Insurance news

• Willis Re wins Zurich liability account from Guy Carp

  16-05-2017 20:24
  Willis Re has wrested the account to place Zurich's North
  American general liability treaty from long-time incumbent Guy
  Carpenter, The Insurance Insider can
  reveal.
  Underwriting sources told this publication that the account,
  which is a mid-year renewal, had recently moved between the two
  big-three brokers.
  It is understood that Willis Re will now place the
  excess-of-loss cover for Zurich's lead umbrella and excess
  casualty book, as well as its environmental liability
  portfolio.
  The exact size
  
  Read more

• Scor names Scott Emea casualty CUO

  16-05-2017 20:24
  Scor has hired former Markel reinsurance managing director
  Graeme Scott as head of casualty underwriting in Europe, the Middle
  East and Africa (Emea).
  The executive took up the newly created role of casualty chief
  underwriting officer (CUO) yesterday. Scott is based in London and
  will report to Scor's Emea CUO Laurent Rousseau.
  Scott will build a casualty team dedicated to the London market
  and will operate in coordination with the UK P&C treaty team
  led by Joanne Woodcock, the reinsurer...
  
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• JLT Specialty hires Levitt as EVP

  16-05-2017 20:24
  JLT Specialty has appointed former investment banker Gabe Levitt as
  executive vice president, the broker announced today.
  Levitt began his career in the financial institutions group at
  Goldman Sachs, followed by eight years as an insurance and
  financial services private equity investor, primarily with
  Securitas Capital.
  He has spent the past 13 years as a broker, most recently with
  Krauter & Company, where he focused on sourcing and serving
  private equity and real estate clients, as well as
  
  Read more

• Davis returns to Brown & Riding

  16-05-2017 20:24
  US wholesaler and specialty brokerage Brown & Riding has
  brought Michael Davis back to its construction practice group.
  Davis had been working at for Aon, where he was vice president
  in the construction services group for two-and-a-half years before
  leaving.
  During that time, he was responsible for first party lines of
  coverage and bespoke insurance programmes for Aon's
  sophisticated builder and developer clients.
  Davis previously worked at Brown & Riding in the property
  division from 20
  
  Read more

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• Beazley US hires brace of environmental underwriters

  16-05-2017 20:24
  London-listed Beazley has bolstered its environmental liability
  insurance capability with the hire of two underwriters in the
  US.
  Edwin Baez joins Beazley from Berkley Environmental, where he
  held senior positions in the company's New York and Miami
  offices. Before that he was a senior environmental underwriter at
  XL and Zurich.
  In his new role, Baez will focus on site-specific pollution
  coverage, based in the company's Miami office.
  Kirk Jordan joins Beazley as an environmental underwriter base
  
  Read more

• Aberdeen and Standard Life co-chiefs defended

  16-05-2017 19:53 via ft.com
  Gilbert and Skeoch roles at merged group will be success, says chairman of new group
  
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• NMU declines to comment on rumours of office closures

  16-05-2017 18:31
  
  NMU has declined to comment on rumours that it plans to consolidate its Letchworth, Kent and London offices.
  
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• Insurance: Robots learn the business of covering risk

  16-05-2017 18:21 via ft.com
  Artificial intelligence could revolutionise the industry but may also allow clients to calculate if they need protection
  
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• SSP confirms service disruption and apologises to users

  16-05-2017 17:54
  
  Brokers frustrated at further service outage issues at the software house.
  
  Read more

• Insurtech start-up partners with Gen Re to offer tailored policies

  16-05-2017 17:50
  
  Insurtech start-up Sherpa has partnered with Gen Re in order to provide tailored risk coverage scores personal lines insurance policies.
  
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• Cyber insurance market expected to grow after WannaCry attack

  16-05-2017 16:52 via ft.com
  Demand for coverage increases after ransomware hits governments and businesses
  
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• Davies wins claims deal with Peter Cullum-owned MGA

  16-05-2017 16:19
  
  Davies takes on claims management for household and let property for MGA
  
  Read more

• US malaise dents Insider 50

  16-05-2017 15:56
  The Insider 50 was hit last week by heavy drops in
  dollar-denominated stocks, with the losses slightly offset by
  growth in the UK.
  The I50 index fell 1.6 percent in the week to 1,053.6
  index points, ceding most of the territory it gained the week
  before.
  By contrast major market indices,
  including the S&P 500 and Stoxx Euro 600, recorded marginal
  changes, while the FTSE 100 was up 1.9 percent.
  Last week was another busy period in terms of first...
  
