Insurance news

• Swiss Re picks Mitchell as head of property

  22-03-2017 20:09
  Swiss Re has appointed Mike Mitchell as head of property and
  specialty reinsurance, filling a gap left by the promotion of
  Edouard Schmid to group chief underwriting officer.
  Schmid's move up the ranks at Swiss Re was triggered by the
  retirement of Matthias Weber as group chief underwriting
  officer.
  Mitchell is currently head of property underwriting and property
  facultative for Swiss Re in Asia, and is based in Australia.
  Swiss Re said Mitchell will become head of property underwriting
  globally
  
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• George Michael death claim to hit contingency market

  22-03-2017 20:09
  The contingency market is facing a £3mn ($3.7mn) claim from
  Warner/Chappell Music following the death of pop star George
  Michael on Christmas Day 2016.
  The policy is understood to have been brokered by Aon and
  underwritten through a facility by specialist New Jersey-based
  managing general agent Exceptional Risk Advisors, with Tokio Marine
  HCC as the lead.
  Warner/Chappell owns the publishing rights for the singer's
  body of work.
  Michael's death triggered a contractual performance
  indemnity
  
  Read more

• French carriers ramp up reinsurance buying: AM Best

  22-03-2017 20:09
  France's top four cedants increased their non-life
  reinsurance and retrocession buying in 2015, though a slowdown
  among some smaller players contained the overall increase, AM Best
  said.
  In a special report, the rating agency found that total non-life
  (re)insurance ceded in 2015 rose by 5.1 percent year-on-year to
  EUR9.38bn ($10.1bn). Axa, Covéa, Scor and Groupama all upped
  their reinsurance buying as gross premiums increased.
  Axa ceded EUR3.22bn of premium, up almost 11 percent from 2014
  
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• Asta's Tighe joins LMA board

  22-03-2017 20:09
  Asta Managing Agency CEO Julian Tighe will join the board of the
  Lloyd's Market Association (LMA) from its 17 May annual general
  meeting.
  Tighe is one of five members selected today for the LMA
  board.
  Two of the five, Beazley chief underwriting officer Neil
  Maidment and Brit CEO Matthew Wilson, are existing board members.
  Both stood down and successfully put themselves forward for
  re-election, in line with the organisation's articles.
  Paul Jardine, CEO of Syndicate 2003 and Catlin Insurance, and
  
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• Credit insurers look to capitalise on Brexit fallout

  22-03-2017 17:55
  
  Any hint of an economic downturn inevitably results in forecasts that demand for trade credit insurance will soar. So, predictably, Brexit has sent the PR machines of the major credit insurers into overdrive.
  
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• Blog: Diary of an insurtech start-up

  22-03-2017 17:55
  
  What happens behind the doors of insurtech start-ups? James Stuart Clarke of Digital Fineprint explains how free coffee and coconut water are used to attract talent, but won't necessarily solve the culture clash between salespeople and developers.
  
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• Brokers views requested as UK General survey deadline nears

  22-03-2017 17:54
  
  UK General survey helps MGA improve service around schemes
  
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• Ping An 2016 P&C profit slips as expense ratio rises

  22-03-2017 15:44
  Ping An's P&C net profit edged down 1.7 percent to
  12.32bn yuan ($1.79bn) in 2016 as underwriting results
  softened.
  The combined ratio at the P&C division deteriorated by 0.3
  percentage points to 95.9 percent, driven by a 1.6 point increase
  in the expense ratio to 41.5 percent.
  The loss ratio recorded an improvement however, falling 2.3
  points to 54.4 percent.
  Net P&C investment income increased by 29.2 percent to
  12.5bn yuan, aided by growth in fixed-income investments and equity
  in
  
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• Nexus Underwriting rebadges recently acquired Beacon

  22-03-2017 15:44
  The Asian unit of managing general agent (MGA) Nexus
  Underwriting has renamed Beacon Underwriters as Nexus Marine
  following itspurchase of the Hong Kong MGA last July.
  Nexus Marine is one of two platforms that Nexus operates from
  the Hong Kong office it established in November 2015.
  The recently acquired business provides cargo, hull and port and
  terminals insurance.
  The other component of the Hong Kong operation, Nexus
  Underwriting Asia Specialty Lines, provides directors' and
  officers', financ
  
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• India considers 100% foreign ownership of brokers: report

