Insurance news

• Validus plans depositary share offer to raise $250mn

  12-06-2017 23:53
  Validus Holdings plans to sell 10 million new depositary shares
  tied to its series B preference stock to raise as much as
  $250mn.
  The Bermuda-based carrier said today it had priced the public
  offering and expects it to close by 20 June.
  The company said it would use the proceeds of the sale for
  general corporate purposes.
  Each of the new shares, which Validus expects to list on the New
  York Stock Exchange under the symbol VRPRB, represents a one...
  
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• More European CFOs see buybacks and M&A ahead: Moody's

  12-06-2017 23:53
  European insurers' capital managers are increasingly focused
  on deploying surplus funds, and for many that means stock buybacks
  and acquisitions, according to a CFO survey by Moody's
  Investors Service.
  By comparison, a similar poll a year ago found most CFOs focused
  on preserving or increasing their company's excess capital as
  Solvency II standards took hold.
  In the latest survey, 41 percent of the 18 CFOs who responded
  said they had plans to deploy at least some of the excess capital...
  
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• JLT's US unit teams up with Altumai on workers' comp

  12-06-2017 21:44
  JLT Specialty USA and start-up Altumai have agreed to
  collaborate on developing workers' compensation products for
  the food and agriculture sector based on analysis of data collected
  from wearable devices.
  Altumai last month announced its formation by Simon Prowse and
  Lars Skari, with the goal of using the Internet of Things (IoT)
  coupled with data analysis to develop insurance products. The
  company is based in Chicago.
  "The development of wearable devices is providing an
  opportunity to capture
  
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• Chubb boosts terrorism and war capacity by 50%

  12-06-2017 21:44
  Chubb has raised its capacity by 50 percent to $150mn or
  EUR150mn for terrorism, political violence and war risk coverage,
  citing the evolving threats facing large international firms.
  The move "demonstrates our commitment to responding to
  growing client demand for certainty and comprehensive cover across
  the full range of perils", according to Piers Gregory,
  underwriting manager for terrorism and political violence within
  the company's Overseas General Insurance segment.
  Previously, the capacit
  
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• US commercial rates close to flat in Q1: Clips

  12-06-2017 19:34
  Rates for US commercial lines coverage remained close to flat in
  Q1 for the sixth consecutive quarter, according to Willis Towers
  Watson.
  The broker's quarterly Commercial Lines Pricing Survey
  (Clips) showed price increases reported by carriers averaged less
  than 1 percent in the first quarter, continuing a moderating trend
  that began in Q1 2013.
  Four lines - workers' compensation, commercial property,
  directors' and officers', and surety - indicated modest
  price decreases, while for most other
  
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• Insurer advocates criticise GOP's NFIP reform

  12-06-2017 19:34
  A Republican-backed bill to extend and reform the deeply indebted
  US National Flood Insurance Program (NFIP) would actually undermine
  private sector attempts to provide cover to homeowners and
  businesses, insurance industry advocacy groups have said.
  The groups highlighted new regulatory burdens and below-market
  limits on reimbursements for participants in the Write Your Own
  programme, which effectively gives private insurers authority to
  write on behalf of the NFIP.
  "The draft legislation could
  
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• BGL establishes tech hub with plans to develop a series of data-driven products

  12-06-2017 18:16
  
  BGL has opened a tech hub at the White Collar Factory on Sillicon Roundabout in London’s Shoreditch and is planning to develop a series of products.
  
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• BGL establishes tech hub with plans to develop a series of customer apps and websites

  12-06-2017 18:16
  
  BGL has opened a tech hub at the White Collar Factory on Silicon Roundabout in London’s Shoreditch and is planning to develop a series of products.
  
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• Benardout joins Patria Re SPA

  12-06-2017 17:44
  Patria Re has hired former Berkley Re UK head of property Nick
  Benardout to join Syndicate 6125.
  In a statement published today, the company said Benardout would
  manage the London office, as well as "strengthen our corporate
  structure and consolidate our businesses underwritten from our
  Lloyd's vehicle".
  The appointment is effective immediately.
  Benardout had held the role of head of property treaty for
  almost six years at Berkley Re UK. Prior to that, he was an
  international property treaty und
  
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• Cyber MGA joins Charles Taylor's incubator to offer SMEs cyber insurance

  12-06-2017 17:43
  
  Cyber MGA, Node International has chosen Charles Taylor as its management service and will benefit from its MGA and broker incubator service.
  
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• Cyber MGA joins Charles Taylor's incubator to offer cyber insurance to SME market

  12-06-2017 17:43
  
  Cyber MGA, Node International has chosen Charles Taylor as its management service and will benefit from its MGA and broker incubator service.
  
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• Urgent action needed as vehicle repair costs soar 32% - Thatcham

  12-06-2017 17:33
  
  Manufacturers and repair industry urgently need to engage as vehicle repair costs soars, says world-leading motor research unit 
  
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• Industry welcomes new Justice Secretary

  12-06-2017 17:28 via insuranceage.co.uk
  
  David Lidington takes over role previously held by Liz Truss.
  
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• Airmic 2017: Pace of change 'key barrier' to effective cyber risk management

  12-06-2017 16:52
  
  The pace of change surrounding cyber risks is a key barrier to effective cyber risk management, experts have said.
  
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• Pool Re braced for first claims from Manchester attacks

  12-06-2017 16:04
  
  Pool Re will soon receive the first claims from the Manchester terror attacks, its chief underwriting officer has confirmed.
  
