Insurance news

• Zurich pick BoA banker Bessant for board

  08-02-2017 23:58
  Zurich has nominated Catherine Bessant, Bank of America's
  chief operations technology officer, to its board of directors,
  according to an 8 February statement by the insurer.Elections to Zurich's board take place at the carrier's
  annual meeting on March 29. Bessant has run operations and
  technology at the big US bank since 2010.Bessant won't be the only Zurich director with a banking
  background. Susan Bies is on the board of both the Swiss insurer
  and Bank of America.
  Zurich...
  
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• Watsa's African gambit draws less capital than planned

  08-02-2017 23:58
  Fairfax Financial has come up $500mn short in its efforts to
  capitalise an Africa-focused investment fund by selling equity in
  the venture.
  CEO Prem Watsa had initially planned to raise $1bn for the fund,
  which had a similar structure to Fairfax India Holdings - a fund
  raised two years ago to invest in Indian assets.
  "We are humbled to have received $500mn of commitments and
  to close the books on the Fairfax Africa offering," Watsa said
  today in a statement....
  
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• Disgraced Ex-Enron CFO warns D&O insurers on fraud risk

  08-02-2017 23:58
  Andrew Fastow, who helped to engineer one of America's
  largest corporate frauds, warned a room full of directors and
  officers (D&O) insurers that executives can follow all the
  rules and still wind up on the wrong side of the law.
  The disgraced ex-convict, who was sentenced to six years in
  federal prison after helping prosecutors go after his bosses in the
  now defunct energy trader, repeated that he took full
  responsibility for his actions, which he called
  "wrong".
  However, speaking...
  
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• Cat losses punish Canada's Intact Financial

  08-02-2017 23:58
  Intact Financial, Canada's biggest property and casualty
  carrier, reported pre-tax catastrophe losses of C$385mn ($293mn)
  for 2016, including summer storms and the Fort McMurray wildfires.
  Auto losses and weather-related claims also hit fourth-quarter
  results, which missed expectations.
  The Fort McMurray fires led to the biggest insured-loss
  catastrophe in Canadian history, with the Insurance Bureau of
  Canada putting the cost at over C$3.6bn, Intact said. The company
  said its claims reached abou
  
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• Rare winter tornadoes add to $1bn+ in US weather losses

  08-02-2017 21:01
  Severe winter weather in the US West and over 100 tornadoes in
  the South pushed expected insured losses in January above $1bn,
  according to an Impact Forecasting report from Aon Benfield.
  Weather-related events during the month caused 27 deaths and
  damaged or destroyed thousands of homes and business
  properties.
  At least 130 confirmed tornadoes touched down last month in
  Georgia, Mississippi, Alabama, Louisiana and Florida, Impact
  Forecasting said.
  Thunderstorms, hail and tornadoes from 1 throug
  
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• PPL contemplates reinsurance rollout

  08-02-2017 18:43
  The London Market Group (LMG) has added reinsurance to the list of
  potential business lines that will start using Placing Platform
  Limited (PPL).
  The LMG, the body that leads market modernisation across
  Lloyd's and the company market, said in a statement today that
  it would "look at" introducing the electronic insurance
  exchange to reinsurance, casualty and aviation.
  Property is set to be the next line of business to start using
  PPL, according to a timeline presented to financial practitioners
  o
  
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• AM Best warns on deteriorating profitability in India

  08-02-2017 18:43
  AM Best has highlighted a trend of worsening profitability and
  rising loss ratios in India.
  In a Best Briefing note entitled Performance in the Indian
  Non-Life Market is Stalling, the ratings agency reported that the
  profitability improvements seen from 2011 to 2014 had now stalled,
  and in some areas reversed.
  Underwriting performance - which has been weak - was on an
  improving trend after 2011, with combined ratios coming down from
  more than 120 percent to 110 percent in 2014....
  
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• Kwik Fit closure hits Ageas with £23m restructuring bill

  08-02-2017 17:35
  
  Ageas faces a bill of £23m in restructuring costs owing to the closure of its Kwik Fit business in Uddingston.
  
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• RSA ends roofers and scaffolders capacity with Pen

  08-02-2017 17:13
  
  Insurer and MGA still working together on other business lines.
  
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• US P&C credit ratings strengthened in 2016: AM Best

  08-02-2017 15:45
  The creditworthiness of the US P&C insurance sector improved in
  2016, said AM Best.
  The ratings agency said it upgraded the long-term issuer credit
  ratings of 57 of the 786 US P&C carriers it surveyed - a rise
  of 39 percent on the 41 upgrades it dispensed in 2015.
  The number of downgrades fell by nearly a third, moving from 6.7
  percent to 4.6 percent of the carriers assessed. More than four
  fifths of the P&C insurers assessed retained their...
  
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• Multiple tornadoes hit Louisiana

  08-02-2017 15:45
  Louisiana has been hit by at least six tornadoes that destroyed
  around 250 homes and left more than 10,000 without power on 7
  February.
  Louisiana governor John Bel Edwards declared a state of
  emergency and sent out the National Guard after the strong winds
  hit seven parishes in the state.
  Eastern New Orleans suffered the heaviest damage, and some
  entrances to Interstate 10 remained closed as of last night.
  Local news station WGNO ABC reported that about 250 homes were...
  
