Insurance news

• Willis appoints Ross as head of Finex NA

  01-02-2017 23:19
  Willis Towers Watson has named Ken Ross as head of its Finex
  North America business, the management liability specialty group
  that sits in the firm's corporate risk and broking segment.
  Ross is currently part of the broker's Finex leadership
  team, as head of its claims and legal group, and thought and
  product leadership in North America.
  He will now take on responsibility for the strategic direction
  and growth of the unit, which places and advises on D&O,
  E&O, employment practices,...
  
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• Greenberg hearing set again as settlement talks drag on

  01-02-2017 23:19
  This year is yet to see a court hearing in the fraud trial of
  former AIG boss Maurice "Hank" Greenberg as settlement
  talks continue, The Insurance Insider
  understands.
  So far, two hearings have been scheduled and then cancelled this
  year in the case pressed by New York Attorney General Eric
  Schneiderman against the insurance magnate who is now chairman and
  CEO of Starr Companies, another New York-based insurer.
  A third hearing has been scheduled for early next week but it...
  
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• Chubb shares down 2.5% as analyst questions beat

  01-02-2017 23:19
  Shares in Chubb were down by 2.5 percent in intraday trading
  despite the company delivering a comfortable beat last night when
  it reported operating income of $1.28bn for the fourth quarter.
  The $2.72 per share result surpassed Wall Street's $2.42
  forecast for the newly merged firm.
  But Credit Suisse analyst Ryan Tunis indicated the result was not
  as strong as the headline numbers would suggest in a note released
  late last night.
  He said that while the insurance giant bettered...
  
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• Zurich names UK specialty and casualty heads

  01-02-2017 20:35
  Zurich has made Steve Watson head of its UK specialty lines
  division as it continues to make senior appointments following a
  wider restructure at its UK operations, The Insurance
  Insider understands.
  It is believed Lisa Williams, head of casualty at the global
  corporate business, will become UK head of casualty.
  The specialty book includes marine, credit and surety, personal
  accident, directors' and officers' and financial
  institutions business.
  Watson was previously head of commercial professio
  
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• Speare-Cole exits Qatar Re

  01-02-2017 20:35
  Alastair Speare-Cole, chief underwriting officer at Qatar Re, is
  to leave the company, The Insurance Insider can reveal.
  Speare-Cole joined Qatar Re in January 2015, having spent almost
  three years at JLT Re as CEO. Prior to that, he spent almost 20
  years at Aon Benfield.
  Qatar Re has undergone substantial change in the two years since
  Speare-Cole joined, including relocating its headquarters to
  Bermuda from Doha, Qatar, and opening branch offices in Dubai and
  Singapore.
  It also has a...
  
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• Insurers join environmentalists calling for NFIP change

  01-02-2017 20:35
  Incorporating better risk models and market-based pricing could
  help make the deeply indebted US National Flood Insurance Program
  (NFIP) more financially sustainable, an advocacy group backed by
  some big insurers said today in Washington.
  The SmarterSafer coalition that includes Chubb, Allianz of
  America, Liberty Mutual and Swiss Re as well as public policy,
  industry and environmental groups urged Congress to take those and
  other steps to reshape the programme overseen by the Federal
  Emergency M
  
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• RLI made Q4 retreat from RV business

  01-02-2017 16:18
  Specialty insurer RLI Corp said it had put a recreational vehicle
  business with premium of about $12mn into run-off in the fourth
  quarter.
  The move came in the same quarter that RLI agreed to sell a
  cat-driven property treaty book with premium of about $10mn to
  Navigators,as this publication reported .
  News of the decision to "non-renew" the RV book
  emerged on an analysts' conference call last week following the
  release of RLI's fourth quarter results on 25 January....
  
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• O2 delivers car insurance with telematics app

  01-02-2017 16:09
  
  Mobile company O2 will now deliver car insurance through its telematics-based mobile app 02 Drive.
  
