Insurance news

• Tysers launches new US product suite

  05-06-2017 19:31
  London market broker Tysers is looking to break into the US
  retail market with a new suite of business liability products,
  according to a communique seen by The Insurance
  Insider.
  The intermediary is looking to bolster the flow of production
  through a US entry to supplement the business written through its
  existing wholesale distribution network.
  Tysers will write the business, which spans 14 liability lines,
  through its MGA platform T-Pro, which writes exclusively on
  Lloyd's paper.
  Atrium is th
  
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• JLT Re builds structured products team

  05-06-2017 19:31
  JLT Re has hired Tony Manzitto as executive vice president in its
  North American structured products team, it announced today.
  Manzitto joins the firm from Topa Insurance Group, a
  family-owned specialty insurer in Los Angeles, where he most
  recently held the positions of chief underwriting officer and chief
  operating officer.
  Prior to that he was with Swiss Re for over 20 years, where he
  specialised in structured reinsurance and casualty business.
  At JLT Re, Manzitto will be based in Los...
  
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• Heritage saves on reduced $2.62bn reinsurance programme

  05-06-2017 19:31
  Floridian carrier Heritage Insurance took advantage of cheaper
  reinsurance rates to halve the retention on its $2.62bn reinsurance
  programme for the 2017-2018 year.
  The insurer said it obtained $2.62bn of cover at this year's
  1 June renewal, a reduction of 13 percent from the $3bn of
  reinsurance limit bought last year.
  Heritage spent $223mn on the programme, down 7 percent from
  $240mn last year, which it attributed to exposure management
  coupled with improved pricing.
  The company has been cuttin
  
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• Hamilton Re sets up $65mn Turing Re sidecar

  05-06-2017 19:31
  Hamilton Re has established its first ever special purpose
  vehicle to provide collateralised capacity for its reinsurance
  portfolio.
  Turing Re has been funded with $65mn of capital raised from a
  private placement and syndicated among a number of investors.
  The sidecar vehicle will cover Hamilton Re's property treaty
  book of business.
  TigerRisk Capital Markets & Advisory acted as sole
  structuring and placement agent on the transaction, while Willkie
  Farr & Gallagher acted as legal counsel
  
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• AmTrust names Karkowsky as CFO

  05-06-2017 19:31
  AmTrust Financial Services has appointed Adam Karkowsky as
  executive vice president and chief financial officer, succeeding
  Ronald Pipoly Jr.
  The carrier, whose share price has fallen by more than half this
  year amid accounting missteps, said Karkowsky's appointment
  follows a search that involved internal and external
  candidates.
  Karkowsky has been AmTrust's executive vice president for
  strategic development and M&A since 2011. As part of that role
  he directed the company's strategic expansi
  
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• AmTrust allegations 'unsubstantiated': Maiden

  05-06-2017 19:31
  Maiden Holdings has issued a robust defence of AmTrust,
  dismissing recent articles written about its sister company as
  "recycled attacks" originating from short sellers.
  In an investor presentation published on its website today, the
  company said it maintains robust controls, procedures and
  governance, and that all transactions between Maiden and AmTrust
  required the review and approval of its independent directors.
  It also noted that AmTrust's recent adjustments and
  weaknesses in its financial
  
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• Zurich warns reinsurers of Westminster attack loss

  05-06-2017 14:16
  Zurich has notified its reinsurers of a loss related to liabilities
  arising from the Westminster terror attack in March,
  The Insurance Insider has learned.
  Zurich is the insurer for rental vehicle company Enterprise,
  which owned the car used in an attack that killed four people and
  injured a further 50.
  It is understood that the carrier has reserved for the loss,
  although the quantum is not known at this stage.
  A month ago one market source suggested that Zurich's gross...
  
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• Trust Re appoints brace of non-execs

  05-06-2017 14:16
  Trust Re has appointed Fetooh Al Zayani and Kai-Uwe Schanz as
  independent non-executive directors each for a full three-year
  term, the carrier announced today.
  Al Zayani, a Bahraini national, has worked for 36 years in
  executive management, underwriting and business development in the
  regional and international (re)insurance industry.
  This includes leading roles at regulatory and development
  authorities in the Gulf Cooperation Council region such as the
  Dubai International Financial Centre and Q
  
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• SRL to review Novae ratings after book shake-up

  05-06-2017 14:16
  Syndicate Research Limited (SRL) has placed its B+^ (above
  average) syndicate continuity opinion of Novae's Syndicate 2007
  under review for possible downgrade.
  The research firm said it had made the change following
  significant alterations to Novae's book of business and in
  light of concerns "over the potential for Syndicate 2007's
  main capital provider's significant underwriting leverage to
  affect the ongoing business".
  SRL said the review would look to determine whether Syndicate
  2007's contin
  
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• RSA picks Luxembourg for Brexit hub

  05-06-2017 14:16
  RSA is to establish a subsidiary in Luxembourg, becoming the latest
  carrier to pick the Grand Duchy as the location for its EU hub
  after Brexit.
  The unit will be the headquarters of RSA's branches in
  Belgium, France, Germany, Spain and the Netherlands, the insurer
  said.
  The carrier also has an extensive business in Scandinavia that
  wrote net written premiums of £1.7bn ($2.2bn) last year.
  Almost £3.1bn of premium came from RSA's UK and
  international unit, which includes the remaining.
  
