Insurance news

• Qatar Re raises $450mn at 4.95% in bond issuance

  06-03-2017 22:43
  Qatar Re strengthened its capital position by raising $450mn
  through a corporate bond issuance, with demand pushing the yield
  down to 4.95 percent for the reinsurer owned by the Qatar Insurance
  Company (QIC).
  The debt issuance was hugely popular with investors, as $6.5bn
  in offers were made for the $450mn placement.
  Rajiv Shah, head of debt capital markets for Africa, Turkey and
  the Middle East at BNP Paribas said the level of investor interest
  was "extraordinary".
  The offering was the...
  
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• Page to replace Tunnicliffe at Aon Risk Solutions

  06-03-2017 19:32
  Aon Risk Solutions UK CEO Andrew Tunnicliffe is to step down
  from the role, to be replaced by Julie Page, the firm announced
  today.
  Page began her career with Aon before jumping to Marsh, where
  she rose to become the CEO of the commercial and consumer division
  before moving back to Aon at the start of 2016, the company said
  today.
  Since she rejoined the firm, Page has been head of Aon's
  national ARS business.
  The management change comes just...
  
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• Fidelis taps Patel to replace McConachie as CFO

  06-03-2017 19:32
  Fidelis group chief actuary Hinal Patel has been named to
  replace co-founder Neil McConachie as chief financial officer, the
  company said today.
  Earlier this year, the firm revealed that McConachie, who worked
  alongside former Lancashire CEO Richard Brindle as one of the two
  architects of Fidelis, would step down for personal reasons.
  Today the company said Patel was "the strongest
  candidate" seen to replace the co-founder in the CFO role.
  In a statement, Brindle said: "Hinal brings a deep
  under
  
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• Sara Mitchell appointed as head of Chubb's corporate division in UK and Ireland

  06-03-2017 16:57
  
  Chubb has appointed Sara Mitchell as head of corporate division in UK and Ireland.
  
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• Zhong An to raise 10bn yuan in stake sale: report

  06-03-2017 16:47
  Chinese online-only P&C insurer Zhong An is aiming to raise
  10bn yuan ($1.45bn) through a sale of between 5 and 10 percent of
  the company.
  According to Reuters, the sale will target several strategic
  investors ahead of a planned initial public offering (IPO) in
  mainland China.
  Each investor would be expected to commit a minimum of 1bn yuan
  and the funds from the sale would be used to expand the business
  and "buy time" ahead of the IPO.
  Alibaba-owned fintech...
  
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• Catalina asks Barclays to look at ownership changes

  06-03-2017 16:47
  Legacy specialist Catalina has retained Barclays Capital (BarCap)
  to run a strategic process that its owners hope will put a $1bn
  valuation on the business, The Insurance
  Insider has learned.
  Catalina, which has book value of $700mn, is owned by fund
  management giant Apollo and Canadian pension funds Ontario
  Teachers' Pension Plan and La Caisse de dépôt et
  placement du Québec, with the balance held by CEO Chris Fagan
  and the rest of the management team.
  A full bid process...
  
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• Julie Page named Aon Risk Solutions CEO

  06-03-2017 15:46
  
  She replaces Andrew Tunnicliffe.
  
  Read more

• Aon UK broking appoints new chief

  06-03-2017 15:43
  
  Aon UK broking top job change reflects broker’s strategy of promoting and developing internal talent
  
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• County Group buys Arthur Marsh & Son

  06-03-2017 15:40
  
  Arthur Marsh & Son (Birmingham) is a £4.5m GWP broker and takes County up to £70m in GWP.
  
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• Aston Scott back on the acquisition trail with broker buy

  06-03-2017 14:31
  
  Acquisition of Derby-based broker puts Aston Scott back on the acquisition trail
  
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• Aston Scott buys Bell & Co in Derby

  06-03-2017 14:13
  
  First takeover deal of 2017 for the broker.
  
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• Event: Join the movers and shakers in HNW

  06-03-2017 14:10
  
  Are you a high net worth (HNW) broker looking for the next step in this niche but lucrative market? Then why not join the Insurance Age HNW Society?
  
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• News analysis: Brokers urged to check FCA warnings

  06-03-2017 14:05
  
  Regulator’s list of unauthorised firms is “useful and accessible” for brokers, says compliance expert
  
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• PPL adds marine on time after resistance

  06-03-2017 13:56
  Electronic insurance exchange Placing Platform Ltd (PPL) has
  begun taking marine business, belying expectations that it would
  have to accept a delay in the face of a market revolt.
  The marine market has been sceptical about PPL, with a committee
  of marine underwriters complaining in January that the system was
  not yet fit for purpose.
  Bringing the marine market onto PPL has been the toughest
  challenge so far for the placement system, which was introduced in
  2016 to financial lines...
  
