Insurance news

• Zurich streamlines North American structure

  26-05-2017 21:44
  Zurich has brought its North American specialty products
  business together with its commercial insurance unit to fall under
  the control of Paul Horgan.
  Horgan will report to Zurich North America's CEO Mike Foley
  and James Shea, who leads commercial insurance for Zurich
  globally.
  In a statement yesterday, Zurich said the move would provide
  "easier access" to its products and services, and greater
  consistency in its "go-to-market approach" across North
  America and its global network.
  In the same a
  
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• FCA ‘misses a trick’ on pension protections

  26-05-2017 17:53
  Providers will not be forced to promote enhanced annuity rates
  
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• Crash for cash fraudsters jailed after fabricating accident

  26-05-2017 17:23
  
  Three crash for cash fraudsters have pleaded guilty to fraud by false representation following an Insurance Fraud Enforcement Department investigation.
  
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• UPC finalises $2.8bn reinsurance treaty

  26-05-2017 16:57
  UPC Insurance has put in place in its biggest ever reinsurance
  programme ahead of the 2017 hurricane season, with $2.8bn of limit,
  including $1.9bn of private cover.
  The Floridian cedant disclosed that 70 percent of the private
  market capacity had been provided by collateralised reinsurers,
  with Nephila and Elementum understood to be among the biggest
  participants.
  UPC will retain $55mn of losses from the first event in any
  season, dropping to a $30mn retention for a second or subsequent
  event..
  
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• Opinion: Trump ploughs familiar furrow

  26-05-2017 16:57
  As shocking as it may seem, Donald Trump mimicked Barack Obama in
  proposing to gut the federal crop insurance programme in his budget
  this week.
  And he looks just as likely to fail as his Democratic
  predecessor did in 2013 and again in 2015, and as previous White
  House occupants have done going back to the late 1980s.
  Why? For one thing the make-up of Congress, particularly the
  Senate, tends to stack the deck in favour of farmers.
  While farm...
  
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• AmTrust shares rally after capital injection

  26-05-2017 16:57
  Shares in AmTrust surged nearly 15 percent in early trading today
  as investors signalled their approval of a $300mn capital injection
  announced yesterday evening.
  The stock was trading up 14.6 percent at $14.24 as of 10:22
  local time following yesterday's revelation that family of the
  company's owners the Karfunkels had purchased 24.1 million
  common shares at a price of $12.45 to "enhance AmTrust's
  balance sheet and capital base".
  The private placement is expected to close today. The insurer
  sai
  
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• AmTrust fee business sale an uphill struggle

  26-05-2017 16:57
  AmTrust is likely to find it a challenge to divest a 51 percent
  stake in its fee business, according to banking sources.
  Sources at a range of Wall Street banks expressed extreme
  scepticism about the willingness of private equity houses to enter
  into a partnership with AmTrust given the challenges the
  Nasdaq-listed insurer faces.
  A number said that management's early discussions with
  financial sponsors had failed to yield interest in buying a slim
  majority stake in the business that AmTrust...
  
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• Majority of UK businesses 'will not be compliant' in time for GDPR

  26-05-2017 16:00
  
  Less than a third of businesses have started preparing for the General Data Protection Act despite the deadline being less than a year away.
  
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• This Week in Post: Manchester in our thoughts

  26-05-2017 13:57
  
  The Manchester attack touched us all this week. Because we might live or work in the city. Because we might have visited recently. Or because we have, you know, a heart.
  
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• Am Trust receives $300m investment from Karfunkel family after share price falls

  26-05-2017 13:33
  
  Family members of the founders of Am Trust have injected $300m (£233m) into the specialty insurer through a private share offering.
  
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• Academy Insurance launches QIP Underwriting

  26-05-2017 13:03
  
  The division will underwrite residential and commercial property owners.
  
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• In Focus: Art and private client

  26-05-2017 12:57 via insuranceage.co.uk
  
  How can brokers make the most of the high net worth market? Eleanore Robinson speaks to experts.
  
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• EU regulators to receive Brexit guidance from Brussels

  26-05-2017 12:45
  
  European Union member states are set to receive guidance from Brussels to ensure national regulators do not undercut each other while trying to attract firms from the UK.
  
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• Market moves: Busy brokers

  26-05-2017 12:13
  
  Brokers and insurers kept busy last month making many interesting new hires.
  
