Insurance news

• Endurance Re parts ways with McLaughlin and Amelio

  27-01-2017 21:17
  Endurance has parted company with Bill McLaughlin and Maria Amelio
  from its US reinsurance operations, The Insurance
  Insider can reveal.
  Veteran McLaughlin is well known in the professional liability
  reinsurance arena and had been executive vice president at
  Endurance Re after joining the company in February 2014, according
  to his LinkedIn profile.
  He previously spent a decade at Transatlantic Re, most recently
  as a senior vice president for professional liability underwriting,
  and has also held
  
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• Travelers' auto book is fixable, analysts say

  27-01-2017 18:59
  Travelers' personal auto book can recover from the issues
  flagged in its fourth quarter results, analysts said after meeting
  with the US insurer's management on Wednesday (25 January).
  However, they did note that the
  company's timeline on remediating the book might be too
  optimistic, with trends set to get worse before they get
  better.
  "[W]e did not receive significant comfort that auto
  insurance losses won't deteriorate further, although ultimately
  we think the issue is fixable," JP Morgan anal
  
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• JLT buys majority stake in US construction broker

  27-01-2017 18:59
  JLT Group has acquired a 50.1 percent stake in US construction risk
  and surety insurance broker Construction Risk Partners (CRP) for
  $50mn in cash.
  The terms of the deal are subject to CRP meeting performance
  targets in the 12 months following completion. JLT has an option to
  increase its shareholding to 100 percent over time.
  The broker said the partnership would add "scale,
  specialist construction capability and market presence" to its
  JLT Specialty USA business, which is the focus of...
  
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• Beazley to write $500mn+ TIV property risks from US

  27-01-2017 18:59
  Beazley will begin underwriting large account property business
  with total insurable value (TIV) of $500mn+ on the ground in the US
  from 1 April, The Insurance Insider can
  reveal.
  The (re)insurer had previously written US property accounts with
  TIV greater than $500mn from London, with smaller accounts written
  in the domestic excess and surplus lines (E&S) market through
  wholesalers.
  From the start of Q2, however, the carrier will remove the TIV
  cap on its US operations and open up access...
  
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• Aviation market showing signs of hardening: JLT

  27-01-2017 18:59
  The aviation market is approaching a "pivotal moment" in
  its market cycle as rates have begun to demonstrate signs of market
  hardening, according to JLT.
  In the broker's Plane Talking Report for December, released
  today, it said a convergence of factors including capacity
  withdrawals, reduced lines and increased selectivity had moved the
  market in favour of underwriters.
  Underwriters are prioritising margins over revenue growth as a
  more disciplined view of reducing exposure to loss-making or
  in
  
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• Omers to invest $1bn in Allied World

  27-01-2017 16:32
  The Ontario Municipal Employees Retirement System (Omers) has
  agreed to commit $1bn towards Fairfax Financial's acquisition
  of Allied World.
  The stake means that Omers will control 21 percent of the
  outstanding shares in Allied World.
  Fairfax chairman and CEO Prem Watsa said in a statement today
  that the offering from Omers would allow Fairfax to increase the
  cash component of its $54 per share offer to Allied World
  shareholders, without providing further detail.
  Allied World had 89.7 million sh
  
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• Insurer and bank combination makes sense: Intesa CEO

  27-01-2017 16:32
  Intesa Sanpaolo CEO Carlo Messina said the integration of
  insurers into a banking network is a possible avenue for growth, as
  his company considers a takeover of Italian carrier Generali.
  Speaking to journalists at an event in Turin, Messina said any
  deal with the insurer was dependent on price, and that the bank
  would take its time to assess its options, according to
  Reuters.
  The executive also denied Generali would be discussed at an
  Intesa board meeting today.
  He said:...
  
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• Endurance shareholders approve Sompo deal

  27-01-2017 16:32
  Endurance shareholders have voted in favour of the Bermudian
  carrier's proposed $6.3bn takeover by Sompo Holdings.
  In a statement the company said the vote was carried today at a
  special general meeting of Endurance common and preferred
  shareholders in Pembroke, Bermuda.
  Endurance said the merger remained subject to other customary
  closing conditions, including regulatory approvals.
  The deal is expected to be completed later in the first
  quarter.
  The vote on the $93-per-share offer had required
  
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• Allianz awarded chartered status by CII

  27-01-2017 16:18
  
  The Chartered Insurance Institute has awarded Chartered Insurer status to Allianz Insurance.
  
