Insurance news

• Tax reforms faulted as potentially costly to insurers

  23-01-2017 23:25
  Proposals in Congress that would affect taxation of reinsurance
  premiums paid to off-shore carriers would effectively raise prices
  - in some cases dramatically - and reduce the amount of coverage
  available to US customers, asserts a new study produced for
  opponents of the measures.
  At issue are the "border adjustability" element of the
  Republicans' tax reform "Blueprint" as well as a
  proposal aimed more narrowly at premiums ceded to offshore
  affiliates by foreign-owned US insurers, known as the
  
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• Generali blocks takeover by acquiring Intesa stake

  23-01-2017 23:25
  Generali has taken an extraordinary step to block rumoured
  takeover attempts from Italian bank and rival life insurer Intesa
  San Paolo alongside Germany's Allianz.
  In a statement released after trading ended in Milan, Generali
  revealed that it had acquired a 3.01 percent stake in the potential
  Italian acquirer.
  Under Italian law, the move effectively blocks Intesa from
  making a bid because its voting rights in Generali would be capped
  at 3 percent.
  The country's cross-shareholding restrictions r
  
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• WR Berkley suspends London marine underwriting

  23-01-2017 21:08
  WR Berkley's managing agency has suspended the underwriting
  of its London market marine business and placed the future of the
  $30mn book under review, The Insurance
  Insider has learned.
  The book includes marine hull, liability, marine war and cargo.
  It is led by director of underwriting for non-static risks Louise
  Nevill who joined from Talbot to found the book in 2010.
  A definitive decision on the future of the book has not been
  taken, it is understood.
  However, broking sources...
  
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• Commercial P&C pricing down 1%: Barclays buyers survey

  23-01-2017 21:08
  Early impressions of the 2017 renewals have left risk managers
  expecting commercial US property and casualty (P&C) rates to be
  down around 1 percent this year, according to a Barclays
  report.
  In its semi-annual buyers' survey, the bank's analysts
  found that two-thirds of the 50 risk managers they asked expected
  further commercial rate reductions, the highest level in six
  years.
  Barclays said most insurers were aggressive about retaining
  business or targeting new books, however it noted that
  
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• W/R/B puts London marine book under review

  23-01-2017 18:57
  W/R/B Underwriting has put its London marine book under review
  while it considers its future appetite for the challenged line of
  business, The Insurance Insider
  understands.
  The marine team is thought to write around $30mn of business,
  including marine hull, liability, marine war, and cargo. The book
  is led by director of underwriting for non-static risks Louise
  Nevill.
  W/R/B Underwriting will continue to service the existing London
  marine book, but has elected not to renew or write new
  business
  
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• Tokio Marine rolls out drone cover online

  23-01-2017 17:01
  
  Japanese insurer Tokio Marine said brokers will be able to quote and bind drone policies in real time
  
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• Blockchain could 'reshape' London market, report finds

  23-01-2017 16:59
  
  Blockchain technology is a viable option for the London market, a report has found.
  
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• Dutch pension fund backs $200mn Leo Re vehicle

  23-01-2017 16:08
  Dutch pension fund manager PGGM has emerged as the owner of the
  debt issued by the Leo Re sidecar.
  Leo was established in Bermuda ahead of the 2017 reinsurance
  renewals. A PGGM spokesman confirmed to sister publication
  Trading Risk that its client, PFZW, owns
  the $200mn of debt issued by Leo.
  The spokesman said the insurance-linked securities (ILS)
  portfolio that PGGM oversees totals $4bn, up from $3.4bn in April
  last year. At that time, the ILS component made up 2...
  
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• Blockchain 'viable': LMG

  23-01-2017 16:08
  Blockchain technology should be at the heart of ongoing reforms in
  the London insurance market, a report commissioned by the London
  Market Group (LMG) has found.
  The study found that blockchain - a secure digital logbook of
  transactions - "is indeed a viable option" for the
  insurance industry.
  The paper noted that costs associated with harmonising different
  versions of the same document could be "significantly
  reduced" by using the technology.
  Blockchain represents "an opportunity to radically
  r
  
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• Whiplash crackdown 'could cost jobs'

  23-01-2017 14:29
  
  The government’s crackdown on whiplash claims could cost 35,000 lawyers and others their jobs, says survey commissioned by lobby group
  
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• Competition is the key challenge facing insurers

  23-01-2017 13:31
  
  Increased industry competition is the biggest challenge to business for general insurers, according to a survey.
  
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• Tokio Marine Kiln adds drone insurance to online platform

  23-01-2017 13:30
  
  Insurer says product is immediately available on its One TMK digital exchange and features a newly enhanced policy wording.
  
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• Swiss Re and XL Catlin get green light for Indian branches

  23-01-2017 12:13
  Swiss Re and XL Catlin have both received approval from the
  Insurance Regulatory and Development Authority of India (Irdai) to
  open a branch in Mumbai.
  Swiss Re plans to write both non-life and life and health
  reinsurance business through its Indian branch, which is due to
  open on 1 February.
  The office will be led by Kalpana Sampat, who is currently
  managing director of Swiss Re Services India Private.
  She will be responsible for developing the reinsurance business
  and operations...
  
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• Suncorp suffers fresh loss creep on 2010/11 NZ quakes

  23-01-2017 12:13
  Suncorp has ceded NZ$94mn ($67.5mn) of additional losses from the
  New Zealand earthquakes of 2010-2011 to its reinsurers and is also
  set to pass on claims from last year's Kaikoura quake.
  The increase in losses from the 2010-2011 temblors came after
  the claims it received surpassed the cap covered by the New Zealand
  Earthquake Commission.
  Most of these claims will be absorbed by the company's
  reinsurers, but Suncorp will take a net NZ$18mn of additional
  losses.
  The carrier also disclosed...
  
