Insurance news

• QBE group COO Colin Fagen leaves

  09-02-2017 22:43
  Australian insurer QBE said group COO Colin Fagen has left after
  more than 16 years with the firm.
  The company provided no explanation for Fagen's departure
  but said it has already identified a replacement.
  It expects to announce the new COO "in the coming
  weeks".
  Fagen also sat on QBE's executive committee rather than its
  group board, according to the carrier's website.
  He took the role in 2016 after serving as CEO of QBE's
  Australian and New Zealand operations for...
  
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• Organic revenues decline 3% in key Willis unit

  09-02-2017 20:22
  Willis Towers Watson's Investment, Risk and Reinsurance
  (IRR) division reported a 3 percent decline year-on-year in organic
  commissions and fees to $260mn in the fourth quarter of 2016.
  The broker said that growth in the wholesale and investment
  segments had been more than offset by a decline in international
  reinsurance broking revenues and its portfolio underwriting
  services.
  However, it should be noted that the IRR division experiences a
  seasonally low operating margin in the fourth quarter,
  
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• AmWINS CEO: London must address bureaucracy

  09-02-2017 20:22
  AmWINS CEO Steve DeCarlo has warned that the level of
  bureaucracy in Lloyd's risks making the market - the wholesale
  broker's biggest - uncompetitive relative to its peers.
  Speaking at The Insurance
  Insider's InsiderScope conference on 9 February,
  DeCarlo criticised the way underwriters in London pedantically
  interpret rules imposed by Lloyd's and the Financial Conduct
  Authority.
  DeCarlo bemoaned requirements placed on AmWINS by its London
  trading partners, quipping: "Am I happy I fill out compl
  
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• Open GI signs Markerstudy deal and offers powerful new tools

  09-02-2017 18:36
  
  Open GI has new products in the pipeline so brokers can enhance the customer experience 
  
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• Open GI signs Makerstudy deal and offers powerful new tools

  09-02-2017 18:36
  
  Open GI has new products in the pipeline so brokers can enhance the customer experience 
  
  Read more

• UK government unveils driverless car insurance plans

  09-02-2017 17:33
  The UK government plans to extend existing compulsory motor
  vehicle insurance legislation to cater for driverless cars, rather
  than introduce a first-party liability model, it announced
  today.
  In a consultation response document published by the Department
  for Transport (DfT), the government said it had decided to make the
  minimum amount of legislative change to enable the market to
  develop appropriate automated vehicle insurance products.
  The DfT has also rowed back from a proposal to extend co
  
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• Ageas broker Castle Cover closes to new business

  09-02-2017 16:41
  
  Sister broker RIAS to pick up customers as Castle Cover closes
  
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• Organic growth falls 3% in key Willis unit

  09-02-2017 14:49
  Willis Towers Watson's Investment, Risk and Reinsurance
  (IRR) division reported a 3 percent organic decline year-on-year in
  commissions and fees to $260mn in the fourth quarter of 2016.
  The broker said that growth in the wholesale and investment
  segments had been more than offset by a decline in international
  reinsurance broking revenues and its portfolio underwriting
  services.
  However, it should be noted that the IRR division experiences a
  seasonally low operating margin in the fourth quarter,
  
  Read more

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• Embracing technology will bring failures: McGavick

  09-02-2017 14:49
  The (re)insurance industry has finally grasped the importance of
  technology but should expect some failures as the price of change,
  according to XL Group CEO Mike McGavick.
  Speaking at The Insurance
  Insider's InsiderScope event in London
  today, McGavick said while there was no guarantee that "the
  daft and the dumb will survive", those that keep pace with new
  competitors in the industry would reap the rewards.
  "There will be failures. But those that stay with it,
  because of the regulatory...
  
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• Arch's Iordanou calls out reserves 'cheating'

  09-02-2017 14:49
  Arch Capital chairman and CEO Dinos Iordanou has warned of
  "noise" in apparently strong balance sheets among
  insurers that have mispriced risk.
  Speaking at The Insurance
  Insider's InsiderScope conference in
  London today, Iordanou said the industry traditionally "has
  not done well in managing, financing and transferring risks for our
  clients in a smart and consistent way".
  He also criticised some players for "cheating" with
  reserves.
  "It's a self-grading exam - you decide what it's
  going to be on
  
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• Amwins CEO: London is too bureaucratic

  09-02-2017 14:49
  Amwins CEO Steve DeCarlo said that the level of bureaucracy in
  Lloyd's makes London's insurance market uncompetitive.
  Speaking at The Insurance
  Insider's
  InsiderScope conference on 9 February, DeCarlo criticised
  the way underwriters in London pedantically interpret rules imposed
  by Lloyd's and the Financial Conduct Authority.
  "Bureaucracy makes you anticompetitive", said
  DeCarlo.
  "I live in a world where I have to follow rules," he
  continued. "Am I happy I fill out complaint logs? No. I doubt
  th
  
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• Biba small broker head on why firms should care about manifesto

  09-02-2017 14:30
  
  Blog: Andrew Gibbons says small brokers should take advantage of the position Biba has to speak up for them
  
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• Industry customer satisfaction on the rise

  09-02-2017 14:02
  
  Overall customer satisfaction in the insurance sector has increased over the past year, according to the UK Customer Satisfaction Index.
  