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• Fairfax closes Westaim investment deal

  05-06-2017 14:16
  Fairfax has closed a three-pronged investment deal with Westaim
  involving issues of preferred stock and warrants.
  The agreement will see Prem Watsa's financial services
  holding company spend up to $500mn in investments sourced by the
  smaller Canadian firm.
  Toronto-based Westaim said it closed an initial sale of C$50mn
  ($37.1mn) of preferred securities to Fairfax on Friday (2 June).
  The agreement requires Fairfax to invest up to another C$50mn in
  preferred shares, which carry an interest rate of
  
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• AmTrust weighs exit from public entity business

  05-06-2017 14:16
  Embattled US insurer AmTrust, one of the largest providers of
  workers' compensation cover in the US, is looking to pull out
  of writing business for public entities as a result of poor
  performance in the space, The Insurance
  Insider understands.
  The carrier is known to have drawn the ire of brokers by pulling
  back some workers' compensation quotes for public institutions
  just over a month before the 1 July renewal date.
  It is also thought to be weighing exiting other...
  
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• Caytons Law offers new service to assist with cyber claims

  05-06-2017 13:24
  
  Caytons Law has developed a claims process service for its insurer clients that offer cyber policies in order to correctly map risk and settle claims appropriately.
  
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• RSA chooses Luxembourg for post-Brexit hub

  05-06-2017 13:09
  
  Insurance giant RSA is to set up an office in Luxembourg in response to the UK’s decision to exit the European Union.
  
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• RSA confirms Luxembourg opening

  05-06-2017 13:01
  
  The decision is in response to the Brexit referendum and RSA stated that the move is a “sensible reconfiguration of the branch network”.
  
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• Insurtech driving IT investment plans of European insurers

  05-06-2017 12:24
  
  Insurers in Europe are looking to insurtech acquisition and innovation in order to grow their businesses.
  
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• Insurers expecting ransomware claims to increase following Wanna Cry hack

  05-06-2017 11:40
  
  Insurers are braced for a rash of ransomware attacks following the Wanna Cry hack, with one firm expecting claims to rise by almost a quarter this year.
  
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• Insurance Linx buys Leicester-based broker

  05-06-2017 11:38
  
  New purchase is broker's eighth acquisition.
  
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• New compliance consultancy launched

  05-06-2017 11:36
  
  Service on offer to general insurance brokers.
  
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• Direct Line adds Paw Squad to pet offering following strategic investment

  05-06-2017 11:32
  
  Home visit vet service Paw Squad’s video and text consultations are now a standard part of Direct Line pet policies after a strategic investment from the insurer.
  
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• Opinion: Lloyd's Venn Diagram

  05-06-2017 10:42
  Lloyd's has two sometimes contrasting aims.
  On the one hand, it wants to be a fosterer of new talent, a
  hotbed of innovation and a bright light for insurance
  solutions.
  On the other, it also sets out to be a careful custodian of the
  Central Fund and a guardian of Lloyd's reputation, which
  includes acting as a gatekeeper against new ventures that will be
  prone to failing.
  Jon Hancock, the new Lloyd's performance management
  director, is currently wrestling with this...
  
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• Premium Choice reports slight drop in turnover for 2016

  05-06-2017 10:33
  
  Broker also posts rising profits for the year ended 31 December 2016.
  
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• Hastings is seeking a tax rebate

  05-06-2017 09:55
  
  Hastings is seeking a tax rebate, claiming UK operation isn’t insurer, says newspaper
  
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• Hastings £20m tax battle nears conclusion

  05-06-2017 09:55
  
  Hastings is seeking a tax rebate, claiming UK operation isn’t insurer, says newspaper
  
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• #Insagepeople: 5 - 11 June 2017

  05-06-2017 09:49
  
  Keep up to date with all the latest people moves.
  
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• Fighting Petplan tooth and claw over our cat’s claim

  05-06-2017 08:00
  
  We’d been paying for cover for more than 20 years but when it came to dental treatment we were refusedDespite paying thousands of pounds for more than 20 years to Petplan to cover our pets, when our 12-year-old cat Daisy needed four teeth extracted we had to pay £427.93. Though our vet sent a second letter confirming Daisy was up to date with annual and dental checks, the claim was rejected. We felt angry and, having no confidence that it would not happen again, we cancelled all thre
  
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