  22-03-2017 15:44
  The Indian government is considering allowing full foreign
  ownership of insurance brokers to attract more funds to the sector,
  according to a media report.
  India's Business Standard said an official from the
  Department of Industrial Policy and Promotion revealed
  representations had been made about treating insurance brokers on a
  par with other financial service intermediaries.
  Currently insurance brokers are allowed 49 percent foreign
  ownership, while independent financial advisers are allowed 1
  
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• Hannover Re to pay £142.5mn for Argenta

  22-03-2017 15:44
  Hannover Re will pay more than £142.5mn ($177.5mn) for
  Lloyd's managing agent Argenta, according to details revealed
  in a Scottish newspaper.
  Sources suggested that Exin, the high bidder in the process, had
  offered in the region of £160mn, but the two sides were
  ultimately unable to consummate a deal.
  Banking sources indicated that Taiping Re had also made a bid in
  excess of £142.5mn in the Goldman Sachs-run process.
  The sale will net Argenta chairman Alasdair Locke - a promine
  
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• CFC confirms Vitruvian buy-in

  22-03-2017 15:44
  CFC Underwriting has confirmed that Vitruvian Partners has
  agreed to purchase a stake in the managing general agent (MGA).
  The Insurance Insider revealed
  yesterday that the private equity house hadbought a 40 percent stake in CFC at a multiple of just over 15x
  forward Ebitda, valuing the whole business at £230mn
  ($285mn).
  It is understood that Vitruvian will acquire its stake by buying
  out investors Richard Corfield, the chairman of CFC; Mike Rees,
  co-founder of Benfield; and Hugh Willis,.
  
  Read more

• AJ Gallagher claims manager jailed for five years

  22-03-2017 15:44
  A claims handler at a managing general agent owned by Arthur J
  Gallagher has been jailed for five years after embezzling
  £1.8mn ($2.2mn) from his employer.
  Martin Turner pleaded guilty to fraud by abuse of position after
  a trial at the Inner London Crown Court.
  Turner worked at Indemnity Risk Solutions, part of Ink
  Underwriting, a company acquired by AJ Gallagher in 2013.
  The court found that between June 2012 and July 2016, Turner
  forged insurance claim emails to direct...
  
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• ABI warns passengers affected by laptop ban on flights

  22-03-2017 14:27
  
  Passengers affected by a ban on large electronic items in the aircraft cabin have been warned to check with their insurers before flying.
  
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• Randall & Quilter buys captive insurer ICDC

  22-03-2017 14:26
  
  Randall & Quilter Investment Holdings has completed the acquisition of ICDC, a captive insurer of an American Fortune 500 company.
  
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• Supreme Court makes landmark ruling on AIG aggregation case

  22-03-2017 11:50
  
  A Supreme Court ruling has decided that the 214 claims made against ILP Solicitors, insured by AIG, should be settled individually.
  
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• XL Catlin installs E&S binding head

  22-03-2017 11:22
  XL Catlin has expanded the role of Karl Fischbach to make him
  head of binding authorities for its excess and surplus lines
  (E&S) insurance operation.
  Fischbach is already wholesale broker, programmes and binding
  relationship leader, reporting to Robert Peretti, who was appointed
  head of broker and client management for North Americain October 2015.
  With the expanded remit Fischbach will also report to E&S
  president Stephen Oh, and will focus on "aligning XL
  Catlin's E&S underwriting
  
  Read more

• Liberty Mutual buys assets of MGA TRU

  22-03-2017 11:22
  Liberty Mutual Insurance's specialty lines business has
  agreed to acquire the assets of TRU, a managing general agency
  specialising in medical stop loss cover.
  The founders of TRU, Jerry and Anne Trupiano, will transfer to
  Liberty International Underwriters (LIU) along with the firm's
  38-member team once the transaction closes in the second
  quarter.
  LIU Americas president Jim Hinchley said: "As we look to
  expand our product offerings, medical stop loss offers an exciting
  opportunity for LIU, and
  
  Read more

• Hilb buys truck cover broker

  22-03-2017 11:22
  Acquisitive private equity-backed agency Hilb Group has made its
  11th acquisition in the past year with the addition of American
  Truck Insurance Exchange, it announced today.
  The transaction will broaden Hilb's transportation
  operations while advancing its growth strategy.
  Richmond, Virginia-based Hilb, run by founder and CEO Robert
  Hilb, has sought to expand by acquiring brokers and other
  businesses that are often left to current management to operate as
  a Hilb unit.
  The firm has backing from B
  
  Read more

• EU data laws 'could leave insurers vulnerable to fraud'

  22-03-2017 11:18
  
  Insurers could face disruption to their pricing and anti-fraud capabilities due to the General Data Protection Regulations that are to be put in place next year.
  
