Insurance news

• Berkley Re CUO handed group underwriting role

  19-01-2017 23:00
  The former chief underwriting officer of WR Berkley's
  reinsurance operation, Jonathan Schriber has been promoted to a
  group role, the company announced today along with two other
  appointments.
  In his new position, Schriber becomes senior vice president of
  underwriting for WR Berkley Corporation, which houses the
  carrier's insurance and reinsurance operations.
  He joined the firm a decade ago as executive vice president and
  chief administrative officer of Berkley Re America, was named its
  presiden
  
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• Zurich cuts 240 back office jobs in UK

  19-01-2017 20:50
  Zurich is set to slash around 240 jobs from its UK workforce as
  its recently arrived CEO Mario Greco continues to roll out a
  turnaround plan announced late last year.
  The bulk of the cuts affected "non-market facing"
  employees, in operations such as finance, operations and marketing,
  the company said today in a statement.
  "Making these decisions is never done lightly, but the
  steps we are undertaking will make us sustainable in a highly
  competitive market - creating a platform...
  
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• Aon reportedly near $4.5bn sale of Hewitt benefits unit

  19-01-2017 20:50
  Broking giant Aon is near to selling its benefits-consulting
  business to private-equity firm Clayton Dubilier & Rice in a
  deal expected to value the business at almost $4.5bn, Reuters has
  reported, citing people familiar with the matter who weren't
  otherwise identified.
  Sources have previously told this publication that the earnings
  in the business being sold are roughly $500mn, implying a sale
  multiple of around 9x.
  The sale would allow Aon to focus on its broking and
  risk-management lines
  
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• QBE Europe loses cyber head

  19-01-2017 18:51
  James Tuplin, cyber portfolio manager for QBE Europe, is leaving
  the company, The Insurance Insider
  understands.
  Sources told this publication Tuplin handed in his resignation
  in late December. His next destination is not known.
  Tuplin started at QBE in April 2014 as portfolio manager for
  technology, media and telecoms. Around a year ago his job title
  changed to cyber portfolio manager, according to his LinkedIn
  profile.
  He has previously worked at Allianz Global Corporate &
  Specialty and Zu
  
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• Zurich restructure puts 240 people at risk of redundancy

  19-01-2017 17:02
  
  The insurer has begun consultation with employees as it proposes to remove jobs from the UK as the business is restructured.
  
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• 240 jobs at risk as Zurich restructures UK operations

  19-01-2017 16:48
  
  Zurich UK is to shed 240 jobs as the insurer restructures its UK operations.
  
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• SSP explains power outage

  19-01-2017 16:38
  
  Software house stresses the issue was not caused by its Pure platform.
  
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• Hundreds of jobs to go as Zurich UK restructures

  19-01-2017 16:36
  
  New role for Conor Brennan in Zurich UK restructure
  
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• RFIB establishes Limehouse Agencies MGA

  19-01-2017 16:29
  RFIB has launched a managing general agency (MGA) called Limehouse
  Agencies under the non-executive chairmanship of former Axis CEO
  Jack Gressier.
  In a statement released today, the London broker said Gressier
  would also invest in RFIB in a private capacity and would join the
  board of its holding company as a non-executive independent
  director. He will report to independent chairman Mark Winlow.
  Gressier commented: "The traditional insurance model on
  which the large brokers and carriers were bui
  
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• Lloyd's receives final India approval

  19-01-2017 16:29
  Lloyd's has received final "R3" approval from the
  Indian regulator to establish a branch in the country and plans to
  begin writing business in time for the April reinsurance
  renewals.
  The office will be based in Mumbai and will offer a variety of
  specialty reinsurance classes of business.
  Lloyd's chairman John Nelson dubbed the approval a
  "watershed moment" in the market's international
  strategy.
  He said: "Lloyd's will help to share and develop
  expertise across the industry to position India as.
  
