Insurance news

• Maison owner PIH gears up for Florida entry

  17-03-2017 22:46
  Maison owner 1347 Property Holdings (PIH) plans to begin
  operating in Florida next month with as much as $6mn in deployable
  capital after a rebound in fourth-quarter income, according to
  company officials.
  The Tampa, Florida-based carrier that writes homeowners policies
  in Louisiana and Texas recently won permission from the Sunshine
  State to do business there as well. CEO Doug Raucy said yesterday
  that after looking for acquisitions in the new market, the company
  opted to go it alone.
  But he...
  
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• Global Indemnity issues $120mn debt offer

  17-03-2017 22:46
  Global Indemnity has announced a debt offering of $120mn to
  finance growth and stock repurchases.
  The proceeds from the offering will be used for purposes
  including financing for acquisitions, share buybacks, debt
  repayments and the expansion of its net underwriting capacity,
  according to a statement from Cayman Islands-based (re)insurer.
  The offering is expected to close on 23 March.
  The transaction was co-managed by Morgan Stanley, UBS and RBC
  Capital Markets.
  In addition to the initial offeri
  
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• Auto market will shrink as self-driving cars gain: BoE

  17-03-2017 22:46
  Self-driving vehicles could lead to a decline of as much as 41
  percent in the £15.6bn ($19.3bn) UK auto insurance market, a
  Bank of England study speculates, while commercial and product
  liability claims may increase as proportionally more accidents are
  blamed on equipment or software failure.
  How rapidly the changes take place depends on several factors,
  including how quickly demand grows for autonomous vehicles (AVs)
  and the pace of infrastructure alterations needed to accommodate
  the sh
  
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• AmTrust plunges after accounting error warning

  17-03-2017 22:46
  AmTrust lost almost a fifth of its market value on Friday after
  revealing that its financial statements for the last three years
  were inaccurate and further postponing the release of its formal
  10-K statement for 2016.
  Investors punished the New York-based specialty insurer as its
  shares dove almost 19 percent to close at $17.58 in New York
  trading.
  The plunge followed AmTrust's warning late Thursday that
  accounting errors made its consolidated financial statements for
  2014, 2015 and the first n
  
  Read more

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• Strata teams up with State National on $120mn+ hab program

  17-03-2017 18:50
  Texas-based habitational specialist Strata Underwriting
  Management has tied up with State National and a panel of
  reinsurers to offer individual policies and limits on its core
  programme, The Insurance Insider can
  reveal.
  The private equity-backed managing general agency (MGA) has
  signed a multi-year agreement with fronting and programme insurer
  State National, sources told this publication.
  Working with its broker Guy Carpenter, Strata has also secured
  support from a panel of reinsurers from th
  
  Read more

• Onex sells USI to KKR and CDPQ in $4.3bn deal

  17-03-2017 18:50
  Onex Corporation has agreed to sell US broker USI Insurance
  Services to an affiliate of KKR & Co and Caisse de
  dépôt et placement du Québec (CDPQ) at an enterprise
  value of $4.3bn.
  Upon completion of the transaction, ultimate parent Onex Group
  will have received proceeds of approximately $2.1bn, including a
  prior distribution of $181mn in 2015, Onex said in a statement
  today.
  Onex Corporation's portion of the sale proceeds will be
  approximately $563mn, including carried i
  
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• Gen Re shakes up international P&C leadership

  17-03-2017 18:50
  Gen Re has appointed new regional heads for its international
  P&C operations as part of a wider revamp of the reinsurer
  initiated by Berkshire Hathaway's Ajit Jain, The
  Insurance Insider understands.
  Gen Re had previously divided its P&C reinsurance business
  into treaty and facultative arms, as well as underwriting and
  marketing operations, creating a plethora of senior roles in each
  region. The P&C business in each region will now have a single
  leader.
  Achim Bosch, previously region
  
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• Florida downgrade threat lingers despite Demotech reprieve

  17-03-2017 18:50
  There was relief for Florida's smaller homeowners insurers
  after Demotech confirmed last night it had downgraded just one
  company, with none of the 57 entities it rates in the sector
  slipping below the crucial A range.
  But the reprieve may be temporary, as the agency warned that
  without "meaningful improvement" in the assignment of
  benefits (AOB) situation in the Sunshine State, its carriers will
  likely face future downgrades.
  In early February, Demotech pulled its guidance on the Florida
  market
  
  Read more

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• AmTrust drops 17% on financial statement warning

  17-03-2017 18:50
  AmTrust's share price plummeted by over 17 percent in early
  trading on Friday following a statement late yesterday in which the
  company revealed that its financial reports for the last three
  years were wrong.
  The shares closed yesterday at $21.61 but this morning fell to
  $17.79 in the wake of the revelations.
  The insurer said consolidated financial statements for 2014 and
  2015 as well as those covering the first nine months of last yearare unreliable because of accounting errors....
  
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• MPs investigate whiplash claims

  17-03-2017 16:41
  
  The Justice Committee is launching a short inquiry into whiplash claims and on government plans to raise the small claims limit for personal injury.
  
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• Strata joins State National on habitational programme

  17-03-2017 14:40
  Texas-based habitational specialist Strata Underwriting Management
  has tied up with State National and a panel of reinsurers to offer
  individual policies and limits on its core programme,
  The Insurance Insider can reveal.
  The private equity-backed managing general agency (MGA) has
  signed a multi-year agreement with fronting and programme insurer
  State National, sources told this publication.
  Working with its broker Guy Carpenter, Strata has also secured
  support from a panel of reinsurers from th
  
  Read more

• Regulator's Solvency II review to tackle onerous reporting burden

  17-03-2017 13:38
  
  Amendments to the risk margin will also be considered as part of the regulator’s Solvency II review
  
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• ABI blasts 'fake news' report on falling whiplash claims

  17-03-2017 13:32
  
  The Association of British Insurers has branded a Capital Economics report into the falling rate of soft tissue injury claims as “fake news”.
  
