Insurance news

• XL Catlin receives Monaco licence

  14-03-2017 21:57
  XL Catlin has been approved to write insurance in Monaco effective
  last Friday (10 March), the carrier announced today.
  The licence from the principality's Minister of State allows
  XL Catlin to offer its products through subsidiary XL Insurance
  Company SE on an admitted basis directly to local brokers and
  clients.
  XL Catlin is one of a few global insurers to have such a
  licence, the company said.
  Bruno Laval, XL Catlin's regional manager for France and
  Southern Europe - insurance,...
  
  Read more

• AIG Europe hires credit lines head

  14-03-2017 21:57
  AIG has hired former Euler Hermes UK CEO Richard Webster for the
  newly created role of head of credit lines, The
  Insurance Insider understands.
  Webster was most recently managing director of a division of
  construction services group Morgan Sindall and previously spent
  four years as CEO of Merlin Claims Services. He led the UK division
  of German credit insurer Euler Hermes between 2002 and 2008,
  according to his LinkedIn profile.
  AIG is rebuilding its credit lines business after losing two...
  
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• McGavick rules himself out of running for AIG job

  14-03-2017 17:38
  XL Catlin CEO Mike McGavick has joined Aon CEO Greg Case in
  making clear that he has no interest in becoming CEO of AIG
  following Peter Hancock's resignation last week,
  The Insurance Insider understands.
  McGavick indicated in an internal email to XL Catlin staff
  earlier today that he would remain at the company regardless of any
  interest that could emerge from AIG, following press speculation he
  would feature on the shortlist to replace Hancock.
  "While such speculation may be viewed...
  
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• Lure of Luxembourg sways relocating carriers

  14-03-2017 17:38
  Consensus suggests that the unlikeness of a "Lexit",
  permissive regulation and an attractive tax regime have helped
  Luxembourg displace Dublin as the post-Brexit European hub of
  choice.
  Luxembourg and Ireland have for weeks been the frontrunner
  locations for restructuring UK carriers, with Malta, Belgium and
  the Netherlands the other popular choices.
  In February, Hiscox disclosed that it was looking to set up a
  European subsidiary in either Luxembourg or Malta.
  If Lloyd's follows AIG and plumps
  
  Read more

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• Lloyd's develops liability model with Arium

  14-03-2017 17:38
  Lloyd's has collaborated with modelling firm Arium to develop a
  probabilistic model for long-tail liability exposures.
  The new approach categorises casualty events based on a
  company's business activities - which includes its products and
  services, operations and infrastructure - and maps the economic
  relationships that reflect the journey of products and services
  through the economy, Lloyd's said.
  The methodology is the result of a three-year collaboration
  between Lloyd's and Arium and breaks l
  
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• LaMia stripped of $300mn liability limit ahead of fatal crash

  14-03-2017 17:38
  Bolivian charter airline LaMia was left significantly
  underinsured after its in-force liability coverage was cancelled
  just months before a fatal crash that killed 71 people in November
  last year, The Insurance Insider can
  reveal.
  It is understood LaMia previously purchased $300mn of liability
  cover, but replaced it with a $25mn limit before the crash of
  Flight 2933 en route to Medellín, Colombia.
  Senior aviation market sources said the reduced limit of $25mn -
  which will respond - was su
  
  Read more

• Insurers look to launch reciprocal exchanges in coastal states

  14-03-2017 17:38
  Several insurers are considering setting up reciprocal exchange
  vehicles in challenging states to offer agents alternatives to the
  thinly capitalised carriers that dominate the coastal residential
  market, The Insurance Insider can
  reveal.
  The model, employed by entities such as The Pure Group, Erie
  Indemnity and Farmers Insurance Group, is structured with a
  policyholder-owned reciprocal insurer and a separate
  attorney-in-fact (AIF).
  The AIF is a kind of independently owned managing agent that
  ad
  
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• Insider View: LaMia crash

  14-03-2017 17:38
  As insurance journalists, it is our job to find out the relevant
  insurance details of flights that go down, looking past the human
  tragedy to assess the financial cost to the industry we cover.
  Who leads the plane, what the loss quantum is, who brokered the
  cover.
  Typically we publish such details inside a day and our
  attention, along with that of the rest of the market, moves
  elsewhere.
  LaMia flight 2933 - the Bolivian charter flight that went down...
  
  Read more

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• Icat achieves lower premium on Buffalo cat bond

  14-03-2017 17:38
  Lloyd's insurer Icat Syndicate 4242 managed to get a 10 percent
  discount on the premium for its Buffalo Re cat bond, as investor
  demand pushed down pricing on the deal.
  The insurer's first cat bond raised $164.5mn of cover
  against named storms and earthquakes in the US, on a per-occurrence
  indemnity basis, sister publication Trading
  Risk reported last week (8 March).
  The deal was divided into two reinsurance layers, with Icat
  paying an insurance premium of 675 basis points (bps)...
  