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• Jardine and Clementi join LMA board

  19-01-2017 16:29
  The Lloyd's Market Association (LMA) has recruited Paul Jardine
  and Tom Clementi to its board, the organisation announced.
  Jardine, CEO of Syndicate 2003 and Catlin Insurance Company, and
  Clementi, the CEO of MS Amlin Underwriting, have been co-opted to
  the LMA board with immediate effect.
  The pair will stand for election to the board in May.
  The two insurance bosses replace Andrew McMellin, the former CEO
  for UK and Ireland at XL Catlin and Andrew McKee, the former CEO of...
  
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• Argenta hires QBE treaty underwriter

  19-01-2017 16:29
  Argenta has hired Nick Toth from QBE to run its property
  catastrophe book, according to market sources.
  Toth is understood to be replacing Jon Barnes, who left his role
  as deputy underwriter at Argenta to become active underwriter at
  Cathedral, Lancashire's Lloyd's managing agent, last
  month.
  The Insurance Insider first reported in June
  that Barnes was set to
  leave Argenta.
  A spokeswoman for QBE confirmed that Toth had resigned from his
  role and will leave in February. QBE will search...
  
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• SSP blames third party for Pure Broking outage

  19-01-2017 16:26
  
  SSP insists today’s outage was not Pure Broking’s fault
  
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• Ex-Quindell Watchstone says no profit till 2018

  19-01-2017 15:19
  
  Watchstone says cost of turnaround at Hubio key to results till 2018
  
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• Lemonade drops 'peer to peer' label just months after launching

  19-01-2017 15:09
  
  Lemonade has said that it no longer classes itself as a peer to peer insurer just months after launching.
  
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• Further disruption on SSP's Pure platform

  19-01-2017 15:09
  
  The software house acknowledged that a further issue had occurred.
  
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• Markerstudy gets multi-million-pound solvency capital injection

  19-01-2017 15:07
  
  Premium content: Firm’s insurance units now up to speed with Solvency II after capital injection
  
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• Moneysupermarket shares rise on trading update

  19-01-2017 14:31
  
  Premium content: Moneysupermarket shares rise on forecast of higher revenues, profit
  
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• Money- supermarket shares rise on trading update

  19-01-2017 14:31
  
  Premium content: Moneysupermarket shares rise on forecast of higher revenues, profit
  
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• Moneysupermarket ads top complaints table

  19-01-2017 13:55
  
  Premium content: Moneysupermarket ads are the most complained about, says advertising regulator
  
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• Money- supermarket ads top complaints table

  19-01-2017 13:55
  
  Premium content: Moneysupermarket ads are the most complained about, says advertising regulator
  
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• Skuld hires global cargo and marine property head

  19-01-2017 13:46
  Protection and indemnity (P&I) club Skuld has appointed Paul
  Knighton as global head of cargo and marine property at Syndicate
  1897.
  Knighton, who will take up the newly created role in the summer,
  joins Skuld from the TT Club, where he has been a senior
  underwriter since 2012. Prior to working at the TT Club, Knighton
  held roles at Craven and Partners, Aon and Lockton.
  At Skuld he will predominantly focus on developing a total
  solution product for ports, terminals...
  
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• Skuld 1897 hires TT's Knighton to head marine property

  19-01-2017 13:46
  Expansive Lloyd's Syndicate 1897, led by property direct
  & facultative (D&F) veteran Mike Pritchard, has hired Paul
  Knighton from transport specialist TT Club as global head of marine
  cargo and marine property.
  He will join Skuld Syndicate 1897 in the summer and his focus
  will be predominantly on ports, terminals and freight logistics
  operators.
  Knighton has been a senior underwriter since 2012. Prior to
  working at the TT Club, he held roles at Craven and Partners, Aon
  and Lockton.
  Comme
  
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• New NAIC president calls for repeal of Sifi rules

  19-01-2017 13:46
  The newly elected president of the US National Association of
  Insurance Commissioners (NAIC) said he would campaign for a repeal
  of the systemically important financial institutions (Sifi) regime,
  which enforces tighter regulation for businesses deemed "too
  big to fail".
  AM Best's news service reported that Ted Nickel, NAIC
  president and Wisconsin insurance commissioner, told a forum that
  size was not a measure of an insurer's risk.
  Nickel said he would campaign for the repeal of the Financial
  S
  
