Insurance news

• XL Catlin expands builder cover for large projects

  08-03-2017 23:17
  XL Catlin has quadrupled the capacity of its builders risk line
  to $1bn to provide "one-stop" cover to large construction
  projects in North America, the company said today.
  The non-syndicated property policy can be combined with other
  covers to provide all-lines inclusive coverage, according to XL
  Catlin North America Construction Property's Joe Vierling.
  The senior vice president commented: "There has been an
  increased demand for a single carrier builders risk solution for
  hospital, educational
  
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• Napslo and AAMGA pick name for merged group

  08-03-2017 23:17
  The proposed combination of the National Association of
  Professional Surplus Lines Offices (Napslo) and American
  Association of Managing General Agents (AAMGA) would be named the
  Wholesale & Specialty Insurance Association (WSIA), the two US
  industry trade bodies have decided.
  In an update at a Napslo forum today, a panel of leaders from
  both associations introduced the name and updated members on how
  the new organization is taking shape.
  The two associations entered merger talks last autumn
  
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• Genworth investors favour $2.7bn China Oceanwide deal

  08-03-2017 23:17
  Genworth Financial shareholders have approved Asia Pacific Re
  backer China Oceanwide's all-cash offer to buy the Richmond,
  Virginia insurer and run it as an independent subsidiary.
  The $5.43 per share transaction is expected to close by the
  middle of the year, Genworth said yesterday in a regulatory
  filing.
  Approvals are still needed from regulators in the U.S., China,
  and other international markets, according to Tom McInerney,
  president and CEO of the mortgage and life insurance provider.
  "Oce
  
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• Fosun wins $50mn ProSight legacy book contract

  08-03-2017 23:17
  Fosun's recently established US legacy operation has won a
  contract to manage the run-off book of up-for-sale specialty
  carrier Prosight, The Insurance Insider
  understands.
  The book, which is believed to hold reserves of around $50mn, is
  made up of pooled asbestos and environmental liabilities, sources
  told this publication.
  The portfolio was originally written by New York Magic, which
  became ProSight in 2009 after being acquired by the private equity
  arm of Goldman Sachs and TPG Capital.
  It is
  
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• CNA faces paying $30mn in refunds

  08-03-2017 23:17
  CNA will hand at least $30mn back to policyholders after
  overcharging them for premiums - and the carrier has warned that
  the figure will likely grow.
  The refunds relate to the CNA Connect product, which covers
  small businesses, the Chicago-based insurer has told
  The Insurance Insider. The company said
  in a recent regulatory filing that it took steps voluntarily to
  rectify the situation once it was discovered.
  CNA warned that the refunds will increase and added that fines
  or penalties...
  
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• With the deadline less than a week away start your British Insurance Awards entry today

  08-03-2017 21:12
  
  The countdown has well and truly began to get entries in for the 2017 British Insurance Awards with the deadline now less than a week away.
  
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• Skip Cooper becomes AmWins vice chairman

  08-03-2017 19:19
  Skip Cooper, the president of wholesale broking giant AmWins,
  has joined the company's board as vice chairman, the firm said
  today.
  Cooper is an AmWins veteran and has been president and a key
  lieutenant of CEO Steve DeCarlo since 2007.
  DeCarlo said: "Skip has played a key role in shaping
  AmWins' strategic direction and product development efforts
  over the past decade."
  Cooper's appointment to the board is the latest in a series
  of management changes at AmWins.
  In November, then...
  
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• Hammond ignores pleas for IPT reprieve

  08-03-2017 19:19
  UK Chancellor of the Exchequer Philip Hammond has ignored
  insurers' calls to rethink a pending insurance premium tax
  (IPT) rise and laid down measures to ensure carriers can't
  bypass the higher rate by paying the levy early.
  In his first Budget, Hammond also announced personal taxation
  measures that may affect brokers and directors of start-ups and
  promised a consumer protection green paper.
  After the Ogden rate upset on 27 February - and two consecutive
  annual increases in IPT - some...
  
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• February weather losses top $1bn: Aon Benfield

  08-03-2017 19:19
  Severe weather events last month will likely cost insurers more
  than $1bn, according to Aon Benfield's Impact Forecasting unit.
  The reinsurance broker's cat modelling business said the
  losses would result from several tornado clusters in the US, a
  deadly windstorm in Europe and powerful thunderstorms in New South
  Wales, Australia.
  In the US Midwest, at least five storm systems spawned dozens of
  tornadoes, hail the size of softballs and fierce
  "straight-line" winds, the Aon Benfield unit said tod
  
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• AIG gives Luxembourg fillip in Brexit beauty parade

  08-03-2017 19:19
  AIG's choice of Luxembourg as the location for a new EU
  subsidiary after Brexit is a major win for the Benelux country.
  The new Luxembourg subsidiary will from 2019 use EU passporting
  rights to write business across the EU, the European Economic Area
  and Switzerland, the carrier said today.
  The restructuring won't result in redundancies among
  AIG's 4,900 European workforce, including among the 2,200
  employees located in London, a spokeswoman added.
  AIG's choice is a significant endorsement of th
  
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• Briefing: Budget 2017 - Insurtech, IPT and the Ogden NHS bombshell

  08-03-2017 19:02
  
  Premium Content: The Budget contained few surprises but holding IPT rise steady is a welcome relief for insurers and consumers alike
  
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• GI profits up at L&G for 2016

  08-03-2017 18:24 via insuranceage.co.uk
  
  Provider posts COR of 89% - identical to 2015.
  
