Insurance news

• Brolly reveals new logo after dispute with Travelers

  05-04-2017 21:00
  
  The insurance app was forced to redesign its umbrella logo following legal threats from the insurer.
  
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• Evan Greenberg attacks insurance brokers’ ‘abusive behaviour’

  05-04-2017 19:12
  Chubb chief warns rising commissions and fees will trigger regulatory backlash
  
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• Ursano tells insurers to adapt or fail

  05-04-2017 18:17
  The president of broker and advisory house TigerRisk has warned
  that the insurance industry faces a choice between evolution and
  extinction as new forms of capital shake up the market.
  Speaking at sister title Trading
  Risk's Convergence conference earlier
  today, Tony Ursano predicted that the insurance company of the
  future would package up risks and sell them on to investors, rather
  than simply running the risks off.
  Ursano compared the future of the insurance industry to the
  banking sector dur
  
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• Querfurt named natural resources head at Willis

  05-04-2017 18:17
  Willis Towers Watson has appointed Thorsten Querfurt as its new
  global industry leader for natural resources, the firm announced
  yesterday.
  Querfurt replaces Nick Dussuyer, who will now focus solely on
  his position as head of clients and industries for Western
  Europe.
  In his new role Querfurt will be responsible for leading the
  company's growth efforts in natural resources, which comprises:
  oil, gas and chemicals; metals and mining; and power and utilities,
  including renewable and nuclear energy
  
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• Opinion: AOB inertia

  05-04-2017 18:17
  The campaign for meaningful reform to address Florida's
  assignment of benefits (AOB) crisis has been nothing if not vocally
  persistent.
  Citizens, private insurers, industry trade bodies, regulators
  and state officials have been highlighting the issue and the damage
  it is wreaking on the health of Florida's homeowners'
  market.
  A media blitz has brought the topic national coverage, with even
  a Wall Street Journal op-ed calling out AOB abuse by trial
  lawyers in the state in recent weeks.
  But for al
  
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• Market reform could cut Lloyd's cost ratio by 10 pts: Macquarie

  05-04-2017 18:17
  Lloyd's could cut its expense ratio by as much as 10
  percentage points over the next eight years if the industry
  embraces alternative capital and market modernisation, according to
  a report by Macquarie Capital.
  On the whole, the Lloyd's expense ratio is predicted to fall
  from 40 percent to 30-35 percent by 2025 as a result of
  modernisation, according to Macquarie Capital analyst Philip
  Kett.
  This level of expenses is "nearer to that experienced by
  peers [outside of Lloyd's]", Kett...
  
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• Liberty Mutual rejects Pembroke sale rumours

  05-04-2017 18:17
  Liberty Mutual has publicly countered mounting speculation that it
  will try to spin off $450mn-premium Lloyd's business Pembroke
  after completing the $3.0bn acquisition of Ironshore.
  There has been a resurgence of M&A activity around
  Lloyd's recently, partially spurred by the frothy multiple
  Argenta secured in its deal with Hannover Re last month, with
  banking sources talking up the prospects of the managing agency
  being sold in the coming months.
  However, Dennis Langwell, Liberty Mutual CFO
  
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• Hammond and Nelson attend Lloyd's India launch

  05-04-2017 18:17
  Lloyd's chairman John Nelson and UK Chancellor Philip Hammond
  have today witnessed the signing of the first policy at the
  Corporation's newly launched Mumbai branch.
  The cover was written by MS Amlin, which was the first syndicate
  to join the Lloyd's India platform,as revealed by The Insurance Insider on Monday (5
  April) .
  Hugo Bashall has been named CEO of MS Amlin India. Bashall has
  worked at MS Amlin since 2012, having first joined as a graduate
  trainee. He...
  
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• CNA Hardy hires life sciences and tech chief

  05-04-2017 18:17
  CNA Hardy has recruited David Legassick as its new head of life
  sciences, technology and cyber lines, the company announced today.
  Legassick will assume responsibility for the carrier's
  international business in these sectors on both its company and
  Lloyd's market platforms.
  He will report to head of healthcare and technology Rhonda
  Buege.
  Prior to joining CNA Hardy Legassick served as UK and Ireland
  technology and life sciences manager at Chubb.
  Before that he held a number of positions at Chub
  
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• 'Blistering pace' set for securities lawsuits in 2017

  05-04-2017 18:17
  This year is on course for an unprecedented number of securities
  lawsuits, according to research published by The D&O Diary.
  There were 125 securities class action lawsuit filings during
  the first quarter of 2017. This implies a total of 500 lawsuits by
  the year-end, which would be the highest annual number of
  securities class actions in the modern era, according to the
  blog.
  By comparison, 2001 saw a wave of IPO laddering cases, which led
  to 498 securities filings that...
  
