Insurance news

• BP Marsh restates value of Besso exit to £22mn

  12-04-2017 23:20
  The listed venture capital and private equity investor BP Marsh
  & Partners has restated the value of the nearly 38 percent
  stake in insurance broker Besso that it sold earlier this year to
  BGC Partners.BGC Partners, one of the world's largest wholesale derivatives
  brokers, paid £441,600 more to BP Marsh than previously
  stated, raising the acquisition value to over £22mn ($27.5mn)
  from £21.5.
  BP Marsh released the additional detail in a London Stock
  Exchange filing today.The
  
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• Ogden cut causes $173mn reserves hit at LV

  12-04-2017 18:57
  Mutual insurer LV swung into the red in 2016 as it increased its
  reserves by £139.0mn ($172.9mn) to offset the impact of a
  steeper-than-expected cut in the UK discount rate for personal
  injury compensation.
  The company said the 3.25 percentage point cut to the Ogden rate
  pushed its general insurance division to a £26mn operating
  loss in 2016, compared with a £72mn operating profit in 2015.
  At group level, LV's pre-tax loss was £49mn, compared with
  a £124mn profit in
  
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• Hannover Re to retain Argenta members' agent

  12-04-2017 18:57
  Hannover Re has decided to keep Argenta's members' agency,
  ending speculation that it would spin off the Names advisory arm
  after itsacquisition of the Lloyd's business closes, The
  Insurance Insider understands.In a statement to this publication, Hannover Re CEO Ulrich
  Wallin confirmed the carrier was not currently considering selling
  the members' agent business.
  Banking sources had suggested that the German reinsurance giant
  might try to sell on the agency, breaking up Argenta CEO Andrew
  Annand
  
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• Hamblin takes on Blenheim active underwriter mantle

  12-04-2017 18:57
  John Hamblin has been appointed active underwriter at Blenheim
  Syndicate 5886, replacing his former Cathedral colleague Nick
  Destro.
  In a letter to members' agents published today, the
  firm's managing director John Lynch said Destro would now
  concentrate on leading and expanding the North American property
  treaty account.
  Destro will be joined on the account later this month by new
  hire Alasdair Rykens, who moves to the company from HCC.
  Lynch also announced the recruitment of Lawrence Holder,
  c
  
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• Activist Paulson to exit AIG board: report

  12-04-2017 18:57
  Activist investor John Paulson is set to leave the board of AIG,
  according to a media report.
  The departure is expected to be confirmed by the US insurance
  giant in the next few days via a shareholder proxy statement,
  according to a report in The Financial Times.
  Paulson was part of a boardroom revolt against outgoing CEO
  Peter Hancock. Paulson, along with fellow activist investor Carl
  Icahn, secured a place on the board just over a year ago.
  Paulson has...
  
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• Open GI partners with up-and-coming cyber MGA

  12-04-2017 18:00
  
  Open GI is preferred technology partner for Lloyd’s-backed cyber specialist
  
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• LV pleased with "robust" results, says Steve Treloar

  12-04-2017 15:22 via insuranceage.co.uk
  
  The GI business MD hopes government will finish discount rate consultation quickly after insurer strengthens its reserves by £139m.
  
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• LV to cover reinsurance rate rises with higher premiums

  12-04-2017 14:17
  
  LV will cover any reinsurance price rises as a result of the Ogden rate cut solely through premium increases.
  
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• UK FSCS levies brokers an additional £5mn

  12-04-2017 14:16
  General insurance brokers will pay £5mn ($6mn) more in UK
  Financial Services Compensation Scheme (FSCS) levies than
  originally forecast, the body announced today.
  The total levies for general insurance brokers will be
  £18mn for the 2017/18 period, up from the £13mn forecast
  in January.
  "Following the Financial Conduct Authority's
  announcement of a two-year cut-off for PPI claims and the
  surrounding publicity that can be expected to continue, we expect
  an increase in such claims
  
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• PCS puts losses from Turkey violence at $140mn

  12-04-2017 14:16
  PCS has released its first industry loss estimate for Turkey,
  putting property losses from March 2016 clashes between government
  and opposition forces at TRY510mn ($139mn).
  The estimate relates to two incidents that were declared a
  catastrophe last September, but which have now been combined as one
  reporting event.
  The events followed explosions in Ankara on 13 March last year,
  after which the government declared Marshall Law and curfews in
  certain jurisdictions.
  This was followed by skirmishes
  
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• Chubb promotes Samuel to lead Asia power

  12-04-2017 14:16
  Chubb has promoted Titus Samuel to Asia power and utilities head,
  based in Singapore, according to a statement by the P&C giant.
  Samuel has been the carrier's power risk engineer in Asia
  for the last seven years. He will report to Mick Peacock, head of
  power and energy for Asia Pacific.
  Before joining Chubb in 2009 Samuel worked for Liberty
  International Underwriters as a risk engineer.
  Samuel also previously worked in power plant construction and
  commissioning with Alstrom Power Generation.
  
