Insurance news

• Innovation key lies in keeping young talent: Robinson

  16-03-2017 23:21
  The (re)insurance industry needs to develop its culture to
  retain talented younger employees if it wants to lead innovation in
  the space, according to Crawford & Company COO Andrew
  Robinson.
  While there are examples of change occurring within the
  industry, attracting millennial workers remains a fundamental
  challenge which reinsurers must address to remain ahead of the
  curve, Robinson said during a panel discussion today at
  The Insurance Insider's
  InsiderTech event in New York.
  "Our industry
  
  Read more

• Cost and transparency of insurance must improve: Miller

  16-03-2017 23:21
  Embroker CEO Matt Miller has warned insurers need to improve the
  transparency of their product and reduce costs if they are to
  compete with industry newcomers.
  Speaking at The Insurance
  Insider's InsiderTech event in New York
  today, Miller said the average cost ratio of carriers were
  excessive for an intangible product.
  He said: "Compared to other parts of the economy it is
  entirely out of whack and therefore fundamentally
  unsustainable.
  "When you live in a world in which digital offerings...
  
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• Battle over 'Covered Agreement' erupts in Washington

  16-03-2017 23:21
  State insurance regulators want significant issues in the recent
  "Covered Agreement" with the European Union either
  clarified by US Treasury Secretary Steve Mnuchin or entirely
  renegotiated, but industry groups have rallied to defend the accord
  as a win for American insurers and reinsurers.
  The National Association of Insurance Commissioners (NAIC) asked
  Mnuchin to make sure of the meanings of certain provisions of the
  accord that aims to harmonise regulation of insurers and reinsurers
  and remov
  
  Read more

• US securities class action settlements hit 4-year high

  16-03-2017 19:48
  US courts last year approved the highest number of securities
  class action settlements since 2010, data from Cornerstone Research
  has revealed.
  There were 85 approved settlements in 2016, five more than in
  2015. Both years marked a substantial increase over the annual
  numbers from 2011 to 2014.
  As reported inSecurities Class Action Settlements - 2016 Review and Analysis,
  the $6bn of approved settlements was nearly double the total
  settlement value in 2015.
  The increase was driven by 10 large...
  
  Read more

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• Those that don't innovate will lose: Nichols

  16-03-2017 19:48
  Outgoing Axis Re CEO Jay Nichols has warned that underwriters
  who fail to latch on to new data and analytics tools are
  "absolutely going to lose", and that the sector had
  gotten away with complacency for too long.
  Speaking at The Insurance
  Insider's InsiderTech
  event in New York, which he described as his last official duty as
  Axis Re chief, Nichols urged the industry to embrace the
  change.
  He said that carriers that didn't take advantage of the new
  tools...
  
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• Start-up Insurify gets Nationwide, MassMutual backing

  16-03-2017 19:48
  Nationwide and MassMutual have invested in InsurTech start-up
  Insurify, which provides online car insurance quotes via mobile
  technologies.
  The virtual insurance agency, which has roots in the
  Massachusetts Institute of Technology, today said it had raised
  $4.6mn in a funding round that brought in Nationwide and
  MassMutual.
  The company operates with major auto insurers to provide
  consumers with quotes through their cell phones and through
  Facebook's Messenger service.
  Insurify's systems use arti
  
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• Simplesurance raises funding to EUR30mn

  16-03-2017 19:48
  InsurTech start-up Simplesurance has secured additional backing
  from Allianz and others to bring its total funding to EUR30mn
  ($32mn), it announced today.
  Japanese e-commerce company Rakuten has made its first
  investment in the Berlin-based firm through its $100mn fintech
  fund.
  Existing investors Allianz, Rheingau Founders and Route 66 have
  increased their stakes in the firm, which develops and distributes
  cross-selling software.
  "The additional funding will support the Simplesurance
  group in st
  
