Insurance news

• White Mountains to auction One Beacon

  18-01-2017 19:23
  One Beacon, the New York-listed specialty insurer controlled by
  White Mountains, is to be formally auctioned, The
  Insurance Insider understands.
  Credit Suisse has been appointed to run a full sales process,
  which is currently in its early stages.
  Bloomberg first reported the news, which this publication has
  independently confirmed.
  Following the news One Beacon's share price spiked by as
  much as 11.6 percent to hit $16.92 before falling back
  slightly.
  According to banking sources, One Beacon has
  
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• CNA recruits AIG professional liability underwriter

  18-01-2017 19:23
  CNA has hired AIG's Andy Lea to underwrite errors and omissions
  (E&O), cyber and media coverage in its commercial unit, the
  carrier announced today.
  The executive will take the role of vice president. At AIG, he
  served as senior vice president in the Midwest professional
  liability division.
  CNA has made significant staff changes over the past year, with
  a number of departures amid cost-cutting measures,as reported by The Insurance
  Insider.
  In November, this publication revealed that the Chic
  
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• Achmea extends cat programme as storm losses rise

  18-01-2017 19:23
  Dutch insurer Achmea has postponed the renewal of the bulk of its
  cat reinsurance programme as losses from last year's storms
  continue to mount, The Insurance Insider
  understands.
  The cover will now renew on 1 July, which will bring it into
  line with a top layer excess policy that renews on the same date,
  sources said.
  It is understood that Achmea has taken advantage of a six-month
  extension clause included in its existing reinsurance agreement,
  which is believed to have...
  
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• Judges 'dismayed' by government's whiplash proposals, say it will clog up courts

  18-01-2017 16:50
  
  Whiplash reforms could cause the courts to become gridlocked with unrepresented personal injury victims and lead to higher taxes, judges have warned.
  
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• Ex-Zurich personal lines broker chief Nichola Thomson joins Lockton

  18-01-2017 16:15
  
  She left the provider in June last year.
  
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• Solvency II should be watered down post-Brexit, MPs told

  18-01-2017 14:42
  
  Premuim Content: Solvency II should be changed to suit UK insurers after Brexit, a House of Commons committee was told
  
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• XL Catlin appoints chief data officer

  18-01-2017 14:30
  XL Catlin has appointed Henna Karna as chief data officer.
  Karna has previously worked as a president at Verisk Digital
  Services, and as actuarial chief information officer and managing
  director at AIG.
  She will start at XL Catlin later this month, reporting to chief
  platform officer Myron Hendry.
  In a statement CEO Mike McGavick said Karna will work closely
  with the company's venture capital fund XL Innovate, internal
  innovation team Accelerate, and other operations "to further
  enhance data, an
  
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• Three earthquakes strike central Italy

  18-01-2017 14:30
  Three earthquakes hit central Italy this morning as the Amatrice
  region suffered its fourth event in six months.
  The first quake occurred around 10.30am local time in Amatrice
  with a magnitude of 5.4 at a depth of six miles, followed one hour
  later by a magnitude 5.7 tremor in the same area, according to news
  reports.
  The final 5.3 magnitude quake struck 10 minutes later.
  Tremors were felt some 60 miles south in Rome, and the
  authorities ordered the evacuation...
  
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• Extremus considering first claim following Berlin attack

  18-01-2017 14:30
  German terrorism pool Extremus is considering paying its first ever
  claim following the terror attack in Berlin's Christmas market
  on 19 December 2016.
  The unnamed insured is understood to be a Christmas market
  jewellery company, according to local media reports, with a
  EUR50,000 deductible ($53,295).
  German media reports that the maximum payout due from Extremus
  is expected to be no more than EUR100,000.
  Extremus provides coverage for property and business
  interruption following acts of terrori
  
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• Compre concludes legacy deal

  18-01-2017 14:30
  The European legacy specialist Compre Group has acquired an
  insurance and reinsurance portfolio from Swiss Re, in its second
  deal of 2017.
  The legacy portfolio consists of business underwritten by RW
  Gibbon, now in run-off, between 1950 and 1972.
  Compre revealed it hadmade a similar deal on 6 January, when the company acquired the
  UK legacy book of AG Insurance, a Belgium carrier spun out from the
  collapse of Fortis after the 2008 financial crisis.Nick Steer, Compre CEO,...
  
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• Compre takes on RW Gibbon legacy book

  18-01-2017 13:24
  
  Insurance and reinsurance legacy specialist Compre has acquired a legacy business portfolio from Swiss Re International.
  
