Insurance news

• XL taps Zurich's Bauman to head North American units

  22-05-2017 21:59
  XL Catlin has named Zurich's head of captive services Steven
  Bauman to lead its global programmes and captive practice in North
  America, starting tomorrow.
  Bauman, who also worked at Aon during his 25-year career, is
  returning to XL, where he once managed its New York underwriting
  hub, XL said today about the executive.
  He will be based in New York and report to both Matthew Latham,
  XL's global head of captive programmes, and Bob Peretti, who
  leads North American client...
  
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• Lloyd's carriers sued over $400mn Samir loss

  22-05-2017 21:59
  A number of Lloyd's carriers are embroiled in legal action in
  New York over the alleged theft of $400mn of oil by Moroccan
  refinery Société Anonyme Marocaine de l'Industrie du
  Raffinage (Samir), court documents show.
  The action was brought by US-based private equity firm Carlyle
  Group in the Southern District Court of New York in March and was
  moved to the Supreme Court of New York on 8 May.
  The buyout firm advanced Samir a shipment of oil through its...
  
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• JLT bankruptcy group adds legal talent

  22-05-2017 21:59
  JLT's special situations group, which advises on the
  insurance implications of insolvency, has hired bankruptcy lawyer
  Denise Kaloudis as a senior vice president.
  Kaloudis joins the intermediary from law firm Drinker Biddle
  & Reath, where she worked as a business development director
  for just over two years, according to her LinkedIn profile.
  The new recruit will assist the restructuring community in
  solving complex insurance issues, the broker announced today.
  The special situations group i
  
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• Insurance accounting: a diet of worms

  22-05-2017 18:19
  Doctrinal tightening is needed to make comparisons easier for investors to make
  
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• New York PE firm launches $100mn InsurTech fund

  22-05-2017 17:35
  New York-based private equity house IA Capital has begun
  soliciting mid-sized and smaller insurers for investment as it
  looks to build a $100mn InsurTech fund, The Insurance
  Insider understands.
  Multiple sources told this publication that prospectus material
  had been put out in recent weeks as the firm seeks to raise the
  capital over the coming months.
  Whereas some larger carriers have in-house InsurTech investment
  teams, IA Capital is understood to be looking to create a vehicle
  that will effec
  
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• Liberty to select Luxembourg for EU subsidiary

  22-05-2017 17:35
  Liberty Specialty Markets looks set to become the latest carrier
  to choose Luxembourg as the destination for its post-Brexit EU
  subsidiary, The Insurance Insider can
  reveal.
  The carrier denies having taken a decision, though sources told
  this publication it has already made its choice.
  If Liberty proceeds as planned, the move will increase the Grand
  Duchy's lead over its EU rivals in the competition to attract
  London market carriers looking to retain passporting rights after
  the UK leaves the bl
  
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• IRB revives IPO plans

  22-05-2017 17:35
  Brazilian reinsurer IRB Brasil Resseguros has dusted off plans for
  an IPO that were shelved in 2015, according to stock exchange
  filings.
  The banks that own IRB have agreed to allow the company, which
  previously had a monopoly over the country's reinsurance
  market, to list on the São Paolo stock exchange.
  According to statements from Banco Do Brasil Seguridade
  Participações, Itaú Unibanco and Banco Bradesco, the
  three banks that together own a majority stake in the re
  
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• Client familiarity boosting cyber take-up: CIAB

  22-05-2017 17:35
  Increased awareness of cyber risk and improved offerings in the
  insurance market are behind a steady climb in the take-up of
  coverage, according to the Council of Insurance Agents and Brokers
  (CIAB).
  In its latest biannual cyber insurance market watch survey,
  released today, the CIAB said 32 percent of members surveyed had
  clients that had purchased at least some form of cyber coverage in
  the last six months.
  This compares to take-up rates of 29 percent in October 2016 and...
  
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• PWC brings in reg tech start-up to help clients with GDPR compliance

  22-05-2017 17:08
  
  PWC has added a "reg-tech" start-up to its Reference Architecture list of companies that can help clients with General Data Protection Regulation compliance.
  
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• Insurance Cares: We must work together

  22-05-2017 16:08
  
  Axa’s Brendan McCafferty calls on the sector to join forces to help the most vulnerable customers as the insurer endorses the Insurance Cares campaign.
  
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• Direct Line's Paul Geddes reportedly linked with ITV CEO role

  22-05-2017 13:56
  
  Direct Line CEO Paul Geddes has reportedly been linked to the ITV CEO job following the departure of Adam Crozier earlier this month.
  
