Insurance news

• Vale adds AIG duo for programme start-up

  13-01-2017 18:37
  Vale Insurance Partners has hired a duo of executives from AIG
  as it looks to expand the staff and infrastructure of its new
  programme insurance venture, The Insurance
  Insider can reveal.
  According to sources, Rick Christofer, former vice president of
  casualty underwriting at AIG Private Client Group, has joined to
  add to the initiative's underwriting ranks.
  Meanwhile, Eric Greenberg has moved over from the insurance
  giant as a vice president and senior actuary.
  Both executives are thought to be
  
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• US-EU talks yield covered agreement for insurers

  13-01-2017 18:37
  US and European negotiators have reached a covered agreement to
  harmonise regulation of insurers and reinsurers and remove barriers
  to transatlantic business.
  The deal covers supervision, reinsurance and information
  exchange between regulators, according to a letter signed by US
  Treasury Secretary Jacob Lew and US Trade Representative Michael
  Froman.
  The agreement is expected to significantly reduce the amount of
  collateral a European insurer must hold against business written in
  the US.
  In a jo
  
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• Trundle swaps AIG aviation for Starr

  13-01-2017 18:37
  AIG's top airline underwriter Andy Trundle has left the company
  to take up a senior aviation underwriting role at Starr,
  The Insurance Insider understands.
  Trundle had risen up the ranks of AIG's aviation team, and
  until his resignation he served as head of underwriting for
  aviation and vice president of airline underwriting at the
  carrier.
  The move comes two months after this publication revealed former
  senior Aon Benfield broker David Bellwas set to join AIG as the carrier's global...
  
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• Marsh buys $130mn J Smith Lanier

  13-01-2017 18:37
  Marsh has agreed to buy J Smith Lanier & Co (JSL) in a deal
  that will expand the broker's middle-market agency operations
  in the US Southeast.
  The acquisition will add $130mn of annual revenue to the
  broker's Marsh & McLennan Agency (MMA) business, together
  with 600 employees across 21 offices.
  The terms of the deal were not disclosed. The transaction is
  expected to close in the first quarter of this year subject to
  regulatory approvals.
  Once the deal is completed,...
  
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• K2 buys three Alteris programmes

  13-01-2017 18:37
  Private equity-backed K2 Insurance Services has
  acquired a trio of programmes from Argo's Alteris
  platform.
  Twenty one Alteris employees moved over to K2's Allied
  Public Risk subsidiary along with the WaterPlus, FirePlus and
  JPRIMA programmes.
  The agency's new leadership team includes Paul Fuller as
  CEO, Stephanie Gilmore as president and COO, Vickie Kartchner as
  president-in-transition and primary practice head, Margaret Zechlin
  as executive vice president and alternative practice head, and
  Geo
  
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• Bahamas First cuts Matthew loss estimate by 20%

  13-01-2017 18:37
  Bahamas First has reduced its Hurricane Matthew loss estimate by
  a fifth to $80mn, before reinsurance recoveries.
  President and CEO Patrick Ward told local news provider
  Tribune242 that the total had come down from original
  estimates because fewer commercial and residential property owners
  carried coverage against hurricane damage, or their coverage was
  inadequate.
  He said his company had received about 2,800 claims related to
  the Category 4 storm.
  Ward said the cost of insuring against hurrican
  
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• Alliant targets $100mn energy and marine book

  13-01-2017 18:37
  Specialty broker Alliant has set its sights on developing a
  $100mn business from its newly expanded US energy and marine team.
  The four-year goal would roughly quadruple the group's current
  book of between $25mn and $27mn, team leader John Ludwig told
  The Insurance Insider on Thursday.
  The fast-growing company recently recruited Marsh renewable energy
  specialist Dimitrios Parikos in New York and power and utility
  authority Robert J. Bothwell and his Boston-based team from Beecher
  Carlson.
  Bothwe
  
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• EU and US regulators agree new bi-lateral transatlantic insurance agreement

  13-01-2017 18:10
  
  The US and EU have agreed to reduce legal and capital barriers to boost the transatlantic insurance and reinsurance market.
  
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• Oil Spill Insurance Broker launches oil leak policy

  13-01-2017 17:41
  
  The product mainly targets HNW individuals who use home oil heating.
  
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• Rise of IPT 'punishes' health insurance customers

  13-01-2017 17:08
  
  Customers find it unfair that they are facing increased tax on their health insurance on top of the tax they already pay to fund the NHS.
  
