Insurance news

• Chinese insurer warns of defaults as ban on new products bites

  17-05-2017 22:16
  Facing $9bn in redemptions, Foresea Life asks regulator for relief from crackdown
  
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• Rims backs US-EU 'covered agreement' for reinsurers

  17-05-2017 20:59
  Global risk management trade body Rims has thrown its support
  behind the US-EU "covered agreement" aimed at harmonising
  transatlantic insurance regulation, saying it will "improve
  affordability and availability of reinsurance".
  In a letter to US Treasury Secretary Steve Mnuchin, dated 11
  April but released today, Rims cited provisions in the agreement
  that would benefit its members, who conduct business in both the EU
  and the US.
  The 11,000-member group added that while risk managers would not
  b
  
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• Names-backed syndicates' profits set to rise for 2015

  17-05-2017 20:59
  The majority of Names-backed Lloyd's syndicates look set to
  report a profit for the 2015 year of account (YoA), with the group
  generating a simple average midpoint return on capacity of 5.5
  percent.
  This is 2.2 percentage points ahead of
  the return posted by the aggregate of non-third party
  syndicates.
  The YoA forecasts are stated before the deduction of
  members' agent fees, which amounted to £24mn in 2015.
  The top performers were Beazley's Special Purpose
  Arrangement (SPA) 6107 and Chauce
  
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• Lloyd's embarks on redundancy drive

  17-05-2017 20:59
  The Corporation of Lloyd's wrote to all of its 1,100 staff
  yesterday to invite them to register their interest in voluntary
  redundancy, The Insurance Insider can
  reveal.
  Sources said that the communique did not give a target number of
  voluntary redundancies and it has been suggested that at present
  the Corporation does not have a specific number of roles it is
  looking to eliminate.
  However, it is understood that the Corporation's management
  team has accepted that given the savage soft...
  
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• Lloyd's carriers agree $89mn Sewol settlement: report

  17-05-2017 20:59
  Lloyd's carriers have settled a dispute with Korean Re over
  100bn won ($89mn) of stalled compensation payments related to the
  Sewol ferry sinking in 2014, according to a report.
  Korean newspaper The Investor reported this week the
  parties had settled the dispute over 150bn won of reinsurance
  policies that two local carriers, Samsung Fire & Marine
  Insurance and Korean Re, had purchased from the Lloyd's
  market.
  The operator of the vessel, Chonghaejin Marine, originally
  bought a combined 150bn
  
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• Everest Insurance hires MPL head

  17-05-2017 20:59
  Bermuda-based carrier Everest Insurance has appointed Keith Lavigne
  as its new leader of management and professional liability within
  the Everest Specialty Underwriters unit.
  The company said Lavigne will manage a team of US underwriters
  based in New York.
  He joins the company from Chubb, where he served as executive
  vice president of financial lines and as business segment leader
  for the carrier's retail management liability division after he
  joined legacy company Ace in 2009.
  Prior to that the
  
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• Adair Turner to chair Chubb’s European operations

  17-05-2017 20:06
  Former UK regulator joins Evan Greenberg’s expanding insurance empire
  
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• No plans to reopen legal challenge against shuttered North Korean insurer

  17-05-2017 16:51
  
  A long-running legal dispute between North Korea’s state-run insurance firm and a group of reinsurers will not be reopened, even as the insurer’s assets were frozen by the UK government.
  
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• Nichols resurfaces as Baldwin & Lyons director

  17-05-2017 16:23
  Recently departed Axis Re CEO Jay Nichols has been appointed to
  the board of Indiana-based P&C holding company Baldwin &
  Lyons.
  In a statement on 15 May the company also announced it had named
  James Porcari, the founder and former managing director of
  consultancy Insurance Resources International, as a director.
  Both appointments were effective immediately.
  The move marks Nichols' return to the industry after he
  stepped down as chief executive of Axis Re in February after almost
  five yea
  
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• InsurTech start-ups lack disruptive ideas: Oliver Wyman

  17-05-2017 16:23
  Pressure from investors for top line improvements amid a more
  challenging financing environment has impeded InsurTech
  start-ups' ability to affect revolutionary change, according to
  Oliver Wyman.
  In a report released today in conjunction with InsurTech
  investor Policen Direkt, the consultancy said early InsurTech
  pioneers had largely failed as disrupters.
  Oliver Wyman partner Dietmar Kottmann said: "The first wave
  of InsurTechs brought forward a lot of activity but little real
  disruption.
  "There
  
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• Chubb lands ex-FSA chief Turner as European chairman

  17-05-2017 16:23
  Chubb has recruited former Financial Services Authority (FSA)
  executive chairman Adair Turner as non-executive chairman of its
  European and Lloyd's businesses in a coup for the insurance
  giant.
  Lord Turner will become chairman of the carrier's company
  market platform Chubb European Group as well as its Lloyd's
  business Chubb Underwriting Agencies.
  He will work closely with Andrew Kendrick, Chubb's regional
  president for Europe, who retains executive responsibility for the
  businesses.
  Turner repl
  
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• Chubb hires ex-FSA chairman Lord Turner

  17-05-2017 14:29
  
  Chubb has appointed Adair, Lord Turner as non-executive chairman of two of Chubb European Group and Chubb Underwriting Agencies.
  
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• Aviva lifts email block after being on cyber lock down

  17-05-2017 13:38
  
  Aviva has taken precautionary measures against the Wanna Cry ransomware attack which happened last week by going into cyber lockdown.
  