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• Solvency II ratios not comparable across EU and won't be used in ratings, says AM Best

  22-05-2017 13:51
  
  Solvency II ratios will not be comparable across the European Union and will not use Solvency II results in its rating assessments, according to AM Best.
  
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• Broking success: Richard Dornan, Premium Choice

  22-05-2017 13:38
  
  Growth driven: Richard Dornan, underwriting and business development director at Premium Choice, explains how the broker has carved a niche for itself but is expanding into new areas.
  
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• In Pictures: Claims Excellence Awards 2017

  22-05-2017 13:35
  
  See if you can spot yourself in the picture gallery from the Claims Excellence Awards 2017
  
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• Mulsanne Insurance and Premium Choice join IFB

  22-05-2017 13:15
  
  Mulsanne Insurance and broker Premium Choice have become members of the Insurance Fraud Bureau.
  
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• Lloyd’s redundancies: London market forced to focus on cost

  22-05-2017 12:51
  
  A memo from Lloyd’s of London issued to staff inviting them to register for voluntary redundancy comes as little surprise, experts said, as market carriers are increasingly forced to focus on cost.
  
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• Tradex borrows £7m to meet Solvency II requirements after Ogden rate hit

  22-05-2017 12:49
  
  Tradex has borrowed £7m from its parent to maintain its solvency capital position in the wake of the Ogden discount rate change.
  
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• Insurer chief executive in running for ITV top job - report

  22-05-2017 12:49
  
  Household-name insurer’s boss has been interviewed for ITV top job, reports say
  
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• Opinion: Lloyd's redundancies

  22-05-2017 12:32
  Lloyd's announced a programme ofvoluntary redundancies to staff last week.
  The headcount at the Corporation - a regulatory, marketing and
  central services body, not a company - has hit 1,100 (the same
  number as Everest Re), and the executive has reached a conclusion
  broadly shared at senior levels among the managing agency community
  that this must come down.
  When an organisation decides that it is overstaffed and
  over-expensed, I can understand why a programme of voluntary
  redundancies would be.
  
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• CTMA loses financial director to Steamship Mutual

  22-05-2017 12:32
  Arjun Thawani, the financial director for Charles Taylor
  Managing Agency (CTMA), has resigned to take on a role at Steamship
  Mutual, The Insurance Insider can
  reveal.
  Thawani has worked at CTMA since April 2015, having moved across
  from advisory firm Papillon, where he was a finance and business
  consultant for 10 months.
  Prior to this, Thawani was ANV's finance director between
  November 2012 and June 2014. He has also held roles at Axa
  Insurance and Booz & Company.
  The Insurance...
  
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• Berkley Re hires Yeulett in property treaty push

  22-05-2017 12:32
  XL Catlin's senior class underwriter for international
  property treaty, Mark Yeulett, has left his role to become head of
  international property treaty at Berkley Re UK, The
  Insurance Insider can reveal.
  Yeulett ran a book of close to $100mn of business at XL Catlin,
  vastly outsizing the approximately $10mn book held by former
  Berkley Re UK head of property Nick Benardout, who has left the WR
  Berkley unit.
  Benardout had held the role of head of property treaty for
  almost...
  
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• AM Best shuns Solvency II model use in ratings

  22-05-2017 12:32
  AM Best has said it will not directly use Solvency II results in
  its rating assessments over concerns the regime does not provide an
  accurate picture of carriers' balance sheets.
  In a statement released today to coincide with the first
  solvency and financial condition reports under the new regulations,
  the rating agency said while Solvency II represented the European
  regulatory position and is intended to be risk-based, it would
  instead continue to use its internal Best's Capital Adequacy
  Ratio
  
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• Claims management reorganisation at Ageas

  22-05-2017 12:06
  
  The claims management team now report into François Xavier-Boisseau as former claims director Rob Smale takes on transformation director role.
  
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• #Insagepeople: 22 - 28 May 2017

  22-05-2017 10:57
  
  Keep up to date with all the latest people moves.
  
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• Blog: Connected homes should get cheaper premiums

  22-05-2017 08:00
  
  Connected devices could help household insurers offer cheaper premiums to responsible homeowners, says Craig Foster, managing director of Homeserve Labs.
  
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• Ageas's François-Xavier Boisseau on avoiding the avoidable

  22-05-2017 08:00
  
  Insurance is the business of helping people in their time of need but as François-Xavier Boisseau, CEO of Ageas Insurance, explains sometimes there are limits to what insurers can do.
  
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• QBE appoints head of negotiated lines for Australia and New Zealand

  22-05-2017 04:42
  
  QBE Australia and New Zealand has appoined Alex Green as head of product – negotiated lines.
  
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