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• News analysis: Towergate unit was “destined to fail”

  01-02-2017 15:58
  
  Brokers question logic of opening call centre as consultation on future of Manchester unit begins
  
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• Products round-up: Something for everyone

  01-02-2017 15:56
  
  The new year saw a diverse range of products
  
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• Ed appoints Perry to CFO role

  01-02-2017 14:30
  Rebranded London market broker Ed has hired Neil Perry from Willis
  Towers Watson to become group CFO, it announced today.
  Perry will replace Russell Benzies, who is leaving the company,
  later on this year and report to Ed group CEO Steve Hearn.
  At Willis Towers Watson Perry was a finance director for the
  retail, London market and reinsurance divisions for nearly a
  decade. Before that he was finance director of RSA's Latin
  America division and RSA's head of financial planning...
  
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• Allied World CIO leaves

  01-02-2017 14:30
  Allied World chief investment officer John Gauthier has left the
  company, the carrier said in a US Securities and Exchange
  Commission filing.
  The 8K filing said Gauthier's departure would be treated as
  a termination without cause under his employment agreement.
  Allied World is set to be taken over by Prem Watsa's Fairfax
  Financial after the 30-day "go shop" period came to an
  end on 19 January without an alternative suitor emerging.
  Fairfax will pay $54 per Allied World share through...
  
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• Market restructuring results in 1000 jobs lost over last three months

  01-02-2017 13:38
  
  More than 1000 jobs have been placed at risk over the last three months owing to business restructuring across the market.
  
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• The County Group buys Stockport-based broker

  01-02-2017 13:32
  
  Deal boosts The County Group’s GWP and branch network
  
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• County Group buys Thompson Brothers

  01-02-2017 13:12
  
  The deal with the Stockport broker takes the County network up to 23 locations and £65m in GWP.
  
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• InsurTech Futures: Just Miles to launch pay-per-mile car policy

  01-02-2017 12:48
  
  Founder says new MGA launched because insurance hasn't evolved to meet customer needs.
  
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• O'Roarke boosts Horwich Farrelly

  01-02-2017 12:41
  
  Former LV= boss John O’Roarke steers law firm Horwich Farrelly to best year
  
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• FCA and PRA publish final changes to enforcement processes

  01-02-2017 12:32
  
  The policy statement sets steps for the regulators to be "fair" and "command public confidence".
  
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• Validus joins crop insurance top 10 with CRS deal

  01-02-2017 12:20
  Validus' £127.5mnacquisition of Archer Daniels Midland (ADM) unit Crop Risk
  Services (CRS) marks the latest chapter in the New York-listed
  (re)insurer's expansion into specialty insurance.Once the ADM deal has completed, Validus' portfolio will be
  more weighted towards insurance than reinsurance, in an important
  shift away from its roots in property catastrophe reinsurance.
  In 2015, the Bermudian's reinsurance book represented 56
  percent of its $2.6bn of gross written premium (GWP).
  With t
  
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• Shepherd Compello names delegated authority director

  01-02-2017 12:20
  Specialist insurance broker Shepherd Compello has hired Steve
  Hart as divisional director for delegated authority business with
  immediate effect.
  Hart joins the firm from Chubb Global Markets, where he was a
  delegated authorities contractor. He previously held senior
  underwriting positions at Ark, Omega Syndicate 958 and Markel
  International.
  At Shepherd Compello, Hart will focus on high-value
  homeowners', commercial property and commercial general
  liability insurance.
  Shepherd Compello plans to
  
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• Memorial service to be held for Bartell

  01-02-2017 12:20
  Chaucer is to host a celebration of its deputy CEO Bruce
  Bartell's life at the Merchant Taylors' Hall on
  Threadneedle Street, London, on 30 March.
  The event, held jointly by Chaucer and Bartell's family,
  will take place at midday. Those wishing to attend should email
  [email protected].
  Chaucer has also opened a book of condolences at its Plantation
  Place office at 30 Fenchurch Street until 24 March to allow people
  to pay their personal respects.
  Bartell died on 6 January after...
  