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• MGA numbers and M&A 'to rise'

  19-01-2017 13:46
  Managing general agents (MGA) expect their ranks to grow over the
  next 12 months, alongside an increase in M&A activity,
  according to a report from the Managing General Agents'
  Association (MGAA).
  The lobbying group's MGAA Matters report, written in
  conjunction with Castel Underwriting Agency, found that 63 percent
  of respondents expected the overall number of MGAs to increase in
  the next year, with just 12 percent expecting a decrease.
  A slim overall minority (48 percent) believed the curre
  
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• ARS promotes Platt to new COO role

  19-01-2017 13:46
  Aon has promoted James Platt to the newly created role of chief
  operating officer of Aon Risk Solutions (ARS).
  Platt will report to Mike O'Connor, the CEO of Aon's
  insurance broking business, the company said in a statement.
  The executive will take up the role with immediate effect.
  In addition to his new role Platt will retain his
  responsibilities as head of the data and analytics business at ARS,
  and will also be responsible for Aon's Innovation Centre in
  Dublin....
  
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• Brokers: Aviva UK restructure will improve customer retention

  19-01-2017 13:12
  
  Premium content: But broking bosses also hope Aviva UK restructure will not lead to change in strategy
  
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• Argo predicts $20m-$25m cat losses in Q4

  19-01-2017 12:18
  
  Argo has pre-announced fourth quarter cat losses ahead of this month’s reporting season.
  
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• Co-op ordered to clarify motor costs

  19-01-2017 12:06
  
  Regulator orders Co-op to give more information on no claims bonus price
  
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• Accredited Surety and Casualty enters agreement with Cinium Financial Services

  19-01-2017 12:04
  
  Accredited Surety and Casualty Company has entered into an agreement with Cinium Financial Services Corp, which will see the company receiving surety bonds from Cinium.
  
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• Co-op censured over failure to meet CMA deadline

  19-01-2017 12:03
  
  Co-op Insurance has been ordered to provide customers with the price of its no-claims bonus protection.
  
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• Aviva makes top 100 list of employers for LGBT for the second year running

  19-01-2017 12:03
  
  Aviva is the only insurer to have made the list of top 100 employers for LGBT staff for the second year running.
  
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• Aviva makes top 100 list of employers for LGBT

  19-01-2017 12:03
  
  Aviva is the only insurer to have made the list of top 100 employers for LGBT staff for the second year running.
  
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• Aviva unveils UK restructure

  19-01-2017 12:01
  
  Aviva is combining its life, general and health insurance business together under the leadership of Andy Briggs.
  
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• Aviva reorganises to bring general insurance, health and life together

  19-01-2017 11:33
  
  The move will not impact brokers working with its UKGI business and Colm Holmes remains UKGI CEO.
  
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• Aviva unveils major UK restructure

  19-01-2017 11:20
  
  Big-name executive departs as Aviva unveils new structure
  
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• XL Catlin promotes two risk management underwriters

  19-01-2017 11:09
  XL Catlin has announced the promotion of two regional US
  underwriters within its risk management operations.
  Mark McConico becomes senior vice president and will lead the
  global risk management division's insurance underwriting
  operations in the northeast US.
  His LinkedIn profile shows he was previously a vice president
  working in the Greater Los Angeles area. McConico joined XL Catlin
  in August 2013 from Aon.
  Lizette Junor has been named vice president and will lead the
  global risk management u
  
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• White Mountains to auction OneBeacon

  19-01-2017 11:09
  OneBeacon, 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 OneBeacon's share price spiked by as much
  as 11.6 percent to hit $16.92 before falling back slightly.
  According to banking sources, OneBeacon has be
  
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• Brit launches $250mn capacity yacht facility

  19-01-2017 11:09
  London market carrier Brit will lead a new $250mn capacity
  Lloyd's consortium to provide yacht coverage.
  The consortium will offer coverage for both motor and sailing
  vessels valued at over $10mn through the company's Lloyd's
  platform.
  Recently appointed Brit CEO Matthew Wilson said marine insurance
  remained one of the carrier's core lines and that the new yacht
  consortium would enhance its offering in the area.
  He said: "Not only does this deliver on our strategy to
  build our presence in...
  
