Insurance news

• Top three insurance law firms retain grip on market

  24-03-2017 19:23
  Clyde & Co, Kennedys and RPC have maintained their leading
  positions in the London market, despite a wider decline in the use
  of lawyers in claims disputes, according to research by
  Gracechurch.
  A survey of claims staff found Clyde & Co had increased its
  market share by 4 percentage points to 76 percent since the last
  survey, which was conducted in 2012.
  Kennedys' market share fell by 6 points to 63 percent, while
  RPC dropped 2 points to 43 percent...
  
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• Ryan Specialty pursues sale of Ryan Direct

  24-03-2017 19:23
  Ryan Specialty is closing in on a sale of its Ryan Direct
  subsidiary, a UK insurance services and claims management business
  it bought just over four years ago, The Insurance
  Insider understands.
  The decision to sell the business came after Ryan Specialty
  chairman and CEO Pat Ryan decided the operation was non-core, it is
  understood.
  When the Chicago-based company bought legacy Direct Group in
  November 2012, it was a long-standing commercial partner of Ryan
  Specialty's Lloyd's arm Jubilee.
  But R
  
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• PRA plans internal model approval charges

  24-03-2017 19:23
  The Prudential Regulation Authority said it wants to introduce a
  fee for full and partial internal model approvals under Solvency
  II.
  In a consultation about planned fees and levies, the UK
  regulator proposed introducing a fee of between £80,000
  ($99,972) and £268,000 for full and partial internal model
  approvals under Solvency II.
  The costs of those approvals were previously absorbed by the
  organisation's Solvency II implementation budget, which was
  last charged in the fiscal year e
  
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• AIG management sticks to Hancock script

  24-03-2017 19:23
  Sell-side analysts that met with AIG yesterday came away with
  little new aside from a steadfast assurance from management that
  the company will not deviate from the strategic path put in place
  by outgoing CEO Peter Hancock.
  Perhaps unsurprisingly, there was no new insight on the progress
  of the search to fill the CEO position, with Hancock not in
  attendance.
  And while there was unwavering confidence from AIG management on
  the insurer's ability to hit its 2017 targets, uncertainty over...
  
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• Opinion: Branko Bjelobaba on the Insurance Distribution Directive

  24-03-2017 15:50
  
  The FCA’s consultation on the Insurance Distribution Directive ends soon and Branko Bjelobaba wonders if the IDD goes far enough
  
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• WR Berkley promotes Rourke to run US Northwest

  24-03-2017 14:54
  WR Berkley has named Christopher Rourke as president of its
  subsidiary in the Northwest US, the firm said in a statement on 23
  March.
  The executive has been promoted to the role of president at
  Berkley North Pacific, effective immediately. Rourke replaces
  Jeffrey Dehn, who has retired.
  Rourke was previously senior vice president and chief operating
  officer of the unit, having joined WR Berkley in 2010.
  Berkley North Pacific is based in Seattle, Washington and has
  branches in Idaho and...
  
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• QBE Europe taps Paragon to build cyber team

  24-03-2017 14:54
  QBE Europe has hired Erica Constance from Paragon to rebuild its
  London cyber team after the departure of James Tuplin in December,
  The Insurance Insider understands.
  Sources told this publication that although Constance was a
  senior hire for the QBE team, it was unclear at this stage whether
  or not she would be a direct replacement for former cyber portfolio
  manager Tuplin.
  Tuplin went on to become head of cyber and technology, media and
  telecoms (TMT) at XL Catlin.
  Constance...
  
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• Endurance names global cyber product leader

  24-03-2017 14:54
  Endurance has appointed Brad Gow to the newly created role of
  global cyber product leader at its insurance arm.
  Gow, formerly a senior vice president at Endurance, joined the
  company in 2011 and previously had responsibility for product and
  underwriting management for Endurance Pro in the US.
  Endurance Pro focuses on regional and national account
  miscellaneous professional liability, security and privacy,
  insurance agency errors and omissions, architects' and
  engineers', and allied medical busin
  
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• Casualty head Patten exits Novae

  24-03-2017 14:54
  Novae's divisional head of casualty Bob Patten has left the
  business, The Insurance Insider can
  reveal.
  Patten joined the London-listed carrier in February 2015, moving
  across from Aspen Insurance where he was head of international
  property and casualty.
  He has also previously held roles at XL Europe, Starr Excess,
  Ace Bermuda and CE Health.
  A spokesman for Novae confirmed Patten's departure, and said
  Ross Louden, deputy divisional head for casualty, would assume the
  role of divisional head.
  The
  
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• Bridger venture will target US risks on Lloyd's paper

  24-03-2017 14:54
  A team of insurance executives are raising funds to finance a
  start-up that aims to marry a platform built on mobile technology
  with a US managing general agency (MGA) to write auto and
  homeowners' risks on Lloyd's paper, The
  Insurance Insider can reveal.
  According to sources, Bridger, led by CEO Kimo Winterbottom, has
  already secured seed capital and is now beginning a series A round
  as it looks to build or purchase a US MGA and develop a
  "mobile transactional...
  
