Insurance news

• Connealy steps aside as CEO of HCC's ProAg

  28-04-2017 23:43
  Michael Connealy, the CEO and president of Tokio Marine
  HCC's crop insurance unit Producers Ag is set to step aside in
  a move that will put his top deputy in position to take up the
  role.
  Connealy will become chairman of the group at the end of June
  before retiring in the second quarter of next year, the insurer
  said today.
  Meanwhile, ProAg's executive vice president and COO Kendall
  Jones will take the helm at the carrier as Connealy steps...
  
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• Cat bond volumes to hit $8bn in 2017: Aon

  28-04-2017 23:43
  Aon Securities has reiterated its position that 2017 is set to
  become the biggest ever year for the cat bond market, with issuance
  forecast to come in at $8bn.
  Volumes for the first quarter reached $2.2bn, according to the
  firm's Q1 2017 update, with April deals set to take the
  year-to-date total to almost $6bn.
  This is keeping pace with a vast number of ILS maturities in the
  first half of the year, with $2.0bn rolling off risk in Q1...
  
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• Senate weighs NFIP extension that requires reinsurance

  28-04-2017 19:50
  A proposal to extend the National Flood Insurance Program for 10
  years, build in reinsurance authorisation and raises coverage
  limits has emerged in the US Senate, which plans a hearing on the
  programme next week.
  The measure offered by Senators Bill Cassidy, a Louisiana
  Republican, and Kristen Gillibrand, a Democrat from New York, would
  keep the programme, known widely as NFIP, from expiring on 30
  September, when its current authorisation expires.
  The measure stipulates an annual cession of ris
  
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• Fidelity International accuses Fidelis of trademark infringement

  28-04-2017 19:50
  Global investment management firm Fidelity International has
  accused total return carrier Fidelis of breaching its trademark in
  the UK and the European Union.
  In an interim hearing at the High Court in London today, lawyers
  for Fidelis outlined Fidelity's claim that the
  (re)insurer's brand intended to link the two firms in the minds
  of consumers and to take advantage of its reputation.
  The claim relates to 16 trademarks across 21 separate services
  offered by Fidelity across the UK and EU....
  
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• Chubb's Greenberg hints at higher merger cost savings

  28-04-2017 19:50
  Chubb CEO Evan Greenberg said his company may lift its $800mn
  forecast for merger-related savings in the second quarter.
  On an analysts' call on Wednesday (26 April) after the
  company published its first-quarter results, Greenberg said Chubb
  was ahead of schedule on both an annualised and realised basis in
  achieving the $800mn of annualised merger savings it is targeting
  by the end of 2018.
  Ace closed its $29.5bn acquisition of Chubb in January 2016. The
  following October, Chubb lifted its...
  
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• AXA latest insurer to offload old UK liability book

  28-04-2017 18:43
  
  Run-off buyer to acquire AXA’s UK old UK liability book
  
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• Vienna Insurance Group acquires Axa Life in Romania

  28-04-2017 18:29
  
  Vienna Insurance Group has closed the acquisition of Axa Life in Romania, increasing its presence in the country.
  
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• Axa transfers £600m historical liability book to Riverstone

  28-04-2017 18:17
  
  Axa has started transferring its historical disease liability book of business to Riverstone.
  
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• Ex F1 mechanic to speak at IBIS 2017

  28-04-2017 17:19
  
  A former Formula One race mechanic will address the International Bodyshop Industry Symposium taking place in June in Madrid.
  
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• Kevin Skillin to retire as chairman of Imperial Consulting

  28-04-2017 17:15
  
  Kevin Skillin will be retiring from Imperial Consultants on the 31 August this year and will be handing the role to his son, Mark Skillin.
  
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• Kevin Skillin to retire as chairman of Imperial Consultants

  28-04-2017 17:15
  
  Kevin Skillin will be retiring from Imperial Consultants on the 31 August this year and will be handing the role to his son, Mark Skillin.
  
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• This Week in Post: Extinction and distinction

  28-04-2017 15:59
  
  This week I took my toddler to see the roaring animated T-rex at the Natural History Museum. “Raaa!” she growled, before wimping into her father’s arms, unaware dinosaurs are actually extinct.
  