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• UK broker consolidation ramps up amid mounting pressures

  16-05-2017 15:56
  Rising regulatory requirements, succession issues and pressures
  on margins are driving the recent consolidation wave in UK broking
  businesses, according to sources.
  In the past few months, this publication has revealed that
  Hiscox-backed broker Lark Insurance, Groupama-owned Carole Nash,
  Lloyd's broker AG, marine-focused SSL and Miles Smith are all
  exploring sale options, either in their entirety or for a minority
  backer.
  Broking sources said that there is no end in sight for
  consolidation given
  
  Read more

• The price of Brian: What does Hamilton get?

  16-05-2017 15:56
  It's no wonder it took AIG so long to confirm rumours Brian
  Duperreault would become its next CEO when one looks at the deal
  that was required to release the executive from his contract with
  Hamilton whilst ensuring the future viability of the firm he
  founded.
  And the value of the deal to Hamilton is certainly an indication
  of the incoming CEO's negotiating prowess. The 70-year-old
  former Ace CEO recognised his value to his new employer and used
  that to...
  
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• Soft market the new normal: BB&T's Howard

  16-05-2017 15:56
  Today's soft market is the norm rather than the exception,
  according to BB&T Insurance chairman and CEO John Howard, who
  sees it as a key force in industry consolidation.
  The US economy's laggard pace has also helped drive that
  trend, Howard said during a wide-ranging look at where both
  BB&T and the industry are headed during The
  Insurance Insider's InsiderScope conference in
  New York on 9 May.
  Howard noted that since 2014 there had been 13 M&A deals
  valued at...
  
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• SME sector ripe for InsurTech transformation: InsiderScope

  16-05-2017 15:56
  Small commercial and lower mid-market insurance will be the
  segments most impacted by InsurTech initiatives, according to
  senior executives speaking in New York last week.
  Navigators US insurance president Vince Tizzio told the audience
  at The Insurance Insider's
  InsiderScope event that his firm was looking at InsurTech
  innovation in the smaller account spectrum, "where it should
  be low touch and where analytics and predictive modelling will
  likely have a better effect".
  "In the flow business, l
  
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• Postcard from Irla

  16-05-2017 15:56
  Brexit, regulation and promising Rhode Island legislation
  dominated the agenda of the annual Insurance and Reinsurance Legacy
  Association Congress (Irla) last week.
  Hundreds of delegates descended upon Brighton for what one
  executive described as the "Glastonbury of run-off", to
  take stock of the year gone by and discuss what challenges were on
  the horizon for the legacy market.
  Bill O'Farrell, CEO of Premia Holdings and former Chubb
  chief reinsurance officer, kicked off proceedings by telling t
  
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• Opinion: The long game

  16-05-2017 15:56
  Under the unforgiving light of quarterly reporting it is
  sometimes difficult for management to express the long-term goals
  and needs of a company.
  The glare of investors, analysts, journalists and other
  interested parties can be blinding and occasionally impedes or
  delays necessary tough decision making.
  Last week Novae CEO Matthew Fosh had to run the gauntlet and
  explain to investors a strategic shift to address issues that the
  business had run into, while admitting just over four months into
  t
  
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• Opinion: Scarcity value is key for valuations

  16-05-2017 15:56
  While everyone is agreed that there's no end in sight for UK
  broker consolidation - there are still 3,000 of them all after all
  - the days of 13x-15x Ebitda could be numbered.
  That's because the number of brokers with the scale and
  margins to command such valuations is small.
  As with buyers circling London-listed Lloyd's carriers,
  there's something of a scarcity value for those intermediaries
  of a certain size and profitability.
  Look at the valuation rumours surrounding UK broker...
  
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• Opinion: From a position of strength

  16-05-2017 15:56
  Cost-cutting measures - and, most emotively, headcount reductions -
  are all too often viewed through a negative lens.
  After all, in many cases they are a reactionary measure to
  underperformance or impending crisis.
  And in the broking world, many of the efficiency drives of
  recent times have been undertaken to counteract cyclically squeezed
  margins, M&A pains or shock operating events - such as the
  fallout from Eliot Spitzer's probe that carved hundreds of
  millions of profitable revenue from
  
  Read more

• Novae opts for depth over breadth in turnaround bid

  16-05-2017 15:56
  Lloyd's insurer Novae has said it will focus on classes in
  which it is an established leader to drive an underwriting
  turnaround following a succession of profit warnings that have led
  to a negative re-rating of the carrier's shares.
  In a trading update last week the company said it would be
  withdrawing from four casualty lines, while CEO Matthew Fosh warned
  that Novae was "unlikely" to end 2017 with a combined
  ratio under 100 percent.
  Fosh said future profitability in...
  
