Insurance news

• Zaffino may be Duperrault recruit at AIG: report

  26-04-2017 21:48
  Marsh CEO Peter Zaffino's name has appeared alongside that
  of Hamilton boss Brian Duperreault as a potential candidate for a
  role in AIG's leadership team.
  Marsh is lining up its current president John Doyle as a
  successor to Zaffino if he departs for AIG, which Bloomberg
  reported late yesterday was possible if Duperreault takes the
  reins.
  Duperreault has been repeatedly tipped as a potential
  replacement for the insurance giant's retiring CEO Peter
  Hancock. But the latest report adds further wei
  
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• Ogden hit dents QIC Q1 profits

  26-04-2017 21:48
  Consolidated net profit at Qatar Insurance Company (QIC)
  declined by 5.6 percent to $85mn in the first quarter of this year,
  after the combined ratio took a $31mn hit from the change to the
  UK's Ogden rate.
  QIC's net underwriting result decreased by 35 percent to
  $49mn in Q1 2017, after its reinsurance arm Qatar Re took a loss
  from the UK government's decision to cut the Ogden rate from
  2.5 percent to minus 0.75 percent.
  The group's combined ratio...
  
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• Munich Re expects to hit 2017 profit target

  26-04-2017 21:48
  Munich Re expects to meet an "ambitious" target of
  containing a profit decline this year to as little as 7 percent and
  no more than about 22 percent.
  Speaking to shareholders at the reinsurer's annual general
  meeting, outgoing CEO Nikolaus von Bomhard reiterated that the
  company aims to achieve profit of EUR2.0bn to EUR2.4bn ($2.18bn to
  $2.61bn) in 2017.
  Last year the company's profit was EUR2.58bn, down more than
  17 percent from 2015.
  Von Bomhard said the 2017 target range...
  
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• Chinese regulator signs off $1bn ACR sale

  26-04-2017 21:48
  Chinese regulator the National Development and Reform Commission
  (NDRC) has approved Asia Capital Re (ACR)'s $1bn sale to
  Shenzhen Qianhai Financial Holdings, The Insurance
  Insider can reveal.
  The decision will clear the way for the long-delayed deal to
  close.
  The NDRC has been cracking down on outbound M&A deals since
  the Chinese state became concerned that too much capital was
  flowing out of the country, and ACR's sale -agreed in October last year - was held up by the...
  
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• Brussels will push more EU business to Lloyd's: Nelson

  26-04-2017 21:48
  The outgoing Lloyd's chairman John Nelson is optimistic that
  the planned Brussels unit will increase the volume of EU business
  the specialty market does on the Continent.
  Speaking at the Prosperity UK conference in London today, Nelson
  was confident the process of placing EU business in Lloyd's
  post-Brexit would be "seamless."
  Nelson said: "Our plan is to set up a subsidiary in
  Brussels, from which effectively we will be able to give market
  access to all 27 member states. And...
  
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• Brexit to lead expansion overseas: Moore Stephens

  26-04-2017 21:48
  Almost half of UK insurers and brokers are planning to establish or
  expand operations in another European jurisdiction because of
  Brexit, according to accountancy and consultancy firm Moore
  Stephens.
  A survey by the company found that 30 percent of respondents
  planned to create operations outside the UK, with 15 percent
  planning to expand existing non-UK units.
  The most popular jurisdictions are Ireland, Luxembourg and
  Germany, according to respondents.
  The survey also found that more than 40 pe
  
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• AJG buys Oklahoma's Commercial Insurance Brokers

  26-04-2017 21:48
  Arthur J Gallagher has snapped up another regional intermediary,
  this time in the form of Oklahoma's self-styled fiercely
  independent Commercial Insurance Brokers.
  The newly-acquired broking house, founded in 2012 as a "new
  addition" to the Tulsa business community, stresses its focus
  on client needs as it shops the global insurance market.
  Despite a critique of "large brokerage firms" in its
  description of itself, the company agreed to be acquired by
  Gallagher, an international broking powerhou
  
