Insurance news

• Sirius expands A&H offering with ArmadaGlobal bu

  03-04-2017 22:50
  Sirius has added healthcare specialist ArmadaGlobal to its accident
  and health (A&H) insurance platform.
  The Hunt Valley, Maryland business provides supplemental
  healthcare insurance products and administration services in the
  US.
  ArmadaGlobal will continue to be run by its existing management
  team, including Ed Walker who will take the role of CEO for the
  insurance products company, ArmadaCare, and Steven Schaefer, who
  will be CEO of the healthcare information technology company,
  ArmadaHeal
  
  Read more

• BP Marsh sells Trireme stake to US Risk for £3mn

  03-04-2017 22:50
  Insurance-sector private-equity investor BP Marsh has agreed to
  sell its 29.94 percent stake in Trireme Insurance Group for
  £3.0mn ($3.75mn) to fellow shareholder US Risk, another
  PE-backed firm.
  The conditional disposal includes £51,345 of dividends
  payable on completion.
  The deal, excluding dividends of £51,345, indicates an
  effective uplift of 15 percent in the value of BP Marsh's
  investment and a rate of return including fees of 15.6 percent
  since 2010, when it was made. Tr
  
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• Axis Insurance recruits Lohmar as P&C executive

  03-04-2017 22:50
  Axis Insurance, the commercial and specialty business of Axis
  Capital, named a vice president, US programmes, in its property and
  casualty business.
  Rhonda Lohmar joins the Bermudian (re)insurer from MarketScout,
  a Dallas based wholesale broker.
  Lohmar will oversee several P&C programmes, based from
  Alpharetta, Georgia, according to a statement from the company
  today. Lohmar will report to John Tatum, executive vice president
  and head of US programmes.
  At MarketScout, Lohmar was involved in
  
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• Proteus and QBE strike marine partnership

  03-04-2017 18:18
  Marine underwriting agency Proteus has launched a strategic
  partnership with QBE and the Steadfast network.
  Under the partnership, Proteus will act as the underwriting
  agent for QBE on Steadfast brokers' new business from 1
  May.
  Proteus, part of the NM Insurance Group, is a specialist
  underwriting agency in the commercial marine sector, and writes
  across cargo, commercial hull and marine liability lines.
  Jason Clarke, executive general manager for intermediary
  distribution at QBE, said: "This is
  
  Read more

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• Peak Re hit by investment volatility

  03-04-2017 18:18
  A challenging investment performance hit overall profits at Peak Re
  in 2016, even as underwriting earnings increased by a third.
  According to a statement from the Fosun-owned reinsurer today
  net profits fell 88 percent to $7mn last year.
  However, the combined ratio was broadly flat at 97.6 percent,
  after taking on just 0.8 percentage points year-on-year, to yield a
  $12mn underwriting profit.
  Rapid growth continued at the business, which launched in 2012,
  with gross written premiums up by 20 perc
  
  Read more

• MS Amlin the first to go live on Lloyd's India

  03-04-2017 18:18
  MS Amlin has become the first managing agent approved to write
  renewal business on the Lloyd's India platform for the
  all-important 1 April season.
  Representatives from Markel and MS Amlin accompanied outgoing
  Lloyd's chairman John Nelson on a fact-finding mission to the
  country last summer, but sources have indicated that only MS Amlin
  has secured the approvals needed to write business at 1 April.
  Markel is understood to have expressed an interest in joining
  the platform, but has opted to...
  
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• Meritz the insurer for $40mn Stellar Daisy loss

  03-04-2017 18:18
  Korean carrier Meritz is the 100 percent hull insurer of the
  $40mn Stellar Daisy, which disappeared in the South
  Atlantic last Friday (31 March), The Insurance
  Insider understands.
  The ore carrier, owned by Seoul-headquartered Polaris Shipping,
  is believed to have sunk after departing Brazil for China.
  The hull of the vessel is understood to be valued at $32mn, with
  a further $8mn of increased value for the total loss of the
  ship.
  Sources said that Meritz is heavily reinsured, with...
  
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• Lloyd's fines Amlin £630,000 for trust deed breaches

  03-04-2017 18:18
  Lloyd's has handed managing agency Amlin Underwriting
  Limited a £630,000 ($790,291) fine for breaches of the
  market's Premiums Trust Deed (PTD), the Corporation announced
  today.
  The PTD is designed to ensure that assets are held in trust for
  Lloyd's members and cannot be used to pay for liabilities owed
  by non-Lloyd's entities.
  But Lloyd's found that Amlin had paid premium for
  reinsurance contracts protecting its group portfolio from a premium
  trust fund that should have been used only for
  
  Read more

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• Debbie claims rise to $224mn: ICA

  03-04-2017 18:18
  Insurers have received almost 20,000 claims worth $224mn from
  Cyclone Debbie, according to the Insurance Council of Australia
  (ICA).
  The body had previously said insured losses could be expected to
  reach into the hundreds of millions of dollars and potentially top
  A$1bn ($766mn).
  The impact of the cyclone has been compounded by floods in
  Queensland and New South Wales (NSW).
  This level of catastrophe has not been seen since Storm Oswald
  in 2014, when storms and flooding affected large parts...
  