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• Alliant bulks up MGA group with SES purchase

  05-04-2017 18:17
  Alliant has bought SES Insurance Services and added the firm to its
  managing general agency, the acquisitive company said.
  SES provides risk management, technology and administrative
  services to a nationwide client base via a network of brokers,
  Alliant said in a statement.
  The terms of the transaction were not disclosed.
  After joining Alliant Specialty Insurance Services, Santa Ana,
  California-based SES will still be run by CEO Blair Schrum and the
  current management team, Alliant said. The com
  
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• Aston Scott returns to profit in 2016

  05-04-2017 17:42
  
  CEO Peter Blanc explains next steps after Bell & Co deal and praises staff for positive 2016 financial results.
  
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• New data protection laws to ease complexities around cyber cover

  05-04-2017 17:39
  
  Premium content: The new data protection laws come into force in May 2018
  
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• New data laws to ease complexities around cyber cover

  05-04-2017 17:39
  
  Premium content: The new data protection laws come into force in May 2018
  
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• Alan Boswell buys Sutcliffe Solloway & Company

  05-04-2017 16:15
  
  The broker said that the move would take its GWP up to £90m.
  
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• Trade credit claim rise 'no need for concern' experts say

  05-04-2017 13:42
  
  The sharp rise in claims paid to businesses due to non-payment is “no need for concern”, experts have claimed.
  
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• Admiral cuts van cover from its broker Able

  05-04-2017 12:51
  
  Insurer will stop selling van cover through its broker Able, which is also known as Gladiator, but Admiral says the move will not affect jobs.
  
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• Ecclesiastical appoints Andrew McIntyre as non-executive director

  05-04-2017 11:48
  
  Ecclesiastical has appointed Andrew McIntyre as a non-executive director to chair the audit committee of Ecclesiastical Insurance Office and Ecclesiastical Insurance Group.
  
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• Stephen Catlin announces retirement

  05-04-2017 11:39
  
  McGavick praises commitment to XL Catlin and the industry
  
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• Secret FCA warnings issued to brokers revealed

  05-04-2017 11:19
  
  The regulator confirmed that 18 senior broking executives received private warnings between 2011 and 2017 compared to one insurer boss.
  
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• RSA takes part in study of autonomous vehicle prototype

  05-04-2017 11:01
  
  RSA is taking part in a study of prototype autonomous vehicles as driverless shuttlebuses take to London roads.
  
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• Stephen Catlin retires from XL Group

  05-04-2017 10:25
  
  Executive deputy chairman of XL Group Stephen Catlin has retired, effective 31 December 2017.
  
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• Biba appoints Lorega Solutions for ATE claims

  05-04-2017 10:20
  
  The facility provides a bespoke ATE service for property and liability claims.
  
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• Riot Act good news for insurers: Clyde & Co

  05-04-2017 10:10
  Changes to the way compensation is paid out after riots in the UK
  are a positive move for the insurance industry, according to the
  law firm Clyde & Co.
  The Riot Compensation Act comes into force on 6 April, repealing
  the Victorian era Riot (Damages) Act 1886. The new law allows
  victims of riots to claim compensation from their local police
  authority for property damaged, destroyed or stolen in riots.
  After a riot in the UK, the local police force...
  
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• IAG estimates Debbie loss at A$140mn

  05-04-2017 10:10
  Insurance Australia Group (IAG) has said Cyclone Debbie will cost
  the group A$140mn ($106mn) in net natural peril losses, as claims
  come in from the storm battered coasts of Queensland and Northern
  New South Wales.
  IAG said in a statement today that it had received around 4,300
  claims since the ex-cyclone made landfall last week. Property
  damage makes up the bulk of the claims, the carrier revealed.
  IAG has raised its full year 2017 catastrophe claims
  expectations by A$170mn to...
  
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• China Re P&C profits slump in 2016

  05-04-2017 10:10
  P&C reinsurance pre-tax profits at China Re almost halved in
  2016 to 2.07bn yuan ($300mn) amid troubles in its domestic business
  and a drop in investment income year-on-year.
  The 2016 P&C reinsurance pre-tax figure fell 47 percent over
  the period as its domestic P&C reinsurance business reported an
  underwriting loss for 2016.
  The domestic P&C combined ratio was 100.6 percent, of which
  the expense ratio was 38.2 percent and loss ratio was 62.4 percent.
  China Re did not give a...
  
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• Beazley creates 'anything' lineslip for US risks

  05-04-2017 10:10
  Beazley has launched a new lineslip to cover US management,
  professional, cyber and healthcare liability risks.
  The Anything Lineslip will be led by Beazley, with Antares and
  Ark 4020 (Special Programmes) among the syndicates offering
  capacity.
  Beazley said it would will seek to quote any US risk in the
  above classes that can be legally underwritten, provided that no
  other London insurer offers terms.
  Adrian Cox, Beazley's head of specialty lines, said:
  "The Anything Lineslip will give brokers p
  
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• Trade credit insurers paid equivalent of £4m a week in claims last year

  05-04-2017 10:08
  
  Trade credit insurers paid businesses the equivalent of £4m in claims every week last year.
  