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• KLA comes under Charles Taylor brand

  23-01-2017 12:13
  Charles Taylor-owned Knowles Loss Adjusters (KLA) will formally
  rebrand to Charles Taylor General Adjusting Services as of
  today.
  KLA is the UK and Ireland-focused P&C claims business of
  Charles Taylor Adjusting. It was acquired by Charles Taylor two and
  a half years ago to expand the UK property, casualty, construction
  and professional lines network within its loss adjusting
  division.
  Andrew Jackson, managing director of the technical and special
  risks division at Charles Taylor Adjusting,
  
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• Generali shares buoyed by takeover talk

  23-01-2017 12:13
  Generali shares were up more than 6 percent this morning after
  Italian newspaper La Stampa reported takeover interest in
  Italy's leading insurer from German peer Allianz and from
  Italian bank Intesa Sanpaolo.
  Shares in Generali, previously rumoured to be a target for
  France's Axa, were up 6.4 percent at EUR14.59 by mid-morning in
  Milan to value the total equity at just under EUR22.8bn
  ($24.4bn).
  As of 11:30 CET, the shares had moderated slightly to EUR14.43,
  or up 5.25 percent.
  La...
  
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• Fatal US tornadoes in rare January outbreak

  23-01-2017 12:13
  The southeast US was hit by a number of fatal tornadoes over the
  weekend, with powerful storms striking Mississippi's Pine Belt
  and the city of Albany in Georgia.
  Impact Forecasting said that insured losses could easily reach
  well into the hundreds of millions of dollars.
  The storms included a powerful EF3 tornado in Hattiesburg,
  Mississippi on 21 January, which killed at least four people.
  A preliminary estimate from the Mississippi Insurance
  Commissioner said insured losses in the Hattiesburg
  
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• AIG strikes $34bn legacy deal with Berkshire Hathaway's NICO

  23-01-2017 11:43
  
  AIG has agreed a $34bn (£27bn) legacy deal with National Indemnity Company, a subsidiary of Berkshire Hathaway.
  
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• Eight out of 10 PI jobs at risk from whiplash reforms

  23-01-2017 11:14
  
  More than 35,000 jobs may be at risk if the government’s whiplash proposals go through, a macroeconomics consultancy has claimed.
  
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• Brokers more upbeat as profits returned to positive growth

  23-01-2017 10:49
  
  CBI/PwC Financial services survey also saw growth in business volumes strengthen over the quarter.
  
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• Warning of tens of thousands of UK jobs losses from personal injury legal reforms

  23-01-2017 10:40 via insuranceage.co.uk
  
  Consultants state job cuts will stretch across the UK but especially in the South East and cities such as Manchester, Liverpool and Sheffield.
  
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• StarStone launches Dubai joint venture

  23-01-2017 10:32
  Enstar specialty insurance subsidiary StarStone has signed a joint
  venture partnership with Dubai-based managing general agency (MGA)
  Malakite Underwriting Partners.
  StarStone Lloyd's Syndicate 1301 will be the lead capacity
  provider for Malakite as it targets specialty business in the
  Middle East and North Africa (Mena) region.
  The venture will initially write energy, marine and property
  terrorism risks backed by both StarStone and other participating
  Lloyd's syndicates.
  The partnership remains
  
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• Generali appoints Leonardi Asia CEO

  23-01-2017 10:32
  Generali has hired Rob Leonardi from Axa as its new CEO for Asia.
  According to his LinkedIn profile Leonardi joined the company
  this month and is based in Hong Kong.
  He replaces Jack Howell, who became Asia Pacific CEO of Zurich
  in August last year.
  Leonardi served as regional chief health and marketing officer
  for Axa in Asia for almost three years from 2014.
  He concurrently held the position of CEO of Axa Asia's
  health and employee benefits division.
  Before...
  
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• Transactor adds Broker Direct to panel

  23-01-2017 10:00
  
  Users gain access to home insurance scheme.
  
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• PwC: Competition bigger threat than Brexit for insurers

  23-01-2017 09:58
  
  Insurers continue to target investment in technology to bring in new customers and improve efficiency.
  
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• CBI/PwC: Competition bigger threat than Brexit for insurers

  23-01-2017 09:58 via insuranceage.co.uk
  
  Insurers continue to target investment in technology to bring in new customers and improve efficiency.
  
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• #Insagepeople: 23 - 29 January 2017

  23-01-2017 09:30
  
  Keep up to date with the latest people moves.
  
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• QBE's Richard Pryce on why insurers must innovate for customers and staff

  23-01-2017 08:00
  
  The insurance industry has always been closely connected to the broader economy, but our fortunes are now even more closely tied to macro-economic developments.
  
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• Insurer optimism falls as brokers' demand rises

  23-01-2017 07:30
  
  Insurers were less optimistic last quarter, while brokers reported improving demand, says CBI/PwC survey
  
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• Leonardi appointed head of Generali Asia

  23-01-2017 06:39
  
  Former senior Axa employee Roberto Leonardi has been appointed regional officer for Generali Asia’s insurance operations.
  
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• Tokio Marine launches self-learning Facebook chatbot for advisors

  23-01-2017 04:51
  
  Tokio Marine Life Insurance Singapore is linking up with its IFAs and agents via an automated chatbot available on Facebook messenger.
  
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• Thailand opens up insurers to 100% foreign acquisitions

  23-01-2017 02:47
  
  Foreign insurers can now buy up to 100% of Thai insurers' shares following a decision from the Thailand Finance Minister.
  
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