Insurance news

• ProSight loses brace of senior staff

  10-05-2017 20:28
  Bhuvinder Judge and Rob Saxon have both resigned from ProSight,
  as the under-fire carrier continues to search for a buyer for its
  Lloyd's business.
  Judge had been head of delegated underwriting at ProSight
  Specialty Underwriters since 2012, while Saxon had worked at
  ProSight since 2013, most recently as head of underwriting
  management.
  Judge will join CNA as head of delegated underwriting, while
  Saxon is moving to Capita Managing Agency in an underwriting
  management role.
  Patrick Gage, chief und
  
  Read more

• Pro Global eyes approach to RI regulators on ProTucket

  10-05-2017 20:28
  Pro Global is reaching a stage where it is ready to discuss its
  Rhode Island legacy portfolio transfer plans with state regulators,
  according to global head of client engagement and operational
  consulting Richard Lawson.
  Lawson gave an update on the plans, which if successful would
  see the first run-off portfolio transfer under the state's
  amended Regulation 68, during a panel discussion at the Insurance
  and Reinsurance Legacy Association Congress in Brighton, England
  yesterday.
  Pro Global has a
  
  Read more

• Bishopsgate hires energy directors from Ed

  10-05-2017 20:28
  Towergate's London market broker Bishopsgate has added two
  directors to its energy team.
  Both Robin Todd and Darren Conlon join from independent broker
  Ed.
  Todd started his career as a Lloyd's broker before moving
  into a number of key underwriting roles, including as the active
  underwriter for Syndicate 483.
  Conlon has worked in the Lloyd's market for more than 25
  years.
  Bishopsgatein March named NMB co-founder Gordon Newman as executive
  chairman, effective from July. Newman became the head of..
  
  Read more

• Axis' Vogt to become CFO when Henry retires

  10-05-2017 20:28
  Insurance industry veteran Joseph Henry will step down as CFO of
  Axis Capital when he retires at the end of the year, the company
  said today.
  He will be replaced by insurance chief operating officer Peter
  Vogt, who will become deputy CFO in July before taking on the CFO
  mantle in January 2018.
  Henry joined Axis as CFO in 2012, having previously served as
  CFO of XL Insurance since 2006.
  Before his time at XL, Henry held senior executive positions...
  
  Read more

• Advertisement

• Aviation chief Chad suspended by Marsh amid FCA probe

  10-05-2017 20:28
  The CEO of Marsh's aviation business in the UK Marcel Chad
  has been suspended by the company after the Financial Conduct
  Authority (FCA) launched a probe into the misuse of confidential
  client information by five brokers, The Insurance
  Insider can reveal.
  Sources said Chad had been suspended while Marsh carried out an
  internal investigation into the issues raised by the FCA's
  probe.
  It is not clear at this stage if Chad will be reinstated and
  The Insurance Insider has no...
  
  Read more

• Aon replaces cyber solutions, Stroz Friedberg head

  10-05-2017 20:28
  Aon has hired private equity executive and former FBI special
  agent Jason Hogg as head of its cyber solutions division and as CEO
  of recently acquired Stroz Friedberg.
  Hogg, who joins the company from Tritium Partners, will
  spearhead cyber growth at Aon and replace Michael Patsalos-Fox as
  head of Stroz Friedberg, a cyber security specialist the broker
  acquiredlast year.
  When it announced the acquisition in October last year, Aon
  named Patsalos-Fox as CEO and co-chair of a new cyber...
  
  Read more

• AIA CEO Pusey steps down

  10-05-2017 20:28
  The American Insurance Association (AIA) is on the hunt for a
  new leader after president and CEO Leigh Ann Pusey resigned to take
  up a role at pharmaceutical company Eli Lilly.
  The trade body said Pusey will step down on 15 June after a
  transition period, during which she will work with AIA senior vice
  president and general counsel J Stephen Zielezienski and Joe
  DiGiovanni, who is senior vice president for state affairs.
  Pusey has led the organisation since 2009....
  
  Read more

• Aviva chief executive hits out at personal insurance market

  10-05-2017 19:02
  Mark Wilson describes the market as ‘dysfunctional’ and serving customers poorly
  
  Read more

• Advertisement

• Axa: a new policy

  10-05-2017 17:45
  The French insurer wants less in America
  
  Read more

• Biba 2017: GDPR will not have drastic effect on cyber insurance

  10-05-2017 17:11
  The General Data Protection Regulations will not have as big an effect on cyber policies and the regulator may not enforce it as strictly as expected.
  