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• Former BGL-owned law firm eyes brokers and insurers

  26-04-2017 17:41
  
  Premium content: Former BGL-owned law firm Minster Law has been undergoing digital transformation to improve service
  
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• Swinton to cut hundreds of jobs and close 84 branches

  26-04-2017 16:48
  
  Customers buying over phone and online prompts Swinton to cut hundreds of jobs
  
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• Risk selection key in commercial auto: Berkley

  26-04-2017 16:38
  Opportunities remain in commercial auto but risk selection is
  pivotal amid rising jury awards, according to WR Berkley CEO Robert
  Berkley.
  Speaking on a conference call with analysts following WR
  Berkley's first quarter results, the executive noted that net
  premium growth in commercial auto at the firm was 4 percent during
  the first three months.
  That growth was broadly driven by rate increases, with overall
  exposure actually falling, he explained.
  There are other carriers also raising rates and
  
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• CCR hit with EUR400mn flood losses in 2016

  26-04-2017 16:38
  French state reinsurer Caisse Centrale de Réassurance
  (CCR)'s loss ratio jumped 13 percentage points to 74 percent in
  2016 after the carrier suffered EUR400mn ($436mn) from widespread
  flooding in France in early summer.
  Annual results released today revealed flooding last May and
  June was the primary cause of a near-60 percent increase in total
  insured losses to EUR1.1bn.
  The losses translated into a 13.1 point year-on-year increase in
  the non-life combined ratio to 89.9 percent for the y
  
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• Berkshire Hathaway's Jain pocketed $15mn in 2016

  26-04-2017 16:38
  Warren Buffett's reinsurance chief Ajit Jain took home at
  least $15.3mn last year, according to filings obtained by
  The Insurance Insider.
  Jain, who has long been viewed as a potential successor to the Sage
  of Omaha when he steps down from the helm of Berkshire Hathaway,
  saw his remuneration climb by almost a third last year after
  pocketing $11.8mn in 2015.
  The National Indemnity Company executive's base salary was
  $260,662, almost $10,000 less than the previous year. However, his
  bonus...
  
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• Acquisitions often overpriced: Brown & Brown CEO

  26-04-2017 16:38
  Brown & Brown CEO Powell Brown said the company may build on
  its near-$550mn cash pile, arguing in an earnings call that
  takeovers are often too expensive "to make sense".
  In response to a question about the broker's cash balance
  from Morgan Stanley analyst Kai Pan during an analysts' call on
  18 April, Brown declined to name an optimum working capital
  figure.
  The executive said that if acquisitions were "very, very
  expensive going forward for a protracted period of time,...
  
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• Swinton puts 900 roles at risk of redundancy

  26-04-2017 16:23
  
  Broker says it is to review its branch network to meet changing customer demands.
  
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• Credit Suisse: Napoleonic code

  26-04-2017 15:05
  If chief Tidjane Thiam can shrug off a revolt over his pay he will have had a good week
  
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• Berns Brett awarded chartered status

  26-04-2017 14:54
  
  Lloyd's broker commits to CII's code of ethics.
  
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• Biba joins forces with Aston Scott on renovation scheme

  26-04-2017 14:46
  
  Trade body says product is aimed at individuals or companies undertaking a renovation project.
  
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• FCA publishes first complaints figures since rule change

  26-04-2017 14:13
  
  The Financial Conduct Authority has published its first set of complaints data since new rules came into force in June last year.
  
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• Telematics data delivers Admiral fraud victory

  26-04-2017 13:58
  
  Fraudulent personal injury claim from ambulance driver defeated by telematics evidence
  
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• Meet the techies: Iain Harper

  26-04-2017 12:45
  
  Iain Harper, chief executive of InMyBag tells us why underwriters should be worried about InsurTech while brokers should see opportunities.
  
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• Insurtech start-up to offer cyber 'credit checks' for insurers

  26-04-2017 12:41
  
  A start-up is planning to offer insurers a cyber security risk analysis for high net worth individuals and businesses.
  
