Insurance news

• The Hartford appoints Firstenberg as P&C CUO

  25-05-2017 20:06
  The Hartford has named David Firstenberg as the new chief
  underwriting officer (CUO) for its P&C businesses, replacing Mo
  Tooker.
  Tooker remainshead of The Hartford's middle market segment, a role he
  took on in addition to his duties as P&C CUO in March.
  Reporting to Doug Elliot, president of The Hartford, Firstenberg
  will oversee the common underwriting framework across the
  company's small commercial, middle market, specialty commercial
  and personal lines segments.
  Prior to joining The
  
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• HDI Global enters London A&H market with Morrin hire

  25-05-2017 20:06
  Kieran Morrin has left his role at Sompo Canopius to become
  director of accident and health (A&H) for HDI Global,
  The Insurance Insider understands.
  Morrin was divisional underwriter for A&H, UK specialty,
  while at Sompo Canopius, a role he held for almost three years.
  Prior to that he was UK head of A&H for Zurich Insurance
  Group.
  Morrin's arrival marks HDI's first foray into the London
  A&H market.
  Separately, The Insurance Insider also
  understands that Colin Lavey has resigned
  
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• Exin in pole position to acquire Ethniki

  25-05-2017 20:06
  Matt Fairfield's start-up Exin and backer Calamos Asset
  Management now look the likeliest acquirer of Greek insurer Ethniki
  after lodging a circa EUR850mn ($951mn) bid that topped the offers
  submitted by a trio of Chinese firms, The Insurance
  Insider understands.
  Sources indicated the parties are currently thrashing out the
  sale and purchase agreement for the deal, with talks said to be in
  their final stages.
  However, details of the final timing of any agreement remain
  unclear, with some depende
  
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• Eiopa to publish Brexit rules for regulators: report

  25-05-2017 20:06
  The European insurance watchdog intends to publish guidelines for
  national regulators to prevent them from pursuing a regulatory race
  to the bottom to attract firms leaving the UK post-Brexit.
  Speaking at a conference today, European Insurance and
  Occupational Pensions Authority (Eiopa) head of policy Manuela
  Zweimuller said the body would publish guidelines for national
  regulators on "sound principles for authorisation and
  supervision", according to a Reuters report.
  Various EU member state hub
  
  Read more

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• Atlantic set for above-average hurricane season: NOAA

  25-05-2017 20:06
  The National Oceanic and Atmospheric Administration (NOAA) has
  predicted that the Atlantic will experience above-average activity
  in the forthcoming hurricane season, with a significant likelihood
  of several major hurricanes.
  The agency's latest predictions estimate a 45 percent chance
  of recording above-normal activity, it said today.
  This was against a 35 percent chance of a near-normal season
  this year and only a 20 percent chance of a below-normal
  season.
  The NOAA forecasters predicted a 70
  
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• Aspen appoints Aman as chief risk officer

  25-05-2017 20:06
  Aspen has appointed Tim Aman as group chief risk officer to fill
  the vacancy left by Richard Thornton.
  Aman joined Aspen in February, before which he was principal and
  founder of Broctuary, a Florida-based consultancy specialising in
  actuarial, broking and risk management.
  He served as chief risk officer at Montpelier for eight years
  before that, having previously been managing director for Guy
  Carpenter's global accounts and Latin America and Caribbean
  reinsurance broking teams. He also had a s
  
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• AGCS loses energy underwriter Williams to Lancashire

  25-05-2017 20:06
  Allianz Global Corporate & Specialty (AGCS) senior onshore
  energy underwriter Adam Williams is to move to Lancashire as part
  of the insurer's efforts to build its onshore book.
  Williams joined AGCS in 2010, having previously worked for Aon.
  Before that he spent four years at Benfield.
  From 2000 to 2005 he worked at Marsh & McLennan Companies,
  where he started his career after graduating, according to his
  LinkedIn profile.
  It is understood that Williams will remain at AGCS while he...
  
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• Analysis: The nasty surprise flying under the GDPR radar

  25-05-2017 19:19
  
  Data from Consumer Intelligence broadens concerns that a lack of user consent could play havoc with customer acquisition
  
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• Innovation flows from emerging to the developed world

  25-05-2017 18:50
  India, Africa and China act as a springboard but there are obstacles to overcome
  
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• Neos secures £5m Series A investment led by Aviva Ventures

  25-05-2017 15:10
  
  Connected home Insurtech startup Neos has secured a £5m series A investment led by Aviva Ventures.
  
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• Willis Re's Geffen heads for the exit

  25-05-2017 14:47
  Willis Re executive James Geffen is set to leave the reinsurance
  broking giant, The Insurance Insider can
  reveal.
  The intermediary informed staff this week that it was parting
  company with the managing director.
  Geffen joined Willis Re when it acquired an 85 percent stake in
  London wholesale broker Miller in 2015.
  He was head of reinsurance for the wholesaler before being named
  head of global placement and Miller liaison for Willis Re.
  A statement emailed to this publication from a...
  