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• Ehinger made operations head at Guy Carp

  12-06-2017 15:27
  John Ehinger has been named head of global operations at Guy
  Carpenter to revive his reinsurance career after a stint running a
  firm focused on preventing heart attacks, The Insurance
  Insider can reveal.
  Ehinger left the industry in 2011 and subsequently acquired the
  medical technology company CardioReady for an undisclosed sum.
  Before becoming CEO of CardioReady Ehinger spent almost two
  decades in insurance, ultimately becoming chief operating officer
  of Willis Re.
  Now, after more than five yea
  
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• Compre strikes first captive legacy deal

  12-06-2017 15:27
  Legacy specialist Compre has agreed to acquire Equinox CA Europe, a
  captive insurer of global engineering and construction conglomerate
  SNC-Lavalin.
  The Ireland-based captive insured the activities of
  SNC-Lavalin's business in France from 2008 until December 2016,
  when the subsidiary was sold.
  The deal marks the first purchase of a captive by Compre and is
  also its first in Ireland.
  It is the fourth acquisition Compre has announced this year, and
  is subject to approval from the Central Bank of I
  
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• Argo names Chubb's Cazar head of LatAm

  12-06-2017 15:27
  Argo Group has hired Jorge Luis Cazar León from Chubb to lead
  its Latin America business, The Insurance
  Insider can reveal.
  The expansive unit includes insurance and reinsurance operations
  in Central and South America.
  Cazar, who was most recently president for Chubb's
  international accident and health division, will report to Jose
  Hernandez, Argo's head of international.
  The executive had been with the legacy Ace part of Chubb since
  joining in 2001, before which he held leadership roles
  
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• Chubb increases terrorism, political violence and war insurance capacity

  12-06-2017 15:16 via insuranceage.co.uk
  
  The capacity has been increased to £118m from £79m.
  
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• Airmic 2017: Risk management 'unsustainable without new talent'

  12-06-2017 14:39
  
  The relevance of risk management as a profession will suffer if it continues to fail to attract young talent, one of the industry's leading figures has said.
  
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• Transactor passes Biba software house review

  12-06-2017 14:08 via insuranceage.co.uk
  
  The review was prompted by SSP's failures last year.
  
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• LSM recruits Willis Re's Towler to lead aviation

  12-06-2017 13:27
  Liberty Specialty Markets has hired Hans Towler to succeed the
  outgoing leader of its aviation reinsurance division, the company
  announced today.
  Towler is set to take over from the specialty carrier's head
  of aviation reinsurance Chris Rudd, who is expected to retire in
  March next year after running the division since 2001.
  The executive has been in the London market for more than three
  decades, most recently in a second stint at Willis Re, where he was
  a member of...
  
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• Fidelis to take renewal rights as Novae exits US cat

  12-06-2017 13:27
  Novae's entire US property cat treaty team will move to
  Fidelis along with the renewal rights to the $50mn-premium book as
  CEO Matthew Fosh continues to radically reshape the stuttering
  London-listed insurer.
  Novae had alreadystruck a deal earlier this year to cede a significant and
  growing proportion of the book to Richard Brindle's Fidelis
  following talks about a renewal rights deal.But The Insurance Insider understands
  a decision has now been taken for the four-strong team, led by
  Jonathan...
  
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• GDPR could stall insurers' efforts to use data analytics and machine learning

  12-06-2017 12:34
  
  The General Data Protection Regulation could stall the industry’s efforts to use Artificial Intelligence and Big Data.
  
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• Ogden rate cut architect Liz Truss replaced

  12-06-2017 12:14
  
  The Ogden rate cut architect Liz Truss came under heavy criticism from the industry
  
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• Be ruthless to become a broker of the future

  12-06-2017 12:03 via insuranceage.co.uk
  
  Allianz Nick Hobbs argues that brokers need to go beyond the computer to secure their hold as technology and demographics transform the market.
  
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• NAH to step away from ‘aggressive’ personal injury advertising

  12-06-2017 11:51
  
  A no-win-no-fee law firm has unveiled a £1m rebrand and a move away from the “aggressive” advertising associated with the sector.
  
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• Opinion: Theresa May and leadership

  12-06-2017 11:36
  Prime Minister Theresa May was rebuked by UK voters on Thursday,
  confounding the expectations of pollsters and commentariat alike.
  Deprived of her slim majority and left reliant upon the support
  of Northern Irish party the DUP, May's nakedly opportunistic
  attempt to capitalise on her 20-point advantage in the pre-election
  polls has backfired spectacularly.
  At the time of writing she is still in place in 10 Downing
  Street, but has been deprived of the ability to dictate events.
  With her authority
  
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• Lloyd’s syndicate Pro Sight goes into run-off

  12-06-2017 11:29
  
  Lloyd’s insurer Pro Sight has been placed into run-off, the corporation has confirmed.
  
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• Ghost broker social media invasion sparks fraud alert

  12-06-2017 11:18
  
  Ghost broker social media frauds causes police to deliver warning to customers 
  
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• Truss out as Justice Secretary following reshuffle

  12-06-2017 11:10 via insuranceage.co.uk
  
  Truss was behind the cut in the Ogden rate to minus 0.75%.
  
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• Compre snaps up Equinox CA Europe

  12-06-2017 11:00
  
  Independent insurance and reinsurance legacy specialist, Compre, has acquired global engineering and construction conglomerate, Equinox CA Europe.
  
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• Liz Truss replaced as Justice Secretary in reshuffle

  12-06-2017 10:13
  
  The architect of both the whiplash reforms and the discount rate cut, Liz Truss, has been replaced as Justice Secretary after less than a year in the role.
  
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• AIG to raise further $590m following United Guaranty sale

  12-06-2017 07:20
  
  Following last year's sale of US mortgage insurer United Guaranty to Arch Capital, AIG has exercised several options.
  
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