Insurance news

• WR Berkley hires Goldman's Nannizzi for InsurTech job

  19-04-2017 23:32
  WR Berkley brought in Goldman Sachs insurance industry analyst
  Michael Nannizzi to fill a newly created role of evaluating
  potential InsurTech investments, the company said today.
  Nannizzi joined Goldman Sachs in 2010 and previously worked as
  an insurance analyst for Oppenheimer and as an equity analyst for
  Bear Stearns, according to his LinkedIn page. WR Berkley said he
  has nearly 15 years of experience as an analyst.
  Commenting on the appointment, WR Berkley president and CEO
  Robert Berkley Jr
  
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• US thunderstorm losses rise to a record in Q1

  19-04-2017 23:32
  Thunderstorms caused over $5.7bn of insured losses in the US
  during the first quarter, up almost 12 percent from the same period
  in the previous year and more may be in store later in the year,
  according to Aon Benfield meteorologist Steve Bowen.
  "The first few months of the year have been above
  normal," Bowen said today by email.
  "There has been an elevated number of tornadoes, large hail
  and damaging straight-line winds that have been particularly
  impactful across parts...
  
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• XL Catlin names Nationwide underwriter for surety role

  19-04-2017 19:53
  XL Catlin has appointed Nationwide's head of large commercial
  surety to run its commercial bond insurance, the carrier said
  today.
  Maria Duhart joins XL Catlin as head of commercial bonds, based
  in Summit, New Jersey. She will report to Dan Riordan, global head
  of its political risk, credit and bond operation.
  XL Catlin said Duhart would be in charge of leading an expansion
  of the insurer's commercial bond team.
  Duhart joined Nationwide in May 2014 from Chubb, where she was...
  
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• Towergate backers confirm Ryan Direct deal

  19-04-2017 19:53
  Ryan Specialty Group has agreed a deal with private equity firms
  Madison Dearborn Partners (MDP) and HPS Investment Partners for its
  UK insurance services and claims management business Ryan Direct
  Group (RDG).
  The announcement today confirms earlier reports that the
  Chicago-based company was closing in on a sale after it was
  understood Ryan Specialty chairman and CEO Pat Ryan decided the
  operation was non-core.
  RDG will be acquired by Nevada Investments, a holding company
  for HPS Investment Par
  
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• Technology could halve small commercial costs: Ryan

  19-04-2017 19:53
  A technology app that can gather multiple carrier quotes for
  multi-line coverages could slash frictional costs and revolutionise
  the small commercial space, according to Ryan Specialty chairman
  and CEO Pat Ryan.
  Speaking at Axis Re's Future of Insurance Symposium in
  Champaign, Illinois this morning, the industry veteran said that
  frictional costs on small commercial business are currently in the
  30-40 cents on the dollar range, including distribution and general
  and administration expenses.
  Ryan
  
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• Swiss Re to establish Asian reinsurance HQ in Singapore

  19-04-2017 19:53
  Swiss Re plans to move its Asian reinsurance headquarters to
  Singapore from Hong Kong with the establishment of a new legal
  entity.
  The new Swiss Re Asia will be a capitalised, wholly owned
  subsidiary of the Zurich-based reinsurer and will share the
  group's credit rating.
  The legal entity is expected to be established by 2018, with the
  remainder of the office network to be realigned with the new
  structure by 2020, subject to regulatory approval.
  The reinsurer said the move...
  
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• Pernod Ricard burns through NZ quake limit

  19-04-2017 19:53
  Global drinks manufacturer Pernod Ricard's insurance
  recoveries from New Zealand's 2016 Kaikoura earthquake have
  been restricted due to a quake sub-limit in its insurance
  programme, sister publication Inside FAC
  has revealed.
  Pernod Ricard is New Zealand's largest winemaker. It was
  formed when Pernod Ricard took over Allied Domecq (which had
  previously taken over Montana Wines). It has operations in
  Marlborough, Gisborne, Hawke's Bay and North Canterbury.
  The Pernod Ricard-owned Brancott Winery
  
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• NFP acquires Associated Agency Group

  19-04-2017 19:53
  Insurance broker and consultant NFP has bought P&C intermediary
  Associated Agency Group (AAG) for an undisclosed sum.
  The Kennewick, Washington-based target operates from seven
  locations across the northwestern US state and offers both consumer
  and commercial P&C brokerage services.
  AAG CEO Lonnie Butcher will join NFP as a consultant, while
  operations director Shannon Hill becomes director of NFP P&C,
  the buyer said. Both will report to Ed Kurowski, who is president
  of NFP's Mountai
  
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• Insurers face talent shortage in a tech-driven age

  19-04-2017 19:53
  Technology and aggregated data are changing the nature of the
  insurance business while an aging workforce is effectively
  recasting the industry in a younger, more digitally savvy and
  learning-oriented mould, delegates were told during Axis Re's
  Future of Insurance Symposium.
  These evolutionary tracks highlight some of the challenges
  facing the industry as it seeks to adapt to emerging technologies
  and risks, as well as finding fresh talent to replace veteran
  workers as they retire, a panel of ex
  
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• FCA to vet wholesale insurance, outsourcing arrangements

  19-04-2017 19:53
  The Financial Conduct Authority (FCA) pledged today to undertake a
  market study on the wholesale insurance sector and a new review
  into the general insurance distribution chain as it shifts its
  focus from narrow consumer issues to market structures.
  In its 2017/18 business plan the regulator said it would conduct
  a study to ensure competition is working effectively in the
  wholesale insurance market. It will look at how companies ensure
  their practices do not give rise to "market integrity and...
  
