Insurance news

• Kingstone targets ratings upgrade with $30mn capital raise

  26-01-2017 19:49
  Kingstone Companies has priced a $30mn share issue to bolster
  capital as it continues its pursuit of a ratings upgrade from AM
  Best.
  The Kingston, New York-based insurer announced this morning that
  it has priced an offering of 2.95 million shares of common stock,
  including 450,000 shares to be sold by investors, at $12.00 a
  share. The stock trades on the Nasdaq market.
  Estimated net proceeds from the issue will contribute capital to
  its operating subsidiary Kingstone Insurance Company &qu...
  
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• Use of leverage boosting ILS limits: WCMA

  26-01-2017 17:18
  Growth in the availability of insurance-linked securities (ILS)
  limit is now outstripping the increase in alternative capital owing
  to the increased use of leverage, according to the latest ILS
  market update from Willis Capital Markets & Advisory (WCMA).
  The firm put non-life ILS assets under management (AuM) at $75bn
  by the end of 2016, up 7 percent from $70bn a year earlier.
  Previously, ILS assets more or less matched available
  reinsurance limit, but the presence of leverage in various for
  
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• Ryan Specialty to buy transport MGA Interstate

  26-01-2017 17:18
  Ryan Specialty is set to add to its stable of managing general
  agencies (MGAs) with a deal to buy US transport specialist
  Interstate Insurance Management.
  Based in Johnstown, Pennsylvania, the MGA targets the greater
  mid-Atlantic region and has underwriting authority with
  "multiple transportation markets", according to a
  statement.
  The firm, led by president and CEO Jack Buchan for the last 26
  years, also underwrites specialty P&C coverages through a
  regional retail distribution network, and
  
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• Munich Re reshuffles board after health restructure

  26-01-2017 17:18
  Munich Re management board member Doris Höpke is to take over
  responsibility for the special and financial risks division
  following the disbanding of the reinsurer's health operations.
  Munich Health will be merged into Munich Re's life division
  after failing to meet expectations.
  Höpke, who formerly held responsibility for Munich Health,
  will take on her new role from 1 February, replacing Thomas
  Blunck.
  Blunck will in future be responsible for life and health
  reinsurance business. In
  
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• China Taiping issues 2016 profit warning

  26-01-2017 17:18
  China Taiping has warned investors it expects its full-year 2016
  profits to be 25 percent lower than those posted in 2015.
  In a statement to the Hong Kong Stock Exchange today, the
  company said the decrease was due to the relatively higher realised
  gain from equity investments in the prior year.
  The carrier reported profits attributable to shareholders of
  HK$6.3mn ($812,131) in 2015, indicating a 2016 profit of
  approximately HK$4.7mn.
  In September China Taiping announced that group profits hadfa
  
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• Charles Taylor Adjusting names Cole as US CEO

  26-01-2017 17:18
  Charles Taylor Adjusting (CTA) has appointed Vince Cole as US
  CEO and regional head, the firm announced today.
  Based in Boston, Cole will be responsible for driving new
  business growth and leading the firm's operations across the
  US. He will also join the company's senior management team.
  Cole has more than 25 years of experience in a wide range of
  executive-level roles covering strategy, marketing, product
  development and operations. He brings a solid track record of
  driving market share, reven
  
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• Carlyle's PIB acquires Yorkshire broker

  26-01-2017 17:18
  Carlyle-backed broker consolidator PIB Insurance Brokers has agreed
  to acquire York-based UK brokerage D E Ford.
  The acquisition is PIB's eighth deal since Carlyle became a
  significant investor in the brokerage in December 2015.
  Founded in 1976, D E Ford was one of the first insurance brokers
  in the UK to be granted chartered status.
  D E Ford specialises in the commercial, religious, charity and
  care sectors, on a local and national level. D E Ford managing
  director Chris Greenall...
  