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• Mississippi storms lead to flooding and university closure

  27-01-2017 13:27
  Severe storms that struck the US state of Mississippi over the
  weekend have resulted in minor flooding and the closure of William
  Carey University, a Baptist institution south of downtown
  Hattiesburg.
  Sister title Inside FAC reported that
  college officials had closed the campus where 3,200 students study
  and 800 students live and were not sure when it would reopen.
  More than 1,100 homes in the cities of Hattiesburg and Petal
  were damaged or destroyed, state officials said this week.
  Much...
  
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• Fires destroy town in Chile

  27-01-2017 13:27
  Forest fires in Chile have destroyed 1,000 buildings in the town
  of Santa Olga, one of several communities reduced to ashes as
  wildfires spread across the country.
  The National Forestry Corporation of Chile has reported that
  238,000 hectares (588,000 acres) of woodland have been destroyed in
  the fires.
  According to The Guardian, farms, cattle ranches and vineyards
  have been consumed by flames. Around 100 fires were active as of 26
  January. The central region of O'Higgins, to the south of...
  
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• Equinox pursues Brexit contingency plan in Hamburg

  27-01-2017 13:27
  Trade credit insurer Equinox Global will soon submit its
  application to set up a German subsidiary in preparation for
  Brexit.
  CEO Mike Holley, a vocal member of the "remain" camp
  in the run-up to the referendum, told The Insurance
  Insider his London-based company had in December
  registered a "GmbH", or limited liability German company,
  to be located in Hamburg.
  Equinox has just begun working on its application to gain a
  licence from the Hamburg Chamber of Commerce and hopes to...
  
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• This week: Decisions, scorecards and a viable alternative

  27-01-2017 12:25
  
  After a slow start to 2017 I suddenly had lots of decisions to make this week about holidays, extracurricular activites and building plans (for my extension).
  
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• Quiz of the week - 27 January

  27-01-2017 12:25
  
  Test your knowledge on this week's insurance news.
  
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• Allianz awarded chartered insurer status

  27-01-2017 12:08 via insuranceage.co.uk
  
  Provider lays claim to being the largest chartered organisation in the UK insurance industry.
  
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• Review: One-stop property product

  27-01-2017 11:51
  
  RDG Commercial Property Owners
  
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• Quizzical questions: 27 January 2017

  27-01-2017 11:48
  
  Test your knowledge of the week's news with our topical quiz.
  
  Read more

• Gallagher's broking profit jumps 48% for final quarter of 2016

  27-01-2017 11:20
  
  Company confident it is positioned well for 2017.
  
  Read more

• Top 5: Opportunities in oil

  27-01-2017 11:13
  
  Judy Hadden explains how brokers can add value to HNW homeowners using oil, and help to protect the environment.
  
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• Discount rate review delayed despite court refusing ABI's appeal

  27-01-2017 11:08
  
  The Association of British Insurers’ appeal to the High Court over the discount rate review has been refused.
  
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• Will insurance brokers survive in the long run?

  27-01-2017 11:00
  
  Insurance technology expert Risto Rossar says innovation will keep brokers alive and kicking.
  
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• European insurers hoping to emulate UK’s ‘aggressive’ fraud data sharing regime

  27-01-2017 10:20
  
  Half of insurers in Europe that don’t currently share information with competitors on fraud wish to do so, according to a survey.
  
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• Broking success: Richard Salt, Bell & Co

  27-01-2017 10:03
  
  Stepping up to the crease: Bell & Co’s managing director Richard Salt is ready to bat when it comes to growth plans, specialisms and moving the broker’s office to Derbyshire’s cricket ground
  
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• Lloyd's CEO Beale details Brexit thinking

  27-01-2017 09:53
  Lloyd's CEO Inga Beale said the Corporation hopes to avoid
  having to erect elaborate infrastructure for the EU subsidiary it
  is looking to establish to retain market access after Brexit.
  Lloyd's has a shortlist of five options, including Dublin
  and locations in Germany and the Benelux region.
  Speaking at a London One Hundred breakfast briefing organised by
  The Insurance Insider, Beale said
  language was one of the least important considerations in
  determining which of the five shortlisted EU loca
  
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• Former MSIG CEO McKee takes top Cathedral job