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• Budget 2017: BIBA, CII blast government for IPT inaction

  08-03-2017 16:53
  
  Budget prompts underinsurance warning as Insurance Premium Tax increase looms
  
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• ABI blasts government over 'extraordinary' discount rate costs to NHS

  08-03-2017 16:19
  
  The government has set aside £5.9bn to “protect the NHS” from changes to the Ogden discount rate, the Chancellor confirmed today in his speech on the Spring Budget.
  
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• 'Record' year for cyber claims points to crime exposures

  08-03-2017 16:14
  The cyber claims experience in 2016 suggests the line of
  business behaves far more like a crime product than a liability
  product in terms of losses, panellists said yesterday at an Advisen
  cyber conference in London.
  James Burns, cyber product leader for managing general agent CFC
  Underwriting, said 2016 had been a "record" year for
  claims notifications at the firm, which specialises in cyber cover
  for small and medium enterprises.
  "Cyber is not primarily a liability product," he said.
  &qu..
  
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• AIG picks Luxembourg for EU subsidiary

  08-03-2017 16:14
  AIG has revealed plans to set up an insurance company in
  Luxembourg to write EU business once the UK leaves the trade
  bloc.
  The Luxembourg subsidiary will be able to use the financial
  services passport to write business across the EU and European
  Economic Area after Brexit. The unit will open in 2019, subject to
  regulatory approval.
  AIG will retain its operation in London "to write UK
  business", the US carrier said today.
  Anthony Baldwin, chief executive of AIG Europe,...
  
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• Chancellor’s budget of ‘little comfort’ to insurers

  08-03-2017 15:47
  
  Chancellor Philip Hammond's Spring budget is of "little comfort" to insurers due to recent insurance premium tax hikes, trade bodies say.
  
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• AIG to establish post-Brexit EU hub in Luxembourg

  08-03-2017 15:22
  
  AIG will move its Europe operations from the UK to Luxembourg ahead of Brexit.
  
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• AIG prepares for Brexit with new Luxembourg insurance company

  08-03-2017 15:00 via insuranceage.co.uk
  
  Insurer will have two European subsidiaries from 2019.
  
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• Telematics broker becomes member of the IFB

  08-03-2017 13:45
  
  Telematics broker, Carrot Insurance has become a member of the Insurance Fraud Bureau in a move that will see both parties sharing data with one another.
  
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• SME Now and the future: Property protectors

  08-03-2017 13:35
  
  Brokers offer vital help to property owners facing new challenges to their business, writes Edward Murray
  
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• Meet the techies: Erik Abrahamsson

  08-03-2017 13:14
  
  Digital Fineprint head of operations Erik Abrahamsson talks us through how analysing social media data can benefit brokers.
  
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• Insurers must fight fraud in the courtroom: Justice Kearns

  08-03-2017 13:14
  
  Insurers must fight back against exaggerated and fraudulent personal injury claims in court, the chairman of Ireland’s Personal Injury Commission has said.
  
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• AM Best downgrades Istmo unit after regulatory action

  08-03-2017 12:48
  AM Best has downgraded the financial strength rating of Istmo Re
  unit Aseguradora del Istmo from B++ (Good) to E and the
  subsidiary's long-term issuer credit rating from bbb to e
  following a review initiated when it slashed the parent company
  ratings in December.
  AM Best also withdrew the rating for captive Liffey
  Reinsurance.
  The Panama insurance regulator seized control of Istmo Re in
  December. Shortly after, AM Bestdowngraded the parent entity's rating from B to E and the...
  
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• Ogden shaves £142m from L&G UK insurance profits

  08-03-2017 12:45
  
  The discount rate change shaved £142m from the pre-tax profits of Legal & General’s UK insurance business.
  
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• Admiral to raise motor premiums by 10% following Ogden

  08-03-2017 12:38
  
  Admiral will increase premiums by a further 10% in coming months following a double whammy of the Ogden rate cut and the hike in the Insurance Premium Tax.
  
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• Admiral profits dive on discount rate hit

  08-03-2017 11:47
  
  Car insurance giant blasts ‘eccentric’ government decision as Admiral profts dive
  
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• Admiral profits dive 25% on discount rate hit

  08-03-2017 11:47
  
  Car insurance giant blasts ‘eccentric’ government decision to decrease personal injury discount rate
  
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• Integro UK bosses John Sutton and Toby Humphreys depart

  08-03-2017 10:43
  
  Divisional chiefs Bob Pybus, Neil Clayton, Jason Collins and David Abraham will report to CEO Bill Goldstein.
  