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• CIRC considers overseas M&A leeway: report

  06-03-2017 13:56
  The China Insurance Regulatory Commission (CIRC) is reportedly
  mulling a change to its regulatory framework which would ease
  overseas M&A by larger, more solvent companies.
  According to Reuters, the regulator is considering allowing
  firms including China Life Insurance and Ping An Insurance to
  continue their overseas expansion while retaining strict controls
  for smaller, riskier companies.
  The news agency said the proposal remains in the early stages
  and no decision has been made as to when
  
  Read more

• Chubb reshuffles UK management team

  06-03-2017 13:56
  Chubb has made two changes to its UK leadership, naming Mark
  Roberts as chief underwriting officer for the UK and Ireland and
  Sara Mitchell as head of its corporate division for the region.
  Roberts, previously UK and Ireland casualty manager, will
  oversee all P&C product lines in the UK and Ireland in his new
  role. He first joined Chubb in 1999.
  Mitchell will run Chubb's middle market business in the UK
  and Ireland, the company said in a statement today....
  
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• Axis discloses $50mn Ogden rate impact

  06-03-2017 13:56
  Axis Capital anticipates a hit of $50mn on its reserves as a result
  of the change in the UK discount rate for bodily injury claims, it
  announced today.
  On 27 February, the UK government cut the so-called Ogden rate
  to minus 0.75 percent from 2.50 percent, effective from 20
  March.
  The firm said the charge related primarily to UK motor
  non-proportional business in its reinsurance segment.
  UK motor non-proportional reinsurance business represents less
  than 1 percent of the group's net...
  
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• Axis to take £41m Ogden rate hit

  06-03-2017 13:53
  
  Specialty insurer and reinsurer Axis Capital will take a £41m hit from the reduction in the Ogden discount rate.
  
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• P&I Clubs face pricing pressure: AM Best

  06-03-2017 13:17
  
  Underwriters in the marine protection and indemnity sector must exercise underwriting discipline as their ship-owning members continue to face economic pressure, AM Best has warned.
  
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• The FCA spent over £400,000 on AR thematic review

  06-03-2017 13:12
  
  Review which found "significant shortcomings" cost the regulator £417,669.
  
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• FCA launches consultation on Insurance Distribution Directive

  06-03-2017 12:35
  
  The regulator has announced a raft of proposals to bring rules in line with Insurance Distribution Directive
  
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• MCE’s document reveals £10m dispute with HMRC

  06-03-2017 12:04
  
  Tax issue flagged as being based upon an employee benefit trust.
  
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• InsurTech Futures: Hood Group launches connected home insurance pilot

  06-03-2017 11:57
  
  The broker is testing escape of water sensor technology to inform new home insurance propositions.
  
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• Motorists fear further IPT rises this week

  06-03-2017 11:52
  
  Four out of 10 motorists believe the Chancellor will raise the insurance premium tax still further in his Spring Budget.
  
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• UK General buyer plots acquisition for top 50 broker - reports

  06-03-2017 11:42
  
  UK General buyer rumoured to be considering the purchase of another UK distribution business
  
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• Opinion: Gossmann's legacy

  06-03-2017 11:20
  To what extent does a change of CEO alter a business?
  The sudden
  departure of Arndt Gossmann, CEO of European run-off specialist
  Darag, prompted me to reflect on the question.
  Darag is a leader in its chosen niche - legacy solutions for
  mid-sized continental European carriers. It has built a business on
  longstanding relationships and at the forefront of that push was
  Gossmann.
  During his tenure, Darag gained extra firepower by bringing in
  private equity backing, and helped bring alternative...
  
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• MS Amlin builds LatAm hub

  06-03-2017 11:20
  MS Amlin has hired Frank Padilla from XL Catlin as a senior
  casualty underwriter in its Latin American hub.
  Padilla will be responsible for developing the international
  casualty account for the region, which MS Amlin has described as
  "strategically important".
  Padilla has 13 years of experience in Latin America. Most
  recently, he was a casualty underwriter at XL Catlin for Latin
  America and the Caribbean.
  In his new role, he will be based in Miami but will also have
  support...
  
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• Maiden to file delayed results

  06-03-2017 11:20
  Bermudian carrier Maiden Holdings will file its delayed annual
  results later today after the company's auditor completed its
  2016 year-end audit.
  The company it had received an unqualified opinion from the
  independent auditor, and will still be deemed a timely filer
  despite missing the initial deadline.
  On 1 March Maiden requested an extension of the deadline to file
  its annual report with the regulator.
  Shares in the reinsurer had dropped almost 6.4 percent the
  previous day as Maiden warned it.
  
