Insurance news

• Severe US weather losses near $3bn in May

  08-06-2017 22:56
  Severe US weather last month caused almost $3bn of insured
  losses, with nearly half the damage attributed to a single
  hailstorm in Colorado, according to Aon Benfield's Impact
  Forecasting.
  Hail the size of baseballs - about 3 inches in diameter -
  pounded the Denver metro area and the Front Range region of the
  Rocky Mountains in early May. Impact Forecasting said the storm led
  to an estimated $1.4bn of insured losses in Colorado alone.
  The storm system also hit parts...
  
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• Sapnar warns reinsurers on mispricing in many lines

  08-06-2017 22:56
  Multiple classes of reinsurance business could technically be
  underwater because initial accident year industry loss estimates
  "by and large are below where they'll turn out",
  according to TransRe president and CEO Mike Sapnar.
  Even though ceding commissions have hit the wall, the underlying
  business in general is "poorly priced", Sapnar warned
  during a panel discussion at the Standard & Poor's Global
  Ratings conference today in New York.
  Sapnar highlighted directors' and officers' (D&O)
  
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• Rising claims threaten aviation stability: Global Aerospace

  08-06-2017 22:56
  The pricing of aviation risk is unsustainable, with a major
  catastrophe on top of mounting attritional losses likely to throw
  the sector off balance, according to Global Aerospace group CEO
  Nick Brown.
  Speaking at Mapfre Global Risks' bi-annual international
  conference, Brown said that although major aviation losses have
  diminished in recent decades as airline safety has improved, small
  claims from day-to-day operational risk, including partial hull and
  baggage claims, were growing overall.
  "Mor
  
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• ProSight puts Lloyd's operation into run-off

  08-06-2017 22:56
  ProSight has placed its Lloyd's operation into orderly run-off
  after attempts to secure a live acquirer for the platform proved
  fruitless, The Insurance Insider can
  reveal.
  Multiple sources told this publication that the roughly 50 staff
  at ProSight Specialty Underwriters were informed yesterday of the
  intention to discontinue writing new business.
  Sources said that financial adviser GC Securities will now
  examine the scope for a sale to the Lloyd's
  reinsurance-to-close (RITC) community.
  A Lloyd
  
  Read more

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• Interconnectedness a major challenge for cyber: Barn

  08-06-2017 22:56
  The global "data explosion" and the increasing
  interconnectedness of companies is posing major challenges to cyber
  insurers and their clients, Munich Re's global head of cyber,
  Daljitt Barn, has said.
  Speaking in Granada at the Mapfre Global Risks biannual
  conference, Barn said cyber risk - and clients' needs in
  respect to this risk - were rapidly evolving.
  "In the past IT was connected to the internet," he
  said. "Now, [operational technology] is connected to the
  internet."
  The constantly changi
  
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• Berkshire units settle California WC dispute

  08-06-2017 22:56
  Berkshire Hathaway's Applied Underwriters unit has reached a
  settlement with California regulators that will let it resume
  selling a novel form of workers' compensation insurance that
  has been the subject of court cases and administrative orders in
  several states.
  California Insurance Commissioner Dave Jones hailed the
  settlement as "a significant victory in protecting California
  businesses from sophisticated bait and switch marketing
  tactics" in a statement describing the agreement released
  tod
  
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• Aon Benfield wins Florida accounts from rivals

  08-06-2017 22:56
  Aon Benfield placed a trio of accounts at the 1 June Florida
  renewal freshly won from rivals, The Insurance
  Insider can reveal.
  Sources have said the reinsurance broker won People's Trust
  and Capitol Preferred from Guy Carpenter, and half of the Frontline
  Insurance placement from RFIB.
  Outside of Florida, the firm is also understood to have secured
  the placement for Argo Group's Argo Pro business from Guy
  Carpenter.
  The Florida account moves come in a highly competitive
  reinsurance market in...
  