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• PRA to review Solvency II reporting requirements

  17-03-2017 13:31
  
  The Prudential Regulation Authority is to conduct a review of Solvency II reporting requirements, in an attempt to ease insurers' reporting burdens.
  
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• Quiz of the week - 17 March

  17-03-2017 13:29
  
  Test your knowledge of this week's news.
  
  Read more

• This week in Post: Renewing your motor policy? That’s Numberwang

  17-03-2017 12:24
  
  Renewing your motor insurance policy as a consumer feels like an instalment of Numberwang, with numbers seemingly plucked out of thin air.
  
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• JLT’s top team to get pay boost

  17-03-2017 11:27
  
  Base salary increase for JLT’s top team
  
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• JLT top team to get pay boost

  17-03-2017 11:27
  
  Base salary increase for JLT top team
  
  Read more

• Guernsey and China sign regulation MoU

  17-03-2017 11:20
  
  Guernsey has signed a memorandum of understanding with the China Insurance Regulatory Commission, signalling an increased level of cooperation between the regulatory bodies of both markets.
  
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• Quizzical questions: 17 March 2017

  17-03-2017 11:15
  
  Test your knowledge of the week's news with our topical quiz.
  
  Read more

• Opinion: Hartford VA sale

  17-03-2017 11:06
  Not for the first time, The Hartford has made it towards the
  business end of asales process for Talcott Resolution, the $4bn+ variable
  annuity (VA) legacy company that sits alongside its consumer and
  personal lines insurance operations, and its group benefits arm.
  With final round bids in, CEO Chris Swift must now make a
  decision about whether to sell the VA business or continue holding
  the book to maturity.
  Talcott offers two benefits to The Hartford. Through a period...
  
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• ICA appoints Suncorp insurance CEO as president

  17-03-2017 11:06
  The Insurance Council of Australia (ICA) has appointed
  Suncorp's CEO of insurance Anthony Day as its president and
  chairman.
  Day will fill the void left after QBE's former chief
  operating officer Colin Fagen stepped down only weeks after being
  appointed to the president role.
  Day is joined by Richard Enthoven, the CEO of The Hollard
  Insurance Company, who becomes deputy president of the ICA.
  Allianz Australian Insurance managing director Niran Peiris has
  stepped down as acting president and depu
  
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• AmTrust could be near end of credibility issues: KBW

  17-03-2017 11:06
  Keefe, Bruyette and Woods analysts suspended coverage of AmTrust
  following news the company will restate three years of accounts,
  but claimed the carrier could be nearing the end of its credibility
  issues.
  Yesterday, AmTrust warned that its financial reports for 2014 to
  2016 "should no longer be relied upon" and will be
  restated.
  Consolidated financial statements for 2014 and 2015 as well as
  those covering the first nine months of last yearare unreliable , the New York-headquartered carrier said
  
  Read more

• RSA launches e-traded business combined policy

  17-03-2017 10:31
  
  SME product enables brokers to tailor business cover for a range of sectors.
  
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• Blog: Time and money for charity

  17-03-2017 08:00
  
  On 26 January 2017, the Insurance Industry Charitable Foundation hosted its first event of the year, a conference on ‘leading across generations', which helped raise an estimated £20,000 for future grants to UK charities.
  
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• Global insurance M&A fell 13% in 2016, says Clyde & Co.

  17-03-2017 03:20
  
  Last year the number of completed mergers and acquisitions of general / life insurers and reinsurers across the world fell 13% from 2015 according to global law firm Clyde & Co.
  
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• InsurTech startups must grasp industry ecology: Devine

  17-03-2017 03:18
  The wave of InsurTech ventures must apply experience, insurance
  knowledge and an understanding of how the industry functions if
  they are to succeed, according to Insureon CEO Ted Devine.
  The executive warned that investors backing start-ups that lack
  such a foundation won't make money, particularly in small
  commercial segments like the one where his firm operates. Devine, a
  former Aon president and Aon Re CEO, made the comments today during
  a panel discussion at The Insurance
  Insider's InsiderTe
  
  Read more

• Florida carriers escape Demotech cuts below A for now

  17-03-2017 03:18
  Demotech has not downgraded any of the Florida insurers it rates
  below the crucial A level as at-risk carriers responded with
  capital injections, reserve additions and M&A transactions.
  But the ratings company warned today that without
  "meaningful improvement" in the assignment of benefits
  (AOB) situation in the Sunshine State, insurers will likely face
  future downgrades.
  Meanwhile, consumers may face higher and frequent rate increases
  and investors may deploy capital elsewhere, rather than
  
  Read more

• AmTrust warns 2014-16 financial filings are invalid

  17-03-2017 03:18
  Specialty insurer AmTrust has warned that its financial reports
  for the past three years "should no longer be relied
  upon" and will be restated.
  Consolidated financial statements for 2014 and 2015 as well as
  those covering the first nine months of last year are unreliable,
  the New York-headquartered carrier said late today. It also said
  its official annual report for last year would be delayed.
  But the restatements are not expected to have a material impact
  on the business, AmTrust...
  
  Read more

• Insurance Council of Australia appoints Suncorp's Day as president

  17-03-2017 02:20
  
  Following the sudden departure of QBE's former group COO Colin Fagen earlier this year, the Insurance Council of Australia has named his replacement as president.
  
  Read more

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