  Read more

• Evercore advises Icat on strategic options

  14-03-2017 17:38
  Evercore has been appointed by US property cat specialist Icat
  and its parent Paraline Group to advise on strategic options that
  could include an eventual sale, The Insurance
  Insider can reveal.
  According to sources, the underwriter is in the early stages of
  working with boutique investment bank Evercore after receiving a
  growing number of queries from potential buyers and investors in
  recent years.
  Paraline Group is backed by hedge fund Elliott Management and
  private equity firm Wand Partners,
  
  Read more

• Ascot lures away AIG political risk underwriter

  14-03-2017 17:38
  Ascot has hired its new head of political risk from founding
  investor and former owner AIG.
  The Lloyd's (re)insurer said Ray Antes will join on 1 June
  as executive underwriter with responsibility for the political risk
  team.
  He joins from AIG Europe, where he was senior vice president and
  his responsibilities included global profit centre manager and
  chief underwriter for the political risk division.
  In a short statement Ascot CEO Andrew Brooks said Antes had a
  "preeminent position in the...
  
  Read more

• Ambrose swaps SSL for ATL

  14-03-2017 17:38
  Former SSL Insurance Brokers operations director John Ambrose
  has joined rival marine and energy intermediary ATL Marine &
  Energy, The Insurance Insider can
  reveal.
  Ambrose joined ATL in January to take up the dual roles of chief
  financial officer and chief operating officer.
  Ambrose spent more than 11 years with SSL, having joined the
  company as finance director in 2004, according to his LinkedIn
  profile.
  He previously spent 14 years at broker Willis, having entered
  the industry in the unde
  
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• Allstate targets $300mn from Sanders Re cat bond

  14-03-2017 17:38
  Allstate Insurance Company is seeking to raise $300mn from a new
  four-year Sanders Re cat bond in its first nationwide indemnity
  insurance-linked securities transaction, sister publication
  Trading Risk reported last week (6
  March).
  The indemnity per-occurrence transaction will cover named
  storms, earthquakes, severe thunderstorms and winter storms across
  the US, with the exception of Florida and New Jersey.
  However, there is a provision to include New Jersey in the
  multi-year deal after its annu
  
  Read more

• AIG leads potential $100mn Southwest cyber claim

  14-03-2017 17:38
  AIG is the lead insurer for a potential $100mn cyber loss
  stemming from a system failure at Southwest Airlines,
  The Insurance Insider understands.
  A faulty router at the US airline caused a system outage which
  led to 2,300 cancelled flights over five days in July 2016.
  Sources said the cover is led by AIG, with the excess placed in
  both the US and London.
  Initial loss estimates on the cyber placement were between $60mn
  and $100mn.
  Southwest stated in August...
  
  Read more

• AIG Europe replaces UK trade credit head

  14-03-2017 17:38
  AIG has hired former Euler Hermes UK CEO Richard Webster as head
  of credit lines, The Insurance Insider
  understands.
  Webster was most recently managing director of a division of
  construction services group Morgan Sindall and previously spent
  four years as CEO of Merlin Claims Services. He led the UK division
  of German credit insurer Euler Hermes between 2002 and 2008,
  according to his LinkedIn profile.
  AIG is rebuilding its credit lines business after losing two
  trade credit underwriters earlier
  
  Read more

• Brokers have learnt from their "very bad" ways of buying businesses

  14-03-2017 17:26
  
  IMAS partner urges brokers to partner with Insurtech firms.
  
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• UK General launches schemes survey

  14-03-2017 14:17
  
  UK General launches schemes survey in association with Insurance Times
  
  Read more

• Prudential has ‘barely scratched the surface’ in Asia: Wells

  14-03-2017 13:54
  
  Asian insurance markets continue to offer significant opportunity for international financial services group Prudential, the company’s CEO has said.
  
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• Prudential ‘barely scratched the surface’ in Asia: Wells

  14-03-2017 13:54
  
  Asian insurance markets continue to offer significant opportunity for international financial services group Prudential, the company’s CEO has said.
  
  Read more

• LV declines to comment on Royal London merger talks

  14-03-2017 13:33 via insuranceage.co.uk
  
  Reports suggest that recent discussions between the two mutual insurers have taken place.
  
  Read more

• Lark hires bankers to explore sale

  14-03-2017 13:22
  Hiscox-backed broker Lark Insurance has appointed Fenchurch
  Advisory to explore a sale of the company, The
  Insurance Insider has learned.
  It is understood investor memoranda have been sent out for the
  intermediary, which is said to carry a price tag of
  £60mn-£70mn ($73mn-$85mn).
  Lark is 25 percent owned by Hiscox, with the remainder owned by
  management after a buyout from previous owner Groupama in 2012.
  The broker is known for its private client business, but also
  provides commercia
  
  Read more

• Opinion: Tysers sale?

