Insurance news

• Zurich names leaders for revamped North American unit

  25-01-2017 23:53
  After combining its commercial markets and global corporate
  business units in North America, Zurich has named the new
  organisation's leadership team under Paul Horgan, who was
  regional global corporate head.
  As of this month, Horgan took control of the combined Commercial
  Insurance group for the region, reporting to Mike Foley, CEO of
  Zurich North America, and to James Shea, CEO of commercial
  insurance globally for Zurich.
  The new structure gives Horgan the units formerly run by Craig
  Fundum, as
  
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• US D&O rates down 6.7% despite record uptick in litigation

  25-01-2017 23:53
  The price of insurance coverage for US directors and officers
  (D&O) fell by almost 7 percent in the fourth quarter despite a
  record uptick in class action claims for 2016, Marsh has said.
  Speaking on a client call, the broker's Finpro US placement
  leader Gregory Spore said the average price per million dollars of
  primary limit fell by 4.1 percent for insureds renewing in the
  final quarter of last year, compared to renewal rates for the same
  period in 2015....
  
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• Bermuda insurers face threats from Trump: Fitch

  25-01-2017 23:53
  An overhaul of US tax laws twinned with the protectionist
  measures touted by newly installed President Donald Trump pose a
  threat to Bermuda's reinsurance community, rating agency Fitch
  has warned.
  The new administration, along with the leaders of the Republican
  majorities in both chambers of Congress, has indicated a desire for
  a "more favourable" corporate tax environment.
  Trump claims an overhaul, including a deep cut in the 35 percent
  corporate income tax rate, will better position the US to
  
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• Sirius launches in primary surety and environmental with new hires

  25-01-2017 20:03
  Sirius Group has launched primary surety and environmental
  platforms in the US with leadership hires from Tokio Marine HCC and
  Great American, The Insurance Insider can
  reveal.
  The expansive China Minsheng Investment (CMI)-owned (re)insurer
  has appointed Matt Olsen as senior vice president of surety and
  Doug Stepenosky as managing director for its new environmental
  division.
  The two executives join the company's Connecticut and
  Pennsylvania offices respectively, and will lead the carrier's
  effor
  
  Read more

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• Vizion unveils partnership model for disenchanted brokers

  25-01-2017 20:03
  Vizion Insurance Brokers,launched today by former Bluefin chairman Chris Blackham and ex
  Chubb high net worth lead John Sims, is offering a new model for
  entrepreneurial brokers to set up on their own.The executive team, which includes Trevor Davies, partner at
  Kennedys, and former rugby player Jeremy Guscott, is targeting
  brokers who have found themselves being asked to "do more for
  less" since a wave of broker consolidation.
  Under Vizion's model, brokers would sign up to the platform...
  
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• Lemonade four-month GWP totalled $180,000

  25-01-2017 20:03
  Insurance start-up Lemonade recorded gross written premiums of
  $179,855 in its first four months of business.
  In a blog post detailing the company's financial performance
  to date, Lemonade revealed its gross loss ratio for September to
  December was 20 percent, with the expected final loss ratio for the
  four-month period predicted to total around 12 percent.
  Lemonade said it had not yet needed to use its reinsurance
  coverage.
  Over 25 percent of customers who were quoted a price purchased
  insuranc
  
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• Hyperion promotes Schloßmacher to German broking CEO

  25-01-2017 20:03
  London-based insurance group Hyperion today announced it had
  promoted Gert Schloßmacher to the role of CEO of its German
  broking operations.
  Schloßmacher joined the group in January 2016 as managing
  director of financial risks at RKH Specialty and global head of
  trade credit at Howden.
  He previously spent almost 20 years at credit insurer Euler
  Hermes, most recently as group head of global sales.
  Hyperion's German broking business includes Euroassekuranz,
  Himmelseher, Howden Caninenb
  
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• Alliant hires Marsh's Young

  25-01-2017 20:03
  Alliant Insurance Services picked up another Marsh executive this
  month with the appointment of Ted Young as a senior vice president
  (SVP) in its Alliant Americas middle-market division.
  Young was previously an SVP with Marsh in Atlanta and had spent
  some 21 years at the broker, specialising in communications, media,
  technology, manufacturing, education, airport services and the
  public sector, according to his LinkedIn profile.
  At Alliant, Young is expected to facilitate the continued
  expansion
  
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• Start-up broker launches pay-as-you-go motor insurance

  25-01-2017 18:14
  
  Pay-as-you-go broker, Cuvva is to launch a car insurance product for people who use their vehicles infrequently.
  