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• Neon mulls joining new ILS launches

  16-05-2017 15:56
  Specialty insurer Neon is considering setting up an
  insurance-linked securities (ILS) fund that would help support its
  growing property catastrophe book, sister publication
  Trading Risk reported last week (12
  May).
  Such a move would put the carrier among a number of other recent
  new ILS investors. Trading Risk also
  revealed last week that London-based asset manager Tenax Capital
  has launched a new cat bond fund after hiring a former Swiss Re
  executive to help manage the vehicle.
  However, sources
  
  Read more

• IUA and Biba proffer Ogden reform remedies

  16-05-2017 15:56
  The International Underwriting Association (IUA) and the British
  Insurance Brokers' Association (Biba) have joined the chorus
  calling for reform of the Ogden discount rate.
  The trade body for non-Lloyd's commercial insurers in London
  and the main UK brokers' association both submitted responses
  to a government consultation on the rate applicable to personal
  injury compensation.
  The government agreed to review the rate after shocking insurers
  with a 3.25 percent-point cut on 20 February, and spar
  
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• InsurTech is opportunity for reinsurance sector

  16-05-2017 15:56
  Reinsurers that embrace the wave of InsurTech initiatives could
  see significant growth opportunities, according to panellists at
  The Insurance Insider's InsiderScope
  event last week.
  Speakers drew parallels with the transformation of the
  reinsurance space as a result of the influx of alternative
  capital.
  Willis Re global deputy CEO James Kent suggested that reinsurers
  that had embraced insurance-linked securities (ILS) capital had
  benefited, as it had helped them achieve better earnings and
  impr
  
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• Duperreault's AIG deal aims to keep on giving

  16-05-2017 15:56
  Brian Duperreault had quite a payday on Sunday (14 May) and if
  all goes right for the veteran CEO, he stands to make $110mn within
  four years.
  The new AIG CEO collected a $12mn upfront payment to cover
  compensation from Hamilton Insurance Group given up when he took
  the job. But that was money already earned.
  Duperreault, who recently turned 70, also received an employment
  agreement valued at $16mn annually, although it will be pro-rated
  for 2017.
  But the deal...
  
  Read more

• Duperreault signals immediate shift in AIG strategy

  16-05-2017 15:56
  New AIG CEO Brian Duperreault has chosen to waive the period of
  grace normally granted to a new leader of a beleaguered business by
  using his first day to set out a strategic vision for the insurance
  giant's future.
  Duperreault told investors in brief remarks ahead of a scheduled
  consumer markets investor day that he would not preside over the
  break-up of the company.
  He also made clear that he had not come to implement predecessor
  Peter Hancock's reform plan,...
  
  Read more

• Aon repositioning gains Wall Street backing

  16-05-2017 15:56
  Equity analysts gave Aon's first quarter results and
  restructuring moves a largely warm response last week by raising
  forward earnings estimates and pricing targets for the
  company's stock.
  And some suggested that cost savings targeted by the firm
  indicate the entire broking sector has the potential to drive
  margin improvement internally.
  The broking and advisory firm reported a solid earnings beat,
  but it was a series of repositioning measures following the sale of
  the outsourcing business at i
  
  Read more

• London failing to stem reinsurance decline, says LMG

  16-05-2017 13:35
  
  The London market is losing ground as a global centre for reinsurance and faces significant challenges in emerging markets and diversity, according to the London Market Group
  
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• 13 insurance firms make it onto the London Stock Exchange 1,000 Inspirational Companies List

  16-05-2017 13:20
  
  Nexus underwriting has made the London Stock Exchange 1,000 Inspirational Companies List alongside 12 other insurance companies.
  
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• Opinion: a win-win?

  16-05-2017 11:52
  Brian Duperreault's move to AIG proved lucrative and not just
  for him - though he made out very handsomely to be sure.
  The deal that motivated the founder and CEO of Hamilton
  Insurance in Bermuda to return to the New York-based giant where he
  began his insurance career also delivered millions to both Hamilton
  and its principal backer, Two Sigma Investments.Together, they wrested rich rewards from the transition.
  With the pressure on to find a replacement for outgoing CEO...
  