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• Zurich streamlines North American restructure

  26-05-2017 11:47
  Zurich has brought its North American specialty products
  business together with its commercial insurance unit to fall under
  the control of Paul Horgan.
  Horgan will report to Zurich North America's CEO Mike Foley
  and James Shea, who leads commercial insurance for Zurich
  globally.
  In a statement yesterday, Zurich said the move would provide
  "easier access" to its products and services, and greater
  consistency in its "go-to-market approach" across North
  America and its global network.
  In the same a
  
  Read more

• Zurich North America specialty president moves to The Hanover

  26-05-2017 11:47
  The Hanover has hired Zurich North America's Bryan Salvatore
  as executive vice president and president of specialty.
  News of Salvatore's move coincided with an announcement from
  Zurich yesterday that it has brought its North American specialty
  products business together with its commercial insurance unit tofall under the control of commercial head Paul Horgan .
  The Hanover said Salvatore will begin his new role on 12 June.
  Salvatore was previously president of specialty at Zurich North
  America,
  
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• Opinion: The Chairman-CEO

  26-05-2017 11:47
  Last week 19 percent of Chubb's shareholdersvoted against Evan Greenberg's continuation as chairman of the
  company.
  They did this because they were advised to do so by shareholder
  advisory service ISS.
  I wonder if the irony of investors worried about being held
  accountable for their own decisions voting against him because
  their outsourced decision maker was so strongly in favour of
  ensuring accountability at his company amused Greenberg.
  I wonder if it also amused him that ISS has a...
  
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• Novae hunts for major legacy solution for reserves

  26-05-2017 11:47
  Troubled London-listed insurer Novae is exploring a legacy
  transaction with parties including Berkshire Hathaway and Enstar
  that could allow it to hand off £450mn ($583mn) of net
  reserves, The Insurance Insider can
  reveal.
  The decision to pursue such a deal, which would curtail
  Novae's ongoing exposure to all business written up until 31
  December 2015, is likely to fuel speculation that the company is
  clearing the decks for a sale.
  It is understood that Novae, which is being advised by...
  
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• Neos secures backing from Aviva and Munich Re

  26-05-2017 11:47
  The home insurance start-up Neos has secured a £5.0mn ($6.5mn)
  investment in a Series A funding round led by Aviva Ventures and
  that includes Munich Re, which is providing underwriting capacity.
  The deal gives Aviva access to Neos's Internet of Things
  technology, which allows for the live monitoring of insured
  property, Neos said yesterday.
  The capital injection follows an earlier investment by Zoopla
  operator ZPG in November 2016.
  The Match of the Day presenter and former England
  football
  
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• GOP NFIP bill aims to pry open private US flood market

  26-05-2017 11:47
  A proposal to reform the National Flood Insurance Program (NFIP)
  outlined today in Washington by a key Republican congressional
  leader seeks to pry open a $3.4bn market for private carriers while
  also establishing ways to improve the indebted scheme's
  finances.
  The collection of measures would require administrators to make
  use of risk transfer mechanisms such as reinsurance and
  insurance-linked securities, including catastrophe bonds, by
  incorporating legislation proposed by Representative Denn
  
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• News analysis: Towergate investors to create insurance giant

  26-05-2017 11:05
  
  Market reacts to HPS and MDP plans to amalgamate their UK insurance investments – including Towergate, Autonet, Chase Templeton, Direct Group and Price Forbes – into one group
  
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• Quizzical Questions: 26 May 2017

  26-05-2017 11:02
  
  Test your knowledge of the week's news with our topical quiz.
  
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• Tokio Marine Kiln launches post production media insurance

  26-05-2017 10:16
  
  Product is aimed at companies specialising in editing and digital content and includes cyber cover.
  
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• Blog: Using robots to build trust

  26-05-2017 08:00
  
  Headlines on the impact of artifical intelligence have ranged from predicting a doomsday where the robots take control to, more recently, exploring scenarios where humans and robots live together in harmony. Harry Clarke, head of research at Tällt Ventures, takes a closer look.
  
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• Karfunkel family injects $300mn into AmTrust

  26-05-2017 07:24
  Family members of AmTrust's founders have injected $300mn
  into the company through a private share offering just weeks after
  speculation that the insurer would require hundreds of millions of
  dollars to bolster reserves.
  In a move announced after markets closed today (25 May), New
  York-based AmTrust said it would issue about 24.1 million common
  shares priced at $12.45 each to raise the funds through a private
  placement, which is expected to close tomorrow.
  The insurer said the cash would be...
  
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• Standard Life chief: ‘It ain’t just the Martin and Keith show’

  26-05-2017 06:01
  Keith Skeoch on stitching together the UK’s biggest standalone asset manager
  
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• GOP NFIP bill aims to pry open $3.4bn US flood market

  26-05-2017 01:28
  A proposal to reform the National Flood Insurance Program
  outlined today in Washington by a key Republican congressional
  leader seeks to pry open the $3.4bn market to let in more private
  carriers while also establishing ways to improve the indebted
  scheme's finances.
  The collection of measures would require administrators to make
  use of risk transfer mechanisms such as reinsurance and
  insurance-linked securities, including catastrophe bonds, by
  incorporating legislation proposed by Representativ
  
  Read more

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