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• Start-up broker Cuvva launches pay-as-you-go motor insurance

  25-01-2017 18:14
  
  Pay-as-you-go broker, Cuvva is to launch a car insurance product for people who use their vehicles infrequently.
  
  Read more

• Treasury Committee on Solvency II post-Brexit hears evidence from ABI and Lloyd's

  25-01-2017 17:17
  
  Industry leaders gave oral evidence this afternoon to a Treasury Committee on Solvency II post-Brexit.
  
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• Compre buys W&W'’s Ridgwell Fox legacy business

  25-01-2017 17:11
  
  Compre is to acquire Wüstenrot & Württembergische's share of the Ridgwell Fox pool legacy reinsurance business.
  
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• Cyber market 'weak at claims game': Newman

  25-01-2017 16:13
  Cyber policy wordings are "weak" and
  "vacant", CFC Underwriting director and chief innovation
  officer Graeme Newman told an audience of claims executives
  today.
  Speaking at a London Market Claims Council event organised by
  The Insurance Insider, Newman criticised
  the way the London market writes cyber cover.
  "It worries me that the cyber market is so weak when it
  comes to the claims game," he said.
  Newman said the number of cyber claims CFC deals with is
  rocketing up. He said...
  
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• CIRC restricts insurers' listed M&A activity

  25-01-2017 16:13
  The China Insurance Regulatory Commission (CIRC) has formalised
  widely expected restrictions on insurers' stock market
  investments and reduced the scope of their listed M&A activity.
  The new rules take the sector back to what was in place before a
  2015 liberalisation. They limit equity investments to 30 percent of
  an insurer's total assets, based on the previous quarter's
  balance sheet, and any one investment to 5 percent in most
  circumstances.
  Insurers wishing to buy stock will need a 100 p
  
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• Aon's McGill to receive $22.5mn after departure

  25-01-2017 16:13
  Outgoing Aon group president Steve McGill will receive a total cash
  payment of $22.5mn as part of his separation agreement with the
  firm, according to an 8K filing.
  This morning, The Insurance Insider
  revealed the executive wasset to leave Aon after 12 years at the firm.The US Securities and Exchange Commission (SEC) filing from Aon
  stated McGill would receive three separate $7.5mn cash payments for
  each of the 2017, 2018 and 2019 years, in accordance with his
  employment...
  
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• Admiral chairman Lyons steps down

  25-01-2017 16:13
  Admiral chairman Alastair Lyons will not seek re-election at the
  company\'s annual general meeting in April, the company has
  said.
  Lyons has held the role of non-executive chairman since June
  2000.
  Admiral said the board\'s choice of successor will be
  announced once it has received the relevant regulatory
  approvals.
  In a statement Lyons said the appointment of David Stevens to
  replace the company\'s founder Henry Engelhardt as CEO last
  year had presented the right time to step down....
  
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• Sompo Canopius names international property chief

  25-01-2017 13:50
  Sompo Canopius has hired Steve O'Riordan to the new position of
  head of international property, the company announced today.
  The appointment is effective immediately and O'Riordan will
  report to group head of direct and facultative (D&F) property
  Derek Hansen.
  He will write a UK and international D&F property portfolio
  in addition to Sompo Canopius's existing US D&F
  business.
  O'Riordan joins the company from CNA Europe, where he served
  as property underwriting manager from 2004.
  Prio
  
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• Intesa-Generali deal 'risky and hugely complex': Bernstein

  25-01-2017 13:50
  Any takeover deal struck between Intesa Sanpaolo and Generali
  would be risky, hugely complex and face significant competition
  issues, research firm Bernstein has said.
  Bernstein analyst Thomas Seidl wrote in a note today that he was
  "sceptical" whether a deal between the two parties would
  materialise.
  According to press reports, Italian bank Intesa would look to
  buy Generali to sell off parts of the business to rivals, such as
  Axa, Zurich or Allianz.
  "In particular we question whether the toxic.
  