  Read more

• O'Brien becomes Greenlight Re Ireland CEO

  16-03-2017 19:48
  Cayman Islands-based Greenlight Capital Re has promoted its Irish
  general manager to the new position of CEO of the local subsidiary.
  Patrick O'Brien became general manager of Greenlight Re
  Ireland in June 2016, after spending three years as CEO of Liberty
  Insurance Ireland. Before that he was the London-based COO of
  Liberty Mutual Insurance Europe, having joined Liberty in 1999 from
  The Hartford.
  Nasdaq-listed Greenlight last month reported that it had
  returned
  to profit in the fourth quarter o
  
  Read more

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• Ironshore bolsters Americas M&A team

  16-03-2017 19:48
  Ironshore has expanded its M&A capabilities with a number of
  new hires in the US, Canada and Latin America.
  The business, which has agreed a sale to Liberty Mutual, has
  also increased its maximum line size to $150mn.
  Five professionals have joined the Ironshore M&A group in
  New York.
  David Kavanagh - a former attorney at Fried, Frank, Harris,
  Shriver & Jacobson - will become a vice president and senior
  production specialist.
  Sean Harrigan, an attorney from Baker & Hostetler,...
  
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• Insurance M&A to increase in 2017: Clyde & Co

  16-03-2017 19:48
  The conditions are right for an uptick in insurance sector
  M&A in 2017 after a lull last year, with corporate downsizing,
  Brexit and protectionism among the key drivers, according to Clyde
  & Co.
  In a report the law firm noted that completed insurance M&A
  transactions fell by 13 percent in 2016 to 387, with the number of
  deals declining by 7.5 percent in the second half to 186. That made
  it the quietest six months in three years.
  The firm...
  
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• Blockchain-based insurtech company could settle claims in seconds

  16-03-2017 18:28
  
  Blockchain based insurtech company Iclaims has come up with an app-based solution that could settle single item claims in seconds.
  
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• RSA appoints Geary as CRS MD

  16-03-2017 18:27
  
  RSA has appointed James Gearey has managing director for Commercial Risk Solutions.
  
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• RSA appoints Gearey as CRS MD

  16-03-2017 18:27
  
  RSA has appointed James Gearey has managing director for Commercial Risk Solutions.
  
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• RSA hires commercial risk solutions head

  16-03-2017 16:02
  RSA has appointed James Gearey as managing director of its
  commercial risk solutions division.
  Geary joins from Siemens Financial Services, where he has been
  chief executive of its commercial finance division for the UK and
  Nordic regions since 2009. He joined Siemens in 2008 from Aviva UK,
  where he was director of partnerships in the general insurance
  business.
  Gearey will join RSA on 5 June, subject to regulatory approvals,
  and report to Steve Lewis, who is UK and international CEO....
  
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• LMA calls for legal framework for drones

  16-03-2017 16:02
  The Lloyd's Market Association has called for legislation to
  align the use of drones with manned aircraft to make the growing
  sector easier to insure.
  In a response to a Department for Transport (DfT) consultation,
  the LMA's aviation committee called for primary legislation for
  drones and for the development of a "tiered" knowledge-
  and testing-based system to ensure safety.
  The LMA said: "Both these suggestions would allow insurers
  to smoothly transition between manned and unmanned aircraft
  sys
  
  Read more

• Ecclesiastical’s UK profit more than doubles

  16-03-2017 14:37
  
  Discount rate cut has ‘minimal impact’ on Ecclesiastical’s UK profit
  
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• Ecclesiastical UK profit more than doubles

  16-03-2017 14:37
  
  Discount rate cut has ‘minimal impact’ on Ecclesiastical UK profit
  
  Read more

• Brexit could drive mergers and acquisitions in 2017

  16-03-2017 14:37
  
  Brexit could result in a wash of distressed insurance businesses, driving a rise in mergers and acquisitions, a report has warned.
  
