Insurance news

• XL Catlin builds new Canada risk unit with Zurich hire

  30-05-2017 20:55
  XL Catlin has opened a political risk, credit and bond (PRCB)
  practice in Canada and recruited Marvin Azzopardi from Zurich as
  the unit's senior underwriter.
  Azzopardi joined Zurich in 2011, according to his LinkedIn
  profile, and his current role is national leader for Canada in its
  trade and political risk team.
  His departure comes after Zurich revealed last week itwould streamline its North American structure by merging its
  speciality and commercial operations under the leadership of
  regional
  
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• Sompo acquires rights to Novae FI book renewals

  30-05-2017 20:55
  Sompo International, the Bermuda based specialty arm of
  Japan's Sompo Holdings, has agreed to acquire renewal rights to
  Novae's Syndicate 2007 financial institutions (FI) book.
  The deal sees Sompo take on rights to the Lloyd's
  syndicate's future FI renewals, excluding emerging market
  liabilities, Sompo said today (30 May). The portfolio had gross
  written premiums of over $25mn.
  Novae's class underwriter for FI, John Richards, will move
  to Sompo as part of the deal, along with fellow Novae underw
  
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• Fairfax sells part of ICICI Lombard stake

  30-05-2017 20:55
  Fairfax Financial has agreed to sell part of its stake in an Indian
  insurance joint venture with ICICI Bank as it works to close its
  $4.85bn acquisition of Allied World.
  The Canadian insurance and investment management holding company
  said its FAL Corporation subsidiary has agreed to sell 12.18
  percent of India's ICICI Lombard General Insurance.
  Warburg Pincus' Red Bloom Investment is taking a 9.00
  percent holding, while the remainder is being sold to a unit of
  Clermont Group and to...
  
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• Cat bond issuance reaches $7.54bn for 2017

  30-05-2017 20:55
  Cat bond issuances show no sign of slowing with $7.54bn of funds
  raised so far in 2017 - only $0.42bn less than the annual record of
  $7.96bn issuance in 2014.
  The total of funds raised for the second quarter of 2017 is
  $5.19bn, more than the $4.63bn raised from the final three quarters
  of last year and the $4.60bn raised in Q2 2014.
  The high figure was the result of debut sponsors, as well as
  sponsors returning to the market....
  
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• FCA Simon Green’s replacement named

  30-05-2017 16:55
  
  FCA Simon Green’s replacement joins from top four broker
  
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• TSR raises prediction for US storm season to average

  30-05-2017 15:50
  Tropical Storm Risk (TSR) has upgraded its expectations for the
  forthcoming US hurricane season and is now forecasting activity
  will be roughly in line with both the 2007-2016 norm and the
  long-term average.TSR is now forecasting six hurricanes of which three are
  expected to be category 3-5, up from their April prediction of four
  hurricanes of which two would be category 3-5.There is a 40 percent probability that the 2017 USA landfalling
  Accumulated Cyclone Energy (ACE) index will...
  
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• Patriot National begins strategic review

  30-05-2017 15:50
  The board of outsourced (re)insurance services provider Patriot
  National has announced a strategic review of the company nearly two
  months after it missed an extended deadline to file its 2016
  results.
  In a statement released today PatNat said the board had formed a
  committee of independent directors to "explore and review a
  range of strategic alternatives for the company".
  However, it warned there was no guarantee the review would result
  in strategic alternatives being "announced or
  consummated
  
  Read more

• P&C (re)insurance stocks hit 2017 high

  30-05-2017 15:50
  The last full trading week of May brought gains for stocks in
  the P&C (re)insurance industry, with share price increases
  significantly outweighing reductions.
  Consequently, our Insider 50 index grew by 1.1 percent
  in the week to 1,073.79 index points - its highest level so far
  this year.
  The strongest
  rise was in the US nationwide subgroup, which was up 2.6 percent on
  a weekly basis and 3.2 percent in the month.
  CNA posted the biggest share price climb among the...
  