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• Risk Strategies continues build-out with Brightstone deal

  25-05-2017 14:47
  Private equity-backed US broker Risk Strategies has continued
  its run of acquisitions with an agreement to buy Brightstone
  Insurance Services.
  Brightstone is a specialty broker focused on same-day
  transportation and logistics companies. It has also developed
  complementary businesses in areas including commercial lines and
  some private client personal lines.
  It operates its national client base from Cleveland, Ohio and
  New Rochelle, New York.
  The terms of the deal were not disclosed.
  Risk Strateg
  
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• QBE appoints group CFO

  25-05-2017 14:47
  QBE Group has named Michael Ford as its new chief financial officer
  (CFO) to replace Pat Regan, who had held the position an interim
  basis.
  He will begin the role in September, at which time Regan will
  relinquish his interim responsibilities and return to his permanent
  position as CEO of the carrier's Australian and New Zealand
  operations.
  Regan will concurrently step down from his position on QBE's
  board.
  Ford joins the company from the Commonwealth Bank of Australia,
  where he...
  
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• ProAssurance extends Dale Underwriting capacity to 2022

  25-05-2017 14:47
  Asta-managed Lloyd's syndicate Dale Underwriting Partners has
  secured a commitment from its key capital backer ProAssurance to
  extend its $200mn capacity through to the 2022 year of account
  (YoA).
  In a statement released today the venture's chief executive
  Duncan Dale described the move as a "fantastic
  endorsement" of its performance since the syndicate entered
  the market in the 2014 YoA.
  ProAssurance chairman and CEO Stancil Starnes added: "Our
  decision to extend our capital commitment to Syndi
  
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• OneBeacon CEO set for windfall under Intact

  25-05-2017 14:47
  The CEO of specialty insurer OneBeacon is set for a generous
  payout from Canadian insurer Intact Financial provided he stays on
  under the new owner.
  According to a US Securities and Exchange Commission (SEC)
  filing on 24 May, Michael Miller could receive well over $18mn if
  he remains at OneBeacon through to July 2020.
  The executive will also be allowed to use the company jet, up to
  an annual cap of $125,000 in flights.
  Miller's annual base salary will be...
  
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• Liberty Mutual names CUO for national specialty energy

  25-05-2017 14:47
  Liberty Mutual has appointed Jessica Dekermanji as senior vice
  president and chief underwriting officer of its national insurance
  specialty energy unit, the carrier announced yesterday.
  Prior to her appointment, Dekermanji served in a number of
  senior commercial insurance field operations, product management
  and underwriting positions at Liberty Mutual.Most recently, she was senior underwriting manager in the
  specialty energy area. Dekermanji joined Liberty Mutual in
  2002.
  In her new role, Deker
  
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• AGCS promotes Hansen to aviation head

  25-05-2017 14:47
  Allianz Global Corporate & Specialty (AGCS) has named Mike
  Hansen as its new global head of aviation business, the company
  announced today.
  The underwriter replaces Henning Haagen, who has lead the
  division for the past five years. AGCS said Haagen will instead
  focus on his role as northeast zone executive in the North America
  segment.
  Hansen will report to AGCS board member and chief underwriting
  officer (CUO) for specialty Paul O'Neill and will relocate from
  Canada to London later this...
  
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• UK General acquisition receives regulatory approval

  25-05-2017 13:20
  
  JC Flowers has completed its acquisition of UK General Insurance.
  
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• AIG’s credit rating affirmed by AM Best as Duperreault gets nod of approval

  25-05-2017 12:46
  
  AIG’s credit rating has been affirmed by AM Best, putting an end to the firm's credit review and removing a potential roadblock to the firm’s profitability.
  
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• Aviva Ventures takes £5m stake in home insurtech Neos

  25-05-2017 12:45
  
  Aviva Ventures leads Series A funding round as Munich Re joins as underwriting partner
  
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• Aviva takes £5m stake in home insurtech Neos

  25-05-2017 12:45
  
  Aviva Ventures leads Series A funding round as Munich Re joins as underwriting partner
  
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• InsurTech Futures: Neos secures investment from Aviva Ventures and Munich Re

  25-05-2017 12:39
  
  Connected home InsurTech start-up to accelerate growth using £5m investment.
  
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• InsurTech Futures: Aviva leads £5m investment in Neos

  25-05-2017 12:39
  
  Connected home InsurTech start-up also signs underwriting capacity deal with Munich Re.
  
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• FCA says intermediaries earned £15.9bn in 2016

  25-05-2017 12:36
  
  Data from the regulator shows 5% increase in revenue since 2015 with commission the main source of income.
  
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• Towergate owner issues £800m debt offer

  25-05-2017 10:33
  
  Bond offering to refinance existing debt.
  
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• NMU launches marine trade product

  25-05-2017 10:33
  
  The organisation took the broker sourced book of business from its sister company Groves John & Westrup.
  