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• Chubb names IT practice leader

  03-04-2017 18:18
  Chubb has promoted Tim Stapleton to lead its IT general insurance
  business worldwide, the firm revealed today.
  Stapleton has become IT industry practice leader for overseas
  general insurance. He will retain his current responsibilities as
  product head for cyber and technology errors and omissions.
  Chubb's overseas general business covers every region of the
  world except the US.
  Stapleton will report to Tim O'Donnell, the chief operations
  officer for overseas general P&C insurance, and to Bil
  
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• CEO Silvester commits future to Enstar

  03-04-2017 18:18
  Enstar CEO Dominic Silvester has inked a new three-year contract
  at the Bermudian carrier, committing his long-term future to the
  business.
  According to a 28 March US Securities and Exchange Commission
  filing, Silvester has committed to a three-year term starting from
  6 April.
  He will receive a base salary of £1.8mn ($2.3mn), as well
  as additional incentives and employment benefits.
  The contract also contains an 18-month non-compete clause in the
  event that Silvester's employment is termin
  
  Read more

• Latest industry take-up of insurance fraud register revealed

  03-04-2017 16:21
  
  Insurance fraud register has also been opened up to non-insurers
  
  Read more

• Jon Hancock makes mark as Lloyd’s fines Amlin

  03-04-2017 14:41
  
  First big move for RSA’s Jon Hancock in new Lloyd’s role
  
  Read more

• Universal gets Iowa homeowners' licence

  03-04-2017 14:24
  Universal Insurance Holdings (UIH) is set to continue expanding
  its geographic footprint after its main operating subsidiary was
  approved by the Iowa Insurance Division as a licensed insurer in
  the state.
  The publicly traded homeowners' insurer, based in Fort
  Lauderdale, Florida, said it would now look to build its presence
  in Iowa, extending its reach as a national writer of the business
  class.
  "This step highlights the progress we have made in
  successfully executing our geographic expansion st
  
  Read more

• Questions raised over interpretation of Indian renewal rules

  03-04-2017 14:24
  Indian cedants have been seeking quotations from the entire
  reinsurance market for the 1 April renewals, despite the
  country's regulator stipulating that all business should be
  offered to GIC Re first.
  Sources in India have told The Insurance
  Insider that some cedants and brokers have acted as
  if the so-called order of preference rules only apply at the
  placement stage, and are seeking quotes and terms from the entire
  market before offering a preferential share to GIC Re.
  It is...
  
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• In-depth - schemes: Knowledge is power

  03-04-2017 13:32
  
  There are opportunites for brokers in schemes if new ideas are backed up by knowledge in the sector, writes Rachel Gordon. Three case studies compiled by Siân Barton also detail how to succeed with new, mid-age and veteran schemes
  
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• News analysis: Insurers take a hit from discount rate cut

  03-04-2017 13:29
  
  Brokers prepare for premium hikes as insurers calculate the cost of Lord Chancellor’s Ogden rate change
  
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• RSA has no plans to sell Horsham headquarters

  03-04-2017 13:28
  
  Insurer says it is to stay in the building after submitting application to turn offices into flats.
  
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• Davies Group makes first buy under new ownership

  03-04-2017 12:27
  
  The deal of Cynergie UK is Davies’ first acquisition since HGGC took a majority stake in the business in January.
  
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• Brokers welcome Stuart Reid back to the industry

  03-04-2017 12:25
  
  Reid has been exonerated by the FCA and ponders return to the market later this year.
  
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• LMA leads industry call for data protection law change

  03-04-2017 11:28
  
  The Lloyd’s Market Association has coordinated an industry response calling for the Information Commissioner's Office to change its guidance over incoming data protection rules from the European Union.
  
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• IFB opens up data sharing programme to solicitors and investigators

  03-04-2017 11:19
  
  The Insurance Fraud Bureau has opened up its membership to insurance solicitors, investigators, loss adjusters and third party administrators.
  
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• Trust Re profits drop 40% in 2016

  03-04-2017 10:48
  Profits at Bahrain-headquartered reinsurer Trust Re fell 38.9
  percent in 2016 to $18.8mn as a result of a lower investment
  income.
  The company did not disclose detail on the investment return
  figure, but explained that it had benefited from a one-off gain on
  the sale of shares in 2015 which was not replicated the following
  year.
  The combined ratio rose by 1.1 percentage points to 95.1 percent
  for the full year. Net underwriting profit dropped 19.0 percent to
  $12.4mn, which...
  