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• Gulf Re ratings pulled after it enters run-off

  01-02-2017 12:20
  Arch-owned reinsurer Gulf Re has had its ratings withdrawn by AM
  Best after the Dubai-based group went into run-off on 1
  November.
  In a statement released this morning AM Best said it had
  affirmed Gulf Re's A- financial strength rating and a-
  long-term issuer credit rating with a stable outlook, before
  withdrawing the ratings at the company's behest.
  Gulf Re ceased accepting new business from 1 November 2016.
  AM Best said the ratings reflected Arch's commitment to
  supporting the reinsurer...
  
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• Solvency II harms consumers, says Insurance Europe

  01-02-2017 12:01
  
  Solvency II is too conservative and harms consumers, Europe’s largest federation of trade bodies has said.
  
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• Solvency II could harm consumers, says Insurance Europe

  01-02-2017 12:01
  
  Solvency II is too conservative and harms consumers, Europe’s largest federation of trade bodies has said.
  
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• Claims restructure will benefit brokers, says Allianz

  01-02-2017 11:24 via insuranceage.co.uk
  
  Insurer says 150 potential redundancies are related to its direct and corporate partner business.
  
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• Brunel opens first office in Scotland

  01-02-2017 10:37
  
  Professional indemnity specialist grows branch network to four.
  
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• Third Point Re to trade up following outperformance: KBW

  01-02-2017 10:19
  Third Point Re's investment management arm, Third Point LLC,
  has posted a return of 2.6 percent for January, about 80 basis
  points above the S&P 500'S 1.8 percent monthly performance.
  Keefe, Bruyette and Woods (KBW) analyst Meyer Shields noted last
  night that the investment return was significantly above its 1.05
  percent forecast, and that he expected the carrier's share
  price to trade up this morning in New York as a result.
  Renewable energy firm Enphase Energy was Third Point LLC...
  
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• PwC names London market leader

  01-02-2017 10:19
  PwC has appointed partner Paul Delbridge to the role of London
  market insurance leader.
  Delbridge will have responsibility for the PwC's activities
  and services - audit, tax and advisory - to the Lloyd's, London
  company market and major broker markets. He takes over the role
  from Jim Bichard, who has become leader of PwC's UK insurance
  practice.
  Delbridge has 30 years of experience at the firm, almost all of
  which has been focused on the (re)insurance sector.
  He has worked...
  
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• Perils launches Canada loss aggregating service

  01-02-2017 10:19
  Industry loss aggregator Perils has announced a partnership with
  Toronto-headquartered CatIQ to begin tracking insured losses from
  Canadian catastrophes.
  It will join US-based rival PCS in providing industry loss
  estimates for the country.
  Perils will report on events with market losses of above C$300mn
  ($229.4mn) from any natural peril including earthquake, flood,
  storm and wildfire. The loss data will be compiled by CatIQ.
  CatIQ's advisory board includes representatives from three
  major Canadi
  
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• BigFoot claim settled for $550mn

  01-02-2017 10:19
  The upstream energy market has settled a major construction
  claim related to the faulty BigFoot Gulf of Mexico platform for
  less than many in the sector had first feared, The
  Insurance Insider can reveal.
  Lead insurer Munich Re Underwriting struck the deal at the
  outset of the year, with carriers agreeing to pay out $550mn to the
  Chevron-led joint venture.
  Carriers in the market are pleased with the agreement, given
  fears that the loss could spiral towards the high hundreds...
  
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• Chubb posts $4.1bn profit for 2016

  01-02-2017 10:00
  
  Provider’s net written premiums come in at $28.15bn.
  
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• Chair John O'Roarke hails 'exciting opportunities' as Horwich Farrelly unveils record turnover

  01-02-2017 09:48
  
  The chairman of specialist insurance industry law firm Horwich Farrelly has declared its growth in turnover and instructions as a sign of its growing “credibility” in its chosen markets.
  
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• RSA makes first fintech venture with pet wearable investment

  01-02-2017 09:38
  
  RSA has made its first external fintech venture with a cash for shares investment in app-based pet specialist Pitpatpet.
  