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• Harvey Pettitt moving to Open GI from SSP

  25-05-2017 10:28
  
  Broker was with with the technology company for 15 years.
  
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• Insurers at risk of losing two thirds of previous customer data due to GDPR

  25-05-2017 10:05
  
  Insurers will have to delete two thirds of data that they hold on customers and risk losing a vital sales pipeline under the General Data Protection Regulations that come into place on May 2018.
  
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• XL Catlin promotes McAdams to marine CUO

  25-05-2017 09:51
  XL Catlin has promoted its UK and Ireland marine leader Rob McAdams
  to the role of chief underwriting officer for global marine.
  London-based McAdams will begin his new role immediately, XL
  Catlin said in a statement.
  McAdams joined XL in 2000 as a deputy class underwriter,
  building a book that included hull, ports and terminals, global
  marine and upstream energy.
  He went on to serve as class underwriter and global practice
  leader for marine and offshore energy liabilities.
  His areas...
  
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• Towergate and Price Forbes owners in $1bn debt raising

  25-05-2017 09:51
  The new holding company of insurance brokers Towergate, Price
  Forbes, Ryan Direct Group, Chase Templeton and Autonet is tapping
  the corporate bond market for £800mn ($1.04bn).
  The holding company that will raise the debt is called KIRS
  Group, which is backed by private equity firms Madison Dearborn
  Partners and HPS Investment Partners.
  In a statement today KIRS said it had also committed to enter a
  super-senior £90mn revolving credit facility.It said it would use funds raised to refi
  
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• Opinion: Earthquake claims

  25-05-2017 09:51
  Earthquake risks were always thought to have one of the longest
  "tails" in terms of insured loss development for a
  natural catastrophe peril, but the Canterbury earthquake of 2011
  has become synonymous with stretching this tail longer and longer.This week local insurer Tower reported further additional
  reserves for its losses from the disaster, albeit relatively small
  ones.Reinsurers have already recognised their maximum liability to
  the carrier in regard to the largest of that year's quakes, in
  
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• New Towergate group in huge bond offering

  25-05-2017 09:00
  
  New Towergate group to use bond proceeds to refinance existing debt
  
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• Why and how cross-selling works for microinsurance

  25-05-2017 08:00
  
  Cross-selling is a great way to distribute microinsurance, as illustrated in Africa, where some farming insurance programmes are also experimenting with new ways to pay out claims, write Tom Johansmeyer, assistant vice-president at Verisk Insurance Solutions, and Keith Lau, senior actuarial associate at PWC
  
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• Claims Club Blog: Service, travellers, and the new British export

  25-05-2017 08:00
  
  BLM's Terry Renouf sums up the last Claims Club meeting where tackling supply chain issues, talking about artificial intelligence and applying gig economy opportunities made the headlines.
  
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• Live blog: Motor Insurance World 2017

  25-05-2017 06:18
  
  Follow the latest developments on whiplash reform, driverless cars and much more with our live blog on Post's Motor Insurance World.
  
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• AIA extends Tottenham Hotspur sponsorship

  25-05-2017 05:37
  
  Hong Kong-headquartered Asia life and health insurer AIA has extended its sponsorship agreement with English Premier League club Tottenham Hotspur until the end of the 2021/22 season.
  
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• Trump's crop insurance subsidy cut ignites criticism

  25-05-2017 00:02
  Farmers and crop insurers came out swinging against a proposed
  36 percent cut in federal crop insurance subsidies under President
  Donald Trump's first spending plan, sent to Congress on
  Monday.
  The proposal would bar the subsidies, which in some cases have
  topped $1mn, to farmers with gross income of $500,000 or more, and
  cap the amount of premium aid at $40,000 per farmer, according to
  summary budget documents from the US Department of Agriculture. The
  USDA manages the crop insurance...
  
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• P&C sector slides to Q1 US underwriting loss: AM Best

  25-05-2017 00:02
  Property and casualty insurers in the US swung to a first
  quarter underwriting loss while National Indemnity Company's
  retroactive reinsurance deal with American International Group
  dramatically reduced the sector's net income for the period,
  according to AM Best.
  At the same time, a sharp increase in catastrophe losses mostly
  tied to severe weather also eroded profits.
  Offsetting factors included a 6.3 percent increase in favourable
  reserve development and a 9.5 percent jump in net investment
  i
  
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• Ironshore sets up tax consortium in M&A group

  25-05-2017 00:02
  Liberty Mutual's Ironshore is launching a new tax consortium
  as part of an expansion of its mergers and acquisitions insurance
  division within its international group.
  The new consortium will have an initial capacity of £40mn
  ($51mn), Boston-based Ironshore said today.
  The specialty insurer is also increasing its mergers and
  acquisitions consortium capacity limit by £22.5mn to
  £100mn.
  Writing through both Ironshore-owned Pembroke Syndicate 4000 at
  Lloyd's and Ironshore's Bermud
  
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