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• Axis blames broker facilities for premium shortfall

  19-04-2017 19:53
  Issues around implementation of broker facilities caused Axis
  Syndicate 1686 to write 22 percent less premium than planned in
  2016, it disclosed in its annual accounts.
  The report noted that brokers' continued commoditisation of
  business by quota share or facility arrangements had led the
  syndicate to consider some of these arrangements and participate on
  a small number of them.
  "The syndicate achieved 72 percent (2015: 94 percent) of
  planned 2016 gross premium written, driven by slower than exp
  
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• Ark 3902 expands with A&H hires

  19-04-2017 19:53
  Ark Underwriting's NOA 3902 Syndicate has hired
  Beazley's Martin Power and WR Berkley's Eniola Bernard to
  expand the syndicate's exposure in accident and health
  (A&H) and marine liability.
  Power resigned as head of personal accident at Beazley earlier
  this month, and will develop the syndicate's A&H
  portfolio.
  He had been working at Beazley since 2008, having moved across
  from Momentum Underwriting Management, where he had worked for
  eight years. Power is expected to join NOA 3902 in the
  
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• AmWins acquires Partners Specialty

  19-04-2017 19:53
  US wholesale broking giant AmWins has struck a deal to buy
  Partners Specialty Group, the companies said today.
  Partners Specialty, a network of wholesale brokers headquartered
  in Pennsylvania, placed around $500mn of gross premiums in 2016,
  making it one of the bigger wholesalers in an increasingly
  consolidated space.
  The business was entirely owned by founding CEO Dan McDonnell
  and other staff, with no institutional ownership.
  The financial terms of the transaction were not disclosed.
  Partners
  
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• WR Berkley turns 50

  19-04-2017 19:53
  Listed US insurer WR Berkley turned 50 yesterday and celebrated its
  growth from a company that was founded with just $2,500 in initial
  investment to a market cap carrier of almost $9bn.
  Today, WR Berkley operates worldwide with $7.7bn in annual revenue,
  more than $23bn in total assets and has $5bn in shareholders'
  equity.
  Commenting on the occasion, founder Bill Berkley said: "Our
  success is a reflection of the collective efforts of our employees,
  agents, brokers, and the many people...
  
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• Opinion: Weakness in numbers

  19-04-2017 19:53
  Evidence of an appreciable slowing in the rate of reductions in
  open market London business was there in the first quarter
  following three brutal years of cuts.
  Patience with heavy double-digit rate reductions in lines like
  property D&F seems to have run out, with glimmers of a tighter
  aviation market also visible if you squint from the right
  angle.
  The energy market is on the same path. Ground is still being
  conceded, but the worst is past now. The vast...
  
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• Napslo, AAMGA boards agree on merger

  19-04-2017 19:53
  The boards of the National Association of Professional Surplus
  Lines Offices (Napslo) and the American Association of Managing
  General Agents (AAMGA) have approved a proposed tie-up between the
  trade bodies.
  The merger needs approval from the two organisations'
  members, who are due to receive ballots at the beginning of June
  with the merger expected to take place at the beginning of August
  if members give it the green light.
  The joint entity would be called the Wholesale & Specialty
  Insuranc
  
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• Media and cyber MGA Nirvana launches

  19-04-2017 19:53
  Rob Jones, former London media and technology manager at Axis
  Capital, has launched a media and cyber managing general agent
  (MGA) on the Castel platform, The Insurance
  Insider understands.
  The MGA, called Nirvana Risk Partners, will target media,
  technology and cyber liability risks with an initial $5mn line
  size, sources told this publication.
  It is understood Liberty is the lead backer.
  Nirvana will write business for small and large enterprises on a
  global basis, with a particular focus on t
  
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• Fidelis speciality chairman departs

  19-04-2017 19:53
  Nick Burkinshaw has stepped down as chairman of speciality at
  Fidelis, The Insurance Insider
  understands.
  Burkinshaw, a former Catlin underwriter, joined the total return
  (re)insurer in October 2015.
  He was the active underwriter of Catlin's flagship Syndicate
  2003 and the company's London chief underwriting officer until
  2015.
  The underwriting executive left Catlin following its $4.2bn
  acquisition by XL in 2015.
  He started his career in in 1987 with Sturge Syndicate 206 and
  joined Catlin in 199
  
