Insurance news

• Hamilton-AIG venture Attune picks Hobson as new CEO

  06-02-2017 19:42
  James Hobson, COO of small business online lender OnDeck, has
  been named CEO of Attune, the web-based insurance platform created
  by Hamilton Insurance Group, AIG and fund manager Two Sigma to
  serve the small to medium-sized (SME) enterprise market.
  Hobson will take up the role on 15 March. Attune aims to use
  data science and digital technology to ease the commercial
  underwriting process for the $80bn US SME market.
  Hobson has been COO of OnDeck, a financial technology firm that...
  
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• Sompo Canopius to enter trade credit with AIG hires

  06-02-2017 17:42
  Specialty (re)insurer Sompo Canopius has hired a pair of trade
  credit insurance underwriters from AIG, The Insurance
  Insider understands.
  Will Clark and Scott Morrison have moved to Sompo Canopius as
  part of an expansion into trade credit insurance at the
  Japanese-owned carrier.
  Clark was previously head of UK trade credit at AIG. He joined
  the company in 2011 from Santander, where he worked as a commercial
  banker.
  Also moving over from AIG is Morrison, who will act as
  Clark's deputy...
  
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• JLT hires power broker in Texas

  06-02-2017 17:42
  JLT Specialty USA has named Robert Moussaid as a senior vice
  president in its power division, the broker announced today.
  The Dallas-based executive joined the intermediary from Energy
  Future Holdings, formerly known as TXU, where he was director of
  risk and insurance.
  There he was responsible for designing and implementing the
  company's insurance programmes, and dealt with some of the
  largest industry mutuals such as Aegis, FM Global and Emani.
  JLT said Moussaid had more than two decades of exp
  
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• Biba launches insurance schemes management facility with MGA

  06-02-2017 15:56
  
  The trade body noted that the facility reversed traditional scheme models.
  
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• CNA edges above consensus after profits turnaround

  06-02-2017 15:47
  US-listed carrier CNA recorded a significant change in fortunes
  for its fourth quarter results to beat analysts' consensus
  predictions despite strengthening reserves in its commercial
  division.
  Net operating income was recorded at $221mn or $0.82 earnings
  per share for the fourth quarter, compared to an analysts'
  estimate of $0.78 per share.
  This marked a significant turnaround from the $52mn loss
  recorded in Q4 2015. The 2015 results included a $198mn after-tax
  charge related to increasing long
  
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• Marsh launches £500mn non-US cyber cover

  06-02-2017 13:39
  Global broker Marsh has developed a cyber risk and data breach
  insurance policy with £500mn of limit ($536.9mn) targeted at
  mid to large-sized organisations outside the US.
  The CyberShield cover is part of the intermediary's Cyber
  Assurance suite of cyber risk policies and will be underwritten by
  a Lloyd's syndicate.
  The insurance provides coverage for third party liability,
  defence costs and regulatory fines related to data breaches and
  incidences of network hijacking and virus transmissi
  
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• Chubb assigns global role for entertainment manager

  06-02-2017 13:39
  Chubb has expanded the remit of Francis Hernandez, entertainment
  manager for the UK and Ireland, to include the management of its
  international entertainment business.
  In the new role of entertainment manager for overseas general
  insurance, Hernandez will oversee a business which offers cover for
  event cancellation, film and TV production and photography.
  Hernandez will retain his responsibilities for the company's
  UK and London market portfolio and will continue to be based in
  London.
  He will r
  
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• AI is strong driving force behind Allianz claims restructure

  06-02-2017 11:51
  
  Allianz is set to make way for the use of artificial intelligence in its motor claims business following its decision to restructure.
  
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• Motor premiums will ‘inevitably’ rise owing to discount rate changes

  06-02-2017 11:50
  
  Motor premiums will “inevitably” rise again owing to potential changes to the discount rate, insurers have warned.
  
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• Cullum, Utley back utility MBO

  06-02-2017 11:31
  
  Insurance entrepreneurs Cullum and Utley back utility MBO
  
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• Jardine, Wilson join LMG board

  06-02-2017 11:28
  The London Market Group (LMG) has appointed XL Catlin's Paul
  Jardine and Brit's Matthew Wilson to its board.
  Brit CEO Wilson and Jardine, who is CEO of Syndicate 2003 and UK
  legal entity Catlin Insurance Company Ltd, were nominated by the
  Lloyd's Market Association (LMA) board as representatives of
  the managing agency community.
  As well as the LMA, the LMG draws from the International
  Underwriting Association of London, Lloyd's and the London
  & International Insurance Brokers' Association.
  E
  
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• Industry blockchain initiative adds 10 companies

  06-02-2017 11:28
  Cross-industry blockchain initiative B3i has added 10 more
  reinsurers to its panel.
  The new additions are: Achmea, Ageas, Generali, Hannover Re,
  Liberty Mutual, RGA, Scor, Sompo Japan Nipponkoa Insurance, Tokio
  Marine Holdings and XL Catlin.
  They join founding members Aegon, Allianz, Munich Re, Swiss Re
  and Zurich.
  In individual statements released this morning the new members
  revealed the cohort expects to share the first results of the
  programme by June.
  The members will strike reinsurance con
  
