Insurance news

• Brit brings on Morrell from Beazley

  10-03-2017 20:35
  Brit has recruited Beazley's James Morrell to become class
  underwriter for credit and political risks.
  Morrell joined Beazley in 2012 from trade-credit giant
  Atradius.
  A spokesperson for Brit confirmed the move. According to details
  on his LinkedIn.com profile, Morrell joined Brit last month and was
  a credit and political risk underwriter at Beazley.
  Trade-credit insurance is used by companies to mitigate risks of
  such things as non-payment on contracts. Political risk insurance
  is used by banks
  
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• Digital Insurance Collective:AI poses threat to insurance jobs

  10-03-2017 17:24
  
  The financial services industry is at risk of experiencing a job shortage due to the rise of artificial intelligence and related technology.
  
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• Digital Insurance Collective: AI poses threat to insurance jobs

  10-03-2017 17:24
  
  The financial services industry is at risk of experiencing a job shortage due to the rise of artificial intelligence and related technology.
  
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• Hannover Re predicts limited impact from Ogden

  10-03-2017 17:08
  Hannover Re may prop up its motor excess-of-loss reserves following
  the change to the UK Ogden rate, but believes the ultimate losses
  will not materially affect the company, according to CEO Ulrich
  Wallin.
  Wallin told analysts during an earnings presentation that the
  company writes around £50.0mn ($60.8mn) of motor
  excess-of-loss business in the UK, according to a Seeking Alpha
  transcript.However, he added that the high attachment points of between
  £5mn and £8mn meant it was un
  
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• Federated National shares plunge after Q4 loss

  10-03-2017 17:08
  Federated National shares dropped sharply in early trading in
  New York today after the carrier announced news of a fourth-quarter
  loss.
  The shares fell more than 8 percent as the market opened and
  were down 6.7 percent at $18.99 as of 15:09 GMT on Nasdaq.
  The carrier revealed yesterday it had suffered a net loss of
  $12.1mn for the fourth quarter compared with a net profit of $9.3mn
  in the prior-year period.
  Federated National today also announced the board had...
  
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• This week in Post: bags of losses

  10-03-2017 14:44
  
  This week has been a tumultous one for me and the insurance market alike.
  
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• Brightside sues former finance director Paul Chase-Gardener

  10-03-2017 14:29
  
  Case relates to legal dispute between Brightside and its former auditors.
  
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• Insurers reaction to discount rate doesn't reflect well on profession, says Arag

  10-03-2017 14:22
  
  The insurer's managing director said the the ABI's focus on the 'crazy' decision "showed no compassion" to injured victims.
  
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• US and Australian storms hit insurers with more than $1bn bill for February

  10-03-2017 14:07
  
  An early start to the severe weather season has resulted in a $1bn (£820m) insurance toll in Australia and the United states, according to an Aon catastrophe report.
  
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• Esure unveils plan to ride out reinsurance rate rises

  10-03-2017 13:57
  
  Esure is braced to weather out rising reinsurance costs this summer on the back of the discount rate change.
  
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• LIU names Egnell as SVP for global financial risk

  10-03-2017 13:45
  Liberty International Underwriters (LIU) has transferred
  Alexandre Egnell to New York from its Paris office to develop a
  global financial risk (GFR) offering in North America.
  Egnell will become senior vice president and will report to
  Michael Finnegan, chief underwriting officer for LIU's US
  operations.
  The executive was previously head of the GFR team at Liberty
  Mutual's specialty lines operation in Europe.The carrier's GFR group provides coverage including trade
  credit, political risk and con
  
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• Lighthouse chairman buys 85% of Florida's Prepared

  10-03-2017 13:45
  An investment vehicle owned by Lighthouse Property Insurance
  Corporation president and chairman Patrick White has emerged as the
  buyer of Floridian carrier Prepared Holdings, The
  Insurance Insider can reveal.
  According to sources, the investment vehicle - Prepared
  Investors Group - has completed a deal to buy 85 percent of the
  insurer for undisclosed terms, as consolidation picks up in the
  state.
  It is thought that White wholly owns the vehicle and will take
  over as chairman and CEO of the...
  
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• FedNat falls to net loss on Matthew and AOB losses

  10-03-2017 13:45
  Federated National fell to a net loss of $12.1mn for the fourth
  quarter from a net profit of $9.3mn in the prior-year period as its
  bottom line was hit by Hurricane Matthew claims and attritional
  losses related to the assignment of benefits (AOB) crisis.
  The Floridian reported $47.0mn of gross claims from Matthew in
  its home state and South Carolina, which was well below its initial
  estimate of $77.5mn.
  However, after reinsurance, the storm still made a $21.4mn dent
  in...
  
  Read more

• Allianz names new CFO in board reshuffle

  10-03-2017 13:45
  Allianz has reshuffled its supervisory board and appointed
  Giulio Terzariol as its new CFO, with effect from next year.
  He will replace Dieter Wemmer, whose contract will end later
  this year when he reaches the board's designated age limit of
  60.
  Terzariol will join the board on 1 January next year and remain
  on the board until 31 December 2020. The executive has been
  responsible for group planning and controlling since the start of
  last year and previously spent seven...
  