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• Axis hires Hussey in LatAm and Caribbean D&F push

  26-01-2017 17:18
  Axis has launched a Miami-based direct and facultative (D&F)
  platform and hired Eduardo Hussey from Marsh as it looks to expand
  its offering to the Latin American and Caribbean (LAC) market.
  The Bermudian has formed Miami-based Axis Specialty Underwriters
  Inc (Axis Miami) to operate as the LAC regional coverholder for its
  Lloyd's Syndicate 1686.
  Axis Miami will operate as part of the carrier's
  international insurance division and will provide D&F coverage
  to the LAC market with a focus o
  
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• Axa CEO hints against Generali move: reports

  26-01-2017 17:18
  Axa CEO Thomas Buberl has denied that the firm will try to
  acquire a major rival in a statement likely to be interpreted as a
  disavowal of interest in purchasing in-play peer Generali.
  Generali has long been considered a potential acquisition target
  for the French insurance giant, and serious talks between the two
  sides are believed to have been held last year.
  Speaking to German news agency DPA at a conference in Germany
  earlier this week, the Axa CEO said...
  
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• DWF saves Triton on day of administration

  26-01-2017 16:33
  
  Law firm DWF acquired Triton on the day that the multidisciplinary organisation went into administration.
  
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• PIB buys D E Ford

  26-01-2017 15:44
  
  Acquisition is PIB's eighth since 2015.
  
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• PIB buys York-based broker

  26-01-2017 15:42
  
  Chief financial officer Ryan Brown says acquisition will help accelerate PIB expansion
  
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• Flood Re to hit 130,000 policies by April

  26-01-2017 15:35
  
  Flood Re is on track to back 130,000 policies in its first year of operation, the scheme’s chief financial officer Adam Golding told Post.
  
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• US D&O rates down 6.7% despite record increase in litigation

  26-01-2017 14:22
  The price of insurance coverage for US directors' and
  officers' (D&O) cover 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...
  
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• QIC's top line growth continues in 2016

  26-01-2017 14:22
  Qatar Insurance Company's top line increased by 18.6 percent in
  2016 from the previous year, taking the total to 9.9bn riyals
  ($2.7bn).
  The combined ratio worsened by 1.3 percentage points
  year-on-year to 98.3 percent.
  The group's overall profit also shrank slightly by 1.2
  percent to 1.1bn riyals, as total income fell by 3.3 percent to
  1.7bn riyals.
  Return on equity slid to 12.4 percent for 2016, down from 17.8
  percent in 2015.
  Earnings per share shrank from 4.84 riyals to...
  
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• CFC Underwriting records 29% profit increase for 2016

  26-01-2017 14:22
  Pre-tax profits at CFC Underwriting increased by 29 percent to
  £11.0mn ($13.8mn) in 2016, according to the managing general
  agency (MGA)'s annual accounts.
  Total operating income rose 38 percent to £32.5mn, while
  Ebitda increased by 29 percent to £11.7mn.
  CEO David Walsh noted in his commentary that the compound annual
  growth rate in Ebitda had risen 37 percent over the past three
  years, translating into a margin of more than 36 percent over the
  same period.
  In 2016 turnover fr
  
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• Government publishes bill to trigger Article 50

  26-01-2017 14:16
  
  The government’s bill to trigger Article 50 and exit the European Union has been published today with a Parliamentary debate scheduled to take place on Tuesday of next week.
  
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• Perils quadruples Italian quakes loss estimate

  26-01-2017 12:00
  Risk modelling agency Perils said it now expects the series of
  earthquakes which hit central Italy in late October to generate a
  property insurance market loss of EUR125mn ($134.2mn).
  The estimate is more than four times larger than the initial
  EUR31mn loss predicted by Perils in its first estimate on 7
  December.
  The October earthquakes hit the Lazio, Marche and Umbria regions
  between 26 and 30 October, with magnitudes of 5.4, 5.9 and 6.5,
  said Perils, citing the Italian National...
  