  Read more

• Novae closes casualty division

  10-05-2017 16:42
  
  2017 group underwriting loss expected as Novae closes casualty division
  
  Read more

• Axa to float AllianceBernstein and other US operations

  10-05-2017 16:03
  French insurer looks to raise funds to invest in higher growth areas
  
  Read more

• #BibaFever: B-B-Q: The UK insurance industry outlines how the UK can remain competitive post-Brexit

  10-05-2017 15:38
  
  As the British Insurance Brokers’ Association Conference continued in Manchester today the Insurance Post and Insurance Age #BibaFever team went out to grill delegates about the topics that have been getting the tongs (sic) wagging.
  
  Read more

• #BibaFever: B-B-Q: Allianz, Axa and Zurich on keeping the UK insurance sector competitive post-Brexit

  10-05-2017 15:36 via insuranceage.co.uk
  
  As the British Insurance Brokers’ Association Conference continued in Manchester this afternoon the #BibaFever team went out to grill delegates on the spicy issues of the day.
  
  Read more

• US commercial P&C rate declines narrow in Q1: CIAB

  10-05-2017 15:23
  US commercial P&C rates continued to decrease in Q1 2017,
  although the pace of decline decelerated significantly from a year
  earlier, according to the Council of Insurance Agents and Brokers
  (CIAB).
  In its latest pricing survey, the CIAB said average rates dipped
  by 2.5 percent in the three months to 31 March 2017, compared with
  a 3.7 percent fall in the prior-year quarter. The period also
  marked the ninth consecutive quarter of softening.
  Rates on medium-sized accounts declined by 2.4...
  
  Read more

• Senior Aspen Re trio depart

  10-05-2017 15:23
  The head of Aspen Re in London has left the business, alongside
  the carrier's top underwriter in Bermuda.
  Stefan Long, head of Aspen Re in London and managing director
  for global accounts, resigned yesterday.
  Tom Meyer, chief underwriting officer for Aspen Bermuda, is also
  set to exit the firm.
  Ed Wheatley, the head of marine and terrorism for Aspen's
  specialty reinsurance business in London, has also left the
  company.
  An Aspen spokesman said the trio had "decided to leave
  Aspen...
  
  Read more

• Senior Aeolus underwriter Fascione leaves

  10-05-2017 15:23
  Simon Fascione has departed Aeolus nearly four years after joining
  the Bermudian asset manager in 2013, sister title
  Trading Risk revealed
  yesterday.
  Fascione was a senior underwriting executive at the firm. Before
  joining Aeolus, he spent a number of years at Lancashire in a
  variety of roles.He joined the reinsurer in 2006 and was promoted to the role of
  head of underwriting for its Bermudian subsidiary in 2010.In this role he had responsibility for Lancashire's property
  reinsurance and...
  
  Read more

• Nexus forges cyber partnership with Beazley

  10-05-2017 15:23
  MGA Nexus Group has set up an underwriting partnership with Beazley
  to sell a cyber policy aimed at small and medium-sized businesses.
  Nexus said the MGA will sell Beazley's cyber policy, which
  offers third party liability cover up to £5.0mn ($6.5mn). The
  policy allows for a maximum of 250,000 records to be protected.
  Nexus director of development Richard Wynn said: "Cyber
  insurance is currently the fastest-growing sector in the global
  insurance arena, and this new product is closely align
  
  Read more

• Light cat losses offset creeping attritional property loss ratios

  10-05-2017 15:23
  A significant catastrophe loss could expose an underlying lack
  of profitability in the property insurance market, an industry
  executive has warned.
  The property market currently does not adequately cover its
  attritional loss ratio, Allied World's president of North
  America Louis Iglesias said at The Insurance
  Insider's InsiderScope event in New York
  today.
  But the looming shortfall has been covered up by a lack of
  catastrophes, Iglesias said, adding that the situation could change
  sooner than la
  
  Read more

• Florida 14.5% workers' comp rate hike upheld

  10-05-2017 15:23
  A Florida appeals court has upheld a 14.5 percent rate increase
  for workers' compensation coverage imposed in December by the
  Florida Office of Insurance Regulation (Floir), determining that
  the hike was done properly.
  Today's ruling overturns a Leon County circuit judge's
  finding last year that the National Council on Compensation
  Insurance (NCCI), which submitted the original rate increase
  request on behalf of insurers, and the Floir had failed to follow
  required rate-setting procedures.
  The N
  
  Read more

• CNA hires specialty unit COO from Chubb

  10-05-2017 15:23
  CNA has appointed former Chubb executive Kevin Smith as president
  and chief operating officer of its specialty division.
  Smith will take the role on 22 May following the recent
  resignation of Mark Herman. He will be based in Chicago and will
  report to CNA chairman and CEO Dino Robusto.
  The executive has spent almost three decades in insurance. He
  became a branch manager at Chubb in 2001 and was most recently
  executive vice president and North American field strategic
  development...
  
