Insurance news

• PartnerRe recruits Aon Benfield exec for LatAm head

  03-03-2017 20:50
  PartnerRe has appointed Aon Benfield executive Humberto Cabrera
  as head of Latin America, according to a statement from the carrier
  today.
  Cabrera will be responsible for driving growth in the region for
  the Bermudian reinsurer. Most recently, Cabrera was chief
  commercial officer and head of treaty of Aon Benfield Latin
  America.Cabrera will start at PartnerRe on 6 March based in a Miami office,
  replacing Salvatore Orlando, the Latin America interim head.
  Orlando will continue in his role as head
  
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• Debt levels may pinch P&C carriers in a downturn: Best

  03-03-2017 20:50
  The level of debt P&C insurers hold against capital has
  stabilised after years of decline following the financial crisis,
  but still could put carriers in a bind should current economic and
  market trends encounter disruptions, a new study from AM Best
  asserts.
  After looking at the balance sheets of 42 publicly traded
  insurers, AM Best analysts said the aggregate debt-to-capital ratio
  had fallen from almost 50 percent at the start of 2009 to around 25
  percent at the end of...
  
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• Calamos Asset Management is Exin's core backer

  03-03-2017 20:50
  Calamos Asset Management, the investment vehicle run by
  Greek-American billionaire John Calamos, is the cornerstone backer
  for Matt Fairfield's broad-based (re)insurance start-up Exin,
  The Insurance Insider understands.
  Calamos Asset Management, which was taken private from the
  Nasdaq late last month, is understood to have pledged EUR700mn
  ($736mn) to Fairfield's vehicle, with potential for additional
  deal-specific finance to be allocated.
  The Illinois-based firm had $18.5bn of assets under mana
  
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• P&I Clubs face future stress: AM Best

  03-03-2017 18:21
  The financial position of the International Group of protection and
  indemnity (P&I) clubs remains strong despite downward rate
  pressure caused by struggling fleet members and decreased
  investment income, according to AM Best.
  Echoing comments from some of the 13 individual P&I clubs
  that make up the International Group, AM Best said in a report
  released yesterday it expected most clubs to enter the 2017/18
  policy year in a good financial position despite the challenges
  facing their membe
  
  Read more

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• Aviva partners with insurtech start-up Hibob

  03-03-2017 16:04
  
  Aviva has signed a deal with insurtech start-up Hibob to better enable SME clients to set up workplace pension schemes.
  
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• Hiscox retail staff lavished with praise for stellar results

  03-03-2017 15:49
  
  Premium content: Respected city analyst singles out Hiscox retail as the star performers of the company 
  
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• Trio exits Sirius International property D&F team

  03-03-2017 15:46
  Sirius International has terminated the contracts of three of
  its property direct and facultative (D&F) underwriters due to
  "fundamental differences" within the team,
  The Insurance Insider understands.
  Underwriters Ian Haslam, Scott Goozee and Cathy Sethi left
  Syndicate 1945 in February, less than two years after the trio
  joined the company from Montpelier Re.
  In a statement to this publication, Sirius International CEO
  Monica Cramer Manhem said: "On Wednesday 22 February, Sirius
  took the di
  
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• Marsh buys US broker Blakestad

  03-03-2017 15:46
  Global broker Marsh has acquired Minnesota-headquartered private
  client and commercial lines insurance agency Blakestad for an
  undisclosed sum.
  The purchase was conducted through Marsh's middle market
  agency subsidiary Marsh & McLennan Agency (MMA).
  Blakestad's leadership team and all employees, including
  company president Jerod Blakestad, have joined MMA as part of the
  deal, but will continue to work from their current Minneapolis
  office.
  MMA's upper Midwest region CEO Bill Jeatran said: "T
  
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• March 2017 Post: Census and CII CEO

  03-03-2017 13:29
  
  My one-year-old just started toddling. She was so proud after pushing her walker to the other side of the room that she applauded herself. As a result, she lost her balance and landed on her bum.
  
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• JC Flowers buys major MGA UK General

  03-03-2017 13:23
  Private equity house JC Flowers has agreed to acquire Primary
  Group's personal lines managing general agency (MGA) UK General
  Insurance after a sale process that lasted almost two years.
  The business writes almost £400mn of premiums and is the
  biggest UK-only MGA.
  The terms of the deal were not disclosed.
  JC Flowers is not acquiring the rural and commercial MGAs that
  sit within the same structure, and which will remain with Primary
  Group.
  Both are understood to be for sale....
  
  Read more

• Dale Underwriting posts profit in first YoA

  03-03-2017 13:23
  Asta-managed Dale Underwriting Partners Syndicate 1729 has posted a
  profit of £450,000 ($550,143) in the operation's first
  year of account (YoA).
  The syndicate entered the market in the 2014 YoA, and the profit
  represents 0.6 percent on £75mn of stamp capacity.
  Gross written premiums for 2014 were £45mn, of which the
  company said 43 percent was new business to Lloyd's.
  Dale Underwriting's lead capital provider is ProAssurance
  Corporation, and the syndicate operates on a mix of
  
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• Bufkin leaving Hamilton amid US realignment

  03-03-2017 13:23
  Barbara Bufkin has become the latest of Hamilton USA's
  start-up management team to leave the insurer as it continues to
  reposition itself under new CEO Seraina Macia, The
  Insurance Insider can reveal.
  Bufkin, who joined the Bermudian's fledgling US operations
  in September 2014 as executive vice president, business
  development, will officially part company with the carrier next
  month.
  In a statement, a Hamilton spokesperson said that the former Guy
  Carpenter and Argo executive had played a "pivot
  