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• Zurich UK GI sees profits stabilise

  09-02-2017 12:19
  
  Zurich UK’s general insurance division has posted £147m in operating profit for last year, an increase of 137% from the previous year.
  
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• Henderson unveils flood insurance scheme

  09-02-2017 12:11
  
  The policy will be made available through the broker's Connect to the Hub specialist wholesale facility.
  
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• Bought By Many launches new pet insurance product

  09-02-2017 12:11
  
  Insurtech start-up Bought By Many has launched its first pet insurance product following its £7.5m investment round.
  
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• Suncorp's NZ reinsurance recoveries approach A$1bn

  09-02-2017 12:07
  Suncorp posted A$908mn ($692mn) in reinsurance and other recoveries
  for its New Zealand operations in the half-year to 31 December.
  The Australian insurance giant reported A$1.26bn of claims
  within its New Zealand operations for the half-year - almost triple
  the figure reported in the same period of the previous year.
  The leap in claims pulled down the New Zealand division's
  profit to A$36mn from A$78mn.
  Suncorp's reinsurance and other recoveries reduced its net
  claims to A$354mn. This was up fr
  
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• Novae names Trueman as chief innovation officer

  09-02-2017 12:07
  Novae has promoted Dan Trueman to the newly created role of
  chief innovation officer, the carrier announced today.
  Trueman will retain his existing position as head of cyber and
  will report to chief underwriting officer Rob Forster.
  The appointment comes on the heels of Novae's decision to
  create a specific cyber sub-division within its casualty segment in
  order to take full advantage of opportunities in this class of
  business.
  Trueman commented: "Cyber is a rapidly evolving market and
  we are...
  
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• Liberty syndicate business expands into onshore energy

  09-02-2017 12:07
  Liberty Specialty Markets is to expand its syndicate business in
  Lloyd's to include onshore energy and construction, it
  announced today.
  The Liberty Mutual subsidiary has been writing energy and
  construction business in the London specialty market for 15 years,
  and has taken the decision to expand the syndicate business to
  boost its distribution of these sectors through Lloyd's.
  The onshore energy team provides cover for all risks property
  damage and resulting business interruption on a worldwid
  
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• Fairfax Financial to acquire NZ carrier Tower

  09-02-2017 12:07
  Canadian conglomerate Fairfax Financial has agreed to buy New
  Zealand insurer Tower for NZ$197mn ($143.9mn).
  At NZ$1.17 per share, the deal consideration is 48 percent
  higher than Tower's closing price yesterday, and a 47 percent
  premium to the company's three-month volume-weighted average
  share price.
  The offer has been unanimously supported by the Tower board, and
  Fairfax already has the backing of Salt Funds Management and ACC,
  which collectively own 18.1 percent of Tower's stock.
  Tower chair
  
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• CIRC warns against reckless investing: reports

  09-02-2017 12:07
  The China Insurance Regulatory Commission (CIRC) has accused some
  Chinese insurers of behaving irresponsibly when investing overseas,
  according to the official Securities Times.
  Chen Wenhui, vice chairman of the CIRC, told the publication
  that some insurers had also behaved recklessly when it came to
  offshore acquisitions.
  "Blind outbound investment" by insurers, often with
  high leverage, had involved tens of billions of yuan worth of risks
  in some cases, Chen said.
  "Some companies behave like a
  
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• Charles Taylor InsureTech invests in Otak platform

  09-02-2017 12:07
  Charles Taylor InsureTech has acquired a majority stake in Otak, an
  insurance technology platform business specialising in delegated
  authority solutions.
  In a statement today, the professional service provider's
  independent InsurTech business said that the transaction
  incorporates the intellectual property rights to Otak's
  products, including Tide, which has been embedded in its own
  delegated authority solution.
  Jason Sahota, CEO of Charles Taylor InsureTech, welcomed Andy
  Childs and Paul Oster
  
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• Remaining Enterprise claims 'progressing rapidly', liquidator confirms

  09-02-2017 11:14
  
  Premium claims yet to be returned to Enterprise policyholders will "progress rapidly" over the coming weeks, liquidator Freddie White has confirmed.
  
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• Vecta supplies wedding scheme

  09-02-2017 11:12
  
  Policy targeted at UK residents planning a wedding either in the UK or overseas.
  
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• Zurich UK GI returns to profit after calmer year

  09-02-2017 10:54
  
  Gross written premium continued to fall at Zurich UK GI business
  
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• Zurich Global Corporate loss narrows in Q4

  09-02-2017 09:41
  Zurich Global Corporate reported an operating loss of $38mn in
  the fourth quarter, though group profits rose 167 percent
  year-on-year.
  The global corporate result marked an improvement on the $82mn
  loss suffered by the division in the fourth quarter of 2015.
  The specialty segment reported a combined ratio of 115.2
  percent, the same figure as reported last year.
  However, the loss ratio demonstrated a 2.8 point improvement on
  the prior-year figure as it fell to 89.6 percent.
  While gross written...
  