  Read more

• Aon Benfield highlights uncertainty for reinsurers

  12-04-2017 14:16
  A derailed "covered agreement", substantial US tax
  reforms and/or the failure to resolve the assignment of benefits
  (AOB) crisis in Florida could all disrupt the American reinsurance
  market, according to a report from Aon Benfield.
  The company said in a summary today (11 April) that in global
  terms market participants on an aggregate basis produced an 8.4
  percent return on equity in 2016, while the industry-wide combined
  ratio stood at 93.5 percent for the year.
  But looking at underwriting profi
  
  Read more

• Kieran Rigby appointed as president of Crawford International

  12-04-2017 14:11
  
  Kieran Rigby has been appointed to president of Crawford international, encompassing the UK, Europe, Asia-Pacific and Latin America.
  
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• Industry wary of consultation on 'virtually unenforceable' Vnuk ruling

  12-04-2017 14:10
  
  Industry bodies have raised concerns about the government’s consultation on the ‘Vnuk judgement’, saying that it could lead to increased costs and fraud.
  
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• British Insurance Awards: 2017 shortlist revealed

  12-04-2017 12:55
  
  Today we reveal the companies that will be in the running for the 23rd British Insurance Awards at the Royal Albert Hall.
  
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• Willis and AIG launches cyber product for global airlines

  12-04-2017 12:30
  
  Product is tailored to cover cyber exposure affecting the airline industry.
  
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• LMA calls for rethink on Vnuk

  12-04-2017 12:24
  
  The organisation responded to a government consultation on motor insurance.
  
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• Travelers wins £10m court battle

  12-04-2017 12:07
  
  Travelers wins £10m court battle over demolition of university building
  
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• LV takes £139m hit from Ogden cut

  12-04-2017 10:37
  
  LV took an £139m hit to strengthen its claims reserves as a result of the decision to cut the Ogden rate.
  
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• LV's GI unit reports post-Ogden loss for 2016

  12-04-2017 10:29 via insuranceage.co.uk
  
  Provider posts GI operating loss of £26m after strengthening its reserves by £139m.
  
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• Perils ups Egon loss estimate to $248mn

  12-04-2017 10:07
  Catastrophe modelling firm Perils has increased its loss
  estimate for windstorm Egon, which struck parts of France and
  Germany in January, to EUR234mn ($248mn).
  The firm had originally pegged the total property insurance
  impact from the storm at EUR212mn in February.
  The third loss estimate for Egon is set to be published on 12
  July, Perils added.
  The storm hit areas of France and Germany on 12 and 13 January,
  bringing high winds, heavy rain and snowfall to the region....
  
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• Opinion: Energy insurance insanity

  12-04-2017 10:07
  Albert Einstein's definition of insanity was doing the same
  thing over and over again and expecting different results.
  The quotation came to mind yesterday upon reading theWillis Towers Watson Energy Market Review, which found that
  despite more than $5bn of claims from the upstream energy market in
  2015 and a continuing drop-off in rates, upstream capacity
  increased by 2.1 percent to $7.7bn last year.
  The picture isn't much prettier in downstream - here losses
  stood at $1.91bn for 2015...
  
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• CIRC warns of solvency risk in wake of chairman probe

  12-04-2017 10:07
  The China Insurance Regulatory Commission indicated it will
  clamp down on solvency risks in the domestic insurance industry
  following the graft investigation launched into chairman Xiang
  Junbo earlier this week.
  In a statement released yesterday after a meeting of the China
  Insurance Regulatory Commission (CIRC) with the Party Central
  Committee, vice president Chen Wenhui stressed the need to
  strengthen the supervisor's risk management and prevention
  strategy.
  Chen highlighted solvency as a part
  
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• Huge Ogden rate hit pushes LV= GI unit to loss

  12-04-2017 09:37
  
  Insurer’s GI unit would have made bigger profit without ‘extremely disappointing’ Ogden rate hit
  
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• Q&A: David Nayler, British Insurance Law Association

  12-04-2017 08:00
  
  David Nayler took the chair of British Insurance Law Association in October last year, a body whose membership derives from brokers, insurers and legal firms. He has worked at Aon for 11 years, most recently as head of financial and professional, legal and claims. He talks to Post about succeeding previous chair Michael Mendelowitz and his priorities in the role for the next two years. 
  
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• Enterprise Act: Paying the price for paying late

  12-04-2017 08:00
  
  With the Enterprise Act coming into force on 4 May, policyholders will now be able to claim damages for late payment of claims. Are insurers ready?
  
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• Paulson to leave AIG's board

  12-04-2017 07:47
  
  Activist shareholder and hedge fund manager John Paulson is set to leave US-headquartered global insurer AIG.
  
  Read more

• Activist investor John Paulson to leave AIG board

  12-04-2017 06:01
  Hedge fund manager to depart after scaling back stake
  
  Read more

• Allianz appoints experienced M&A practitioner in Asia-Pacific

  12-04-2017 05:27
  
  German international insurer Allianz has hired a senior executive in Asia-Pacific from Insurance Australia Group.
  