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• IAG, Suncorp count Sydney hailstorm cost

  06-03-2017 11:20
  Australia's IAG and Suncorp on Monday gave
  updates indicating that the hailstorm which struck Northern Sydney
  last month would cost the two insurers together well over A$300mn
  ($227.9mn).
  IAG said it has received more than 20,000
  claims as a result of the 18 February event, with claims still
  coming in.
  While acknowledging uncertainty about the
  eventual net cost it estimated that this could be A$160mn.
  After allowing for reinsurance, it expects its
  maximum exposure to be a net A$200mn.
  As...
  
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• Dale Underwriting Partners names COO

  06-03-2017 11:20
  Dale Underwriting Partners has appointed Mark Channell as chief
  operations officer, the company said today.
  Channell joins from Sirius International Managing Agency, where
  he was chief operating officer and served on the board, executive
  committee and risk and capital committees.
  Dale CEO Duncan Dale said: "This is a further important
  step in the development of our business and we expect to benefit
  significantly from Mark's experience and expertise in the
  operational aspects of Lloyd's businesse
  
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• CIRC mulls overseas M&A leeway: report

  06-03-2017 11:20
  The China Insurance Regulatory Commission (CIRC) is reportedly
  mulling a change to its regulatory framework which would ease
  overseas M&A by large, more solvent companies.
  According to Reuters, the regulator is considering allowing
  firms including China Life Insurance and Ping An Insurance to
  continue their overseas expansion while retaining strict controls
  for smaller, riskier companies.
  The news agency said the proposal remains in the early stages
  and no decision has been made as to when i
  
  Read more

• BHSI adds Asia A&H offering

  06-03-2017 11:20
  Berkshire Hathaway Specialty Insurance (BHSI) has entered the Asian
  accident and health (A&H) market.
  The company said it had added group personal accident, corporate
  travel and expatriate medical cover to the products it offers in
  Singapore and Hong Kong.
  Kok Leong Koo has been hired as underwriting manager for A&H
  based in Singapore, while Janus Law was appointed as assistant vice
  president for A&H in Hong Kong.
  The company also said it will launch the A&H products in
  Macau in.
  
  Read more

• Solvency II safeguards mean no need for EU rule change

  06-03-2017 11:14
  
  The safeguards provided by Solvency II mean that a new EU framework on recovery and resolution for insurers is not required, according to Insurance Europe.
  
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• FCA reveals IDD plans

  06-03-2017 10:55
  
  Regulator is now consulting on how to implement the Insurance Distribution Directive.
  
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• #Insagepeople: 6 - 12 March 2017

  06-03-2017 10:36
  
  Keep up to date with the latest people moves.
  
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• Ryan Direct Group silent on JC Flowers rumours

  06-03-2017 10:12 via insuranceage.co.uk
  
  Primary Group owned firm declines to comment on rumours of deal with the buyer of UK General.
  
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• Editor’s letter - March 2017

  06-03-2017 10:10 via insuranceage.co.uk
  
  “For brokers… conversations with clients, who will see bills rising, are going to get even more complicated”
  
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• LMG adds marine businesses to PPL platform

  06-03-2017 09:57
  
  The London Market Group’s electronic PPL platform has introduced marine classes for trading.
  
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• Post People: 06 - 10 March

  06-03-2017 09:16
  
  People moves from the insurance industry.
  
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• Young drivers to bear the brunt as car insurance costs continue to rise

  06-03-2017 08:00
  
  Changes to the way payouts for injury claims are calculated could see premiums soar by up to £1,000 for drivers under 25Getting the keys for a first car is a milestone in the lives of many young people. Another is the arrival of the first insurance bill, which shows that driving is an expensive business – and one that is about to get even more so.Changes announced by the government in how compensation payments are calculated are expected to affect motor insurance premiums across the
  
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• Blog: Is your data breach response plan good enough?

  06-03-2017 08:00
  
  Many savvy organisations are investing time and thought into data breach response plans.
  
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• Apprenticeships: A radical overhaul

  06-03-2017 08:00
  
  The radical overhaul by the government of the apprenticeship scheme - with the core aim of creating three million new apprentices by 2020 - is set to have a major impact on recruitment and training in the insurance industry, potentially reaching far beyond expanded opportunities for 16 to 19-year-olds.
  
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• Berkshire Hathaway hires for Asia expansion

  06-03-2017 06:55
  
  Berkshire Hathaway Specialty has hired two senior insurance professionals as the insurer introduces personal accident to Hong Kong and Singapore.
  
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• Allianz's Asia P&C profits fell 22% in 2016

  06-03-2017 04:46
  
  Allianz saw P&C profits fall 22% in Asia last year to €58m (£49.5m) from €74m in 2015.
  
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