Insurance news

• CNA pulls affinity and MGAs into single unit

  14-06-2017 22:09
  CNA Specialty is setting up a new unit to manage its MGA network
  and affinity insurance business.
  John Brand, senior vice president, specialty underwriting at CNA,
  will head up the division, the insurer said in a statement today.
  Brand joined CNA in 1993 from AIG and is involved in
  coordinating the carrier's delegated underwriting network.
  Kevin Smith, president and COO, CNA Specialty said:
  "Establishing a centralised affinity programs unit
  demonstrates CNA's commitment to bringing specialisatio
  
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• Pipoly to stay on at AmTrust

  14-06-2017 19:51
  Ailing US carrier AmTrust has agreed a new contract with former CFO
  Ron Pipoly, who is to continue as an executive vice president at
  the company.
  Pipoly was replaced as CFO by Adam Karkowsky on 5 June 2017.
  In a Securities and Exchange Commission (SEC) filing yesterday,
  AmTrust said that Pipoly's term of employment would continue
  until June 2019 and automatically renew on an annual basis after
  that.
  Pipoly will be paid a base salary of $700,000. He will be...
  
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• Munich Re lead reinsurer for Grenfell Tower carrier

  14-06-2017 19:51
  Munich Re is the lead reinsurer for the Norwegian carrier
  Protector Forsikring ASA, which insures the Grenfell Tower in west
  London that was devastated by a fire on Tuesday night.
  A source told this publication that Protector had written an
  insurance policy for the Royal Borough of Kensington and Chelsea
  (RBKC), covering the body for both property and liability
  losses.
  The size of Munich Re's participation on the reinsurance
  programme is not known, but is believed to be sizeable.
  The...
  
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• Belgium says more carriers to follow Lloyd's to Brussels

  14-06-2017 19:51
  More UK carriers will follow Lloyd's and QBE in establishing
  their EU subsidiaries in Brussels, according to a senior official
  at the Belgian Finance Ministry.
  During a presentation hosted by Mazars, Tom Franck, deputy
  director of economic and financial policy, said the
  Corporation's decision to base its Lloyd's Europe
  subsidiary in the Belgian capital "shows we are back on the
  map".
  "Our efforts [to reform the financial services sector] did
  not previously get promoted and this shows we are attr
  
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• AIG in EUR1bn bond offering

  14-06-2017 19:51
  AIG is raising EUR1bn ($1.12bn) in the European fixed income
  market, the US P&C giant said in a stock exchange filing.
  The 10-year unsecured debt is priced at 1.875 percent, AIG said in
  a prospectus.
  The insurer has retained Barclays, BNP Paribas, Citigroup, HSBC,
  NatWest Markets and UniCredit Bank to act as joint book-runners on
  the deal. Banks acting as co-managers include MUFG, Standard
  Chartered and Natixis.
  Global Capital magazine reported in May that AIG has been drawn
  to the...
  
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• Former Quindell hit with hefty fraud lawsuit

  14-06-2017 18:21
  
  Former Quindell vows to ‘robustly’ defend fraudulent misrepresentation claim
  
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• Anbang: shooting star

  14-06-2017 17:52
  Regulatory oversight has not kept up with growth in premiums
  
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• UK General to launch 'cyber bullying' personal lines product

  14-06-2017 16:58
  
  UK General is developing a personal cyber policy to cover against cyber bullying and social media hacking.
  
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• Protector Forsikring is insurer for Grenfell Tower

  14-06-2017 16:09
  Norwegian insurer Protector Forsikring ASA is the insurer of the
  Grenfell Tower in west London that was devastated by a fire
  overnight, according to reports.
  The 24-storey residential block, which is reported to contain 120
  apartments, has been partially destroyed by a fire believed to have
  killed at least six people and placed more than 50 in hospital.
  In a statement to Reuters, the carrier said: "As the
  insurance provider for the Royal Borough of Kensington and Chelsea
  (RBKC), Protector...
  
