was raised from third-party investors
  and the company's own $169mn Medici cat bond fund.
  The carrier already runs a number of other third-party capital
  vehicles, but the existing facilities are all market facing - in
  other words, they write business in their own names. In contrast,
  Fibonacci's capacity
  
  Read more

• (Re)insurers to count cost of rising inflation

  10-01-2017 17:52
  After years of lacklustre price growth, accelerating inflation,
  particularly in the US and the UK, has re-emerged on the insurance
  radar.
  Willis Re CEO John Cavanagh earlier this month called faster
  inflation an "unhelpful trend" that could pressure
  reserves, while Keefe, Bruyette & Woods analysts warned this
  week of higher claims costs resulting from the price uptick.
  In the US, analysts expect this year and the next to mark the
  first sustained period with inflation above 2 percent since be
  
  Read more

• Reinsurers no longer covering cost of capital: Bernstein

  10-01-2017 17:52
  Continued softening at the 1 January renewals suggests
  reinsurers are no longer covering their cost of capital, Bernstein
  analyst Thomas Seidl claimed in a note today.
  Referencing renewal reports by Aon Benfield, Guy Carpenter and
  Willis Re, Seidl claimed non-proportional P&C reinsurance rates
  fell by an average of 6 percent at 1 January.
  According to Guy Carpenter, property cat pricing decreased by up
  to 7 percent, Seidl wrote, noting that this was "considerably
  more resilient" than in the
  
  Read more

• Reinsurers face clouded prospects for 2017

  10-01-2017 17:52
  A few overarching themes continue to shape the reinsurance
  segment as 2017 begins, including excess capital, a squeeze on
  margins and an active M&A market as carriers reach for
  growth.
  The industry may be awash with capital but Barclays analysts led
  by Jay Gelb said they expected no let-up in the near future, as
  institutional investors continue to search for better returns.
  "We view this trend as structural, not cyclical," the
  Barclays analyst said in a note last week.
  Alternative...
  
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• Rates continue to slide in energy market: JLT

  10-01-2017 17:52
  Chronic overcapacity and a reduction in underlying activity from
  customers continued to hamper the energy market in 2016, leading to
  further rate reductions, according to JLT.
  In its latest quarterly energy newsletter, released on 3
  January, JLT said the coming year was set to be turbulent for
  parties on both sides of the insurance transaction.
  In the
  upstream sector premium has maintained its downward trajectory,
  although capacity remains firm. This has resulted in dramatic price
  reductions whe
  
  Read more

• PIB closes purchase of most of Thistle UK

  10-01-2017 17:52
  Carlyle-backed broker consolidator PIB Insurance Brokers has closed
  its purchase of the majority of Thistle UK from JLT.
  London-based PIB said its takeover of Thistle Insurance Services
  closed on 30 December after the agreement gained regulatory
  approval
  Thistle offers brokerage services to SME clients, and also has
  an online business and a managing general agent arm.
  The 14
  November agreement with JLT excluded Thistle's market
  risks, education and housing businesses, which were transferred to
  J
  
  Read more

• Insider View: Kelso backs Premia Re

  10-01-2017 17:52
  When news broke last year that Bill O'Farrell and Arch were
  working together on a run-off start-up, it was speculated that the
  vehicle would be a Watford Re for the legacy sector, another
  iteration of the total return reinsurer model that was about to add
  Enstar's Kayla Re to its ranks.
  The thesis seemed to have been strengthened when it emerged that
  Premia Re's majority backer would be Kelso & Co, the
  private equity firm that previously invested in hedge...
  
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• Insider View: 1 January renewals

  10-01-2017 17:52
  A brief examination of the 1 January reinsurance renewal could
  be misread as an incrementally positive step in the recovery of
  underwriters from their soft market ills.
  It would confirm that pricing in the main continued to retreat,
  but at a more modest rate that points to a market that is clearly
  bottoming out.
  Taken in isolation, that could be viewed as an improvement:
  pricing momentum shifting back towards reinsurers at a time where
  there are even some tangible signs...
  