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• Lack of data access holding back fight against fraud

  10-03-2017 13:24
  
  Changes to Irish claims laws are cutting down on fraud and the rising levels of awards but the lack of insurer access to driver data is holding the industry back, a top judge has said.
  
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• InsurTech Futures: Moorhouse founder sets up InsurTech firm

  10-03-2017 12:27
  
  Lyndon Wood and winner of The Apprentice, Tim Campbell have set up a blockchain firm called Blockrox.
  
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• UK regulators must actively support market on Brexit: Aubert

  10-03-2017 12:20
  
  The UK's regulators need to actively promote London as a key insurance market, the chairman of the London Market Group has said.
  
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• Profits and policies up at esure in 2016

  10-03-2017 10:29 via insuranceage.co.uk
  
  Combined operating ratio lifts slightly to 98.8%.
  
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• Esure profits up 18% despite taking a battering in home market

  10-03-2017 10:27
  
  Esure has seen profits rise by 18% despite losses in its home segment from weather claims.
  
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• Quizzical Questions: 10 March 2017

  10-03-2017 10:25
  
  Test your knowledge of the week's news with our topical quiz.
  
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• Opinion: Hancock's exit

  10-03-2017 10:23
  Peter Hancock's pending departure from AIG leaves the ailing
  insurer's board with a massive problem.
  Persuading an industry leader with the necessary stature and
  experience to lead AIG will be a huge challenge.
  Hamilton's Brian Duperreault, MMC's Dan Glaser and
  Arch's Dinos Iordanou would all be staking their career,
  reputation and legacy on a project with a significant risk of
  failure.
  The same holds for John Keogh, who might expect to succeed Evan
  Greenberg at Chubb, and XL's Mike McGavick....
  
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• Gen Re moves closer to India licence

  10-03-2017 10:23
  Berkshire Hathaway reinsurer Gen Re has reportedly cleared the
  second of three stages of approval from the Indian regulator to
  write business in the country.
  According to the Times of India, Gen Re was granted the
  'R2' approval following a board meeting of the Insurance
  Regulatory and Development Authority of India (Irdai) last
  week.
  The company is reportedly seeking to launch in the country in
  time for the 1 April renewals.
  Gen Re is the latest global reinsurer to pass...
  
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• Allianz names CFO in board reshuffle

  10-03-2017 10:23
  Allianz has selected Giulio Terzariol as the new CFO from next
  year.
  He will replace Dieter Wemmer, whose contract ends later this
  year when he reaches the board's designated age limit of
  60.
  Terzariol will join the board on 1 January next year and remain
  on the board until 31 December 2020. Terzariol has been responsible
  for group planning and controlling since the start of last year and
  was for seven years the CFO of Allianz Life in the US....
  
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• Esure profit jumps but home unit makes loss

  10-03-2017 08:58
  
  Discount rate change only had small impact on Esure profit
  
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• Blog: Vnuk opens fraud front

  10-03-2017 08:00
  
  The Vnuk ruling has raised the prospect of a much wider compulsory insurance regime being introduced in the UK, requiring vehicles such as golf buggies, quad bikes and farm vehicles to be insured, even when used exclusively on private land. The government has described the decision as a 'complete game changer' for motor insurance.
  
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• Blog: Demonstrating value for money

  10-03-2017 08:00
  
  I was intrigued to read the introductory comments made in the Financial Conduct Authority publication in late January about the results of its pilot study into general insurance value measures for a subset of general insurance products.
  
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• LIU names Egnell to financial risk underwriter

  10-03-2017 02:59
  Liberty International Underwriters has moved Alexandre Egnell to
  New York from its Paris office to develop a global financial risk
  (GFR) offering in North America.
  Taking the role of senior vice president in his new post, Egnell
  previously headed up the GFR team at Liberty Mutual's specialty
  lines operation in Europe. He was named to that position in
  2010.
  In his new job, the executive will report to Michael Finnegan
  who leads underwriting for Liberty International's US
  operations.
  The carrier..
  
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• Flood programme reform process kicks off in Congress

  10-03-2017 02:59
  Opening the US flood risk market to wider participation by insurers
  won bipartisan support in the last Congress and lawmakers are
  looking for similar success this year while a deeper struggle over
  reforming the debt-mired National Flood Insurance Program (NFIP)
  began today in the House of Representatives.
  Representatives Dennis Ross and Kathy Castor of Florida and
  Senators Dean Heller of Nevada and Jon Tester of Montana
  reintroduced bills in the House and Senate on Wednesday that would
  make it e
  
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• Fed Nat falls to net loss on Matthew and AOB losses

  10-03-2017 02:59
  Federated National fell to a net loss of $12.1mn for the fourth
  quarter from a net profit of $9.3mn in the prior-year period as its
  bottom line was hit by Hurricane Matthew claims and attritional
  losses related to the assignment of benefits (AOB) crisis.
  The Floridian reported $47.0mn of gross claims from Matthew in
  its home state and South Carolina, which was well below its initial
  estimate of $77.5mn.
  However, after reinsurance, the storm still made a $21.4mn dent
  in...
  
  Read more

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