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• Willis Towers Watson revamps corporate broking leadership team

  14-06-2017 14:33
  Willis Towers Watson has restructured its global broking
  leadership team within the corporate risk and broking (CRB)
  division, appointing leaders for four global business lines and
  four geographic regions.The CRB division at Willis Towers Watson previously had a
  geography-based structure divided into seven regions - Great
  Britain; North America; Western Europe; Asia, Australasia; Central
  and Eastern Europe, Middle East and Africa (CEEMEA); and Latin
  America.These seven have now been streamlined
  
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• CBL Insurance backs M&A MGA

  14-06-2017 14:33
  Directors of Lloyd's broker Protean Risk have set up an MGA
  to sell M&A insurance, backed by New Zealand carrier CBL
  Insurance.
  The MGA, called Capital Risks, will focus on offering M&A
  insurance to cover small and medium-sized deals.
  Capital Risks CEO Nathan Sewell said in a statement: "We
  have designed our insurance products to fill a void in the market.
  It offers an opportunity for regional and specialist M&A
  insurance brokers to develop a new revenue stream."
  Sewell added...
  
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• Carnegie-Brown steps down from JLT board

  14-06-2017 14:33
  JLT has revealed that incoming Lloyd's chairman Bruce
  Carnegie-Brown will step down as a non-executive director of its
  board today ahead of taking up his new role at the helm of the
  Corporation.
  JLT said Carnegie-Brown had relinquished his position on the
  board two weeks earlier than expected, but did not give a reason
  for the accelerated timeline.
  In February, the broker told investors that the executive, who
  will succeed John Nelson as Lloyd's chairman, would bestepping down from...
  
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• Meet the techies: Anthony West

  14-06-2017 13:54
  
  Anthony West, chief technology officer at VisionTrack, tells brokers what to look out for when it comes to InsurTech services.
  
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• Anbang chairman’s detention underlines China business risks

  14-06-2017 13:42
  Wu Xiaohui was targeted by insurance regulator and anti-corruption investigators
  
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• MGAM launches Per Capita product for SME insurance

  14-06-2017 13:14
  
  New offering can cover employers’, public and product liability.
  
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• Norwegian insurer to examine exposure following Grenfell Tower fire

  14-06-2017 12:52
  
  A Norwegian insurer that took on the property and liability contract for the local authority responsible for Grenfell Tower could potentially see its UK expansion curbed as a result of huge claims.
  
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• Norwegian insurer on the hook for London tower block fire

  14-06-2017 12:37
  
  News reports have confirmed several deaths so far in the London tower block fire
  
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• ABI updates Salvage Code after two year review

  14-06-2017 12:25
  
  The Association of British Insurers has updated the Salvage Code to include the complexity of newer vehicles.
  
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• HNW Society: Join our meet-up in Manchester

  14-06-2017 11:43
  
  The second meeting on 21 June will cover cyber, jewellery, high value cars, fine art and an exclusive HNW specialist panel discussion.
  
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• HNW Society: Get involved with our meet-up in Manchester on Wednesday

  14-06-2017 11:43
  
  The second meeting on 21 June will cover cyber, jewellery, high value cars, fine art and an exclusive HNW specialist panel discussion.
  
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• Willis Towers Watson revamps corporate risk structure

  14-06-2017 11:40
  Willis Towers Watson has restructured its corporate risk and
  broking (CRB) team, appointing leaders for four global business
  lines and four geographic regions.
  The CRB division at Willis Towers Watson previously had a
  geography-based structure divided into seven regions - Great
  Britain; North America; Western Europe; Asia, Australasia; Central
  Europe, Middle East and Africa (CEMA); and Latin America.These seven have now been streamlined into four regions, and
  four global business lines have been
  
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• Opinion: The price of eggs

  14-06-2017 11:40
  What do "free from" almond milk drinks and motor
  insurance have in common?
  The millennial staple and vehicle premiums are both in the
  Office for National Statistics' (ONS) inflation-gauging
  shopping basket, alongside "half chocolate-coated
  biscuits" and cycle helmets.
  UK inflation accelerated last month to a near four-year high of
  2.9 percent, the ONS said yesterday, and the Bank of England
  recently warned that rising prices spell a "more challenging
  time" for households.
  This is not fantastic n
  
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• Neon expands offshore with Sapphire purchase

  14-06-2017 11:40
  Lloyd's carrier Neon has agreed to buy Guernsey-based MGA
  Sapphire Underwriters to grow its offshore business.
  The insurer did not disclose a value for the deal with Sapphire
  parent Heritage, also of Guernsey.
  Sapphire is a Lloyd's coverholder providing directors'
  and officers', professional indemnity and cyber coverage to UK
  and local offshore brokers and clients.
  Sapphire, led by CEO Nigel Brand, was founded in 2013 with
  support from Neon to support offshore clients that needed London
  market u
  
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• Medco suspends two MROs as part of ongoing audit

  14-06-2017 11:37
  
  The board of Medco has removed Tier 1 status from four organisations and suspended two as part of its ongoing audit programme.
  