  Read more

• M&A pressure remains strong in P&C market: Conning

  16-05-2017 11:52
  Insurance sector consolidation slowed overall in 2016 while the
  centre of activity shifted to the property and casualty segment,
  where more aggressive carriers focused on acquiring specialty
  assets, Conning said in a new report.
  Across all segments, Conning said there were 165 deals with a
  total value of about $33bn, including 13 of $1bn or more, led by
  Sompo's $6.3bn Endurance acquisition. In North America, deals
  with a transaction value totalling $19bn were announced across all
  segments.
  By co
  
  Read more

• BHSI UK and Southern Europe hires casualty head

  16-05-2017 11:52
  Berkshire Hathaway Specialty Insurance has hired Martin Leeks as
  its new head of casualty for UK and Southern Europe,
  The Insurance Insider can reveal.
  Leeks joins from Mitsui Sumitomo, where he was class underwriter
  for UK liabilities for almost six years. Prior to this, he held
  roles at Chartis (AIG), Ace Europe and Zurich.
  Sources told this publication that the arrival of Leeks
  coincides with BHSI's entry into the public and products
  liability and employer's liability markets in the UK,...
  
  Read more

• AM Best puts Hamilton Re and units under review

  16-05-2017 11:52
  AM Best has placed the credit and financial strength ratings of
  Bermudian carrier Hamilton Re and subsidiaries under review
  following the departure of Hamilton Insurance chairman and CEO
  Brian Duperreault to AIG.
  The ratings agency said the move reflected AIG's deal to
  purchase Hamilton US for $110mn, the transfer of Attune to Hamilton
  and other aspects of the memorandum of understanding signed by the
  two carriers as part of Duperreault's move.AM Best said: "The under review with developing
  impl
  
  Read more

• ERS appoints ex-AA head of counter fraud

  16-05-2017 11:10
  
  ERS has hired ex-AA head of counter fraud, Steve Gaywood, as the new head of counter fraud for the syndicate.
  
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• Costa Concordia captain's sentence upheld

  16-05-2017 11:07
  
  The captain of the Costa Concordia, which capsized in 2012 killing 32 people, has had his 16-year jail sentence upheld.
  
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• Blog: Swinton - from high street hero to high street heartbreak

  16-05-2017 11:05
  
  Insurance Age content director Jonathan Swift reflects on Swinton's latest branch closures and puts it in some historical perspective
  
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• Direct Line unveils underinsurance busting home product

  16-05-2017 11:00
  
  Direct Line underinsurance tackling home product to give householder ‘peace of mind’ no matter what happens
  
  Read more

• High street broker - dying out or opportunity to grow?

  16-05-2017 10:58
  
  Insurance Age looks at the branch network model following Swinton closures.
  
  Read more

• Henderson investigating MGA route for end of 2017

  16-05-2017 10:55
  
  Firm would target up to £100m of premium via new approach.
  
  Read more

• Henderson’s former chairman Fred Gibson retires from the business

  16-05-2017 10:50
  
  He joined the firm in 2002.
  
  Read more

• Axa on top again in Brokerbility satisfaction survey

  16-05-2017 10:33
  
  Network members rate insurer partners on dealing with claims, underwriting, accounts and overall satisfaction.
  
  Read more

• #Insagepeople: 15 - 21 May 2017

  16-05-2017 10:02
  
  Keep up to date with all the latest people moves.
  
  Read more

• Legal Update: New technology risk in construction

  16-05-2017 08:00
  
  Construction professionals using unproven technologies may inadvertently affect their professional indemnity cover if they fail to disclose all relevant information to their broker and to keep their insurer in the loop, warns Hannah Cane, partner and head of construction professional risks at Bond Dickinson.
  
  Read more

• P&C carriers pull back from hedge funds: AM Best

  16-05-2017 02:47
  Insurers domiciled in the US sharply reduced their hedge fund
  investments last year, cutting their aggregate exposure 28 percent
  to just under $18bn, according to AM Best.
  Life and annuity providers led by American International Group
  (AIG) wrenched $5.9bn from the volatile vehicles in 2016 while
  property and casualty carriers pulled out $900mn, the ratings
  company said in a new report.
  The P&C segment withdrew about 10 percent of assets invested
  with hedge funds, leaving the total placed wi
  
  Read more

• Axis takes US programmes exec from Starr

  16-05-2017 02:47
  The insurance division of Axis has hired James Martin as a vice
  president for US programmes, it announced today.
  The newly-hired exec joined the firm from Starr Companies where
  he was an auto product line specialist within the insurer's
  environmental division.
  The announcement, released earlier today also revealed that Russ
  Madore, one of the longest-serving Axis employees was promoted to
  join Martin as a vice president for programmes.
  The executive, who has been with Axis since 2002 was formerl
  
  Read more

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