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• Ex FSA head to chair Chubb Europe boards

  17-05-2017 13:33
  
  Ex FSA head replaces departed chairman
  
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• Blog: Allianz and LV, a tie-up that could turn others green with envy?

  17-05-2017 13:30 via insuranceage.co.uk
  
  Insurance Age content director Jonathan Swift picks through the potential of an Allianz - LV tie up to look at how both businesses might mutually benefit.
  
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• Ex-FSA chairman Adair Turner joins Chubb

  17-05-2017 13:22 via insuranceage.co.uk
  
  Lord Turner takes up non-executive role at the insurer.
  
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• Industry set against merger of EU insurer and bank regulators

  17-05-2017 12:32
  
  Proposals to merge the European Insurance and Occupational Pensions Authority with the European Union’s banking regulator would damage the effectiveness of consumer protection and prudential oversight, according to Insurance Europe.
  
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• Opinion: WannaCry for ILS

  17-05-2017 11:35
  The WannaCry ransomware attack has highlighted just how vulnerable
  today's world is to technological breakdown, as hospitals in
  the UK were forced to turn away patients while their IT systems
  were held hostage.
  And yet it's barely caused an insurance ripple. It is the
  catastrophe insurance equivalent of the Boxing Day tsunami, if you
  will, from which appalling humanitarian losses didn't translate
  into insured claims.
  So why does the insurance hit seem out of step with the amount
  of disruption...
  
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• KKR closes $4.3bn USI acquisition

  17-05-2017 11:35
  Private equity firm KKR and Canadian pension fund Caisse de
  dépôt et placement du Québec (CDPQ) have closed a
  $4.3bn deal to buy insurance broker USI from shareholders that
  include Onex and USI employees.
  USI previously changed hands in a management buyout in December
  2012 for an equity investment of $610mn, of which Onex's share
  was $170mn.
  Toronto-listed Onex said it had received total proceeds of
  $2.1bn from the investment. That equates to a gross multiple of
  invested capi
  
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• HNW Society: Don’t miss our Manchester meeting on 21 June

  17-05-2017 10:19 via insuranceage.co.uk
  
  The second exclusive gathering of the High Net Worth Society takes place soon. Register today to secure your space.
  
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• Blog: Are you in on the Act?

  17-05-2017 10:15 via insuranceage.co.uk
  
  Ageas’ Rob Hopkins explains why the Enterprise Act can be a positive for the insurance sector.
  
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• Are you in on the Act?

  17-05-2017 10:15 via insuranceage.co.uk
  
  Ageas’ Rob Hopkins explains why the Enterprise Act can be a positive for the insurance sector.
  
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• More than one-third of UK consumers happy to share Facebook data for lower premiums

  17-05-2017 10:13
  
  More than a third of UK consumers are happy to share Facebook data with insurers for lower premiums.
  
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• More than a third of UK consumers happy to share Facebook data for lower premiums

  17-05-2017 10:13
  
  More than a third of UK consumers are happy to share Facebook data with insurers for lower premiums.
  
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• Claims aggregation: Joined-up thinking

  17-05-2017 08:00
  
  The Supreme Court ruling in AIG has clarified the conditions under which claims can be aggregated, allowing insurers to reduce their exposure, but future cases will remain highly fact-sensitive
  
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• Blog: Insurers need to invest in handling subsidence claims

  17-05-2017 08:00
  
  Insurers may not be saving that much money by cutting back on subsidence claims handling, notes Nick Turner, professional services director at Claims Consortium Group, arguing that triage and on-site inspections can help provide a smooth service and improve customer retention.
  
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• Shah to leave JLT Asia

  17-05-2017 03:11
  
  Ronak Shah, regional director of financial lines for Asia at JLT, will soon be leaving the UK-headquartered broker for an international insurer.
  
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• Kinsale's initial backer Moelis cashes out

  17-05-2017 01:21
  Investment bank and fund manager Moelis is cashing out its
  remaining stake in Kinsale Capital through a secondary offering in
  which it is selling over 4.3mn shares at $33 each, according to the
  insurer.
  The offer price would give the remaining Moelis stake a value of
  about $142mn and indicates that the bank and its funds have pulled
  in more than $275mn from selling Kinsale shares over the past
  year.
  That would imply a gain for Moelis funds of some...
  
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• FM Global announces trio of staff moves

  17-05-2017 01:21
  FM Global has moved three of its senior staff to new roles, it
  announced yesterday.
  Michael Lebovitz, who is currently senior vice president at
  middle market property insurer AFM, a member of the FM Global
  Group, has been named FM Global's senior vice president for
  innovation - a newly created position.
  Based in FM Global's corporate office in Rhode Island, he
  will lead efforts to evolve FM Global's products and services
  to meet the needs of the company's policyholders.
  Lebovitz...
  
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• China's PICC expands use of internal reinsurance

  17-05-2017 01:21
  The property and casualty division of the Peoples' Insurance
  Company China (PICC) has signed a new reinsurance agreement with
  PICC Re, according to a statement released today.
  The deal will see PICC P&C cede property premiums to PICC Re
  in exchange for fees.
  PICC will cede up to CNY50bn ($7.26bn) of its book per year in
  exchange for a maximum of CNY16bn ($2.3bn) in fees.
  Both companies are owned by PICC Group.
  The move is a sign that PICC is...
  
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