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• Opinion: Case against the chairman-CEO

  30-05-2017 15:50
  In this briefing last week, Editor-in-Chief Adam McNestrie argued
  that there was no reason why the chief executive of a business
  shouldn't also be its chairman.
  He said that the traditional reasons for separating the roles
  revolve around governance - but that this shouldn't be a key
  issue as governance structures don't drive profits, strong
  leadership does.
  I'm deeply unconvinced by this argument. The reality is the
  practice of having a joint CEO-chairman has been virtually stamped
  out everywher
  
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• No cyber payout for BA IT failure

  30-05-2017 15:50
  British Airways (BA) has no cyber insurance in place that would
  respond to losses stemming from its global IT failure last weekend,
  The Insurance Insider understands.
  Sources in the London cyber market said the airline was not
  currently a buyer of cyber insurance.
  The system failure forced BA to cancel all flights out of London
  on Saturday 27 May, and thousands of cancelled flights also racked
  up over the following two days.
  Alex Cruz, chief executive of BA, told the...
  
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• Lloyd's mutuality should be kept under review: Nelson

  30-05-2017 15:50
  Lloyd's mutual status is currently not in doubt but should
  be kept very closely under review in case circumstances change,
  outgoing Lloyd's chairman John Nelson has told The
  Insurance Insider.
  In a wide-ranging interview with this publication Nelson said:
  "The essence of Lloyd's is that we are an unincorporated
  mutual formed by an act of Parliament. The key question is: do you
  want to leave Lloyd's as a mutual?"
  "We're like the London Stock Exchange used to be before
  it...
  
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• IRB shareholders file for IPO clearance

  30-05-2017 15:50
  Brazilian reinsurer IRB Brasil Resseguros has come a step closer
  to listing on the Sao Paolo Stock Exchange with an application to
  the Brazilian securities regulator.
  In a series of stock exchange filings from the banks that
  together own a majority stake in IRB, the reinsurer's
  shareholders said they had applied to the Brazilian Securities and
  Exchange Commission to float the company.
  Banco Do Brasil Seguridade Participações, Itaú
  Unibanco and Banco Bradesco, which own a com
  
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• India crop (re)insurance market expands at rapid pace

  30-05-2017 15:50
  India is rapidly taking its place as one of the world's
  largest crop insurance markets.
  Total premiums may surpass $4bn this year amid a surging
  participation rate, while the reinsurance market is seen as
  hardening in many areas, according to Kris Lynn, head of global
  crop for Sompo International in Bermuda.
  General Insurance Corporation of India (GIC Re) may pick up more
  than half of the estimated $3.0bn to $3.2bn in premium ceded to
  reinsurers this year. The rest will...
  
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• Hales leaves Everest Re

  30-05-2017 15:50
  Neil Hales, an accident and health (A&H) and property
  underwriter at Everest Re in London, has resigned from his
  position, The Insurance Insider
  understands.
  His next destination is unknown at this stage.
  Hales has worked at the carrier since June 2011, having joined
  from Scor, where he was a property treaty underwriter for
  four-and-a-half years.
  Prior to this Hales worked as a manager at the Council of
  Bureaux, which coordinates the activities of different national
  motor insurers' bureaux a
  
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• Dale Underwriting hires contingency duo from Swiss Re

  30-05-2017 15:50
  Both underwriters are due to join Dale Underwriting's
  Syndicate 1729 in July, and will report to Ian Bridge, Dale's
  underwriting director and head of property insurance.
  The account will focus on event cancellation, non-appearance,
  prize indemnity and European sports PA cover that will
  predominantly constitute new business to Lloyd's.
  Lawson has worked at Swiss Re since 2011, latterly as senior
  underwriter of special risks (sports PA and contingency), having
  previously underwritten the class at
  
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• Cat bond issuance reaches $7.54bn for YTD

  30-05-2017 15:50
  Cat bond issuances show no sign of slowing with $7.54bn of funds
  raised so far in 2017 - only $0.42bn less than the annual record of
  $7.96bn issuance in 2014.
  The total of funds raised for the second quarter of 2017 is
  $5.19bn, more than the $4.63bn raised from the final three quarters
  of last year and the $4.60bn raised in Q2 2014.
  The high figure was the result of debut sponsors, as well as
  sponsors returning to the market....
  