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• Talbot establishes trio of terror facilities

  09-02-2017 09:41
  Validus' Lloyd's operation Talbot Underwriting has launched
  three Lloyd's-led terror facilities in Singapore, Latin America
  and Dubai.
  Capacity for the Singapore facility will be provided by Sompo
  Canopius, while the Latin American and Dubai capacity will be
  provided by Sompo Canopius, Navigators and Neon.
  The Singapore operation will write terror risk up to $150mn for
  a single risk, and the Latin America and Dubai facilities will have
  a single-risk capacity of $175mn.
  All of the facilities will
  
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• Five more deals in due diligence post Higos deal, says GRP’s Mike Bruce

  09-02-2017 09:36
  
  CEO for broking states two further “regional hubs” could be confirmed next month.
  
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• Five more deals in due diligence post Higos buy, says GRP’s Mike Bruce

  09-02-2017 09:36
  
  CEO for broking states two further “regional hubs” could be confirmed next month.
  
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• CFC expands medical malpractice capacity

  09-02-2017 09:30
  
  The underwriting agency said the product is a Lloyd’s backed flexible package.
  
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• Zurich global GI profit almost triples

  09-02-2017 09:13
  
  Chief executive Greco hails improvement across all regions in Zurich global GI unit
  
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• Aviva offloads French life insurance holding

  09-02-2017 09:02
  
  UK-headquartered insurer Aviva has sold itsentire 50% shareholding in Paris-headquartered life insurance joint venture Antarius.
  
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• Marketing chief Giles leaves AIA for Chubb

  09-02-2017 08:27
  
  Marcus Giles, who formerly worked at Ace from 1999 to 2010, has left his role as head of direct marketing at AIA to join Chubb.
  
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• Cryonics: premium on immortality?

  09-02-2017 08:00
  
  The world of cryonics, and the freezing of human tissue, is proving a tricky one for the insurance industry.
  
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• Aon's Andrew Tunnicliffe on holding up the mirror

  09-02-2017 08:00
  
  You may have heard or read that McKinsey reported in its 2015 Diversity Matters report that gender diverse firms were 15% more likely to outperform those that were not diverse, but here's something more interesting.
  
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• Profits at Zurich's global GI division improved 182% in 2016

  09-02-2017 07:18
  
  Swiss giant Zurich's global general insurance operating profits climbed 182% last year to $2.44bn (£1.95bn) from $864m in 2015.
  
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• Anthem's proposed $54bn acquisition of Cigna blocked by judge

  09-02-2017 06:51
  
  Yesterday two US health insurance giants were told they wouldn't be granted permission to merge by a federal judge.
  
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• Suncorp posts 20% first half insurance profit rise

  09-02-2017 04:01
  
  Brisbane-based financial services group Suncorp saw insurance after tax profit grow strongly in Australia but fall back in New Zealand.
  
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• Markel reports lower Q4 profit amid pricing pressure and Matthew loss

  09-02-2017 03:37
  Markel reported a 24 percent drop in operating profit as prices
  declined across many of its product lines and catastrophe losses
  related to Hurricane Matthew added to the deterioration in its
  combined ratio during the fourth quarter.
  Profit from operations fell to $212.4mn, Markel said in a
  statement late today, without providing a per share figure.
  The company's underwriting segment operating profit sank
  across all three areas, US insurance, international insurance and
  reinsurance. US insurance
  
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• Cincinnati beats despite lower cat-hit profits

  09-02-2017 03:37
  Cincinnati Financial reported $125mn of operating income for the
  third quarter that was 31 percent down on the prior-year period but
  ahead of Wall Street expectations.
  The US insurer generated $0.75 a share of operating profit that
  was ahead of consensus forecasts of $0.66 a share.
  The company had preannounced catastrophe losses in the range of
  $75mn to $80mn and a combined ratio of between 96.0 percent and
  98.0 percent.
  Actual catastrophe losses recorded in its P&L for the
  quarter...
  
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• Insurance pains push Aspen to $7.4mn loss

  09-02-2017 01:58
  Costs associated with Aspen's decision to reposition its
  insurance division had a "significant negative impact" on
  the Bermudian's results for the fourth quarter, according to
  CEO Chris O'Kane.
  In a statement late today reporting a $7.4mn operating loss for
  the period, the executive stood by the group's move, arguing
  that the quality of its underlying book was "very
  strong".
  But the results mark a significant deterioration from the final
  three months of 2015, when Aspen recorded an $84mn profit,
  
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• Government sets out insurance framework for driverless cars

  09-02-2017 01:10
  
  The government will set out a framework this week for insurance for driverless cars, a move that has been welcomed by insurers.
  
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