Insurance news

• Marsh and Fidelis mint Boeing credit facility

  13-04-2017 20:41
  Marsh and Fidelis have structured a new aircraft credit
  insurance facility for Boeing that looks set to bring tens of
  millions of dollars of premium to a small panel of carriers over
  the next two years, The Insurance Insider
  understands.
  The newly created programme will fill a gap left by the US Exim
  Bank, the federal export credit agency, which has had its
  operations curtailed by Congress.
  Sources said that Fidelis has the lead line on the placement,
  which also...
  
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• Flood Re appoints Andy Bord as new CEO

  13-04-2017 16:53
  
  Current interim CEO Bord is now on his second year at Flood Re.
  
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• Swiss Re pegs Debbie claims at $350mn

  13-04-2017 16:48
  Swiss Re issued a higher-than-expected claims estimate of $350mn
  from Cyclone Debbie, which struck Queensland and New South Wales on
  28 March.
  The reinsurance giant noted on Thursday that insured losses for
  wind, flood and storm surges from Debbie were about $1.3bn across
  the industry as a whole. Its estimate of its own losses is net of
  retrocession and before tax.
  Swiss Re group chief underwriting officer Matthias Weber said:
  "We are a lead reinsurer in this market and estimate...
  
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• Perils pins Zeus losses at $204mn

  13-04-2017 16:48
  Loss data aggregator Perils has estimated that extra-tropical
  cyclone Zeus, which primarily affected France on 6 March and 7
  March, caused insured losses of EUR192.0mn ($203.7mn).
  Zeus was part of a series of low-pressure systems situated over
  the British Isles and northern Europe, and was propelled by a
  strong jet stream over northern France and northern Italy. Perils
  noted the highest wind speed during Zeus was 193km an hour, which
  was recorded in Camaret-sur-Mer in Brittany.
  The EUR192mn loss
  
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• Opinion: Paulson and AIG

  13-04-2017 16:48
  Investors always closely watch share selling from insiders at
  companies they follow.
  A decision from a CEO or CFO to drop a meaningful amount of
  stock is normally a pretty good indicator that the company's
  prospects are weaker than the market thinks.
  AIG investors will have felt as if they received a major signal
  from a savvy insider on the prognosis for the firm via the breaking
  news that activist John Paulson was torelinquish his board seat.
  Paulson's decision...
  
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• New Zealand braced for Cyclone Cook

  13-04-2017 16:48
  New Zealand's North Island is facing one of the worst storms
  in generations, as Cyclone Cook heads towards the Bay of
  Plenty.
  National weather officials said Cyclone Cook would be the most
  severe to hit the country since 1968, when Cyclone Giselle caused
  the Wahine ferry to sink, killing 52 people.
  The storm is due to make landfall at 7pm local time today,
  before heading to the South Island early on Friday.
  The region is already reeling from the impact...
  
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• Flood Re makes Bord permanent CEO

  13-04-2017 16:48
  Andy Bord, the current interim chief executive for Flood Re, has
  been appointed to the position permanently, the carrier announced
  today.
  The decision follows a search carried out by executive
  recruitment firm Odgers Berndtson. Bord replaces Brendan
  McCafferty, who stepped down on 10 February to become CEO of
  Axa's intermediated and direct insurance business in the
  UK.
  Prior to his current role, Bord was CEO of Capita Insurance
  Services. He has also previously worked for Staysure, BGL Group and
  
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• Brit recruits ArgoGlobal marine head as Singapore Specialty CEO

  13-04-2017 16:48
  Brit has hired David Lim, ArgoGlobal's head of marine in
  Asia, to be the Singapore CEO of its Global Specialty division.
  According to a statement today, Lim will be in charge of the
  subsidiary's growth in the region, with responsibility for
  establishing new lines of business for Brit Singapore.
  The appointment comes after the March 2016 opening of Brit's
  Singapore office.
  Lim will report to Christiern Dart, Brit's chief
  underwriting officer and work closely with Charles Barrett, who is
  chief...
  
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• Brokers slapped with £10m increase to FSCS levy

  13-04-2017 16:28
  
  Brokers will face an extra £10m levy over last year as a result of an expected spike in the number of payment protection insurance claims.
  
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• Court rules motor insurer liable for factory fire

  13-04-2017 16:22
  
  Motor insurer liable for factory fire after policyholder’s welding mishap
  
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• Brokers’ FSCS levy rises by £5m for 2017/18

  13-04-2017 15:47
  
  New broker levy set at £18m as a result of an expected increase in PPI claims.
  
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• Flood Re appoints chief executive

  13-04-2017 15:30
  
  Floor Re appoints chief executive, confirms Bord in place
  
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• Andy Bord appointed permanent CEO of Flood Re

  13-04-2017 15:22
  
  Andy Bord, interim CEO of Flood Re, has been appointed to the role permanently.
  
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• UKBA: Carrot says award supported business development

  13-04-2017 13:32
  
  The business described the 2016 UK Broker Marketing and Consumer Engagement Award as a “vote of confidence”.
  
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• Zurich plans to underwrite Cover-More's travel policies

  13-04-2017 13:10
  
  Zurich has confirmed it is interested in taking on the underwriting for Sydney headquartered travel subsidiary Cover-More's more than two million customers.
  
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• PPI pushes up FSCS broker charge

  13-04-2017 13:08
  
  The setting of the 2019 PPI claims deadline has boosted FSCS broker charge
  
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• Week in Post: Doing a Chris and Gwyneth – but who gets to keep the tofu Easter egg?