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• Greenlight Reinsurance Ireland appoints ex-Liberty chief as CEO

  16-03-2017 13:54
  
  Property and casualty reinsurer Greenlight has appointed ex-Liberty boss Patrick O’Brien as CEO of the company.
  
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• Greenlight reinsurance appoints ex-Liberty chief as CEO

  16-03-2017 13:54
  
  Property and casualty reinsurer Greenlight has appointed ex-Liberty boss Patrick O’Brien as CEO of the company.
  
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• RSA appoints James Gearey as Commercial Risk Solutions MD

  16-03-2017 12:45
  
  Gearey replaces Jim Reeve who is leaving the business.
  
  Read more

• Sentiment Survey: Complete today to win £100

  16-03-2017 12:39
  
  The survey, which closes tomorrow, is the clearest indication of broker concerns about the current insurance market. Share your thoughts today.
  
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• Ogden change could raise reinsurance rates by 400%

  16-03-2017 12:32
  
  Higher layer reinsurance rates could increase by up to 400% as a result of the change to the Ogden discount rate, experts say.
  
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• SSP deal means brokers can set up in-house premium financing

  16-03-2017 12:31
  
  SSP integrates technology with premium finance firm to benefit brokers 
  
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• Swiss Re plans CHF1bn buyback

  16-03-2017 12:26
  Swiss Re is to seek authorisation for another CHF1bn ($999.2mn)
  share buyback at its upcoming annual shareholders' meeting, it
  announced today.
  The carrier also noted that the impact of the UK's surprise
  3.25 percentage point cut to the Ogden rate was within its reserve
  margins.
  Swiss Re said it would propose a 5.4 percent increase to the
  dividend to CHF4.85 per share. Including a CHF1.0bn buyback the
  carrier completed last month, that will take the total shareholder
  payout to CHF2.5bn...
  
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• Oregon lawmakers to consider quake insurance needs

  16-03-2017 12:26
  A state task force will be formed in the Oregon Senate to
  consider whether to form an earthquake insurance provider modelled
  on California's publicly managed, privately funded carrier.
  But the proposed task force will not be asked to consider how to
  provide earthquake cover without setting up a state-run insurer
  under an amendment to the measure, known as Senate Bill 109, that
  is expected to be adopted by the committee working on the proposal
  when it meets today.
  Any move...
  
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• Opinion: Tesla the disruptor

  16-03-2017 12:26
  Digital technology, from big data to on-demand systems, continues
  to disrupt industries ranging from telecommunications to
  publishing, appliance manufacturing, medicine, banking and other
  financial services.
  And P&C insurance providers and reinsurers can expect the
  same, sooner or later.
  Take Tesla as an example. The electric carmaker's CEO, Elon
  Musk, has essentially laid down a challenge to insurers: discount
  your prices for drivers of our autopilot-equipped vehicles or we
  will step in to
  
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• Kaikoura reinsurance claims total $487mn: Statistics New Zealand

  16-03-2017 12:26
  Provisional reinsurance recoveries for the 14 November Kaikoura
  earthquake amount to NZ$694mn ($486.5mn), according to Statistics
  New Zealand.
  The reinsurance claims helped push the balance on New
  Zealand's capital account to a NZ$683mn surplus for the fourth
  quarter of 2016.
  The Insurance Council of New Zealand (ICNZ) had reported that
  more than NZ$900mn of commercial insurance claims had been filed
  due to the Kaikoura earthquake as of 1 February, but that figure is
  likely to have crept up sinc
  
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• Everest Insurance expands environmental offering

  16-03-2017 12:26
  Everest Insurance has built its environmental coverage with its
  new Everest Environmental Apex policy form.
  The form provides up to $10mn in capacity in a lead or excess
  position with the ability to schedule general liability, auto,
  employers' liability, contractors pollution, professional
  liability, transportation pollution, products pollution and site
  pollution.
  The new policy form can be written in support of primary Everest
  Environmental policies, or provide unsupported excess coverage over
  
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• Cost cuts drive record operating result at Generali

  16-03-2017 12:26
  Full-year group operating profit at Generali nudged up 1 percent
  to EUR4.83bn ($5.13bn) for 2016, to produce what the company said
  was the best operating result in its history.
  Earnings rose as expenses fell by EUR70mn in the year, the first
  ever decrease for the company, Generali said.
  The company is now expects to reduce net operating expenses by
  EUR200mn in mature markets by 2018, instead of by 2019, as
  initially targeted.
  Costs are a key feature of the Italian...
  