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• Tysers reports 12.8% Ebitda increase for 2016

  08-06-2017 17:27
  London market broker Tysers reported a 12.8 percent increase in
  Ebitda profit to £10.6mn ($13.7mn) and a flat Ebitda margin of
  20 percent for the full-year 2016.
  Turnover increased by 12.8 percent year-on-year to £52.8mn,
  but pre-tax profits fell by 92 percent to £564,000 after the
  company reported a £9.6mn loss on forward foreign currency
  contracts.
  Turnover rose in every region, with the UK up by 19.8 percent to
  £8.7mn, the rest of Europe up 22.4 percent to £
  
  Read more

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• Ed Broking appoints LatAm CEO and chairman

  08-06-2017 17:27
  Global wholesale and specialty broker Ed revealed today it has
  shaken up the leadership of its Latin American business as group
  CEO Steve Hearn continues to repurpose the Lightyear Capital-backed
  company.
  Head of business development Agustin de Freitas has become CEO
  of the Miami-based unit, with current CEO Mike Hernandez set to
  become chairman.
  Hernandez's newly-created role will involve overseeing
  Ed's plans to expand its presence throughout Latin America.
  De Freitas joined Ed as a vice presi
  
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• ACR appoints ex-Catlin exec Heerasing deputy CEO

  08-06-2017 17:27
  Asia Capital Re (ACR) has brought in Bobby Heerasing as deputy
  CEO as it nears the completion of its long-trailed sale,
  The Insurance Insider can reveal.
  The appointment of Heerasing, previously Catlin's chief
  underwriting officer for Asia Pacific and head of its Singapore
  office, appears to answer the much-discussed question of who will
  succeed Hans-Peter Gerhardt as CEO of the reinsurer.
  ACR is being sold by its financial backers, including sovereign
  wealth funds Khazanah Nasional Berhad and T
  
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• Brokers criticise Aviva over communication on travel product withdrawal

  08-06-2017 17:15
  
  Brokers say the insurer did not contact them before pulling the plug on stand-alone Multi-Trip.
  
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• RSA targets contractors with product refresh

  08-06-2017 15:31
  
  Insurer says it is also interested in talking to brokers about potential scheme deals and opportunities.
  
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• What is at stake for the insurance industry in the election?

  08-06-2017 13:45
  
  The country has gone to the polls today and the insurance industry will wait with baited breath for the result.
  
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• SRA investigating 15 solicitor firms over holiday sickness claims

  08-06-2017 13:34
  
  The Solicitors Regulation Authority is investigating 15 reports of misconduct against solicitor firms involved in holiday sickness claims.
  
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• Revenue at 1st Central hits £99.6m

  08-06-2017 13:15
  
  The online motor broker also reported growth in profits.
  
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• Covéa unveils small business product

  08-06-2017 13:13
  
  Provider aims to continue to drive future profitable growth with its partner brokers.
  
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• XL Group launches $550mn share buyback

  08-06-2017 11:57
  XL Group has announced plans to repurchase $550mn of securities in
  XL Cayman and Catlin Insurance Company through its Cayman
  subsidiary.
  The closing of the tender offer remains contingent upon the
  company closing an anticipated fixed-rate debt financing
  transaction, which it said would result in minimum gross proceeds
  of $500mn.
  The offer, which XL Group said it will fund with cash on hand
  from the debt financing, will expire on 6 July....
  
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• RFIB-Tysers talks back on

  08-06-2017 11:57
  Calera Capital-backed broker RFIB is again in merger talks with
  its 200-year-old peer Tysers, The Insurance
  Insider can reveal.
  Banking sources said that discussions about combining the two
  businesses have been constructive, but have yet to reach an
  advanced stage.
  If the two broking houses were merged, the combined entity would
  have revenues of roughly £150mn, making it one of the largest
  independent operations in a highly consolidated London broking
  market.
  Any transaction would likely v
  
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• Opinion: Craft beer tactics

  08-06-2017 11:57
  There was so much discussion and heated debate at
  The Insurance Insider's
  InsiderTech London event yesterday that it is difficult to
  boil it down into a digestible 400 words.
  But if there was one takeaway to be had, perhaps it would be
  this: People like beer.
  Ten years ago, the available choice for the beer drinker was far
  more limited. In London, you found Budweiser, Fosters and Carling
  on tap. Perhaps Stella if you were lucky.
  Whatever the choice, the...
  