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• Third Point posts 0.9% return for March

  03-04-2017 10:48
  Third Point Re's investment manager Third Point LLC posted a
  return of 0.9 percent for March, a 1.1 percentage point drop on the
  prior-year period.
  The result is the lowest posted by Third Point so far this year,
  after it recorded returns of 2.6 percent and 2.1 percent for
  January and February, respectively.
  The latest monthly result takes the year-to-date return to 5.8
  percent....
  
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• Property cat rate reductions slow again at 1.4: Willis Re

  03-04-2017 10:48
  Property reinsurance rate declines continued to moderate in the
  1 April renewals, with most deals somewhere in the range flat to
  down mid-single digits, according to Willis Re.
  With reinsurer returns still "acceptable" and little
  other change in loss activity and investment markets, the 1 April
  renewals have largely followed the direction set at the 1 January
  2017, the broker said in its 1st View report.
  International buyers achieved slightly larger reductions
  compared to US and Lloyd's buyers.
  
  Read more

• Opinion: broker reports

  03-04-2017 10:48
  This morning Willis Re publishes its report on the 1 April
  reinsurance renewals.
  You can read about what the report sayshere, with more detailed coverage in tomorrow's issue.
  What I wanted to write about is the subject of broker reports
  themselves.
  Renewals reports have become as much a part of each season as
  quoting, firm order terms, written lines and signings, but if you
  try to look at them with new eyes they take on a slightly peculiar
  aspect....
  
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• Mitsui takes 11% stake in UIB

  03-04-2017 10:48
  Mitsui Sumitomo Insurance Company has taken an 11 percent stake
  in (re)insurance broker UIB Group, the intermediary said this
  morning.
  The arrangement marks an extension of a long-term partnership
  between the firms, the broker said.
  UIB management will maintain control of the business.
  Bassem Kabban, chairman and CEO of UIB Group, said the new
  investment would strengthen the business, and noted that
  Mitsui's involvement complemented the broker's other
  Japanese partner Sompo Japan Nipponkoa, whic
  
  Read more

• LMA calls for data rules leeway

  03-04-2017 10:48
  The Lloyd's Market Association (LMA) is leading an insurance
  industry call for leeway from the UK Information Commissioner's
  Office (ICO) over incoming EU rules on data protection.
  The LMA, the Association of British Insurers, the International
  Underwriting Association and brokers' representatives made a
  joint representation to the ICO as its consultation on data
  protection closed.
  The insurance industry bodies have also asked the UK Department
  for Culture, Media & Sport to use its legal pow
  
  Read more

• Insurers survey Debbie damage as storm passes

  03-04-2017 10:48
  Australian insurers have begun to tally the cost of Cyclone
  Debbie, which struck Queensland and New South Wales over the
  weekend, causing widespread devastation to crops and property and
  killing three people.
  Local carrier Suncorp said it had already received 8,000 claims
  from the affected areas, where flood alerts remain in place.
  Queensland premier Anastasia Palaszcuzk has said the destruction
  could lead to an eventual bill running into the billions.
  Further south in New South Wales, the mayor
  
  Read more

• China Life chief to run People's Insurance Group: report

  03-04-2017 10:48
  China Life Insurance president Miao Jianmin has been appointed
  vice chairman and president of People's Insurance Group of
  China, according to reports.
  Chinese financial news service Caixin reported that Miao had
  been hired to replace Wang Yinching.
  The appointment followed Wang's resignation last month
  following revelations he was being investigated by the Central
  Commission for Discipline Inspection.
  Wang is the highest-ranking executive in the sector to fall foul
  of Chinese premier Xi Jinping'
  
  Read more

• Davies makes its first acquisition under new owner

  03-04-2017 10:38
  
  Offering to expand as Davies makes its first acquisition since PE buy-in
  
  Read more

• Davies Group makes its first acquisition under new owner

  03-04-2017 10:38
  
  Offering to expand as Davies Group makes its first acquisition since PE buy-in
  
  Read more

• CFC revamps cyber proposition

  03-04-2017 10:36
  
  New offering includes first party cover on each and every claim basis.
  
  Read more

• #insagepeople: 3 April - 9 April 2017

  03-04-2017 10:06
  
  Keep up to date with all the latest people moves.
  
  Read more

• In Depth: Ogden outrage – dismantling the discount rate

  03-04-2017 08:50
  
  The decision to cut the Ogden discount rate for the first time in 16 years sent shock waves through the industry that will be felt for months and years to come.
  
  Read more

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