  27-01-2017 09:53
  Andrew McKee, most recently CEO of MS Amlin's managing
  agency, has been appointed as the new CEO of Cathedral,
  Lancashire's Lloyd's arm.Lancashire on Friday said McKee would take up the role on 26
  June. Until then Marion Madden will continue in her position as
  Cathedral's interim managing director.
  McKee, a more-than 30-year insurance industry veteran,resigned as CEO of MS Amlin
  Underwriting, the firm's managing agency and the key
  regulated entity for the group, in December.
  Sources previously t
  
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• Lancashire names new Cathedral chief

  27-01-2017 08:53
  
  Experienced Lloyd’s figure to step into Cathedral role
  
  Read more

• Blog: Brexit could have heavy impact on construction

  27-01-2017 08:00
  
  Seven months on from the UK's decision to leave the European Union, uncertainty and speculation about the implications continue to face UK businesses.
  
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• ABI discount rate appeal refused

  27-01-2017 07:30
  
  Trade body denied judicial review of discount rateTrade body denied
  
  Read more

• Venbrook hires Levinson to drive wholesale growth

  27-01-2017 03:43
  Lou Levinson has joined middle market-focused intermediary Venbrook
  Group as president of its expansive wholesale division,
  The Insurance Insider can reveal.
  The move represents a switch over from the company side of the
  wholesale business for the executive, with Venbrook Specialty
  Services operating in the MGA/MGU, brokerage and program management
  space.
  In a long underwriting career, Levinson has held a range of
  senior positions, including president of Argo's E&S
  business - which houses Co
  
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• E&S market at a 'rocky bottom': Kelley

  27-01-2017 03:43
  The E&S market will continue "bumping along" at a
  "rocky bottom" until a catalyst emerges in the form of an
  event that has a shock factor sufficient to alter behavior in the
  sector, according to Ironshore CEO Kevin Kelley.
  In an interview with The Insurance
  Insider, the executive pointed to signs that the
  market is heading towards change.
  "The reinsurance renewals at 1.1 showed a pushback on
  T&C and rates - that's always a leading indicator.
  "You're also seeing auto...
  
  Read more

• Brown & Brown bullish on wholesale submissions

  27-01-2017 03:43
  US intermediary Brown & Brown said it is continuing to see
  significant submissions activity in its wholesale broking platform.
  The Daytona Beach, Florida-based company reported group-wide
  organic growth of 3.5 percent for the fourth quarter.
  Its national programs business, which includes Arrowhead, was
  the fastest grower, with commissions and fees up 5.3 percent to
  $109.8mn organically for the quarter.
  Retail, the group's largest division, delivered organic
  growth of 2.2 percent as revenue r
  
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• AJ Gallagher's broking segment grows 3.6% in Q4

  27-01-2017 03:43
  Acquisitive broking house Arthur J Gallagher reported organic
  growth in its brokerage segment of 3.6 percent to generate revenue
  of $833.2mn in the final quarter of last year.
  In the group's risk management division, growth was slightly
  slower at 2.9 percent to yield organic revenue of $185.3mn.
  Across the business adjusted earnings per share rose 12 percent
  to $0.66.
  In the broking division, adjusted Ebitdac was $228.2mn marking a
  9 percent uplift on the same period last year.
  Meanwhile in...
  
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• AIG insurance units may be downgraded by AM Best

  27-01-2017 03:43
  Financial strength and issuer credit ratings for AIG and its
  insurance subsidiaries have been put under review with negative
  implications by AM Best after the giant insurer said a material
  adverse reserve adjustment in its commercial lines would affect its
  fourth-quarter results.
  "This adverse development of loss reserves follows a $3.6bn
  net adverse reserve adjustment for the fourth quarter of 2015 in
  the same longer-tailed lines of business," AM Best said in a
  statement issued late today.
  "The
  
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• Rooftops give way as heavy snow blankets US Northwest

  27-01-2017 00:46
  Unusually prolonged wintry weather has caused numerous roof
  collapses around the US West under the weight of accumulating snow
  and ice, including at a Colorado ski resort, a major athletics
  facility in Alaska and many buildings and homes in Idaho and
  Oregon.
  Governors in both the latter states have declared disasters
  because of a week of cold, snowy weather.
  In Alaska, the dome covering a 180,000 square-foot (16,722
  square metres) athletic facility in Anchorage dropped to the ground
  as snow...
  
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