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• FCA reviewing PI market: report

  08-06-2017 11:57
  The UK Financial Conduct Authority (FCA) has launched a review into
  the professional indemnity (PI) market as part of a drive to
  improve coverage for advisers.
  According to Money Marketing the regulator has contacted at
  least three major insurers and a law firm as part of discussions
  over PI funding.
  The publication said the meetings were held in reference to
  ongoing reforms to the Financial Services Compensation Scheme
  (FSCS).
  In addition to discussions with market participants, the FCA has
  als
  
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• Chubb Global Markets names delegated underwriting manager

  08-06-2017 11:57
  Chubb Global Markets has promoted Dominique Largeron to delegated
  underwriting authorities manager, it announced today.
  Largeron is currently assistant manager for delegated
  underwriting authorities at Chubb Global Markets, the London-based
  wholesale insurance division of Chubb.
  She has 20 years of experience in the market and previously held
  delegated authority roles at Hiscox and Allied World before joining
  Chubb Global Markets in June 2015.
  Largeron will continue to report to Peter McAdams, h
  
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• Axa Re steps closer to Indian licence approval

  08-06-2017 11:57
  Axa Re has passed the second stage of the Indian reinsurance
  licensing process, as it prepares to set up a branch in the
  country, according to the newswire Press Trust India (PTI).
  Axa Re, a reinsurance subsidiary of the French insurance giant Axa,
  has received the second level of regulatory authorisation, known as
  R2, from the Insurance Regulatory and Development Authority of
  India (Irdai), the wire service reported on 7 June.
  Axa already operates in India through joint ventures with...
  
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• Ariana Grande and Take That to lodge terrorism claims

  08-06-2017 11:57
  Lloyd's insurers Brit and Talbot jointly provide terrorism
  cover to Ariana Grande, the singer whose concert in Manchester was
  attacked in a suicide bombing last month, The Insurance
  Insider understands.
  Grande cancelled tour dates in London, Antwerp, Lodz, Frankfurt
  and Zurich after the attack on 22 May, with market sources
  provisionally estimating the pending claim, to be paid to her
  promoter, at £300,000 ($387,000).
  Pop band Take That, which also had to postpone gigs in the
  aftermath of
  
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• Allianz explores taking Euler Hermes private: report

  08-06-2017 11:57
  Allianz is eyeing an acquisition of the remaining shares in credit
  insurer Euler Hermes, which are listed on the Euronext Paris stock
  exchange, Bloomberg reported.
  The Munich-based insurance giant already owns a 63 percent stake in
  Euler Hermes, one of the three biggest trade credit insurers in the
  world.
  Allianz is reportedly being advised on acquiring the remaining
  stake, which has a market value of around EUR1.5bn ($1.7bn),
  sources told the newswire.
  Discussions are ongoing and Allianz regula
  
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• Swiss Re GI unit opens Manchester office to target regional business

  08-06-2017 11:53
  
  Swiss Re's general insurance unit, Corporate Solutions, has opened an office in Manchester to grow its regional commercial business.
  
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• MGA unveils contractor etrade amid RSA and Gable risk exits

  08-06-2017 11:53
  
  New online contractor etrade offering from MGA will help brokers with hard to place business - especially after RSA via Pen and Gable exit from certain high risk contractor lines
  
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• MGA unleashes new e-trade amid RSA and Gable exit

  08-06-2017 11:53
  
  New online contractor offering from MGA will help brokers with hard to place business after RSA and Gable exit
  
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• Tysers reports decrease in profit for 2016

  08-06-2017 10:50
  
  But turnover and Ebitda are up at the Lloyd's broker.
  
  Read more

• Video: The MGA and legal expenses insurance debate

  08-06-2017 10:45
  
  Our experts share their views.
  
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• Top-five insurer axes brokered travel product

  08-06-2017 10:26
  
  Stand-alone travel multi-trip travel cover dropped by top-five insurer after low volumes
  
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• Blog: Cooperation will stymie claims touts and dodgy claimant firms

  08-06-2017 08:00
  
  Claimant lawyers need to report dodgy peers to the Solicitors Regulation Authority, urges Andrew Twambley, spokesperson for Access to Justice, arguing current legislation is enough to tackle fraud.
  