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• Startupbootcamp InsurTech announces startup in residence

  18-01-2017 12:51
  
  French start-up CBien appointed to advise its 2017 programme and may look to enter UK market.
  
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• Brightside director to depart

  18-01-2017 12:18
  
  Brightside is looking for a replacement
  
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• InsurTech Futures: Blockchain and broking

  18-01-2017 12:11
  
  Shân Millie explains why blockchain is important for the insurance sector and why brokers must pay attention.
  
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• India reinsurance preference regulations take effect

  18-01-2017 11:42
  The Indian insurance regulator has said amendments to requirements
  for all ceded reinsurance business to be offered to local companies
  are now effective.
  The new rules allow foreign insurers to write Indian business
  without cedants having to offer the right of first refusal to state
  reinsurer GIC Re. They had originally been due take effect early
  last year.
  Under the new regime, the Insurance Regulatory and Development
  Authority of India (Irdai) prioritises Indian reinsurers that have
  had the re
  
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• GCC reinsurers tightened property conditions at 1.1: AM Best

  18-01-2017 11:42
  Reinsurers operating in the Gulf Cooperation Council (GCC)
  further tightened terms and conditions for property policies during
  the 1 January renewals, according to AM Best.
  The ratings agency noted in a report published today that the
  spate of fire losses in the region over the past three years had
  prompted reinsurers to act.
  The most notable were the fires in Dubai at the Address Hotel on
  New Year's Eve 2015, and earlier that year at the Torch
  residential skyscraper.
  The...
  
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• Argo estimates $20mn-$25mn Q4 cat losses

  18-01-2017 11:42
  Argo Group has become the latest (re)insurer to pre-announce
  fourth quarter cat losses ahead of the start of the reporting
  season this month.
  The Bermudian said it expects pre-tax losses from catastrophes
  to be in the range of $20mn to $25mn for the period, net of
  reinsurance and reinstatement premiums.
  The company added that cat losses are primarily related to
  Hurricane Matthew and other eventsincluding the New Zealand
  earthquake - as well as late reported losses from prior-quarter
  catastrophes
  
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• Allied World builds Australian professional liability team

  18-01-2017 11:42
  Allied World has appointed Kym Beazleigh as vice president,
  professional liability for Australia.
  The Sydney-based executive will report to Ed Moresco, who is
  senior vice president, professional liability.
  Beazleigh's Linkedin profile shows he joined Allied World in
  December. He moved from Zurich Australia Insurance, where he was
  national underwriting manager for the corporate institutions
  financial lines team.
  The executive has more than 15 years' industry experience,
  having held positions at C
  
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• French app-based start-up joins insurtech incubator programme

  18-01-2017 11:00
  
  App-based insurtech start-up Cbien has joined as one of the 10 firms on Startupbootcamp’s 2017 programme.
  
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• Nick Lock appointed as head of property claims at Allianz

  18-01-2017 10:35
  
  Nick Lock has been appointed as the new head of property claims at Allianz, following David Watkins’ retirement from the company.
  
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• A-Plan moves from SSP to Acturis for commercial

  18-01-2017 10:29
  
  Broker already in deal with Applied Systems for personal lines.
  
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• Film Production: Lights, camera, insure!

  18-01-2017 08:00
  
  Film sets can be dangerous places, with wires and cables trailing and spectacular stunts being performed. What are the risk factors associated with making movies?
  
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• Frontier partners with Taiping for One Belt One Road

  18-01-2017 06:25
  
  Hogn Kong-headquartered security company Frontier Services Group has agreed a partnership with Taiping General Insurance.
  
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• Asia C-suite panel bullish on insurance innovation

  18-01-2017 04:05
  
  Senior executives from some of Asia's largest insurers have shared their vision for insurance innovation at the Asian Financial Forum 2017.
  
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• Bharti Axa GI promotes Srinivasan to CEO

  18-01-2017 03:17
  
  Bharti Axa General Insurance has promoted chief commercial and principal officer Sanjeev Srinivasan to CEO and managing director.
  
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• Argo estimates $20-25mn Q4 cat losses

  18-01-2017 01:53
  Argo Group has becoming the latest (re)insurer to preannounce
  fourth quarter cat losses ahead of the start of the reporting
  season this month.
  The Bermudian said it expects pre-tax losses from catastrophes
  to be in the range of $20mn to $25mn for the period, net of
  reinsurance and reinstatement premiums.
  The company added that cat losses are primarily related to
  Hurricane Matthew and other events that include the New Zealand
  earthquake - as well as late reported losses from prior-quarter...
  
  Read more

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