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• Compre buys W&W's Ridgwell Fox business

  25-01-2017 13:50
  Legacy specialist Compre has agreed to acquire Wüstenrot &
  Württembergische (W&W)'s share of the Ridgwell Fox
  pool of legacy reinsurance business for an undisclosed sum.
  W&W's predecessor company, Württembergische
  Feuerversicherung AG, signed shares in Ridgwell Fox for the
  underwriting years 1978 to 1986.
  The transaction is structured as a legal business transfer and
  has been approved by German regulator Bafin. It provides W&W
  with complete finality regarding its i
  
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• Aon group president Steve McGill to leave

  25-01-2017 13:18
  
  Aon group president Steve McGill is to leave the firm.
  
  Read more

• UK boss Alan Moore hails Generali as a 'viable alternative' to corporate insurance establishment

  25-01-2017 13:08
  
  Generali is "a sleeping giant" in terms of corporate multinational business and could position itself as a real competitor to the likes of AIG, Allianz and Zurich, says its UK head.
  
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• Ed appoints Corke as CEO of underwriting

  25-01-2017 13:04
  
  Newly rebranded Ed has appointed Gary Corke as CEO of underwriting.
  
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• Vizion claims "new model" in partner-ownership broker launch

  25-01-2017 12:22
  
  The broker wants to work with individuals who “are being asked to do more for less” in their current broker and want to strike out on their own.
  
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• FCA: Consumers overpaying £108m a year in ‘poor value’ add-ons

  25-01-2017 12:21
  
  The Financial Conduct Authority said customers may be overpaying £108m every year in insurance add-ons, with sometimes less than 10% of retail premiums for add-ons paid out in claims.
  
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• News analysis: Brokers back Biba at manifesto launch

  25-01-2017 12:20
  
  Trade body’s members broadly welcome Biba’s manifesto priorities for 2017
  
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• Fairfax reportedly assembling Allied World financing pieces

  25-01-2017 11:48
  Fairfax Financial is reported to be close to obtaining at least
  $1.8bn of financing needed to close its acquisition of Allied World
  for $4.85bn in a combination of cash and stock.
  The Ontario Municipal Employees Retirement System may publicly
  commit $1bn to the deal this week, according to a Bloomberg report
  today. Late last week, Reuters said Fairfax was negotiating to sell
  most of its stake in a joint venture insurance company in India,
  which could raise as much as...
  
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• Corke appointed Ed underwriting CEO

  25-01-2017 11:48
  Recently rebranded London market broker Ed has hired Gary Corke as
  its CEO of underwriting.
  He will join the company in February and will report to group
  CEO Steve Hearn.
  In his new role Corke will be responsible for leading Ed's
  managing general agencies (MGAs) internationally as well as
  developing a global MGA business unit.
  Corke joins from Africa-focused casualty MGA SHA Specialist
  Underwriters, where he served as CEO for four years.
  Prior to that he co-founded African property MGA...
  
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• Broking stalwarts launch Vizion venture

  25-01-2017 11:48
  Former Bluefin CEO and chairman Chris Blackham and Chubb high
  net worth expert John Sims have combined forces to launch Vizion
  Insurance Brokers.
  The broking venture aims to provide a regulated platform for
  brokers who want to start up their own business, and have their own
  equity and a clearly defined exit route.
  The duo have brought Kennedys partner Trevor Davies on as a third
  member of the leadership team, along with ex-England rugby star
  centre and TV pundit Jeremy...
  