  Read more

• Aviva's Maurice Tulloch on all that insurtech hype

  08-06-2017 08:00
  
  With technology reshaping the insurance industry, incumbents need to disrupt the very business models they helped create in order to meet fast-changing customer expectations, writes Maurice Tulloch, CEO, international insurance, Aviva.
  
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• Trump's election spiked 3 insurance deals: JP Morgan

  08-06-2017 07:38
  Donald Trump's election as president of the US had an
  immediate chilling effect on merger and acquisition activity in the
  insurance sector, according to JP Morgan banker John Purcell.
  The executive, who heads up the New York investment bank's
  insurance practice in North America, said that three deals fell
  apart within a few weeks of the November election.
  "Personally I've had three M&A deals die since
  Trump was elected," he said, explaining that one of those was
  an inversion transaction...
  
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• QBE signs up Arrowhead for small commercial business

  08-06-2017 07:38
  QBE North America is looking to grow in the small commercial
  insurance space after signing up Arrowhead General Insurance Agency
  as program administrator for a portfolio of sub-$100,000 premium
  accounts.
  The carrier will transfer underwriters and operations
  professionals working on accounts of that size to Arrowhead, with
  the program supported by QBE paper.
  Walter Grote, senior vice president for small commercial at QBE
  North America, will move over to the program administrator to lead
  Arrowhead
  
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• Willis taps Underwood to lead risk consulting unit

  08-06-2017 01:23
  Global broker Willis Towers Watson has elevated Willis Re
  executive vice president Alice Underwood to lead its Risk
  Consulting and Software business in New York.
  The RSC unit has more than 1,200 staff in 35 markets worldwide,
  the London-based broker said. The unit has a broad mandate,
  supplying advice, technology and risk-management services to
  industry clients as well as assisting them in improving business
  operations and developing strategy.
  The mathematician joined the company in 2006 after l
  
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• SPG buys MarketScout's workers' comp unit

  08-06-2017 01:23
  Underwriting facilities holding company Specialty Program Group
  has added MarketScout's workers' compensation MGA to its
  stable, under the leadership of Jay Chase who is moving with his
  unit to SPG.
  Chase's group specializes in writing workers' comp for
  hard-to-place situations involving high hazard risks in industries
  such as transportation, construction and manufacturing, Summit, New
  Jersey-based SPG said. It has renamed the unit Specialty Comp
  Insurance Solutions
  Terms of the transaction were
  
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• Markel merges global, wholesale units under Sanders

  08-06-2017 01:23
  Markel is combining its wholesale excess and surplus lines unit
  with its global insurance segment under the leadership of Bryan
  Sanders ahead of the retirement of Britt Glisson next year.
  Glisson will hang up a 40-year career, most recently as
  president of Markel's global unit, which includes complex,
  risk-managed accounts, according to the company.
  Sanders, who has led the wholesale E&S unit, will oversee
  the combined group, rebranded as Markel Assurance, the
  Virginia-based company said. It
  
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• Broker facilities take fire from carrier executives

  08-06-2017 01:23
  Insurance CEOs have slammed the use of broker facilities with
  Tokio Marine HCC boss saying delegating underwriting authority to
  intermediaries is "like giving the keys to the inmates"
  of an asylum.
  Tokio CEO Christopher Williams said broker facilities were a
  "classic sign" of the soft market, speaking today during
  an S&P Global Ratings conference in New York.
  But he said underwriters bare the blame for the proliferation of
  facilities in recent years, even when reinsurers are involved.
  "The o
  
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• Berkley carves specialty group into two new units

  08-06-2017 01:23
  WR Berkley has broken its specialty underwriting managers
  segment into two separate groups, retaining the lead managers for
  both the newly segregated entertainment and sports and
  environmental divisions.
  Led by group president Cindy Broschart, Berkley Entertainment
  & Sports underwrites property and casualty covers on both an
  admitted and non-admitted basis for sports-related organizations
  and the entertainment industry as well as individual performers and
  athletes.
  At Berkley environmental,
  
  Read more

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