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• iFarm's new partnership means 'unparelled service' to brokers

  13-01-2017 16:34
  
  iFarm’s parent, MGA Imperium, continues to gain strength in agricultural sector
  
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• iFarm's new partnership means 'unparalleled service' to brokers

  13-01-2017 16:34
  
  iFarm’s parent, MGA Imperium, continues to gain strength in agricultural sector
  
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• Alliant targets $100mn energy & marine book

  13-01-2017 16:01
  Specialty broker Alliant has set its sights on developing a
  $100mn business from its newly expanded US energy and marine team.
  The four-year goal would roughly quadruple the group's current
  book of between $25mn and $27mn, team leader John Ludwig told
  The Insurance Insider on Thursday.
  The fast-growing company recently recruited Marsh renewable energy
  specialist Dimitrios Parikos in New York and power and utility
  authority Robert J. Bothwell and his Boston-based team from Beecher
  Carlson.
  Bothwe
  
  Read more

• This Week in Post: Census, success and snow

  13-01-2017 14:28
  
  The snowflakes trickling gently down from the skies across the nation remind me of the vast number of people who trickle through the doors of the insurance sector - people, our Census closes today!
  
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• UK motor rates at four-year high: Willis Towers Watson

  13-01-2017 13:30
  UK motor insurance rates rose 14 percent year-on-year in 2016,
  according to a report by price comparison site Confused.com and
  Willis Towers Watson.
  The rise is equivalent to an average premium hike of £95,
  bringing the total cost of a typical comprehensive car insurance
  policy to £767.
  The figure is the highest since mid-2012, when the average
  premium stood at £797.
  Prices rose around 4 percent in the fourth quarter alone,
  accounting for £30 of the jump.
  This followed tw
  
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• Quiz of the week - 13 January

  13-01-2017 12:32
  
  Test your knowledge on this week's insurance news.
  
  Read more

• Men paying more than women for car insurance despite EU gender directive

  13-01-2017 12:28
  
  Men are paying on average £101 more for car insurance than women, despite EU rules banning insurers from taking gender into account when calculating premiums.
  
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• ITI Re to launch by end of January

  13-01-2017 11:50
  ITI Re, India's first private reinsurer, is to begin
  operating by the end of the month after receiving full regulatory
  approval.
  Chief operating officer R Raghavan told local media outlet
  Moneycontrol that the company will be based in Mumbai and is
  readying itself to write business for the 1 April renewals.
  He said ITI Re already had a core team in place and was in the
  process of making junior hires.
  Alongside ITI Re, global reinsurers Swiss Re, Hannover Re,...
  
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• Argo replaces Aspen on $150mn Brownstone programme

  13-01-2017 11:50
  Argo has taken over from Aspen as underwriter of Brownstone
  Insurance Agency's circa $150mn New York residential real
  estate programme, The Insurance Insider
  can reveal.
  According to sources, Argo began underwriting the programme on
  the admitted paper of its US insurance platform in December
  2016.
  It is thought that New York-based managing general agency
  Brownstone - which was launched by John Cassara in the 1970s -
  sought a replacement for Aspen last year, instructing its broker
  Willis Re to fi
  
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• Quizzical questions: 13 January 2017

  13-01-2017 11:25
  
  Test your knowledge of the week's news with our topical quiz.
  
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• The City UK sets out industry priorities for Brexit

  13-01-2017 11:20
  
  The City UK, a City of London lobby group, has issued its key priorities for the UK’s financial and professional services industry in the forthcoming Brexit negotiations.
  
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• Blog: Arron Banks' Question Time appearance

  13-01-2017 11:20
  
  Banks' views on the maximum wage cap, Trump, the NHS, the EU and more.
  
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• Tokio Marine tests new blockchain-based insurance policy

  13-01-2017 11:19
  
  Tokio Marine has begun testing a blockchain-based insurance policy for the shipping industry.
  
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• Top 5: Developing risk management services

  13-01-2017 11:15 via insuranceage.co.uk
  
  Thomas Coles of Risk Solved explains why brokers need to look at offering customers a rounded risk management service as the insurance market changes.
  
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• Probitas appoints PI underwriter

  13-01-2017 10:30
  
  Kiran Wignall is to join Lloyd’s underwriting syndicate Probitas 1492 as a professional indemnity underwriter in its financial lines team.
  