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• XL Catlin promotes for Asia-Pacific leadership role

  12-04-2017 04:58
  
  Global P&C insurer XL Catlin has promoted a senior member of its Australian team.
  
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• Crawford's Rigby expands international responsibilities

  12-04-2017 04:20
  Global loss adjusted Crawford & Company has promoted Kieran
  Rigby to become president of international.
  The expansion of his role will see Rigby assume responsibility
  for the UK and Asia Pacific region in addition to his existing
  portfolio, which includes Europe and Latin America.
  The newly promoted exec joined the New York-listed company in
  2014 when it acquired London-based claims management firm GAB
  Robins, where Rigby was CEO.
  He will report to Andrew Robinson, Crawford's global chief
  op
  
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• Aon Benfield highlights uncertain times for reinsurers

  12-04-2017 04:20
  A derailed "covered agreement", substantial US tax
  reforms and/or the failure to resolve the assignment-of-benefits
  crisis in Florida could all disrupt the American reinsurance
  market, according to a report from Aon Benfield.
  In global terms, the company said in a summary today (11 April)
  that market participants on an aggregate basis produced an 8.4
  percent return on equity in 2016. It said the industrywide combine
  ratio stood at 93.5 percent for the year.
  But looking at underwriting profit, wh
  
  Read more

• AmTrust and sister companies dive on FBI probe report

  12-04-2017 04:20
  AmTrust and its sister companies lost more than $848mn in market
  value today after a report said the FBI was involved in an
  investigation into accounting practices at the big workers'
  compensation carrier which has links to Maiden Holdings and
  National General.
  The story published before markets opened on Tuesday by The
  Wall Street Journal said that an employee of AmTrust's
  former outside auditor, BDO USA, secretly recorded conversations
  concerning the company's financial reports in 2014 and has
  
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• State of energy market could be 'new normal': Willis

  12-04-2017 00:11
  Global broker Willis Towers Watson has warned the energy insurance
  market may be facing a "new normal" of abundant capacity
  in addition to the pressures besetting its clientele.
  In its Energy Market Review, released today, Willis said
  theoretical total capacity in the upstream market climbed 2.1
  percent to $7.7bn for 2016, while capacity in the downstream market
  increased from $6.2bn to $6.5bn.
  However, the report predicted rate declines would continue to
  decelerate in 2017.
  Willis commented: "T
  
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• Probitas to be first syndicate on Lloyd's Mexico

  12-04-2017 00:11
  Probitas' Lloyd's syndicate is planning to become the first
  to go live on the Lloyd's Mexico platform, according to its
  annual report.
  The annual review said that Syndicate 1492 was to focus on
  developing its LatAm footprint by setting up an underwriting
  presence in the region through a Mexico-based hub - with
  Lloyd's Mexico its intended base.
  Probitas added that it had hired Gabriel Anguiano to drive
  business development and long-term strategy for the region.
  Anguiano moved from Lloyd's to...
  
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• Ogden rate change pushes up UK motor rates in Q1

  12-04-2017 00:11
  UK car insurance premiums have risen by 16 percent year-on-year
  since the government's decision to raise the slash the injury
  discount rate.
  Data from Willis Towers Watson and Confused.com showed that car
  insurance premiums in the UK were up 3.5 percent in March alone.
  In February, Lord Chancellor Liz Truss cut the discount rate for
  compensation payments to injury claimants, known as the Ogden rate,
  from 2.5 percent to minus 0.75 percent - a change described as
  "crazy" and "reckless&...
  
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• HDI Global builds US engineering and construction team

  12-04-2017 00:11
  HDI Global has made a string of hires to build out its US
  engineering lines and construction division, it announced today.
  Mark Groenheide joins the firm from Generali US as vice
  president and engineering lines underwriting manager. In his
  previous role at Generali, he served as vice president and North
  American practice leader of the construction division.
  HDI Global has also hired Serena Wannemacher as senior
  engineering lines underwriter, responsible for all underwriting for
  the South and Sou
  
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• AmTrust shares plummet 25% on FBI probe report

  12-04-2017 00:11
  Shares in troubled US carrier AmTrust have dropped 25 percent
  during morning trading in New York as markets reacted to a Wall
  Street Journal (WSJ) report that detailed an FBI investigation
  into the company.
  The stock was trading down 25 percent at $14.11 as of 16:00 UK
  time as investors punished the company over concerns about the
  integrity of its financial reporting.
  The WSJ report outlined how the FBI secretly recorded
  conversations at the carrier's auditor BDO USA via a...
  
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• AmTrust 'not aware' of any FBI investigation

  12-04-2017 00:11
  AmTrust has denied any knowledge of an FBI investigation in 2014
  into AmTrust's accounting practices following a report which
  claimed the bureau had targeted its auditor BDO USA.
  In a statement the carrier said it had never been aware of any
  such investigation and had not been contacted by the FBI.
  It added that it was not aware of any special examination by the
  New York Department of Financial Services other than those
  conducted in connection with its Tower transaction...
  
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