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• Firms received 3.04m complaints in second half of 2016, says FCA

  26-04-2017 11:59
  
  Regulator states PPI is still most complained about product.
  
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• QBE hires former Prudential CRO Baxter

  26-04-2017 11:54
  QBE has recruited Mark Baxter as its chief risk officer in
  Australia and New Zealand, according to a statement from the
  carrier.
  Baxter was the chief risk officer of Prudential in the UK and
  Europe, based in London, from June 2014 to November 2015. Baxter
  has also held senior risk management roles at Anglo-South African
  asset manager Old Mutual and at Commonwealth Bank of Australia.
  He replaces Anna Gould, who moves within QBE's Australian
  and New Zealand business to become...
  
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• Pen and Markel unveil equine capacity deal

  26-04-2017 11:54
  Markel has agreed to provide £25mn of capacity over the next
  three years for Pen Underwriting's equestrian products, the MGA
  announced today.
  The strategic partnership will take effect on 1 May, and will
  see Markel provide expertise as well as the £25mn capacity.
  Markel has provided coverage for horse and horse-related risks for
  over 50 years.
  Seb Simmonds, commercial director of Pen Underwriting Delegated
  Solutions, said: "The equestrian market presents unique risks
  and challenges d
  
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• Opinion: verticalised pricing

  26-04-2017 11:54
  The more I reflect on it, the more it seems idiosyncratic for a
  regulator with a competition remit tocome after the aviation insurance sector.
  And at the risk of inviting additional regulatory interest
  elsewhere, I will explain why.
  Within the aviation sector pricing is verticalised, meaning that
  it is agreed bilaterally between the brokers and each individual
  market.
  The leader's pricing on a programme is typically known when
  followers are pricing up the business, but they are each expected...
  
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• ICA: Debbie losses have reached $570mn

  26-04-2017 11:54
  Insured losses from Cyclone Debbie, the storm that struck the
  eastern coast of Australia and New Zealand in late March, have
  risen by almost 15 percent in the last two weeks, according to data
  from the Insurance Council of Australia (ICA).
  A spokesperson for the ICA told The Insurance
  Insider today that total losses stand at A$756mn
  ($570.4mn) from 50,056 claims, up from A$660mn in losses and 41,105
  claims on 11 April.
  Cyclone Debbie hit Queensland and northern New South...
  
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• Fidelis withdraws from M&A insurance

  26-04-2017 11:54
  Fidelis has chosen to exit the M&A insurance market less
  than a year after it entered as a result of poor market conditions,
  The Insurance Insider understands.
  The carrier told brokers this week that it would no longer write
  warranty and indemnity (W&I) insurance due to the unfavourable
  rating environment.
  Fidelis entered the market in July last year after hiring Kate
  DaSilva from Marsh to lead its W&I business.
  In a statement to this publication, Richard Coulson, head of
  specialty..
  
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• Ed names Plummer P&C chairman

  26-04-2017 11:54
  Independent wholesale and specialty broker Ed has hired John
  Plummer as chairman of its P&C division, effective immediately,
  the company announced today.
  Plummer joins the firm from Howden, where he most recently
  served as managing director of the company's North American
  P&C unit.
  Prior to that he led the direct and facultative (D&F) team
  at Benfield Group, having begun his career with Fenchurch
  Group.
  Ed Specialty CEO Chris Bonard commented: "[Plummer's]
  appointment marks a signifi
  
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• Watch live webinar at 3:00pm today on personalisation within the insurance market

  26-04-2017 11:10
  
  Personalisation or irrelevance, watch the latest Post webinar this afternoon on why insurance companies need to match their customer's raised expectations in the digital age.
  
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• LV finance boss Philip Moore to step down

  26-04-2017 10:39
  
  LV has appointed Lloyds Banking pensions boss Andy Parsons as finance director.
  
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• Pen and Markel in £25m equestrian sector deal

  26-04-2017 10:12
  
  New partnership comes into force at the beginning of May.
  