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• CFC bosses buy the business with new PE backer

  22-03-2017 10:30
  
  Management team strike deal with support of private equity firm Vitruvian Partners.
  
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• CFC Underwriting CEO leads private-equity backed MBO

  22-03-2017 10:22
  
  The CEO of CFC Underwriting will lead a private-equity backed management buy-out of the business.
  
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• Top 5: Tips for managing IPT

  22-03-2017 09:25
  
  Tax expert Justine McInnes outlines what brokers can do to keep the changing IPT path as smooth as possible.
  
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• The Cyber Insurer and Broker Assembly 2017 - as it happened

  22-03-2017 09:00
  
  The Cyber Insurer and Broker Assembly took place on 23 March. Post's journalists reported live from the event.
  
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• Time to make a noise over Rias’s silent calls

  22-03-2017 08:00
  
  I got three from the insurer on the same day but no one seems to helpPlease help to get insurer Rias to stop hassling me with silent phone calls. My home insurance is up for renewal and, in the past, I have contacted the company to get a quote. But now it seems to think it is perfectly reasonable to leave its calls silent. Last week I got three calls all on the same day. They were all silent when I picked up the phone. I know it was Rias as I checked the number.Continue reading...
  
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• Interview: Adrian Furness, Covéa

  22-03-2017 08:00
  
  Covéa’s Adrian Furness was recently appointed claims and operations director, having previously held the role of claims director. Post sat down with him to discuss his new appointment.
  
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• Cyber regulation: Cyber’s new rules

  22-03-2017 08:00
  
  The tightening of data regulation next year could drive demand for cyber cover and, with the reporting of breaches becoming compulsory, it may help underwriters price this new risk ever more accurately
  
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• XL Catlin appoints international head of cyber liability

  22-03-2017 07:36
  
  Global insurer XL Catlin has recruited an experienced cyber insurance professional to head its international cyber and technology underwriting team.
  
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• XL Catlin appoints global head of cyber liability

  22-03-2017 07:36
  
  Global insurer XL Catlin has recruited an experienced cyber insurance professional to head its cyber and technology underwriting team globally.
  
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• United India appoints chairman; outlines IPO timeline

  22-03-2017 07:17
  
  Girija Kumar has been approved as chairman and managing director at state owned United India Insurance.
  
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• Siddiqui leaves Athene board and resigns from Apollo

  22-03-2017 01:40
  Imran Siddiqui has resigned from Apollo Management's private
  equity group, where he is a senior partner, and from Athene
  Holding's board of directors, Athene said today in a regulatory
  filing.
  A second Apollo manager, partner Sachin Khajuria, is also
  understood to be leaving the New York investment management firm,
  The Insurance Insider can reveal.
  Siddiqui resigned from Apollo effective June 18, Athene said.
  The Bermuda-based reinsurer and annuity services provider said
  Siddiqui resigned from i
  
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• Large cedants shrink reinsurer panels: Conning

  22-03-2017 01:40
  The 20 largest cedants in 2015 slimmed down the number of
  reinsurers they use to concentrate their risks on just a handful of
  carriers, a new study has revealed.
  Among US insurers that purchased the most reinsurance that year,
  the majority reduced the number of carriers they used to offset
  their risks, the study by Conning found.
  The investment advisory firm said there had been "much
  discussion" in the sector over a change in buyer behaviour as
  cedants - driven...
  
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• Hilb buys truck cover broker in latest expansion bid

  22-03-2017 01:40
  Hilb Group, an acquisitive private-equity backed agency in
  Richmond, Virginia picked up its 11th business over the past year
  with the addition of American Truck Insurance Exchange this month,
  broadening its transportation operations while advancing its growth
  strategy.
  Hilb, run by founder and CEO Robert Hilb, is expanding by
  acquiring brokers and other businesses that are often left to
  current management to operate as a Hilb unit. He has the backing of
  Boston-based PE firm ABRY Partners, which
  
  Read more

• Health reform struggle dims tax cut prospects: BMO

  22-03-2017 01:40
  Dimming prospects for significant tax reforms hammered US equity
  markets today and could undermine earnings forecasts built partly
  on the assumption that the corporate rate targeted by President
  Donald Trump would be cut this year.
  "Currently, we are incorporating US tax reform in our 2018
  estimates and the lack of such a positive catalyst would likely
  have negative implications for several names in our coverage,"
  BMO Capital Markets analyst Charles Sebaski said in a note to
  investors. He single
  
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