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• Willis trials panels on new tech placement platform

  28-04-2017 15:22
  Willis Towers Watson North America is piloting a new electronic
  placement platform across a number of recently assembled carrier
  panels, The Insurance Insider can
  reveal.
  The Connected Broking technology initiative has been built to
  allow communication between the broker and carriers in the
  placement process, with submissions and quotes sent through the
  platform.
  It will also capture, quote and bind data from carriers, and
  provide more real-time information on rates.
  Connected Broking is being t
  
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• UK motor XoL rates double post-Ogden change: Benchimol

  28-04-2017 15:22
  UK motor excess-of-loss (XoL) treaties saw rate increases of
  over 100 percent at 1 April following the change to the Odgen
  discount rate, according to Axis Capital CEO Albert Benchimol.
  Discussing first quarter results with analysts yesterday,
  Benchimol said the UK government's decision to change the
  bodily injury discount rate to minus 0.75 percent from 2.50 percent
  had meant many renewal discussions scheduled for 1 April had been
  pushed back to 1 May.
  "The few reinsurance XoL treaties that did
  
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• Major claims push Mapfre Global Risks to underwriting loss

  28-04-2017 15:22
  Mapfre's global specialty insurance arm Mapfre Global Risks
  fell to an underwriting loss in the first quarter as a result of
  increased large claims.
  The unit, which serves multinational companies, reported a 20
  percentage point increase in the combined ratio to 109.5 percent,
  dragged higher by an 18.2 point rise in the loss ratio to 75.6
  percent.
  "The deterioration of the combined ratio reflects the
  increase in large claims, mainly due to two large claims that
  occurred in Emea, as...
  
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• Aubert reappointed as LMG chair

  28-04-2017 15:22
  The London Market Group (LMG) has reinstated Nicolas Aubert as its
  chair for a further year, according to a statement by the trade
  body today.
  Aubert is Willis Towers Watson's head of Great Britain.
  The LMG represents the commercial (re)insurance broking and
  underwriting communities in London and is leading the London market
  modernisation process, known as the Target Operating Model.
  Aubert said: "The last 12 months has seen real progress
  across all of our workstreams. Particular highlights incl
  
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• Independent's joint scheme administrators announce first and final dividend

  28-04-2017 13:58
  
  After delays last month, the joint scheme administrators of Independent Insurance Company Mark Batten and Dan Schwarzmann have announced a first and final dividend.
  
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• Manchester Underwriting Management hires two managing directors

  28-04-2017 13:20
  
  Manchester Underwriting Management has appointed Antony Broome and Pat Wood as joint managing directors of its newly created Casualty Division.
  
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• Direct Insurance Group wins major deal with fleet association

  28-04-2017 13:17
  
  Vehicle-accredited operators to benefit with attractive insurance arrangement 
  
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• Broking Break: Your Top 5

  28-04-2017 12:52
  
  A recap of the stories that grabbed your attention this week featuring an exclusive story that took broking into the national press, Towergate, the aviation probe, and Aviva’s tech future.
  
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• Impact of Dive in Festival sees more Lloyd's firms implementing formal D&I policies

  28-04-2017 12:39
  
  The number of Lloyd’s firms with diversity and inclusion councils or committees has gone up by 17.5% since 2016.
  
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• InsurTech Futures: ERS partners with CGI on insurer hosted pricing system

  28-04-2017 12:31
  
  Insurer aims to transform its relationship with brokers.
  
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• Quizzical questions: 28 April 2017

  28-04-2017 12:25
  
  Test your knowledge of the week's news with our topical quiz.
  
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• Swiss Re Corporate Solutions hires Hall as Canada head

  28-04-2017 11:31
  Swiss Re Corporate Solutions has recruited a new CEO for Canada,
  the commercial and specialty (re)insurer said yesterday.
  Adrian Hall was previously chief customer officer and vice
  president at RSA in Canada, according to his LinkedIn profile.
  Swiss Re said Hall will take on responsibility for expanding the
  Swiss Re Corporate Solutions business in Canada, and manage the
  division's strategy and development.Hall will be based in Toronto and report to Ivan Gonzalez, CEO
  North America at Swiss Re Co
  
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• Opinion: Dicing with deals

  28-04-2017 11:31
  Fidelis' decision to exit the M&A insurance market less
  than a year after making its debut sounds a decisive warning bell
  about the class.
  This publication reported on Wednesday (26 April) that the
  carrier has told brokers that an unfavourable rate environmentled to its retreat, which comes little over a year after it
  plucked Kate DaSilva from Marsh to lead its warranty and indemnity
  insurance business.
  Its decision comes as MGAs continue to contemplate entering or
  expanding their geographic
  
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• M&A specialist MGA Acquinex in pipeline

  28-04-2017 11:31
  Former Beazley transactional liability underwriter Chris Thompson
  is launching a new MGA focused on providing warranty and indemnity
  (W&I) insurance for smaller M&A deals, The
  Insurance Insider understands.
  The London-based venture, called Acquinex, has set up on the
  Eaton Gate managing general underwriter platform and is currently
  in the final stages of lining up capacity providers.
  Chris Jackson, Marsh's UK head of transactional risk, has
  left the broker to join Thompson at the start-u
  
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• Gallagher just beats consensus on robust profit growth

  28-04-2017 11:31
  AJ Gallagher's first quarter profit climbed 18 percent
  year-on-year and pushed the national broker just above Wall Street
  estimates.
  Earnings rose to $0.40 per share, $0.01 better than the $0.39
  consensus forecast from 16 analysts compiled by
  MarketWatch.com.
  Chairman, president and CEO Patrick Gallagher commented:
  "Coming off a terrific 2016, we delivered solid organic
  growth, outstanding revenue growth from our tuck-in M&A
  strategy and strong margin expansion in the first
  quarter."
  Organic
  
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• UKBA: Winning the HNW gong improved business confidence

  28-04-2017 11:16
  
  Lumley’s managing director says the firm has taken every opportunity to mention the win.
  