  Read more

• Carole Nash to be formally auctioned

  10-05-2017 15:23
  French insurer Groupama has appointed boutique investment bank
  Fenchurch Advisory to run a full sale process for its specialist UK
  motor broker Carole Nash, The Insurance
  Insider can reveal.
  A spokesman for Carole Nash said: "Groupama are long-term
  shareholders of Carole Nash and nothing has changed in this respect
  to which [sic], we do not comment on market speculation."
  Despite the denial, multiple sources have confirmed that
  Groupama, which did not respond to requests for comment, is moving
  t
  
  Read more

• BMS hires AJG Australia CEO Godden

  10-05-2017 15:23
  Specialty (re)insurance broker BMS Group has recruited AJ Gallagher
  (AJG)'s Australia CEO Andrew Godden to run its business in that
  country.
  Godden has been Australia CEO at the broker since 2010, when the
  US company acquired Specialist Broking Associates, a business he
  founded in 2003.
  He will report to BMS CEO Nick Cook. Godden will join BMS once
  his contractual obligations to AJG have ended and will be based in
  Sydney.
  BMS is part of the employee-owned holding company Minova...
  
  Read more

• April weather caused $1bn of US losses: Aon Benfield

  10-05-2017 15:23
  Severe weather in the US in April led to insured losses of more
  than $970mn, according to a report from Aon Benfield's Impact
  Forecasting.
  The reinsurance broker said the losses came from four outbreaks
  of severe weather, with the most costly taking place from 4-6 April
  in the Midwest and other southern states, sister publication
  Trading Risk reported.
  Insurers had cited payouts nearing $425mn from these storms, the
  firm said.
  This compounded payouts of nearly $250mn from tornadoes and hail...
  
  Read more

• Lemonade launches in California, adds celebrity investor

  10-05-2017 14:58
  
  US insurtech opens for business in third ‘milestone’ state following New York and Illionis
  
  Read more

• #BibaFever: B-B-Q: Aviva, Towergate and Zurich set out insurance industry demands for new UK Government

  10-05-2017 13:56
  
  As the British Insurance Brokers’ Association got underway in Manchester this morning the #BibaFever team went out to grill senior executives about the issues that matter.
  
  Read more

• RSA achieves chartered status

  10-05-2017 13:16
  
  Insurer receives award for UK commercial lines business.
  
  Read more

• AXA creates global innovation division

  10-05-2017 13:10
  
  French insurer AXA appoints dedicated innovation chief executive to drive global digital transformation
  
  Read more

• RSA wins CII chartered insurer status

  10-05-2017 12:55
  
  RSA wins CII chartered  insurer award at Biba 
  
  Read more

• Markerstudy silent on possible sale

  10-05-2017 12:29 via insuranceage.co.uk
  
  Group commercial director Martyn Holman gives further details on new MGA.
  
  Read more

• Biba 2017: Vivek Banga named chair of Biba’s Innovation Working Group

  10-05-2017 11:42
  
  Trade body launches innovation group aiming to increase uptake and awareness of InsurTech.
  
  Read more

• Biba 2017: “Storm clouds” gathering for insurance sector

  10-05-2017 11:38
  
  Biba CEO warns brokers to be wary of current turmoil affecting the sector.
  
  Read more

• Biba 2017: Trade body launches two guides for brokers

  10-05-2017 11:34
  
  Separate Biba guides will help brokers with adaption issues stemming from the Insurance Act and provides a framework which sets a benchmark for good practice in all areas of the business.
  
  Read more

• Biba launches guide to improve broking standards

  10-05-2017 11:06
  
  Biba guide to improve broking standards has been launched at biba today
  
  Read more

• United misses estimates as combined ratio worsens

  10-05-2017 10:59
  United Insurance Holdings missed Wall Street expectations for
  first quarter earnings with net income of $0.18 per share as its
  combined ratio deteriorated compared with the year-earlier
  period.
  Analysts had forecast earnings per share of $0.32, according to
  the consensus of five estimates compiled by MarketWatch. United
  Insurance's first quarter earnings per share was $0.14 in the
  prior-year period.
  The insurer said gross written premium climbed 24 percent
  year-on-year to $168.8mn. Net premium e
  
  Read more

• Opinion: AmTrust, private company

  10-05-2017 10:59
  The insurer has had another awful 24 hours, with analyst forecasts
  missed by a wide margin and the share price pummelled again.
  AmTrust has lurched from crisis to crisis in recent months and
  there is a growing sense that its management will need to look at
  radical options to right the ship.
  Indeed, there is already evidence of this approach with a
  previously acquisitive company looking todivest a 51 percent stake in its MGA network.
  In exploring this sale...
  
  Read more

• Novae warns of underwriting loss and exits four casualty lines

  10-05-2017 10:59
  London-listed Lloyd's carrier Novae has told investors it is
  "unlikely" to end the financial year with a combined
  ratio of below 100 percent, and that it has withdrawn from four
  casualty lines.
  In a trading update this morning, Novae CEO Matthew Fosh said
  combined ratios of more than 100 percent are set to become
  "commonplace", and that establishing a point of
  differentiation was critical in today's market.
  As part of a group strategic rethink, Novae has elected to exit
  financial...
  