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• Helios completes Pooks acquisition

  26-01-2017 12:00
  Aim-listed carrier Helios Underwriting has completed its
  £870,659 ($1.1mn) acquisition of Lloyd's limited liability
  vehicle Pooks, it announced this morning.
  The vehicle was formerly owned by Helios CEO Nigel Hanbury and
  has underwriting capacity of £784,666. In the year ended 31
  December 2015, Pooks made a profit before tax of £28,156 on
  gross written premiums of £606,141.
  Based on Pooks' 2017 underwriting capacity of £784,666,
  the acquisition will take Helios' 201
  
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• Generali replaces CFO Minali

  26-01-2017 12:00
  Italian insurer Generali said late on Wednesday it had
  terminated the contract of CFO Alberto Minali.
  The Trieste company, which is currently the subject of bid interest
  from Intesa Sanpaolo and rumoured interest from Allianz, said the
  executive had agreed to leave the group on 31 January.
  He will be replaced as CFO by group head of corporate finance Luigi
  Lubelli, who joins the group management committee.
  Minali will not be replaced in his other role as general manager.
  Minali...
  
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• Ascot hires Bermuda-based healthcare team

  26-01-2017 12:00
  Ascot Underwriting has appointed three underwriters from Hiscox Re
  to its healthcare, casualty treaty and specialty reinsurance
  division in Bermuda.
  Ian Thompson, Nick Williamson and Justin Keith will join the
  company on 1 March.
  The appointments remain subject to regulatory and immigration
  approvals.
  Prior to joining Ascot, Thompson served as global healthcare
  practice leader for Hiscox Group and head of casualty for Hiscox
  Re.
  Thompson began his career in the industry as a professional
  lines b
  
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• Hiscox rolls out new security incident response policy

  26-01-2017 11:50
  
  Hiscox has launched a new security incident response policy to protect SMEs against terrorism, bribery, extortion and industrial espionage.
  
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• UK could be downrated as a result of Brexit, says Fitch

  26-01-2017 11:34
  
  A hard Brexit may lead to the UK's sovereign rating being downgraded.
  
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• UK insurers face ratings tumble without passporting

  26-01-2017 11:09
  
  FitchRatings stress tests for Brexit
  
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• Hiscox launches security policy

  26-01-2017 10:16 via insuranceage.co.uk
  
  Product protects against threats as diverse as terrorism, bribery, extortion and industrial espionage.
  
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• Profile: Michael Rea, Arthur J Gallagher

  26-01-2017 10:04
  
  Change of focus: The big acquisitions and hard yards of integration are over, Arthur J Gallagher’s UK retail CEO Michael Rea tells Insurance Age, and the broking giant’s focus is organic growth
  
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• CFC reports cyber-fuelled jump in revenue and profit

  26-01-2017 09:22
  
  Specialist MGA CFC targeting further growth from new areas
  
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• Cycling: Superhighways for European insurers?

  26-01-2017 08:00
  
  Cycling as both a sport and a means of commuting currently enjoys a very high profile. Whether for health, convenience or passion, it seems more people are turning to pedal power, and the European insurance industry is beginning to take notice.
  
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• Intesa weighs bid for Generali

  26-01-2017 07:37
  
  Italy's largest bank Intesa Sanpaulo is investigating a potential bid for Italy's largest insurer Generali.
  
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• RLI comfortably beats forecasts with Q4 profit

  26-01-2017 03:09
  RLI Corp reported operating earnings of $24.9mn for the final
  quarter of last year, marking a slight improvement on the same
  period in 2015 when it recorded profits of $24.6mn.
  The $0.56 per share result saw the carrier comfortably exceed
  Wall Street's expectations with analysts predicting Q4 profits
  of $0.45, according to a survey by MarketWatch.
  The US specialty insurer received a boost from a $12.2mn
  favourable development, almost double the $7.7mn of reserve
  releases it announced this time l
  
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• CNA hires technology and operations head

  26-01-2017 03:09
  CNA has hired Axis Capital's Joeseph Merten to take the role of
  executive vice president of technology and operations as
  newly-landed chairman and CEO Dino Robusto continues his overhaul
  of the business.
  The newly-created position will see Merten take charge of a
  project to "elevate and integrate" technology into
  "all areas" of the company's operations, CNA said in
  a statement.
  "Integrating new technologies and a user-friendly digital
  experience into our operations is a critical strategic action
  
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• Direct Line launches new telematics app to reduce risk of crashes in young drivers

  26-01-2017 01:05
  
  Direct Line has launched new telematics app to promote safe driving in drivers aged 17-25-years old and reduce the risk of crashes.
  
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