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• XL Catlin granted Monaco licence

  16-03-2017 12:19
  
  XL Catlin has received regulatory approval to write business in Monaco.
  
  Read more

• Arc Legal joins forces with George Burrows

  16-03-2017 11:52
  
  A new scheme has been created for the NI police force.
  
  Read more

• Ecclesiastical UK underwriting profit tops £25m

  16-03-2017 11:40
  
  Ecclesiastical has reported underwriting profits £25m from its UK and Ireland business in 2016, up from £11.6m in the prior year.
  
  Read more

• Ecclesiastical posts drop in GWP for UK and Ireland in 2016

  16-03-2017 10:28 via insuranceage.co.uk
  
  But COR for the insurer improves to 82.5% in the region.
  
  Read more

• Cheltenham charity bets: Day 3

  16-03-2017 10:15
  
  We’re in profit thanks to our tipsters, but what will Thursday bring?
  
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• Riding into the danger zone

  16-03-2017 08:00
  
  The nature of their work means journalists and aid workers are often running into danger zones while others are looking to get out. Both professions have significant need for insurance but have sometimes struggled to obtain the cover they need at a price they can afford.
  
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• Axa's Brendan McCafferty on the consequences of the discount rate

  16-03-2017 08:00
  There must be a better time to start your role as the CEO of an insurance company. A few weeks into the job, I arrived at work on a Monday morning knowing a decision had just been made that would simultaneously hike premiums for millions of motorists and businesses across the country and create a significant impact on insurer profits.
  
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• Patriot National sticks with plan to broaden fee base

  16-03-2017 05:31
  Outsourcing services provider Patriot National remains committed
  to reducing its dependence on revenue from related entities such as
  Guarantee Insurance, PatNat CEO Steve Mariano told investors and
  analysts after the Florida company reported an unexpected
  fourth-quarter loss.
  "Our results for the fourth quarter and the year were
  disappointing, and frankly we did not execute as well as we had
  hoped," Mariano said in a statement.
  "In 2017, we have dedicated all of our resources to
  delivering profi
  
  Read more

• Suncorp buys a further 11.3 million shares in New Zealand's Tower

  16-03-2017 03:50
  
  Brisbane-headquartered financial services group Suncorp has increased its stake in New Zealand general insurer Tower.
  
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• US P&C sector slips to 2016 underwriting loss: AM Best

  16-03-2017 00:55
  Last year saw the US property and casualty insurance sector fall to
  an underwriting loss for the first time since 2012 when Hurricane
  Sandy hampered profitability, according to AM Best analysis of 2016
  annual statutory statements.
  The agency said the industry's joint combined ratio
  deteriorated 2.9 points to 100.7 percent compared with 2015, as
  higher cat losses and lower reserve releases impacted underwriting
  results.
  The news comes after full-year financials from individual
  companies that incl
  
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• Heritage posts Q4 loss and talks up M&A hunger

  16-03-2017 00:55
  Heritage Insurance Holdings has signaled appetite for further
  M&A as it reported fourth quarter results that included a net
  loss of $2.9mn, compared with profits of $20.2mn in the prior-year
  period.
  The expansive Floridian reported deteriorating underwriting
  results with a net combined ratio that jumped from 69.7 percent to
  112.2 percent.
  Based on gross earned premiums, the combined ratio was up from
  79.5 percent to 107.3 percent, including 11.9 points, or $19mn of
  Hurricane Matthew losses,
  
  Read more

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