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• Ogden takes 25% off Admiral profit for 2016

  08-03-2017 10:41 via insuranceage.co.uk
  
  Admiral’s UK aggregator site’s profit hits £16.5m but the group’s profit share falls to £284.3m due to Ogden.
  
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• Opinion: a quiet budget

  08-03-2017 10:38
  To paraphrase Benjamin Franklin, nothing in this world can be said
  to be certain except tax increases in the UK Budget.
  A quick glance at last night's papers shows the majority of
  Brits expect today's Budget to contain a general rise in
  taxation, offset by a few small giveaways designed to generate
  positive headlines in government-friendly media outlets.
  Chancellor of the Exchequer Philip Hammond is also said to be
  keen to build a Brexit war chest stashing away £60bn in...
  
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• Integro UK leaders step down

  08-03-2017 10:38
  John Sutton and Toby Humphreys are to leave Integro after
  leading the broker's UK operation since 2005.
  In a statement released this morning Integro said the duo's
  leadership roles will be fulfilled by the UK management team. This
  includes co-heads of wholesale Jason Collins and David Abraham,
  head of retail Bob Pybus and head of entertainment and sport Neil
  Clayton.
  The team members will retain their responsibilities for the
  individual segments
  Humphreys and Sutton have headed up the UK operati
  
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• Barbican Protect hires underwriting director

  08-03-2017 10:38
  Barbican Insurance's Barbican Protect division has hired Martin
  Eyres for the new role of underwriting director.
  He will report to Barbican Protect managing director Stuart
  Kilpatrick.
  Eyres was most recently underwriting manager at Mitsui Sumitomo,
  where he led the UK and Ireland property strategic business unit
  for Syndicate 3210 and was head of the UK and Ireland regional
  P&C business, Barbican said.
  Between 2010 and 2015 he was head of mid-corporate risks at Axa
  Commercial Lines, while b
  
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• Admiral takes £105mn profit hit from Ogden

  08-03-2017 10:38
  UK motor specialist Admiral took a £105.4mn ($128.8mn) hit
  to its earnings in 2016 as a result of the change in the Ogden
  discount rate.
  Admiral today reported a full-year pre-tax profit of
  £284.3mn for 2016, with the firm noting that it had been
  "materially affected" by the rate change, announced in
  February.
  If the rate had remained unchanged, the group pre-tax profit
  would have been £389.7mn, the company said.
  In 2015, Admiral had reported a pre-tax profit of
  £376.8mn.
  
  Read more

• After Brolly v Travelers, here are six more insurance brand and marketing spats that made the headlines

  08-03-2017 09:49
  
  The news last month that insurance giant Travelers had objected to insurtech startup Brolly using an umbrella as its logo got me thinking.
  
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• Admiral's profit falls 25% as CEO blames 'eccentric' Ogden decision

  08-03-2017 08:41
  
  Cardiff-headquartered personal lines insurer Admiral saw pre-tax profit fall 25% last year after the shock decision by the UK government to reduce the personal injury discount rate to minus 0.75%.
  
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• Suncorp hit by 11,000 Sydney hailstorm claims

  08-03-2017 04:34
  
  The 18 February Sydney hailstorm will cost Brisbane-based financial services group Suncorp between A$150m (£93.4m) and A$170m.
  
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• New South Wales signs legislation to replace insurance emergency levy

  08-03-2017 03:17
  
  The state of New South Wales has signed legislation this week to end the insurance tax to fund emergency services.
  
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• Reinsurers in US cling to profit as loss ratios climb

  08-03-2017 01:23
  Reinsurers in the US appear to be falling in line with a global
  trend, with shrinking profits for 2016, according to a report on 18
  companies writing business on the ground in the country.
  The group includes subsidiaries of international reinsurers as
  well as those carriers actually based in the US.
  Statutory underwriting gains for the group shrank 36 percent to
  $1.64bn, with most reinsurers hovering around the break-even point,
  according to data compiled by the Reinsurance Association of
  Americ
  
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• Graham Company snubs PE offers for employee ownership

  08-03-2017 01:23
  Philadelphia-based broker The Graham Company has rejected offers
  from industry consolidators and private equity firms in favour of
  employee ownership.
  The move bucks the trend toward consolidation that has been seen
  in the wider market, instead seeking to preserve the
  intermediary's status as an independent entity.
  The decision to convert the firm into an employee stock
  ownership plan (ESOP) was apparently taken by the son of the
  firm's founder Bill Graham, who is also chairman and CEO of the
  br
  
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• Demotech hails Florida carriers as surpluses rise

  08-03-2017 01:23
  Demotech will reveal which Florida homeowners insurers it has
  affirmed or downgraded no later than 16 March after reviewing
  year-end results that included $155mn of aggregate surplus growth
  for 2016.
  The higher surplus combined with an extra $200mn of loss and
  loss-adjustment expense reserves on balance sheets compared to
  year-end 2015 was the culmination of "a remarkable
  recommitment to Floridians seeking property insurance", the
  ratings company said today in a statement.
  The firm said the incr
  
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