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• Watchstone to break up as CEO prepares to leave

  28-04-2017 10:40
  
  Watchstone has revealed plans to break up as it prepares all remaining businesses for divestment.
  
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• Car insurance flat in Q1 2017 but hikes inevitable thanks to “government blunders”, says AA

  28-04-2017 10:15
  
  Average increase for comprehensive motor cover was 12.9% over the past 12 months.
  
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• Hastings grows GWP and market share amid Ogden turmoil

  28-04-2017 10:08
  
  Insurer says data driven pricing will help it capitalise on Ogden turmoil
  
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• Watchstone to split and CEO to depart

  28-04-2017 10:06
  
  Former Quindell Watchstone to split and unit to break apart in preparation sale
  
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• Home premiums stable in Q1 2017 according to AA Index

  28-04-2017 10:05
  
  However premiums are set to go up and will also be hit by a 2% IPT increase from June this year.
  
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• Gallagher Q1 broking profit grows but group dips

  28-04-2017 10:02
  
  Chief executive says Gallagher well positioned for rest of year after broking profit grows
  
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• Hastings sees new business influx following Ogden change

  28-04-2017 09:52
  
  Customers buying car insurance through price comparison sites has led to an influx of new business for Hastings as motor premium rates continue to rise in light of the change to the discount rate.
  
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• Hastings sees new business influx after Ogden change

  28-04-2017 09:52
  
  Customers buying car insurance through price comparison sites has led to an influx of new business for Hastings as motor premium rates continue to rise in light of the change to the discount rate.
  
  Read more

• Covéa's James Reader on insurance's ‘two lengths of the pool’

  28-04-2017 08:00
  
  Spending some time with sport psychologist Simon Hartley reminded James Reader, CEO of Covéa Insurance, it can be all too easy to lose focus on what we’re really here to do
  
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• Blog: How to reduce litigation costs

  28-04-2017 08:00
  
  Very few insurers effectively and proactively manage the relationship and performance of their panel law firms says Caroline O’Grady, partner at Coote O’Grady.
  
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• It doesn’t pay to cheat on your child’s car insurance

  28-04-2017 06:03
  
  Thousands of parents commit fraud by ‘fronting’
  
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• Big investors call for new limits on tobacco companies

  28-04-2017 06:00
  Statement from Axa, Calpers comes amid a divestment wave
  
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• The Hartford meets expectations despite 2% profit drop

  28-04-2017 01:40
  The Hartford posted first quarter profits - described as core
  earnings - that fell 2 percent to $378mn driven by a climbing loss
  ratio as cat losses crept higher.
  But the $1.00 per share result was in line with the consensus
  estimate of 15 Wall Street analysts surveyed by
  MarketWatch.com.
  The Hartford's largest business segment, commercial lines,
  saw earned premium grow by 4 percent to $1.69bn during the
  quarter
  But profitability in the division lagged as the combined ratio
  deteriorated...
  
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• Gallagher just beats on robust profit growth

  28-04-2017 01:40
  AJ Gallagher's first-quarter profit climbed 18 percent and
  pushed the national broker just above Wall Street estimates.
  Earnings rose to $0.40 per share, $0.01 better than the $0.39
  consensus forecast from 16 analysts compiled by
  MarketWatch.com.
  Chairman, president and CEO Patrick Gallagher commented:
  "Coming off a terrific 2016, we delivered solid organic
  growth, outstanding revenue growth from our tuck-in M&A
  strategy and strong margin expansion in the first
  quarter."
  Organic revenue at t
  
  Read more

• Fairfax returns to profit after heavy Q4 loss

  28-04-2017 01:40
  Fairfax was back in the black for the first quarter posting net
  earnings attributable to shareholders of $82.6mn after running up
  losses of $702mn in the final three months of last year.
  The result for the first quarter of 2017 followed a $51.0mn loss
  in the corresponding period last year, and was entirely driven by
  an improved investment performance.
  The figures represent a 3.9 percent annualised return on
  equity.
  Group-wide underwriting performance worsened by 1.5 percentage
  points to 94.6 per
  
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