  Read more

• Cargo market woes force carriers to retreat

  30-05-2017 15:50
  A combination of desperately low rates, major losses and the
  struggles of its clientele have forced a number of Lloyd's
  carriers to draw back meaningfully from the cargo market.
  Sources told The Insurance Insider
  several high-profile underwriters in the segment have been
  casualties of the changes.
  Travelers' senior cargo underwriter Nick Derrick and
  Advent's Gary Cook are among a slew of specialists understood
  to have been released in recent months.
  Other carriers understood to have scaled back
  
  Read more

• Allied World launches UK commercial unit

  30-05-2017 15:50
  Allied World Europe has hired AJ Gallagher (AJG) broker Darren Rowe
  to run its new UK commercial insurance division, the carrier
  announced today.
  The Swiss-headquartered carrier will write commercial combined
  insurance, property owners, contractors all risks and combined
  liability through the unit.
  The newly established platform will work alongside Allied
  World's existing Lloyd's business in the UK, Syndicate
  2232.
  Prior to joining Allied World, Rowe was client and markets
  director at AJG, havin
  
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• The stats: June 2017 - The Acturis Premium Index

  30-05-2017 15:49 via insuranceage.co.uk
  
  The Acturis Premium Index for the first quarter of the year has once again painted a bleak picture of significantly decreasing commercial insurance premiums.
  
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• Ransomware attacks push up cyber insurance claims

  30-05-2017 14:34
  Viruses such as WannaCry demand money from companies to release data
  
  Read more

• Allied World launches UK commercial division

  30-05-2017 13:51
  
  Allied World has launched a UK commercial division and appointed Darren Rowe as vice president.
  
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• Allied World targets regional brokers with new UK commercial division

  30-05-2017 13:38 via insuranceage.co.uk
  
  New division to focus on commercial combined, property owners, contractors all risks and combined liability.
  
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• Insurance Cares: How to embed a caring culture into a workforce

  30-05-2017 13:22 via insuranceage.co.uk
  
  Stephanie Smith of Allianz addresses how the workforce can be helped to understand the needs of vulnerable customers.
  
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• How could the General Election manifestos impact insurance?

  30-05-2017 13:22 via insuranceage.co.uk
  
  Insurance Age examines what each of the major political parties has to say on issues affecting the insurance market.
  
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• Video: A broking minute with Richard Dornan of Premium Choice

  30-05-2017 12:40 via insuranceage.co.uk
  
  Meet the underwriting and business development director of Premium Choice in our latest video.
  
  Read more

• Neos investment will not disrupt partnership with Homeserve, Aviva says

  30-05-2017 12:29
  
  Aviva Ventures’ latest investment into Neos will not affect its standing relationship with emergency repairs service Homeserve.
  
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• IPT rise pushes home premiums up despite lower winter claims

  30-05-2017 11:38
  
  Insurance Premium Tax increases have led to a rise in home insurance premiums despite claims over the winter period being lower than in previous years.
  
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• Post People: 30 May - 02 June

  30-05-2017 10:26
  
  The latest people moves from the insurance industry.
  
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• #insagepeople 29 May - 4 June 2017

  30-05-2017 10:25 via insuranceage.co.uk
  
  Keep up to date with all the latest people moves.
  
  Read more

• Better business: Dynamic Networks Group's James Baird on the fallout from the Wannacry cyber attack

  30-05-2017 09:54 via insuranceage.co.uk
  
  Staying safe and fighting back: IT expert James Baird assesses the fallout from the WannaCry cyber attack and outlines how brokers can protect themselves from future invasions
  
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• Motor Report: What's driving motor?

  30-05-2017 08:00
  
  With trials of driverless car fleets now occupying our national roads, the motor sector is getting an upgrade like never before. As fraudulent claims continue to accelerate and while premiums pay the price, new entrants are causing insurers to tighten their seat belts in the race for consumer loyalty. What is really driving the motor industry today? Michèle Bacchus decided to take a closer look.
  
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• In Depth: Claimant lawyers move from whiplash to holiday illness claims

  30-05-2017 08:00
  
  Proposed whiplash reforms are likely to be tough on claimant law firms. Many are carving out a niche in holiday destinations for gastric illness claims.
  
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