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• US broker M&A approaches record in 2016: Optis

  01-02-2017 08:57
  M&A among insurance intermediaries in the US and Canada last
  year nearly matched the torrid pace set in 2015, when a record 456
  deals were reported, according to an analysis from Optis Partners
  in Chicago.
  There were at least 449 deals involving insurance agencies in
  the US or Canada in 2016, with larger brokers backed by
  private-equity firms making more than half the acquisitions,
  according to Optis, an investment bank that focuses on the
  insurance brokerage industry.
  The private equity...
  
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• Kaikoura earthquake claims reach NZ$900mn

  01-02-2017 08:57
  Private insurers have received claims exceeding NZ$900mn
  ($654mn) from the Kaikoura earthquake which struck New Zealand in
  November.
  According to the Insurance Council of New Zealand (ICNZ), the
  total comprises more than 2,500 commercial material damage and
  business interruption claims.
  The figure does not include residential claims, the ICNZ said,
  as it remains too early to indicate the number of claims which will
  be notified to insurers by the 14 February deadline.
  The Wellington region was th
  
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• Former LV COO Peter Horton joins fraud specialist Digilog

  01-02-2017 08:08
  
  The former chief operating officer of LV Peter Horton has joined voice risk analysis specialist Digilog.
  
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• Roundtable: Talking marketing tactics

  01-02-2017 08:00
  
  With the industry seeking to find out just how a single view of the customer can be achieved, Post, in association with Visionware, brought together specialists in a roundtable to discuss how digital is driving business
  
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• Post Power List 2017: The top 50

  01-02-2017 08:00
  
  In a year where Brexit negotiations will dominate the news, cyber criminals might face their comeuppance and the Insurance Act is likely to be tested in court, Post had a buzz session – after a long day at work – to see who are likely to be the biggest influencers or disrupters in the insurance market in 2017.
  
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• Insurance United Against Dementia calls on industry to help raise £10m for research institute

  01-02-2017 08:00
  
  Campaign aims to unite the sector against the biggest cause of death in UK
  
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• Editor's comment: The concept of power

  01-02-2017 08:00
  
  Another year and another Power List from your team at Post.
  
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• Q&A: QBE's Colin Fagen, Insurance Council of Australia

  01-02-2017 04:55
  
  Post interviews Colin Fagen, group chief operations officer at QBE, who assumed the role as president of the board of the Insurance Council of Australia at the beginning of January.
  
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• RenRe smashes Q4 earnings forecasts

  01-02-2017 02:17
  RenaissanceRe smashed fourth-quarter earnings forecasts despite
  operating profit falling to $119.4mn from $135.0mn in the
  prior-year period.
  At $2.92 a share, the performance compared to Wall Street
  consensus forecasts of just $1.28 a share, according to
  MarketWatch.com.
  Underwriting profits for the quarter fell to $103.9mn from
  $139.9mn with a combined ratio that increased to 70.5 percent from
  61.3 percent.
  That included the net negative impact of $50.1mn from Hurricane
  Matthew, which added 15.
  
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• Pension plan boost helps push Chubb to Q4 earnings beat

  01-02-2017 02:17
  Chubb reported operating income of $1.28bn for a fourth quarter
  that saw the newly-merged firm benefit from a restructuring of its
  pension plan.
  The $2.72 per share result beat the expectations of Wall Street
  where analysts were predicting earnings of $2.42 per share,
  according to a survey by MarketWatch.
  The earnings beat was helped along by a $113mn pre-tax windfall
  after an overhaul of the company's pension plan.
  Chubb said the one-time benefit related to the
  "harmonisation" of its US...
  
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• Berkley profit tops estimates as cat losses widen

  01-02-2017 02:17
  Specialty insurer WR Berkley reported fourth-quarter profit that
  beat most Wall Street estimates despite catastrophe losses that
  more than tripled from the year-ago period, adding 2.3 percentage
  points to weaken the Connecticut-based carrier's combined
  ratio.
  Operating profit fell 9.5 percent to $103.9mn, or $0.82 per
  diluted share from $114.8mn, or $0.89 per share in the year-earlier
  fourth quarter, the company said late today. But the results beat
  the $0.78 profit per share consensus view of 1
  
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