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• Fidelis co-founder McConachie to leave

  13-01-2017 10:30
  
  Neil McConachie, group chief financial officer and co-founder of Fidelis, is leaving the firm.
  
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• MedCo names new chairman, revamps structure

  13-01-2017 10:29
  
  MedCo’s new structure follows MoJ review
  
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• Severe flood warnings issued for coastal areas in UK

  13-01-2017 10:26
  
  Severe flood warnings are in place along the eastern coast of England following fears that a storm surge places homes and properties at risk.
  
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• Car premiums increase by 14%

  13-01-2017 10:13 via insuranceage.co.uk
  
  Confused.com figures show the increase in the final quarter of 2016 was lower than in the same period in 2015.
  
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• CII New Generation Group outlines guidance for dealing with vulnerable customers

  13-01-2017 10:00 via insuranceage.co.uk
  
  CII urges brokers to use the document as a checklist to ensure best practice.
  
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• EU in 'crazy' rule on uninsured drivers

  13-01-2017 09:43
  
  EU ruling to compensate uninsured drivers denounced
  
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• Motor premiums rise to highest since 2012

  13-01-2017 09:09
  
  Confused.com survey says motor premiums rose 14% over the past year 
  
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• UK General's Karen Beales on the future of personal lines broking

  13-01-2017 08:00
  
  The personal lines market has been interesting during the past 12 months.
  
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• Spencer departs Zurich following Howell appointment

  13-01-2017 03:46
  
  Post understands Stuart Spencer, Zurich's former general insurance Asia-Pacific CEO, left the company on 31 December.
  
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• Vale adds AIG duo for program start-up

  13-01-2017 03:09
  Vale Insurance Partners has hired a duo of executives from AIG as
  it looks to build out the staff and infrastructure of its new
  program insurance venture, The Insurance
  Insider can reveal.
  According to sources, Rick Christofer, former vice president of
  casualty underwriting at AIG Private Client Group, has joined to
  add to the new initiative's underwriting ranks.
  Meanwhile, Eric Greenberg has moved over from the insurance
  giant as a vice president and senior actuary.
  Both executives are thought
  
  Read more

• K2 buys three Alteris programs

  13-01-2017 03:09
  Private equity-backed K2 Insurance Services has
  acquired a trio of programs from Argo's Alteris
  platform.
  Twenty one Alteris employees moved over to K2's Allied
  Public Risk subsidiary along with the WaterPlus, FirePlus and
  JPRIMA programs.
  The agency's new leadership team includes Paul Fuller as
  CEO, Stephanie Gilmore as president and COO, Vickie Kartchner as
  president-in-transition and primary practice head, Margaret Zechlin
  as executive vice president and alternative practice head, and
  George
  
  Read more

• Argo takes Aspen's place on $150mn Brownstone NY program

  13-01-2017 03:09
  Argo has taken over from Aspen as underwriter of Brownstone
  Insurance Agency's circa $150mn New York residential real
  estate program, The Insurance Insider can
  reveal.
  According to sources, the Bermudian began underwriting the
  program on the admitted paper of its US insurance platform in
  December 2016.
  It is thought that the New York-based MGA - which was launched
  by John Cassara in the 1970s - sought a replacement for Aspen last
  year, instructing its broker Willis Re to find new...
  
  Read more

• Onex puts $4bn price tag on USI: Report

  13-01-2017 01:35
  Private-equity firm Onex is targeting a $4bn valuation in the
  sale of USI, the American insurance broker it bought in 2012,
  according to a report from Reuters.
  The news service said that Onex was working with Bank of America
  on an auction process, however it added that there was no certainty
  around a deal.
  The price would provide a significant markup on the $2.3bn Onex
  paid for the broker when it acquired it from Goldman Sachs in
  November 2012.
  The...
  
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• AlphaCat holdings grow to $2.7bn at 1.1

  13-01-2017 01:35
  AlphaCat, the asset management arm of Validus, has grown to
  $2.7bn in assets, the Bermudian (re)insurance group announced
  today.
  In a statement released after markets closed, Validus said by 1
  January AlphaCat's assets under management had grown by $200mn
  since the same time last year.
  The carrier reported that third party assets were now $2.5bn, a
  $400mn gain since the start of 2016. It said the growth represented
  an increase of 20 percent and included the first third-party
  investments in...
  
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• Motor premiums rose by 14% in 2016

  13-01-2017 01:00
  
  Car insurance premiums rose by 14%, equivalent to £95 on average, in 2016.
  
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