  14-03-2017 13:22
  At the end of pretty much every conversation I have with a London
  market banker, there is something that either I say or they do.
  "Anything more on Tysers?"
  For two or three years now, I have been waiting to write a story
  about the pending sale of Tysers and they have been looking for a
  chance to get mandated on one side of a deal.
  Which is to say that the London market considers the sale of
  Tysers a...
  
  Read more

• AGCS names Donavan global cyber head

  14-03-2017 13:22
  Allianz Global Corporate & Specialty (AGCS) has promoted Emy
  Donavan to global head of cyber following the departure of Nigel
  Pearson.
  Donavan is currently regional head of cyber for AGCS in North
  America, and will report to global head of financial lines Bernard
  Poncin.
  Based in San Francisco, she will oversee cyber insurance for
  both commercial companies and financial institutions as well as IT
  tech professional indemnity (PI) insurance.Pearson has left AGCS to pursue other opportunities,
  
  Read more

• Northern Ireland broker launches drone insurance

  14-03-2017 13:21
  
  Broker unveils new brand of Aviate Protect.
  
  Read more

• Arnott Marine relaunches cargo MGA

  14-03-2017 13:02
  
  The move comes as the business has retrieved the brand from Arthur J Gallagher.
  
  Read more

• 30 claims handler jobs at risk at Direct Line

  14-03-2017 12:09
  
  Direct Line Group has placed 30 claims handler jobs under review.
  
  Read more

• Asia drives growth as Prudential operating profit soars

  14-03-2017 10:58
  
  Prudential, the international financial services group, has reported record group operating profit of £4.26bn in 2016 thanks to double digit-growth in Asia.
  
  Read more

• CIRC establishes offshore reinsurance deposit system

  14-03-2017 10:12
  The Chinese regulator has introduced an offshore reinsurance
  deposit system aimed at mitigating the credit risk arising from
  foreign carriers operating in the country.
  The China Insurance Regulatory Commission (CIRC) said in a
  statement released yesterday that the expansion of offshore
  reinsurance business in the country had increased credit risks.
  The regulator said international credit ratings alone were
  insufficient in determining the credit risk of offshore
  reinsurers.
  The carriers will now
  
  Read more

• Berkshire/AIG P&C deal could cost $37bn: KBW

  14-03-2017 10:12
  KBW analysts have put a $37bn price tag on a Berkshire Hathaway
  acquisition of AIG's P&C business in a note defending their
  recommendation that Warren Buffett purchase the company last
  week.
  The estimate includes around half of the business' $11.1bn
  non-life deferred tax assets plus about 13.5x AIG P&C's
  estimated 2018 earnings of $2.3bn after tax.
  The analysts said a premium price tag relative to the
  company's peers seemed unlikely, given the "inferior
  quality" of AIG's book of business
  
  Read more

• Cheltenham charity bets 2017: Day 1

  14-03-2017 09:51
  
  Once again Insurance Age gets the best tips from the racing experts in the sector as part of the Axa Vantage App Stakes.
  
  Read more

• ABI's James Dalton on sorting out the discount rate mess

  14-03-2017 08:00
  
  I am living the discount rate at the moment. I have lost count of the number of meetings I have attended, legal opinions I have read and conversations with insurance company CEOs I have had on this complex issue.
  
  Read more

• Flood insurance reform heats up on Capitol Hill

  14-03-2017 02:12
  Congressional leaders put reforming the National Flood Insurance
  Program on the agenda this week for committees on both sides of
  Capitol Hill.
  The Senate Banking Committee gets the ball first, with a hearing
  set to begin Tuesday morning featuring Roy Wright, the same Federal
  Emergency Management Agency official who appeared before a
  subcommittee in the House of Representatives late last week.
  Led by Idaho Senator Mike Crapo, a Republican, the full Senate
  committee will have a chance to grill Wri
  
  Read more

• Atlas Financial becomes latest commercial auto victim

  14-03-2017 02:12
  Niche commercial auto insurer Atlas Financial fell to a $27.3mn
  adjusted operating loss for the fourth quarter in the face of what
  its CEO described as a "unique set of circumstances" that
  beset the company last year.
  Last month, the specialist carrier announced that it would be
  forced to bolster reserves after claims from Michigan between 2010
  and 2015 exceeded expectations by $23mn. Atlas focuses on light
  commercial vehicles like taxis and paratransit vans.
  On Monday, Atlas boss Scott Wollney.
  
  Read more

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