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• Hurricane research suggests US coastal storm buffer

  10-01-2017 17:52
  A new theory that suggests the southern US coastline has a
  buffer zone that helps to curb hurricanes under the right
  conditions could lead disaster forecasters to revise their
  models.
  Atmospheric scientist James Kossin published a paper in Nature
  magazine earlier this month which claimed that during periods of
  greater Atlantic hurricane activity a protective barrier of wind
  shear and cooler sea temperatures could weaken the storms as they
  approach the coast.
  Conversely, during quiet periods in t
  
  Read more

• McManus-led PIB sees massive jump in income after latest deals

  10-01-2017 16:08
  
  PIB has bought seven firms since it received backing from private equity firm Carlyle 
  
  Read more

• PIB completes acquisition of Thistle Insurance

  10-01-2017 15:50
  
  PIB Group has completed its acquisition of Thistle Insurance Services from JLT.
  
  Read more

• RSA fined after data theft

  10-01-2017 15:37
  The UK data protection regulator has fined RSA £150,000
  ($182,943) following theft of a hard drive containing 60,000
  customers' names and bank account details from an RSA building.
  The Information Commissioner's Office found the insurance giant
  did not have "appropriate" data protection measures in
  place.
  The device was stolen from a company office in West Sussex between
  May and July 2015, either by a contractor or a member of staff. The
  data on the hard drive was unencrypted.
  Steve Eckers
  
  Read more

• Hurricane Matthew Florida losses hit $803mn

  10-01-2017 15:37
  Estimated Floridian insured losses from Hurricane Matthew have
  risen over 10 percent to $803mn, according to the Florida Office of
  Insurance Regulation.
  Updated claims figures based on filings received through 6
  January showed residential property claims continued to climb to
  almost 98,000, while the total number of commercial property claims
  fell slightly to 5953.
  The overall claims figure for the event now stands at 115,560,
  with 17,762 of those currently open.
  Volusia county was the most seve
  
  Read more

• Towergate extends farm partnership with Axa

  10-01-2017 15:11 via insuranceage.co.uk
  
  The broker’s farming MGA AIUA has announced a deal believed to be in the region of £45m.
  
  Read more

• Industry welcomes government's position on driverless cars

  10-01-2017 14:20
  
  The industry has welcomed the government’s response to last year’s driverless car consultation.
  
  Read more

• Go Compare success owing to opera singing advert, CEO says

  10-01-2017 13:37
  
  The success of Go Compare's opera singing advert, Gio Compario, and low operating costs were factors behind the price comparison site's success, says Matthew Crummack, Go Compare CEO.
  
  Read more

• ICO fines RSA £150,000 after significant data theft

  10-01-2017 13:27
  
  The Information Commissioner’s Office has fined RSA £150,000 following the loss of the personal information of nearly 60,000 customers.
  
  Read more

• Pioneer forms tech and cyber liability team

  10-01-2017 13:25
  Pioneer Underwriters has launched a miscellaneous, technology and
  cyber liability unit under the leadership of former Ace executive
  David Lucey, who becomes vice president.
  Lucey will be based in Pioneer's branch office in Exton,
  Pennsylvania, and report to Gene Hinman, who leads Pioneer's US
  underwriting platform, Pioneer Special Risk.
  Lucey has more than 20 years of errors and omissions (E&O)
  underwriting experience. At Ace, which has since been brought into
  Chubb, he worked within the com
  
  Read more

• Pen Underwriting appoints solicitors' PI head

  10-01-2017 13:25
  UK-headquartered managing general agency Pen Underwriting has hired
  Paul Crilly as its new head of solicitors' professional
  indemnity lines.
  Crilly will report to Jennifer Martin, the company's
  managing director of financial lines, who waspromoted to that role a year ago.He joins Pen from Howden UK's professions and general
  liability business, having served as head of solicitors' lines
  at the acquired RK Harrison since 2012.
  Prior to that he was executive director of professional
  indemnity at Pr
  
  Read more

• Hurricane Matthew loss estimate hits $803mn

  10-01-2017 13:25
  Estimated insured losses from Hurricane Matthew have risen over 10
  percent to $803mn, according to the Florida Office of Insurance
  Regulation.
  Updated claims figures based on filings received through 6
  January showed residential property claims continued to climb to
  almost 98,000, while the total number of commercial property claims
  fell slightly to 5953.
  The overall claims figure for the event now stands at 115,560,
  with 17,762 of those currently open.
  Volusia county was the most severely impac
  
  Read more

• The ICO fines RSA £150,000

  10-01-2017 13:07
  
  Fine follows the loss of personal information of nearly 60,000 RSA customers.
  