  Read more

• Pen signs £25m equestrian capacity deal with Markel

  26-04-2017 10:02
  
  Pen Underwriting has signed a £25m capacity deal with Markel for its equestrian products.
  
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• Startupbootcamp InsurTech partners with Old Mutual

  26-04-2017 09:13
  
  26th partner completes SBC accelerator programme for 2016-18 cycle
  
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• Profile: Neil Clutterbuck, Allianz

  26-04-2017 08:00
  
  Neil Clutterbuck is the chief underwriting officer of Allianz's newly-established technical division. He talks about the immediate and long-term priorities for the business unit.
  
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• Hong Kong's healthcare inflationary spiral

  26-04-2017 05:16
  
  In the second most expensive place in the world for private medical insurance insurers and the government are trying to tackle Hong Kong's multiple healthcare challenges.
  
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• Hong Kong grapples with healthcare inflation

  26-04-2017 05:16
  In the second most expensive place in the world for private medical insurance insurers and the government are trying to tackle Hong Kong's multiple healthcare challenges.
  
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• QBE hires Baxter as Gould moves to claims in Australia

  26-04-2017 03:59
  
  QBE Australia and New Zealand has appointed Mark Baxter as chief risk officer.
  
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• Universal beats by curbing costs amid revenue gains

  26-04-2017 02:33
  Universal Insurance Holdings' earnings beat forecasts as the
  Floridian limited the bottom-line impact of larger-than-anticipated
  catastrophe losses and improved its net combined ratio to 78.9
  percent in the first quarter.
  The property and casualty carrier said weather-related losses
  exceeded plan by $3mn. Even so, net income increased almost 24
  percent to $31.2mn, or $0.86 a share.
  Two analysts who follow the Fort Lauderdale-based company had
  forecast earnings ranging from $0.70 to $0.85 a share
  
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• UGC drives Arch to earnings beat in Q1

  26-04-2017 02:33
  Arch Group beat consensus expectations for the third quarter in a
  row with operating earnings of $1.42 per share versus Wall
  Street's $1.32 per share estimate, mostly thanks to added
  profits from the United Guaranty Corporation (UGC) mortgage book.
  The group's first quarter result was also 21.7 percent ahead
  of the prior-year period's performance of $1.17 per share.
  Arch delivered a double-digit return on equity (RoE) of 12.6
  percent, 2.6 percentage points higher than the corresponding period
  th
  
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• Proposed federal insurance 'czar' draws industry fire

  26-04-2017 02:33
  At least two industry advocacy groups have come out against a
  proposal in the Republican measure to repeal or rewrite major parts
  of the Dodd-Frank Act to replace the Federal Insurance Office with
  a new Office of the Independent Insurance Advocate, saying there is
  no need for either one.
  The advocate office would be created under a provision of the
  Choice Act proposed by Republicans led by Representative Jeb
  Hensarling of Texas, the chairman of the House Financial Services
  Committee....
  
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• CNA picks up RSA's Creatura to lead Canada unit

  26-04-2017 02:33
  CNA named Nick Creatura as president and CEO of its Canadian
  operation, picking him up from Royal & Sun Alliance, where he
  was executive vice president and chief financial officer for
  Canada.
  The newly-hired exec, who is set to take the reins at the middle
  of May, will report to CNA Hardy boss David Brosnan, the
  Chicago-based carrier said today.
  Speaking about his new hire, Brosnan said: "His network of
  contacts and vast experience will allow us to continue to...
  
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• Chubb skirts significant cat losses to deliver Q1 beat

  26-04-2017 02:33
  Insurance giant Chubb avoided the uptick in cat losses, which
  has emerged as a trend of the first-quarter reporting season, to
  deliver a 15.3 percent gain in operating income.
  Profits at the insurer, which merged with Ace in a deal that
  closed in mid-January last year, climbed to $1.18bn in the first
  quarter, up from just over $1bn for the same period last year.
  The $2.48 per share result exceeded the consensus expectations
  for $2.41 a share held by 20...
  
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