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• Axa US names legacy chief

  24-03-2017 14:54
  Axa US has promoted chief investment officer (CIO) and treasurer
  Josh Braverman to become head of its new legacy book business.
  In his new role, Braverman will manage Axa's legacy life and
  annuity books of business. He will report to Axa US chairman and
  CEO Mark Pearson.
  Prior to joining Axa in 2009, Braverman was global head of
  derivatives for Aegon. He has previously worked for the US Treasury
  Department as a sovereign debt adviser, Deutsche Bank as director
  of...
  
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• AJ Gallagher acquires Farallone Pacific

  24-03-2017 14:54
  Arthur J Gallagher (AJG) has bought its second regional broker
  in less than a week, as the US intermediary continues on its
  acquisitive path through the P&C mid-market sector.
  Retail broker Farallone Pacific is AJG's latest acquisition.
  The Novato, California-based broker's clients include private
  individuals, schools, charities and community housing projects.
  Farallone Pacific will continue to be run by CEO Dan Costello
  and his team.
  The business will fall under the remit of Scott Firestone
  
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• Over one third of insurance jobs at risk from robots

  24-03-2017 14:49
  
  Artificial intelligence could place more than a third of jobs in the UK financial and insurance sectors at high risk, according to a report from PWC.
  
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• Prudential CEO pay drops 30% in 2016

  24-03-2017 14:12
  
  Prudential CEO Mike Wells' pay fell by a third to £6.9m 2016, the insurer's annual report has shown.
  
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• This week in Post: highs, lows and running with the wolves

  24-03-2017 13:52
  
  It has been a week of highs and lows in our household. My son went on his first Cub sleepover and earned the honour of becoming a Sixer. I, meanwhile, returned to the X-ray machine.
  
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• Blog: Fracking is a dirty word

  24-03-2017 13:41
  
  Fracking has been given the go-ahead in Lancashire and insurers need to consider the risks associated with the technique.
  
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• Half of motorists expect premiums to rise at renewal

  24-03-2017 13:25
  
  Almost half of drivers expect their premiums to rise at their next renewal, with one in 10 planning to stop driving if costs go up by £500 a year.
  
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• Ogden – the symptom not the root cause

  24-03-2017 11:27
  
  Pen Underwriting’s Nick Wright, argues that now is the time to address the root cause of commercial payouts with proper risk management and prevention of workplace accidents.
  
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• Quizzical questions: 24 March 2017

  24-03-2017 11:18
  
  Test your knowledge of the week's news with our topical quiz.
  
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• Opinion: a seller's dilemma

  24-03-2017 10:32
  Argenta's convoluted sales process provides a perfect
  example of the quandary which faces any owner looking to sell an
  asset.
  Earlier this week, the Lloyd's managing agent announced it
  had signed a deal to sell 100 percent of the business toEuropean reinsurer Hannover Re, at an undisclosed price.
  Other suitors had included Matt Fairfield's start-up Exin
  and Taiping Re, the non-life reinsurance arm of life giant China
  Taiping.
  Both are understood to have submitted higher bids for Argenta
  than...
  
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• AmTrust has Nasdaq warning after audit error

  24-03-2017 10:32
  US property and casualty insurer AmTrust has had a warning
  notice from the Nasdaq stock exchange for failing to file its 2016
  annual report on time.
  Nasdaq said the carrier is not in compliance with its listing
  rules and has until 16 May to submit its annual report or a
  compliance plan to the bourse, according to an AmTrust Securities
  and Exchange Commission filing. If the exchange accepts the
  compliance plan AmTrust could gain an extension until up to 12...
  
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• SME cyber insurance uptake rockets since 2014

  24-03-2017 10:19
  
  Premium Content: SME Cyber insurance set to continue booming amid new EU directive 
  
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• Insurance law firms 'dramatically' losing business

  24-03-2017 09:36
  
  Law firms are seeing a ‘dramatic’ fall in business as a result of changes to the way the insurers they support operate.
  
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• Aon fights to keep Alliant non-compete case in Chicago

  24-03-2017 01:25
  Aon has attempted to shoot down a last ditch attempt by Alliant
  to move an embittered poaching dispute from a federal court in
  Illinois to California, where non-compete clauses carry less
  weight.
  It is the latest twist in a suit brought by Aon after Alliant
  allegedly "decimated" its San Jose office when 27 brokers
  resigned en masse from the international intermediary to join its
  smaller rival last year.
  Michael Heffernan, head of the Aon office and regional managing
  director of...
  
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