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• Mapfre Re Q4 premiums surge by a third

  08-02-2017 15:45
  Higher volumes of proportionate and structured reinsurance
  solutions led to a 31 percent year-on-year increase in fourth
  quarter written premium at Mapfre Re.
  Fourth quarter written premium totalled EUR1.05bn ($1.12bn),
  while full-year written premium at the reinsurance arm grew 13.5
  percent from the same period of the previous year to EUR4.23bn.
  Mapfre Re accounted for 17 percent of group written premium in
  2016.
  "In recent renewal campaigns Mapfre Re has been able to
  grow without reducing unde
  
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• AA prosecutes ghost brokers with Iovation's fraud force community

  08-02-2017 14:09
  
  AA Insurance has successfully prosecuted a ghost broking fraud ring through the use of Iovation’s peer-driven fraud force community.
  
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• Cyber and chemical terrorism are top threats facing business says Pool Re

  08-02-2017 14:08
  
  The increased cyber capabilities and rise in the use of chemical agents by extremist groups are two of the emerging threats facing UK business in 2017, according to Pool Re.
  
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• Ageas to take big profit hit over discount rate

  08-02-2017 13:00
  
  Ageas will also take hits from office closure and special risks losses
  
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• RSA puts in place new GRS operation model

  08-02-2017 12:53
  
  RSA Global Risk Solutions has implemented a new operating model in order to better cater to the complex risk of customers.
  
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• GRP to acquire southwest broker Higos

  08-02-2017 12:47
  UK broker consolidator Global Risk Partners (GRP) has agreed to
  acquire regional retail broker Higos Insurance Services.
  Higos is based in the southwest of England, and has been
  providing commercial and personal lines services since it was
  founded in 1990.
  Managing director Ian Gosden and his management team will remain
  with the firm, which has 21 offices, more than 300 staff and
  handles in excess of £50mn ($62.5mn) of premiums.
  The acquisition takes GRP's overall premiums controlled to
  &p
  
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• Ed hires marine and energy reinsurance head

  08-02-2017 12:47
  London market broker Ed, formerly Cooper Gay, has appointed Andy
  Wakefield as managing director of marine and energy reinsurance.
  He will take up the role later this year and will report to Ed
  CEO of reinsurance Kieran Angelini-Hurll.
  Wakefield joins the intermediary from Willis Re, where he served
  as executive director with a focus on European and London market
  business.
  Prior to that he was a senior broker at Aon Benfield, having
  begun his career with independent marine specialist intermediary
  
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• Aon Benfield appoints global head of broking strategies

  08-02-2017 12:47
  Aon Benfield's Jeremy Goodman has been appointed global head
  of broking strategies, The Insurance
  Insider can reveal.
  In his new role, Goodman will be responsible for building
  relationships and networks with Aon Benfield's reinsurance
  trading partners to better match capital to client needs and
  develop innovative new products.
  Goodman will be based in New York and begins the role with
  immediate effect. He will report to Eric Andersen, CEO of Aon
  Benfield.
  Previously, Goodman was executive managi
  
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• ACR's Chinese acquirers stress deal commitment

  08-02-2017 12:47
  Chinese municipal government entities Shenzhen Qianhai Financial
  and Shenzhen Investment have reiterated their commitment to the
  agreed $1bn acquisition of Asia Capital Re (ACR), with regulatory
  approvals that had been expected late last year still
  outstanding.
  The 50:50 agreed acquirers stressed that the deal will proceed
  as planned in a letter to ACR's clients obtained by
  The Insurance Insider.
  Since the deal was agreed the Chinese authorities have
  introduced new rules that restrict outwards c
  
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• Peter Graham departs as Barbon chair to focus on new ventures

  08-02-2017 12:22
  
  Former Esure CEO Peter Graham has stepped down from his role as chairman of Barbon Insurance Group
  
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• Munich Re-backed broker launches first own brand offering

  08-02-2017 11:50
  
  Backed by Munich Re the offering from Bought By Many is aimed at pet owners
  
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• Profits up at ICB Group

  08-02-2017 11:46
  
  Broker reveals turnover rose by 7.4%.
  
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• RSA legacy sale to bolster its Solvency II position

  08-02-2017 11:41
  
  RSA will use the sale of its legacy assets to further bolster its Solvency II position, according to its chief financial officer.
  
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• Global Risk Partners buys Higos Insurance Services

  08-02-2017 11:20
  
  Ian Gosden and management team will continue to lead the broker.
  
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• Cullum-backed GRP buys £50m GWP broker

  08-02-2017 11:15
  
  Acquisition is part of GRP’s plan to build distribution by growing its network of regional UK hubs
  
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• LV joins Una’s panel

  08-02-2017 11:00
  
  In the partnership both companies will look to create "innovative products" to their broker partners.
  
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• RSA offloads old UK liabilities in huge deal

  08-02-2017 10:53
  
  Transfer of old UK liabilities to boost insurer’s solvency ratio
  
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• RSA disposes of £834m UK legacy book

  08-02-2017 10:01
  
  RSA has agreed to dispose of UK legacy insurance liabilities worth £834m to the Bermuda-based Enstar Group.
  
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• Enstar strikes £957mn RSA legacy deal

  08-02-2017 09:53
  Bermudian carrier Enstar has beaten off competitors to strike a
  deal with RSA to reinsure a legacy UK employers' liability book
  with gross reserves of £957mn ($1.2bn).
  Enstar, which facedcompetition in the PwC-run sale from Catalina and Armour, said
  it will assume the gross liabilities relating to 2005 and
  prior-year business.
  The company will receive a reinsurance premium of £799mn on
  net insurance reserves of about £834mn.
  The transaction still needs to be finalised, with cer
  
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• Uninsured drivers: clamping down

  08-02-2017 08:00
  
  Large numbers of uninsured cars have been seized but many vehicles continue to drive around uncovered
  
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• Blog: How brokers should pitch a new scheme to an insurer

  08-02-2017 08:00
  
  To be pitch perfect, a broker needs to detail the new scheme they want the insurer to invest in.
  
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