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• CAPS looks to the US for guidance on standards for motor claim data security and transfer

  14-06-2017 11:35
  
  Industry stakeholders have given the green light to a new structure to support an industry standard for connecting data through the repairer supply chain during the claims process.
  
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• Residents predicted catastrophic fire in Grenfell Tower block four years ago

  14-06-2017 10:47
  
  The fire that engulfed Grenfell Tower last night, claiming several lives and leaving dozens injured, was predicted by residents four years ago.
  
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• Willis Towers Watson restructures broking group

  14-06-2017 10:42
  
  Eight leaders appointed across geographical regions and business lines.
  
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• Huge fire ravages London tower block

  14-06-2017 10:36
  
  Lives lost as huge fire hits London tower block
  
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• Willis revamps CRB structure

  14-06-2017 09:40
  Willis Towers Watson has restructured its corporate risk and
  broking (CRB) team, appointing leaders for four global business
  lines and four geographic regions.
  The team continues to be led by Philip Smaje, global head of
  broking.
  P&C will be led by Justin Blackmore, who was previously part
  of the London oil and gas team at the broker and had held the role
  of managing director for Willis Global Energy before the deal with
  Towers Watson.
  Financial lines will be jointly...
  
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• SRA re-elects Haushofer as chairman

  14-06-2017 09:40
  The Singapore Reinsurers' Association (SRA) has re-elected
  Validus Re Asia CEO Marc Haushofer as chairman for the 2017/18 term
  of office.
  Haushofer was first nominated to the position on 1 January,
  succeeding Partner Re Asia head Alain Flandrin.
  The SRA also announced the appointment of Kenrick Law as deputy
  chairman. Law is regional CEO and head of P&C client management
  for the Asia Pacific branch at Allianz SE Reinsurance....
  
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• Fairfax backs Indian insurance start-up: report

  14-06-2017 09:40
  Fairfax Financial has struck a deal to take a 45 percent stake
  in a tech-driven, non-life insurance start up in India, led by
  former Allianz India head Kamesh Goyal.
  The Times of India reported that start-up Digit will
  launch with paid-up capital of 385 crore rupees ($59.7mn) and
  already has preliminary approval from the Insurance Regulatory and
  Development Authority of India.
  The remainder of the backing will be provided by Indian
  investors, led by Goyal, who will take on the...
  
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• Wedding insurance: A promising market

  14-06-2017 08:00
  
  The UK wedding market is worth £10bn and growing exponentially, but the wedding insurance market is comparatively less fruitful
  
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• Q&A: Sergio Pierro, XL Catlin

  14-06-2017 08:00
  
  New rules on data protection will come into force in Europe next year. Sergio Pierro is a professional indemnity underwriter for international financial lines at XL Catlin, based in Paris, and focuses on cyber. He explains how companies can get ready for the changes ahead.
  
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• Anbang-linked stocks suffer after chairman’s detention

  14-06-2017 07:29
  Traders worry insurer could be forced into fire sale amid regulatory crackdown
  
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• UK insurance start-up Gryphon raises £180m

  14-06-2017 06:09
  New entrant to sell products such as critical illness cover and income protection
  
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• NFIP bill would cut Write Your Own fees to insurers

  14-06-2017 01:44
  The US National Flood Insurance Program would be extended for
  six years under a proposal from a bipartisan group of coastal state
  senators that calls for caps on Write Your Own agency fees and
  limits premium increases to 10 percent annually.
  The measure proposed today would significantly reduce the
  maximum premium increase, currently at 25 percent, and cut fees and
  other compensation to Write Your Own companies that sponsoring
  lawmakers say currently amount to at least 31 percent of premiums....
  
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• Anbang's Wu steps aside amid detention reports

  14-06-2017 01:44
  Anbang chairman Wu Xiaohui has delegated his authority at the
  giant Chinese insurer to other executives because of "personal
  reasons" in what may indicate the executive has been
  officially detained, according to multiple reports citing a
  statement from the company.
  The statement came less than a day after a major publication in
  China, Caijing, said that Wu had been detained by
  officials. But the report, which indicated Wu was under
  investigation, was removed from the publication's website
  within
  
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