  13-04-2017 12:58
  
  Easter is all about new beginnings. This will be true for us more than most, as we at Incisive Media celebrate our new ownership.
  
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• Das in phase two of turnaround

  13-04-2017 12:48 via insuranceage.co.uk
  
  Legal expenses insurer commits to broker market following “well documented challenges” as it seeks to build trust.
  
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• Ghostbroker ordered to pay back over £250,000 for selling fake policies

  13-04-2017 11:47
  
  A ghostbroker has been order to pay back £253,000 for scamming over 50 people with fake insurance policies.
  
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• Ghostbroker ordered to pay back over £200,000 for selling fake policies

  13-04-2017 11:47
  
  A ghostbroker has been order to pay back £253,000 for scamming over 50 people with fake insurance policies.
  
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• Ghost broker sentenced to pay back £253,000

  13-04-2017 11:02
  
  Fraudster made £253,000 from selling fraudulent car insurance policies to over 50 people in Bradford.
  
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• Jackson Lee launches four new leisure products

  13-04-2017 10:34
  
  New policies include Cycle and Fishing.
  
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• Markerstudy launches dash cam product

  13-04-2017 10:31
  
  The retail division of the insurer has set up a telematics product available to brokers via its Masterquote platform.
  
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• Zurich completes Australia Cover-More acquisition

  13-04-2017 08:24
  Switzerland-headquartered global insurer Zurich has completed its acquisition of Australian travel insurance group Cover-More.
  
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• Insurance M&As expected to focus on insurtech

  13-04-2017 08:00
  
  The days of mega-mergers in the insurance industry may be behind us as consolidation activity has dropped significantly from the peaks of 2014 and 2015. The sector is contemplating this change of gear and steadying itself in the face of waves of global economic and political uncertainty.
  
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• Europe: International mergers and acquisitions

  13-04-2017 08:00
  The days of mega-mergers in the insurance industry may be behind us as consolidation activity has dropped significantly from the peaks of 2014 and 2015. The sector is contemplating this change of gear and steadying itself in the face of waves of global economic and political uncertainty.
  
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• Blog: Take part in IMIA photo competition

  13-04-2017 08:00
  Can advances in imaging technology really help engineering risk underwriting? Richard Radevsky, executive committee member of International Association of Engineering Insurers, believes they can.
  
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• Blog: Don't be phased by the IDD

  13-04-2017 08:00
  Insurance companies and intermediaries responsible for selling insurance and reinsurance products should not be phased by the prospect of tightening rules to guard against mis-selling, following the publication of the first of two consultation papers about the Insurance Distribution Directive.
  
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• RenRe joins ranks of Ogden rate victims with $30mn hit

  13-04-2017 03:21
  RenaissanceRe has joined the ranks of Ogden rate-impacted carriers,
  alerting investors late today (12 April) that the reduced discount
  on lump-sum settlements in the UK would peel $30mn from its pre-tax
  profit for this year's first quarter.
  "The majority of the reserve increase relates to a limited
  number of UK medical-malpractice contracts within the company's
  casualty and specialty segment," the Bermudian said in
  explaining the estimated cost.
  The UK Ministry of Justice recalibrated the discou
  
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• Kingstone wins coveted A- rating from AM Best

  13-04-2017 03:21
  Kingstone Insurance Company's plan to earn an upgrade from AM
  Best has paid off with the agency awarding the insurer an A-
  financial strength rating, up from B++.
  It follows a months-long project by Kingstone CEO Barry
  Goldstein to target an upgrade, which he has told investors would
  open doors that had previously been closed to the company.
  In February, the insurer's holding company Kingstone
  Companies raised $30.2mn from a share issue that saw underwriters
  exercise their options at the...
  
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• AmTrust recoups some losses as sisters struggle

  13-04-2017 03:21
  Shares in AmTrust rebounded slightly today, gaining almost 6
  percent in New York trading following a bruising session Tuesday after a report saying
  the company was the subject of FBI and Securities and Exchange
  Commission (SEC) inquiries.
  AmTrust closed at $16.19 today after plunging about 19 percent
  to $15.30 on Tuesday. But sister companies Maiden Holdings and
  National General continued to decline after both took hits in the
  previous day's trading.
  Yet the bounce back by shares in New York-bas
  
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• AM Best downgrades MS Amlin's Lloyd's syndicate

  13-04-2017 03:21
  AM Best has downgraded the financial strength of MS Amlin's
  Lloyd's syndicate to A from A+ citing weakened performance over
  the past five years.
  In a statement today AM Best revealed the result of its review
  of Syndicate 2001, which also saw it reduce the insurer's
  long-term issuer credit rating by one notch to a+ to bring it in
  line with the Corporation's own rating.
  It said the downgrade primarily reflected the view that the
  syndicate's technical performance no longer...
  
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• Alliant sets up specialty group under Arkley

  13-04-2017 03:21
  Alliant has consolidated its specialty practices into one group and
  named former Aon construction services group CEO Peter Arkley to
  lead the new unit as president.
  The group's areas of focus include public entities,
  construction, agribusiness, energy and marine, healthcare and real
  estate, Alliant said in a statement today about the
  reorganisation.
  It noted that forming the new group reflects rapid growth,
  including through acquisitions and "talent
  procurement".
  Arkley raised hackles at Aon in
  
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