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• Aon group president Steve McGill to stand down

  25-01-2017 11:48
  Aon group president Steve McGill is set to leave the business,
  The Insurance Insider can reveal.
  Sources said that McGill will exit the company shortly after 12
  years at the professional services giant.
  It is understood that Aon will not appoint a direct replacement
  for McGill. Aon Risk Solutions (ARS) CEO Mike O'Connor and Aon
  Benfield CEO Eric Andersen - who previously reported to McGill -
  will continue to oversee their respective segments, reporting
  directly to Aon CEO Greg Case....
  
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• American Integrity appoints CFO

  25-01-2017 11:48
  Floridian carrier American Integrity has hired Cory Brown as its
  new chief financial officer (CFO).
  Brown joins the company from Medmal Direct Insurance Company, a
  specialist medical malpractice insurer based in Jacksonville,
  Florida, where he was also CFO.
  Prior to that he held the same position at medical malpractice
  private risk retention, captive manager and third party adjuster
  Total Captive Solutions.
  Brown has also previously held several positions with the Office
  of the Commissioner of I
  
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• FCA publishes inaugural data set on insurance claims

  25-01-2017 11:40 via insuranceage.co.uk
  
  Regulator releases figures from 38 insurers on claims frequencies, acceptance rates and average pay-out for home, home emergency, personal accident and key cover.
  
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• InsurTech Futures: Cuvva launches new car insurance product

  25-01-2017 11:38
  
  Product aimed at infrequent drivers.
  
  Read more

• Chris Blackham and John Sims team up with Jeremy Guscott on broking venture

  25-01-2017 10:00
  
  New offering targeting brokers who want to run their own business.
  
  Read more

• Bluefin co-founder sets up new broker

  25-01-2017 10:00
  
  Broking firm wants to attract experienced insurance professionals looking to run their own business
  
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• Intesa confirms interest in Generali bid

  25-01-2017 09:23
  Italian bank Intesa Sanpaolo has confirmed it is evaluating
  "possible industrial combinations" with Generali
  following reports which named the carrier as a takeover target.
  In a statement Intesa said it was exploring growth options in the
  planned savings sector, private banking and insurance industries,
  as well as possible international partnerships, in line with its
  2014 to 2017 business plan.
  The company said: "In this light Intesa Sanpaolo management
  evaluates and will continue to evaluate ca
  
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• Pay-as-you-go broker Cuvva launches new motor offering

  25-01-2017 08:00
  
  The cover from pay-as-you-go broker Cuvva is aimed at infrequent drivers
  
  Read more

• Motor fraud: Reaching critical mass

  25-01-2017 08:00
  
  Although the adoption of My License has been slow to date, the Motor Insurers’ Bureau has predicted an increase in uptake to 50% this year. Will 2017 see the service reach critical mass?
  
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• CIRC clamps down on insurers' equity investments

  25-01-2017 04:13
  
  The China Insurance Regulatory Commission has imposed stricter guidelines for China's investments in non-insurance companies.
  
  Read more

• Chubb promotes Dmitriev

  25-01-2017 02:58
  
  Nikolay Dmitriev, Chubb's regional managing director for Russia, CIS and Turkey, has been promoted.
  
  Read more

• XL Catlin adds excess casualty trio

  25-01-2017 01:33
  XL Catlin has appointed three commercial and excess liability
  underwriters to join its offices in Dallas, Texas and Kansas City,
  Missouri, the (re)insurer announced today.
  Byron Goebel and Eric Buttner are set to join XL's Dallas
  office where both will take up senior underwriting positions in the
  carrier's excess casualty team.
  Goebel was most recently at CNA where he was an excess
  underwriter and wrote a book of lead umbrella and excess casualty
  programmes.
  Buttner agreed to join the firm...
  
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• Travelers details auto headwinds in Q4 results

  25-01-2017 01:33
  Travelers opened the earnings season for property and casualty
  insurers by reporting some record numbers leavened by a persistent
  headwind from personal auto coverage, leading at least one analyst
  to cut his 2017 earnings forecast.
  Analysts peppered executives at the Hartford, Connecticut-based
  P&C giant with questions about the problems in the auto lines
  which bit into the insurer's third-quarter results as well.
  "We're clearly disappointed by the underwriting
  results" in the auto segment,
  
  Read more

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