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• Accredited enters arrangement with Cinium

  19-01-2017 11:09
  Randall & Quilter (R&Q)'s US admitted lines subsidiary,
  Accredited Surety and Casualty, has entered into a fronting
  agreement with surety bond specialist Cinium Financial Services,
  R&Q announced today.
  Cinium provides surety bonds to SMEs in the
  "non-standard" surety market. Under the deal, Accredited
  will retain a small percentage of the business combined with
  A-rated reinsurance.
  This deal reflects R&Q's plan to expand the business
  model for Accredited, which it bought in 2014.
  
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• Axa rolls out minifleet on Open GI and Applied Systems

  19-01-2017 10:44
  
  Policy can cover up to 15 vehicles at inception.
  
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• Blog: Let's create a cross-industry body to push anti-fraud reforms

  19-01-2017 10:39
  
  Personal injury and insurers should create a cross-industry body to see through the various anti-fraud reforms and restore trust in the sector.
  
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• Peter Staddon outlines top priorities for MGA body in 2017

  19-01-2017 10:19
  
  Premium content: Insurance Times spoke to MGAA MD Peter Staddon about how body will support MGA on a number of issues
  
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• Interview: Staddon outlines top priorities for MGA body in 2017

  19-01-2017 10:19
  
  Premium content: Insurance Times spoke to MGAA MD Peter Staddon about how body will support MGA on a number of issues
  
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• M&As to trigger rise in MGAs despite soft market fears

  19-01-2017 09:53
  
  Premium content: But survey of MGAs found they are less worried about competition
  
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• Fairfax clears Allied World 'go-shop' hurdle

  19-01-2017 08:40
  Specialty carrier Allied World came up empty in efforts to find
  an alternative suitor to Fairfax during a 30-day go shop period
  under its agreement to be purchased by the acquisitive Canadian
  group for $4.85bn in stock and cash.
  Allied World sought interest from 31 "potentially
  interested parties" but found no takers, the Swiss-based
  insurer said late Wednesday. The "go-shop" period ended
  early Wednesday.
  "None of these parties executed a confidentiality agreement
  or otherwise expressed interest
  
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• Live cover: There's no business like show business

  19-01-2017 08:00
  
  The media has helped to publicise the importance of live event promoters having insurance to safeguard against shows having to be cancelled or abandoned due to unforeseeable events.
  
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• Allianz and Standard Chartered enter Asia GI partnership

  19-01-2017 03:48
  
  Following a competitive tender Allianz and Standard Chartered have agreed a 15 year five country general insurance bancassurance partnership in Asia.
  
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• Willis moves Liss to North American broking head

  19-01-2017 00:56
  Willis Towers Watson has promoted Mike Liss to take on a role as
  head of corporate risk and broking for North America, the company
  said today.
  In the new job, Liss will be responsible for strategy and
  growing the business to consolidate Willis Towers Watson's
  position among US middle market companies whilst also appealing to
  multinationals, the broker said.
  The freshly appointed exec will report to Joe Gunn who heads up
  North America for the company and Todd Jones, head...
  
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• Prosight sale process launches

  19-01-2017 00:56
  US specialty insurer ProSight has started soliciting buyers
  ahead of a formal auction, The Insurance
  Insider can reveal.
  In September, this publication reported that the bank's
  private equity arm GS Capital Partners, which owns 50.1 percent of
  the business, was in the early stages of exploring a sale along
  with TPG Capital and the insurer's staff who own the remaining
  portion of the business.
  Now it is understood that the investment banking arm of Goldman
  Sachs sent out investor memoranda...
  
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