Insurance news

• T Rowe Price reveals $100mn insurance claim

  20-01-2017 23:40
  Listed US investment firm T Rowe Price is set to receive $100mn
  from insurers after a technical blunder reportedly cost the
  company's shareholders twice that sum.
  The investment house said it could stand to receive a further
  $50mn under remaining insurance claims that are currently still
  pending.
  The loss relates to the Baltimore-based firm's investment in
  US computer manufacturer Dell.
  According to reports T Rowe Price opposed a bid by the tech
  company's founder Michael Dell to take the then-$2
  
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• Market reaction to AIG-Berkshire deal muted

  20-01-2017 18:33
  The share prices of AIG and Berkshire Hathaway made modest advances
  following the vast $34bn legacy deal announced by the two companies
  ahead of market opening.
  AIG's stock had risen 1.0 percent to $66.97 as of 15:27GMT,
  while Berkshire Hathaway's share price inched up by 0.62
  percent to $240,600.
  Under the terms of the deal -the largest ever legacy transaction - Berkshire Hathaway will
  take on 80 percent of the risk on a $34bn block of US commercial
  insurance...
  
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• Neon cyber unit Tarian opens with £15mn line

  20-01-2017 16:00
  Neon-owned cyber venture Tarian has launched with a line size of
  £15mn ($18mn), The Insurance Insider
  understands.
  Led by former Barbican cyber head Geoff White, Tarian will write
  cyber and technology business both directly for Neon Syndicate 2468
  and for a consortium at Lloyd's.
  Neon plans to underwrite a mix of open market, binder, line slip
  and specialised treaty reinsurance under the Tarian brand.
  Sources told The Insurance Insider the
  consortium has been fully placed and that paper is
  
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• Beale rules out Malta from Lloyd's Brexit plan

  20-01-2017 16:00
  Lloyd's of London is narrowing the range of countries it is
  considering for its post-Brexit EU headquarters, ruling out Malta,
  Lloyd's chief executive Inga Beale said in Davos today.
  Beale told Bloomberg TV that the tiny island state "is just
  not going be the right location for Lloyd's".
  Beale said: "We're going be setting up a subsidiary
  somewhere else in the EU, a country we hope will remain in the
  EU".
  A source said that Ireland remains in the frame,...
  
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• AIG strikes $34bn legacy deal with Berkshire Hathaway

  20-01-2017 16:00
  AIG has agreed the biggest legacy deal in the history of the
  P&C insurance market, with Berkshire Hathaway set to take on 80
  percent of the risk on $34bn of the insurer's US commercial
  reserves.
  Ajit Jain's National Indemnity Company (Nico) will assume 80
  percent of the net losses and net allocated loss adjustment
  expenses on the reserves in excess of the first $25bn for the 2015
  accident year and prior. Nico's liability is capped at
  $20bn.
  The $9.8bn consideration...
  
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• Venture Insurance purchases Poole Martin

  20-01-2017 14:31
  
  Venture Insurance has purchased Poole Martin which will see the company placing premiums of £13m per year.
  
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• Crime stats reveal 13% reduction in insurance fraud

  20-01-2017 14:27
  
  There has been a 13% reduction in the amount of insurance fraud reported by the industry, according to government statistics.
  
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• XL Catlin reshuffles UK top team after departure

  20-01-2017 14:22
  
  Premium content: New head for key UK businesses at XL Catlin
  
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• ABI loses appeal on discount rate review

  20-01-2017 14:02
  
  The Association of British insurers has lost an appeal to government on the judicial review on changes to the discount rate for personal injury damages.
  
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• Venture Insurance buys Poole Martin

  20-01-2017 14:00
  
  The deal will take Venture’s GWP up to £13m a year.
  
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• Tennessee wildfire losses exceed $800mn

  20-01-2017 13:31
  Insurance claims from the Sevier County, Tennessee wildfires in
  November have reached $842mn, according to the Tennessee Department
  of Commerce and Insurance (TDCI).
  The figure, released by the regulator in response to a request
  by local news outlet the News Sentinel, is far above the estimated
  $500mn of claims the watchdog announced in December.
  The fires have led to 3,947 claims so far for both residential
  and commercial property losses.
  The estimate is the third to be released by the...
  