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• Career File: Peter Hancock

  05-04-2017 10:08
  
  Hancock leaves CEO role at AIG, due to lack of shareholder support
  
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• Career Development: CII hosts apprenticeship ‘match-making’ event

  05-04-2017 10:06
  
  The Chartered Insurance Institute has brought together leading insurers, students and apprentices in a speed networking event to mark National Apprenticeship Week.
  
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• Blog: The apprenticeship levy might not be as bad as you think

  05-04-2017 10:02
  
  After two years of waiting – and wondering – the apprenticeship levy is upon us. And so, for those of you with an annual paybill of over £3m, you’ll now be paying 0.5% of that to HMRC.
  
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• Editor's comment: Feeling lucky?

  05-04-2017 08:50
  
  My Irish grandmother always said bad things come in threes. In the last 18 months the insurance industry has faced bad returns on investments, several increases to insurance premium tax and now the huge change to the Ogden discount rate, so the sector might just agree with her.
  
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• When private equity firms target family businesses

  05-04-2017 06:02
  Agreeing how to share influence with company founders can be a delicate task
  
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• Validus CRS deal gets AM Best nod of affirmation

  05-04-2017 01:38
  Validus Holdings' (re)insurance units had their A financial
  strength ratings (FSR) affirmed by AM Best while the ratings
  company raised its outlook to positive on the long-term issuer
  credit rating (ICR) of a for the Bermudian's Validus
  Reinsurance (Switzerland) Ltd unit.
  The AM Best ratings, including ICRs of a, also apply to the
  holding company's US units, Western World Insurance Company,
  Stratford Insurance Company and Tudor Insurance Company, all based
  in Parsippany, New Jersey, and the Berm
  
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• Stephen Catlin to retire from XL Group

  05-04-2017 01:38
  Stephen Catlin is retiring from XL Group at the end of 2017, less
  than three years after the sale of the eponymous Lloyd's
  insurer he founded to its larger Bermudian rival.
  The insurance veteran currently occupies the position of
  executive deputy chairman, but will step down next month after
  notifying the company that he would not stand for re-election at
  the company's annual general meeting on 19 May.
  He will act as special adviser to XL Group CEO Mike McGavick...
  
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• PatNat sells HR Global to focus on insurance services

  05-04-2017 01:38
  Patriot National sold Global HR Research yesterday for as much
  as $30mn to a unit of Dallas private-equity firm Renovo Capital,
  saying that divesting the company will let it narrow its business
  focus to providing workers compensation insurance services and
  technology.
  The sale brought PatNat $20mn in cash. Another $5mn was placed
  in an escrow account to cover adjustments to the purchase price and
  working capital, the Fort Lauderdale, Florida-based company said in
  a regulatory filing today announ
  
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• Fosun and Exin frontrunners in Ethniki process

  05-04-2017 01:38
  Acquisitive Chinese financial conglomerate Fosun and Matt
  Fairfield start-up Exin are the two frontrunners in the bidding for
  Greek state carrier Ethniki, The Insurance
  Insider understands.
  Final bids for the Greek National Bank-owned insurer were due
  yesterday (3 April), sources said.
  Reuters reported that Chinese bidders Gonbao and Wintime also
  tabled binding offers for the company, citing banking sources.
  However, sources said both Fosun and Exin had made bids valuing
  the business at slightly
  
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• Aon Risk Solutions names Meyrick marine specialty CEO

  05-04-2017 01:38
  Aon Risk Solutions has hired XL Catlin's Lee Meyrick as
  global marine specialty CEO, it announced today.
  At XL Catlin Meyrick was managing director and chief
  underwriting officer for global marine. He has previously had
  marine roles at AIG and Zurich.
  At Aon, Meyrick will be based in London and report to Sandeep
  Malik, global head of specialties for Aon Risk Solutions.
  Malik commented: "Lee is very well positioned to lead and
  grow our global marine business across mature and...
  
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• AmTrust shares rocket 20% after delayed results filed

  05-04-2017 01:38
  Shares in US carrier AmTrust jumped 20 percent after it filed
  its delayed full-year 2016 results earlier today.
  The stock climbed to $21.90 by the close of trading in New York,
  recouping some of the ground lost after the shares plummeted in the
  wake of the company's February announcement it would postpone
  the filing of its results.
  AmTrust posted the figures before markets opened in New York
  this morning, two weeks after the deadline, and has had to restate
  its...
  
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