  Read more

• Hannover Re P&C unit beats Q1 forecast despite losses

  10-05-2017 10:59
  Quarterly operating profit at Hannover Re's P&C division
  beat analysts' expectations by increasing 3.4 percent to
  EUR309.8mn ($337.8mn) year-on-year, thanks to an uptick in
  investment income, the carrier announced this morning.
  Analysts had expected the first-quarter P&C Ebit figure to
  come in at around EUR256mn, according to Barclays, but an
  annualised investment return of 3.1 percent pushed the income from
  assets under management to EUR320mn, 13.2 percent higher than this
  time last yea
  
  Read more

• FedNat misses estimates as tornadoes pinch Q1 profit

  10-05-2017 10:59
  Federated National posted earnings of $0.23 a share, widely
  missing the forecast of industry analysts as weather-related losses
  in both Florida and Louisiana squeezed profits.
  Wall Street analysts had expected earnings of $0.37 a share,
  according to a consensus compiled by MarketWatch, after the insurer
  posted earnings per share of $0.69a year earlier.Net profit plunged 67 percent to $3.1mn for the quarter. The
  insurer cited $4.8mn in claims, net of reinsurance, stemming from
  tornadoes in the Fl
  
  Read more

• Axa P&C revenue up 2% in Q1

  10-05-2017 10:59
  Axa's P&C division has reported revenue growth of 2
  percent to EUR13.4bn ($14.6bn) for the first quarter of 2017,
  driven by expansion in commercial lines.
  In a trading update this morning, the French carrier said
  commercial insurance revenues had increased by 3 percent overall to
  EUR7.1bn.
  Revenues at Axa's personal lines P&C business grew by 1
  percent to EUR6.3bn.
  The carrier said revenues in its mature markets had risen by 3
  percent to EUR11.2bn due to tariff increases and higher...
  
  Read more

• #BibaFever 2017 - stream from the conference in Manchester

  10-05-2017 10:12
  
  Catch up on all the news that came to you from the exhibition hall, break out sessions and key note speeches at Biba 2017.
  
  Read more

• #BibaFever 2017 - live stream from the conference in Manchester

  10-05-2017 10:12
  
  Keep up to date with all the news from the exhibition hall, break out sessions and key note speeches at Biba 2017.
  
  Read more

• Axa to float minority stake in US operations

  10-05-2017 09:59
  French insurer looks to raise funds to invest in higher growth areas
  
  Read more

• Ageas UK swings to operating loss in Q1 following Ogden impact

  10-05-2017 09:25
  
  Ageas UK posted an operating loss in the first quarter of 2017 compared with a £21.3m profit in Q1 2016.
  
  Read more

• Insurance Times Biba Daily issue 1

  10-05-2017 08:30
  
  PIB aims to fill gap left by Jelf and Bluefin
  
  Read more

• Q&A: Rob Flynn, More Than

  10-05-2017 08:00
  
  More Than relaunched last week with a new advertising campaign featuring fictional Scandinavian founder Mordenn Surenns. Real-life boss of More Than Rob Flynn talks about the developments behind the scenes at the direct insurer.
  
  Read more

• Broker: Feeling exposed?

  10-05-2017 08:00
  
  Many brokers’ professional indemnity policies contain exclusion clauses that limit their cover, leaving them and their customers exposed
  
  Read more

• Further Ogden hit wipes out most of Ageas UK Q1 profit

  10-05-2017 07:57
  
  UK unit gets capital injection following Ogden hit
  
  Read more

• Light cats salvage creeping attritional property loss ratios

  10-05-2017 06:33
  A significant catastrophe loss could expose an underlying lack
  of profitability in the property insurance market and an industry
  executive suggested that the industry is primed for such an event
  as well as the ensuing fallout.
  The property market currently does not adequately cover its
  attritional loss ratio, warned Louis Iglesias, Allied World's
  president of North America, speaking at The Insurance
  Insider's InsiderScope event in New York
  today.
  But the looming shortfall has been covered up by
  
  Read more

• Greenberg's Starr sees $40bn AIG bailout appeal fail

  10-05-2017 06:33
  A $40bn lawsuit over the 2008 federal bailout of AIG failed to
  survive a government appeal as a three-judge appellate panel ruled
  against former AIG CEO Maurince "Hank" Greenberg's
  Starr International today, saying it lacked standing to make the
  claim.
  Starr CEO Greenberg has maintained that the government's
  action was illegal and constituted a taking from AIG shareholders,
  including Starr, without compensation. The company was the New
  York-based insurance giant's largest shareholder at the time
  
  Read more

Follow @Insurance_UKnws on Twitter!