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• CBI returns to sting European fac market

  19-04-2017 19:53
  In a development likely to reignite the debate over the need for
  a standalone reinsurance product, significant contingent business
  interruption (CBI) claims have hit the fac market following a fire
  at an auto parts factory in the Czech Republic, sister title
  Inside FAC revealed on 6 April.
  The facility is owned by Belgian automotive component parts
  manufacturer Recticel.
  CBI insurance continues to be sold as an extension to property
  programmes. It reimburses lost profits and extra expenses resul
  
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• Caelus Re cat bond targets $300mn

  19-04-2017 19:53
  Nationwide Mutual Insurance Company is seeking to raise $300mn
  from a new Caelus Re cat bond, according to sources.
  This will help to replace the $320mn of cover the insurer had
  from its Caelus Re III bond issued in 2013, which matured last
  month, and will add to last year's $300mn Caelus Re IV
  transaction.
  As with its prior deals, Caelus Re V will cover US perils,
  including named storm, earthquake, severe thunderstorm, winter
  storm and wildfire, on an indemnity...
  
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• AIG confirms Hancock's pay cut by a quarter

  19-04-2017 19:53
  Outgoing AIG CEO Peter Hancock received 23 percent less
  remuneration in 2016 than the year before, the company has
  disclosed in a US Securities and Exchange Commission (SEC) filing.
  Hancock received $9.6mn in total compensation for 2016, down
  from $12.5mn in 2015, the 13 April filing said.
  AIG said last month it would not be awarding Hancock, who was
  obliged to resign on 9 March, his $3.2mn cash bonus for 2016.
  Other senior executives, including CFO Siddhartha Sankaran,
  received 40...
  
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• ABI and IFB label Vnuk as a 'hospital pass ruling'

  19-04-2017 16:57
  
  The Association of British Insurers and the Insurance Fraud Bureau have labelled the Vnuk ruling a ‘hospital pass ruling’ and criticised it for being unworkable in the UK.
  
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• One in three insurance firms to set up operations outside UK following Brexit

  19-04-2017 16:23
  
  One in three insurance firms intend to set up operations outside the UK following Brexit.
  
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• Northern Irish insurance salaries rise despite Brexit fears

  19-04-2017 15:35
  
  Four out of 10 insurance workers in Northern Ireland received a pay increase in 2016, with on average increases of 3.7%.
  
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• Stackhouse Poland buys E Coleman & Co

  19-04-2017 14:22
  
  Deal is Stackhouse Poland's second this year.
  
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• Ian Penny to take over as chief information officer at Hiscox following Wharton's departure

  19-04-2017 12:24
  
  Ian Penny has been appointed as chief information officer for Hiscox, taking over from Gareth Wharton who is joining a newly formed cyber initiative at the company.
  
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• Arron Banks to stand as MP

  19-04-2017 12:24
  
  UKIP donor Arron Banks is planning to take on Douglas Carswell who left the party last month
  
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• Profits up at SEIB in 2016

  19-04-2017 12:10
  
  Commercial director Suzy Middleton says being niche gives broker market advantage.
  
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• Simply Business posts climbing profits for year before Travelers takeover

  19-04-2017 12:03
  
  Parent company Xbridge also reports double digit turnover growth for 2016.
  
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• #Insagepeople: 18 - 23 April 2017

  19-04-2017 11:50
  
  Keep up to date with all the latest people moves.
  
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• Biba confirms money from IPT goes toward flood defences

  19-04-2017 10:03
  
  The government said in its 2016 Spring Budget that the money raised by the IPT rise would go towards those affected by flooding.
  
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• Coversure opens branch in Crawley

  19-04-2017 09:59
  
  Franchise adds second new office in two months.
  
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• Video: A broking minute with Alan Smith of Chambers and Newman

  19-04-2017 09:58
  
  The director at the broker faces the camera to take on our challenge.
  
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• General election 'could delay whiplash reform for years'

  19-04-2017 09:50
  
  Theresa May’s decision to hold a snap general election could delay the Ministry of Justice’s proposed whiplash reforms for years, campaign group Access to Justice has claimed.
  
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• Brexit, PPI and high cost credit are top priorities for City watchdog

  19-04-2017 08:24
  
  FCA urges financial firms to plan for UK’s EU exit, and says it will also focus on protecting vulnerable customersThe City regulator has pledged to ensure that financial firms remain strong in the face of Brexit in its annual list of priorities, which also includes protecting vulnerable customers from overly expensive loans.Andrew Bailey, chief executive of the Financial Conduct Authority, said the regulator’s lawyers were scrutinising EU financial sector rules as part of the governm
  
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• Identity fraud: Trading faces

  19-04-2017 08:00
  
  With almost 173,000 reported cases last year, identity fraud is an ever-increasing problem. Insurers are taking a proactive approach to fight this pernicious problem
  
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