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• Markel Catco's 2016 returns dented by four loss events

  20-01-2017 13:31
  Markel Catco's Reinsurance Opportunities Fund reported annual
  returns for ordinary shareholders of 8.12 percent in 2016, down
  from an 11.6 percent gain in 2015, following a series of major loss
  events.
  Claims from Hurricane Matthew and the Kaikoura, New Zealand
  earthquake each took 1 percentage point off its returns for 2016,
  while the Jubilee oil platform loss eroded 3.5 percent of its net
  asset value.
  The company also boosted its loss reserves for the Canadian
  wildfires from the 1 percent...
  
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• Guy Carp takes quartet of brokers from Willis Re

  20-01-2017 13:31
  A slew of senior Willis Re brokers based in Texas and Florida
  have defected to Guy Carpenter, The Insurance
  Insider can reveal.
  The latest departures mark another development in the struggle
  for talent within the reinsurance broking space, which has seen a
  series of senior executives move between the big three.
  Executive vice president Tom Collett, a close ally of Guy
  Carpenter CEO Peter Hearn during the latter's Willis Re days,
  is the most high-profile mover.
  Dallas-based Collett will be...
  
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• Ex-Sompo Canopius CEO Davies joins PE house

  20-01-2017 13:31
  Stuart Davies, CEO of Sompo Canopius until November last year,
  has joined Edi Truell's private equity house Disruptive Capital
  as a partner, The Insurance Insider
  understands.
  Davies has come aboard as Disruptive Capital looks to
  significantly expand the private equity operation which, to date,
  has largely focused on putting the Truell family's money to
  work.
  Sources said that the firm, which currently manages roughly
  £100mn ($123mn) of assets, is in the process of raising a
  second fund, w
  
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• Asia insurance rates to continue slide: Aon

  20-01-2017 13:31
  Insurance rates in Asia are set to remain on a downward trajectory
  in 2017 due to the combination of abundant capacity, the benign
  catastrophe environment and positive underwriting results in 2016,
  according to Aon Risk Solutions.
  In the broker's Asia Market Review for 2017, released today,
  Geoff Lambrou, Aon Risk Solutions' Singapore chairman and head
  of specialty broking in Asia, said the outlook for buyers in 2017
  was positive across most classes, even in challenged lines such as
  credit defau
  
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• This Week in Post: Trump, restructuring and asparagus

  20-01-2017 13:07
  
  One of the silver linings of my job is the fact I receive emails about a wide range of subjects, most relevant, some less so.
  
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• ABI loses discount rate case

  20-01-2017 13:06
  
  ABI fails to force judicial review of government’s plans to review the discount rate for personal injury damages
  
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• Enterprise liquidator passes motor claims handling to Gallagher Bassett

  20-01-2017 12:24
  
  The liquidator for failed insurer Enterprise has handed over its motor claims handling to Gallagher Bassett from its previous handler.
  
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• Enterprise liquidator passes motor claims handling to Gallagher Basset

  20-01-2017 12:24
  
  The liquidator for failed insurer Enterprise has handed over its motor claims handling to Gallagher Basset from its previous handler.
  
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• Enterprise liquidator hands over motor claims handling to A J Gallagher partner

  20-01-2017 12:24
  
  The liquidator for failed insurer Enterprise has handed over its motor claims handling to Gallagher Basset from its previous handler.
  
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• Meet the techies: Nicholas Phair

  20-01-2017 12:17
  
  REG UK programme manager Nicholas Phair tells us how technology can elevate broking to new levels of efficiency.
  
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• Quiz of the week – 20 January

  20-01-2017 12:15
  
  Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
  
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• Paws for thought … can you really afford to get a dog?

  20-01-2017 11:57
  
  Your pooch could set you back £33,000. As we report, it’s a lifetime commitment from food to pet insuranceHow much is that doggie in the window? Before deciding to buy a canine companion, add up the total costs during its lifetime – Ben or Poppy (the two most popular names in 2016) could be more of a drain on your finances than you think.Research by the People’s Dispensary for Sick Animals (PDSA) found that 98% of pet owners underestimated the lifetime costs, with 12% (2.
  
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• Quizzical questions: 20 January 2017

  20-01-2017 11:55 via insuranceage.co.uk
  
  Test your knowledge of the week's news with our topical quiz.
  