  Read more

• RSA apologises after data blunder

  10-01-2017 12:53
  
  RSA stresses tougher measures are in place to prevent any data blunders
  
  Read more

• Insurer responds to ICO fine following customer data theft

  10-01-2017 12:53
  
  The Top 5 insurer has apologised to customers and stresses tougher data security measures are in place
  
  Read more

• RSA fined by data watchdog following theft of customer data

  10-01-2017 12:18
  
  Data watchdog ICO found that RSA did not have appropriate measures in place to protect the information
  
  Read more

• ICO fines Top 5 insurer after theft of customer data

  10-01-2017 12:18
  
  ICO found that insurer did not have appropriate measures in place to protect the information
  
  Read more

• Biba launches product recall scheme through CFC Underwriting

  10-01-2017 11:45
  
  The British Insurance Brokers’ Association has launched a Product Recall scheme through its member CFC Underwriting.
  
  Read more

• Biba launches product recall scheme with CFC

  10-01-2017 11:29
  
  The association said the scheme offers two policies tailored for food and non-food sectors.
  
  Read more

• Aon launches 'Brexit Navigator'

  10-01-2017 11:25
  
  Aon has launched Brexit Navigator, a solution designed to help organisations quantify the impact of Brexit on business.
  
  Read more

• Aon launches Brexit tool

  10-01-2017 11:21
  
  Three step solution aims to help organisations asses the impact of Brexit.
  
  Read more

• LV= names new chairman

  10-01-2017 10:53
  
  LV= names new chairman following change in chief executive
  
  Read more

• Brightside wins latest round in RSM court battle

  10-01-2017 09:51
  
  Brightside’s earlier court win upheld
  
  Read more

• Go Compare sees 2016 revenue climb 19%

  10-01-2017 09:38
  
  Price comparison website Go Compare has reported a 19% rise in full-year revenue to £142m.
  
  Read more

• Gocompare.com results at top end of forecast

  10-01-2017 09:35
  
  Gocompare releases first results since demerger from esure
  
  Read more

• Government sets out driverless car insurance plans

  10-01-2017 09:22
  
  The government has published its plans to legislate on insurance for driverless cars
  
  Read more

• Legal Update: Getting your wordings right for the Insurance Act

  10-01-2017 08:00
  
  The insurance market has been living with the Insurance Act 2015 for nearly six months. It is too early to draw firm conclusions about how the Act may impact claims but there is ample evidence that the Act is affecting risk placement and contract terms and conditions.
  
  Read more

• XL reveals $245mn Q4 cat loss

  10-01-2017 00:34
  XL Group has warned investors to expect net catastrophe losses
  of around $245mn when the (re)insurer publishes its results for the
  fourth quarter.
  Just over half of that loss will fall in the Bermuda-based
  carrier's insurance segment with the remaining $120mn expected
  to be paid by its reinsurance division.
  The largest single event for XL Group was Hurricane Matthew,
  which struck the Caribbean and skirted America's east coast at
  the beginning of October.
  The carrier said the storm would cost...
  
  Read more

• Premia Re launches after $510mn capital raise

  10-01-2017 00:34
  Premia Re, the new run-off reinsurance vehicle led by former
  Chubb exec Bill O'Farrell and backed by Arch, has confirmed its
  formation by announcing a $510mn capital raise.
  The news confirms The Insurance
  Insider's story last week revealing that the vehicle was poised to launch
  as a Bermuda-based Class 4 reinsurer.
  In a statement today, the reinsurer claimed it had achieved one
  of the largest capital raises ever focused on the P&C run-off
  market positioning it as a "significant market...
  
  Read more

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