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• Fenchurch co-founder Cunningham joins Stephens Europe

  06-02-2017 11:28
  Investment banker Kevin Cunningham, a co-founder of Fenchurch
  Advisory, has taken up a new role as managing director in the
  financial services practice of Stephens Europe.
  Cunningham's new bank is an affiliate of Little Rock,
  Arkansas-based Stephens Inc, which employs 180 professionals within
  its advisory practice and has 1,200 staff worldwide.
  Cunningham was one of the founders of Fenchurch, in 2003, having
  spent four years at Deutsche Bank.
  At the boutique advisory, which is led by Malik Karim
  
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• CTMA hires Sumner as director of operations

  06-02-2017 11:28
  Charles Taylor Managing Agency (CTMA) has appointed Bev Sumner as
  director of operations, The Insurance
  Insider can reveal.
  Sumner brings a decade's worth of senior operations
  management experience to CTMA, having previously worked at
  Lloyd's and Xchanging.
  She joins following a year's planned sabbatical, prior to
  which she was head of process and change at Lloyd's process
  improvement team.
  Sumner also spent eight years at Xchanging, latterly as
  operations director for the UK insurance division.
  
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• Brit hires programmes veteran

  06-02-2017 11:28
  Tim Chesson has joined Brit Global Specialty USA from Axis
  Capital to become senior vice president of programmes.
  Chesson will be based in Alpharetta, Georgia, and will report to
  Noreen Metcalfe. He will focus on writing property, casualty,
  package and miscellaneous lines to specialised US-based
  agencies.
  With a focus on programme managers, written 100 percent on
  excess and surplus and admitted paper, the approach differs from -
  but is complementary to - Brit's current London-based managing
  gene
  
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• Beazley acquires Creechurch Underwriters

  06-02-2017 11:28
  London-listed carrier Beazley has expanded its presence in
  Canada through the acquisition of managing general agent (MGA)
  Creechurch Underwriters, it announced today.
  Creechurch's 30-strong team will continue to work out of the
  company's Toronto, Montreal and Vancouver offices under the
  leadership of Phil Baker, who will report to Gerard Bloom,
  Beazley's head of international financial lines.
  Beazley did not say how much it would pay for Creechurch, which
  generated C$36mn ($27.6mn) of premiums i
  
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• Ex-Direct Line Group boss tipped to chair Admiral

  06-02-2017 11:21
  
  Industry stalwart emerges as front-runner to chair Admiral
  
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• Brit appoints programmes VP

  06-02-2017 11:20
  
  Brit has appointed Tim Chesson as senior vice president of programs for Brit’s US Global speciality business.
  
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• Principal Insurance report pre-tax profits of £327,109

  06-02-2017 10:50
  
  Broker delivers second consecutive year of profit having been founded in 2011.
  
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• Further investment in Risk Solved

  06-02-2017 10:43
  
  Nikki Daniels joins the board of insurtech business.
  
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• #insagepeople: 06 - 12 February 2017

  06-02-2017 09:26
  
  Keep up to date with the latest people moves.
  
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• Editor's letter - February 2017

  06-02-2017 09:19
  
  “Brokers have to give customers what they want and need in the way that they choose to buy”
  
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• Validus invests $25mn in Aquiline InsurTech fund

  06-02-2017 09:17
  Specialty carrier Validus has ring-fenced $25mn of capital to
  invest in InsurTech ventures, CEO Ed Noonan told The
  Insurance Insider.
  The money has been allocated to a specialist InsurTech fund
  established by Jeff Greenberg's Aquiline LLC.
  "We don't have an InsurTech fund - but we do invest in an
  Aquiline InsurTech fund," Noonan said.
  "For us to have an InsurTech fund we would need venture
  capital experts, and that's not our skill set. Aquiline has a
  nice track record in...
  
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• Lloyd's holds back on Brexit call

  06-02-2017 09:17
  The Corporation of Lloyd's did not reach a final decision on
  the jurisdiction where it will set up its post-Brexit subsidiary
  last week, The Insurance Insider
  understands.
  Franchise Board and Council meetings were held last week, but
  two well-placed sources told this publication that the key decision
  on where to locate the subsidiary is still outstanding.
  Indeed, the shortlist is yet to be whittled down from the five
  jurisdictions it has been comprised of since Malta was eliminated
  last month...
  
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• Generali 'to discuss Intesa holding': report

  06-02-2017 09:17
  Italian carrier Generali is due to hold a meeting today to
  discuss its 3 percent stake in potential acquirer Intesa Sanpaolo,
  Reuters reported.
  The company's investment committee is set to consider how to
  maintain its stake in the bank, the news agency said, citing a
  source familiar with the matter.
  On 23 January Generali purchased a 3.01 percent stake in Intesa
  valued at EUR1.02bn ($1.09bn) in a manoeuvre seen as defensive.
  Under Italian law, the move effectively blocks Intesa from...
  
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• Ageas's Boisseau on the importance of using technology for transparency

  06-02-2017 08:00
  
  Mis-selling of payment protection insurance has done little to help our industry and the issue of trust for insurance providers.
  
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• India eyes investment and IPOs for five insurers

  06-02-2017 07:34
  
  Inida could launch IPOs for up to five state owned insurers this year.
  
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