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• UK insurers can withstand Brexit pressure: AM Best

  20-01-2017 11:07
  AM Best does not anticipate any rating actions for UK insurers
  due to Brexit despite the expected impact of loss of access to EU
  business and economic challenges in the country.
  In a statement released yesterday AM Best said while it did not
  expect to take rating actions as a direct consequence of Brexit,
  the vote was overall a credit negative for the UK insurance
  industry.
  The rating agency cited increased economic and regulatory
  uncertainty, as well as the potential...
  
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• India approves listing of five general insurers: report

  20-01-2017 11:07
  The Indian government has granted in-principle approval for five
  state-owned general carriers to list on the country's stock
  exchange.
  According to the Asia Insurance Review, the Indian
  Cabinet Committee on Economic Affairs earlier this week approved
  applications from The New India Assurance, United India Insurance,
  Oriental Insurance, National Insurance and GIC Re to go public.
  The government plans to cut its shareholdings in the companies
  to 75 percent from 100 percent in one or more tranches,
  
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• Goddard takes specialty casualty role at WR Berkley

  20-01-2017 11:07
  Miriam Goddard, head of professions at Hiscox, is to take up the
  role of director of underwriting for specialty casualty at W/R/B
  Underwriting, The Insurance Insider can
  reveal.
  Goddard will start at W/R/B Underwriting's London office once
  she has completed her contractual obligations at Hiscox.
  W/R/B Underwriting was established in November 2015, bringing
  together WR Berkley Syndicate 1967 and WR Berkley Insurance Europe,
  to create a specialist Lloyd's platform under the leadership of
  CEO Alast
  
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• Applied Systems to double its headcount in Brighton

  20-01-2017 10:58
  
  Software house sees opportunities to grow in the UK as it launches Applied Epic later this year.
  
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• Enterprise’s liquidator switches claims handlers

  20-01-2017 10:44
  
  New arrangement for failed insurer Enterprise’s motor claims
  
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• R&Q issues subordinate notes to support legacy activity in the US

  20-01-2017 10:15
  
  R&Q has issued $20m (£16m) of floating rate S
  subordinated notes which will be due December 2023 from R&Q Re Bermuda, the group's 3A insurer.
  
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• Aviva and Tencent plan Hong Kong digital distribution

  20-01-2017 09:55
  
  Aviva, investment firm Hillhouse Capital and Chinese internet firm Tencent Holdings are combining to offer online life insurance in Hong Kong.
  
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• Aon unit sale may lead to other deals: analysts

  20-01-2017 09:17
  Aon's reported plan to sell its benefits-consulting business
  for about $4.5bn suggests it doesn't expect to gain a
  competitive advantage in the sector and that it may use some of the
  funds for smaller takeovers, analysts noted.
  By seeking to unwind much of what it put together with the
  $4.9bn Hewitt Associates takeover in 2009, the move also calls into
  question the rationale of the similar Willis Group-Towers Watson
  combination in 2015.
  Analysts also suggested Aon may intend to pay...
  
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• Blog: The real opportunity with digital

  20-01-2017 08:10
  
  Read any article on digital insurance and it seems to me that it's all about the insurers.
  
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• California insurance regulator forces $4bn asset sale

  20-01-2017 03:06
  As part of a wider assault on climate change, California
  Insurance Commissioner Dave Jones has claimed responsibility for
  forcing a $4bn selldown in fossil-fuel related assets by some
  insurers.
  In January 2016, Jones announced a data call requiring all
  carriers taking in more than $100mn in premium with business in
  California to disclose their investments in fossil fuels, including
  utilities that rely on oil, gas and coal. The disclosures are to be
  done annually.
  Jones also asked all insurers op
  
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• Vale adds AIG exec to run transportation underwriting

  20-01-2017 01:03
  Vale Insurance Partners has hired AIG executive Sal Orso to
  manage underwriting for transportation-focused risk retention group
  (RRG) Onyx Insurance Company, The Insurance
  Insider can reveal.
  According to sources, Orso has replaced Peter Foley, who left to
  join programme and underwriting manager The Northman Company late
  last year.
  Underwriting at RRG Onyx is managed by the MGA's Vale
  Transportation division as programme administrator.
  Vale Transportation is the renamed Onyx Transportation, whic
  
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