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• In-depth - cyber: The future of cyber

  03-03-2017 13:09
  
  Driverless cars, smart lightbulbs, smart thermostats and data are all hackable. Brokers have a key role to play in protecting customers against this type of cyber risk, writes Rachel Gordon
  
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• In-depth - cyber: Tipping point for cyber

  03-03-2017 13:08
  
  As businesses realise the importance of cyber insurance and more products become available, it is an ideal time for brokers to start offering the cover, explains Rachel Gordon
  
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• UK businesses to increase cyber security spend

  03-03-2017 13:02
  
  Three out of five UK businesses will increase their cyber security budget in the next year, with more than 20% of those doubling their spending.
  
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• UK Broker Summit 2017: Brokers must leverage opportunities in automation

  03-03-2017 12:35
  
  A “bionic broker” could be created to intervene in client meetings, suggests speaker.
  
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• UK General snapped up by US PE powerhouse

  03-03-2017 12:14
  
  M&A wave continues as MGA UK General snapped up
  
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• UK General sold to JC Flowers

  03-03-2017 11:48
  
  The deal does not affect other parts of Primary Group such as One Commercial, Rural Insurance or Lorica.
  
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• Broker Network's new strategic insurer partners unveiled

  03-03-2017 11:42
  
  Unveiling of Broker Network’s new strategic insurer panel follows 2016 change in ownership
  
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• Broker Network unveils new strategic insurer panel

  03-03-2017 11:42
  
  Unveiling of Broker Network’s new strategic insurer panel follows 2016 change in ownership
  
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• The Insurance Act six months on

  03-03-2017 11:31
  
  Angus Duncan of Mayer Brown International examines how the Insurance Act is working in practice.
  
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• Video: Succession planning (5) – market dynamics

  03-03-2017 11:16
  
  The opportunities for buyers in the regional market.
  
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• US regulator considers non-bank SIFI release: Reuters

  03-03-2017 10:32
  The US Financial Stability Oversight Council (FSOC) has
  reportedly reviewed the designation of systemically important
  financial institution (SIFI) for an unidentified non-bank firm,
  which could have positive repercussions for AIG.
  According to Reuters the council met on Thursday and discussed
  rescinding the designation for one institution. The only three
  non-bank companies labelled as SIFIs are AIG, MetLife and
  Prudential Financial.AIG has repeatedly claimed the SIFI moniker places a strain on
  i
  
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• Opinion: Tom Jeffs incident

  03-03-2017 10:32
  Ultimately, it seems that little tangible harm has been done by the
  Tom Jeffs affair.As this publication revealed earlier this week, a young broker
  at RKH Specialty fabricated terrorism policy paperwork to make it
  seem as if cover was in place that had not been bound.
  Fortunately, t‎here were no claims on the accounts that
  were fully or partially uncovered. No premiums have gone missing.
  Jeffs was dismissed by RKH, has left the market and does not intend
  to...
  
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• Darag CEO Gossmann resigns

  03-03-2017 10:32
  European run-off specialist Darag said CEO Arndt Gossmann has
  stepped down from his position after eight years.Darag said it had established a new leadership team including
  chief financial officer Simon Minshall, chief liability officer
  Zsolt Szalkai and chief operating officer (COO) Tim Braasch, who
  form the executive committee.The change of leadership is effective from 28 February, but
  Darag said Gossmann will remain with the carrier during a
  transition period to "ensure an orderly and effecti
  
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• Bermuda plans tax and fee hikes with a wary eye on US

  03-03-2017 10:32
  A tax reform proposal from Bermuda Finance Minister Bob Richards
  calls for a 2.5 percent levy on local non-health insurers, along
  with increases in other areas such as customs duties and permit
  fees applied to some international financial firms.
  The plan calls for a more than 12-fold increase in annual permit
  fees charged to what are sometimes referred to as "overseas
  companies" classed as "investment/holding/trading"
  firms. The fee would jump from $1,995 to $25,000.
  Bermuda anticipates collecti
  
  Read more

• UK General acquired by private equity firm

  03-03-2017 10:30
  
  JC Flowers has acquired UK General from Primary Group for an undisclosed sum.
  
  Read more

• Asta-managed syndicate reports profit in first year

  03-03-2017 10:21
  
  Dale Underwriting Partners has posted a modest profit in its first year of account, despite “challenging” market conditions.
  
  Read more

• Blog: Stepping up the fight against fraud

  03-03-2017 08:00
  
  Arguably, the insurance sector is behind many other verticals in transforming customer engagement and achieving the nirvana of delivering an excellent customer experience.
  
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• Bermuda maps tax and fee hikes with a wary eye to US

  03-03-2017 00:21
  A tax reform proposal from Bermuda Finance Minister Bob Richards
  calls for a 2.5 percent levy on local non-health insurers, along
  with increases in other areas such as customs duties and permit
  fees applied to some international financial firms.
  The plan calls for a more than 12-fold increase in annual permit
  fees charged to what are sometimes referred to as "overseas
  companies" classed as "investment/holding/trading"
  firms. The fee would jump to $25,000 from $1,995.
  Bermuda anticipates collecti
  
  Read more

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