Insurance news

• Former Benfield chairman Coldman gains OBE

  19-06-2017 21:19
  Insurance veteran John Coldman has been appointed an officer of
  the Order of the British Empire in the Queen's Birthday
  Honours.
  He gained the award for services to business, young people and
  charity.Coldman's experience over more than 45 years in the industry
  ranges from reinsurance broking at WT Greig, which became Greig
  Fester and merged with the Benfield Group, to running Lloyd's
  insurers and serving as deputy chairman of the Lloyd's
  Council.
  The executive started out at Greig and...
  
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• Chubb promotes Butler to lead NA insurance

  19-06-2017 18:48
  Chubb has appointed Gerard Butler division president for its North
  American insurance operations to replace the retiring Harold
  Morrison, the carrier announced today.
  In his new role Butler will oversee the insurer's 48 field
  offices across the US and Canada. He will be responsible for
  ensuring Chubb's strategy for North America is executed locally
  by managing relationships with agents and brokers, the insurer
  said.
  Before the promotion, Butler was chief operating officer of
  North American field
  
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• AIG sells $65.4mn in additional Arch shares

  19-06-2017 18:48
  AIG has sold an extra 707,210 Arch shares after underwriters in a
  secondary offering exercised an option to buy more of the stock
  that AIG picked up in selling United Guaranty to the Bermudian
  carrier.
  The added shares sold for $92.50 each, or about $65.4mn, Arch
  said today.
  Last week, AIG sold almost
  6.4 million Arch shares for about $590mn to dispose of about
  half the equity it received in the $3.4bn sale of its mortgage
  insurance business.The sale...
  
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• Blog: Insurance considerations for the vaping sector

  19-06-2017 17:38
  
  Steve Green of Anthony Jones Insurance Brokers shares his thoughts on the vape sector following Insurance Age’s June Indepth on SMEs.
  
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• Arrowhead General Insurance Agency acquires TriCoast

  19-06-2017 16:15
  Brown & Brown-owned Arrowhead General Insurance Agency has
  added a small earthquake and hurricane insurance agency TriCoast
  Insurance to the group, the company announced.
  TriCoast has annual net revenues of $2.4mn and was led by Craig
  Justice.
  The agency will become a part of Arrowhead, operating under the
  leadership of Arrowhead executive vice president Steve Bouker with
  Justice continuing to work for the firm.
  "Arrowhead's backing and support allowed me to leverage
  my contacts and experien
  
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• Faraday US cat underwriters follow Rayner to Apollo

  19-06-2017 14:02
  Faraday's US property catastrophe treaty reinsurance team has
  resigned and will join the Lloyd's (re)insurer's former
  chief underwriting officer Mark Rayner at Apollo, The
  Insurance Insider can reveal.
  Head of US property treaty Andrew Parker and senior underwriter
  Anthony Forder are both set to make the move, and will work on the
  special purpose arrangement (SPA) that Rayner is hoping to launch
  with Apollo for 2018.
  Sources said that Faraday's US cat treaty team writes a
  £60mn ($77mn) boo
  
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• Motor Report docu-video - Fraud, driverless cars, young drivers and claims

  19-06-2017 13:39
  
  The Motor Report is now out - but what do the experts think of the findings?
  
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• Amazon insurance plans 'not a threat to traditional carriers'

  19-06-2017 13:15
  
  Online retailer Amazon is more likely to compete with aggregators than traditional carriers if it enters the insurance space, experts said.
  
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• Maas Global receives financial backing from Toyota Financial Services and Aioi Nissay Dowa

  19-06-2017 12:43
  
  Finnish company, Maas Global has received investment from Aioi Nissay Dowa Insurance and Toyota Financial Services.
  
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• Consumer product rating system aims to stop insurers ‘gaming the system’

  19-06-2017 12:04
  
  A star rating system for motor, home and travel products by major insurers has been launched by a consumer group.
  
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• R&Q completes $46.5mn LPT

  19-06-2017 11:20
  Randall & Quilter has completed a loss portfolio transfer
  (LPT) of a bonds portfolio issued by an unnamed US Fortune 500
  Insurance Group.
  R&Q assumed an estimated $46.5mn of undiscounted liabilities
  in the deal.
  The legacy acquirer worked with Guy Carpenter to complete the
  transaction.
  R&Q subsidiary Accredited Surety & Casualty, a
  specialist in surety business, conducted the deal.
  R&Q chairman and CEO Ken Randall said the transaction
  demonstrated the firm's ongoing commitmen
  
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• Opinion: M&A ostriches

  19-06-2017 11:20
  French president Emmanuel Macron is apparently to join counterparts
  in Berlin and Rome in seeking restrictions on inbound European
  M&A.
  In pushing for a means to limit foreign takeovers in
  strategically important sectors, the Rothschild veteran is
  exhibiting some very unbankerly behaviour.
  But he's also falling in line with a protection zeitgeist
  whose spiritual home within the Northern Hemisphere has moved up
  through Europe and across the Atlantic to Washington.
  So far M&A protagonists
  
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• Former ABI director general Boleat knighted

  19-06-2017 11:20
  Mark Boleat, the first ever director general of the Association of
  British Insurers, was awarded a knighthood in the Queen's
  Birthday Honours.
  Boleat joined the ABI in 1993 as director general, according to
  his website.
  He is currently deputy chairman of the policy and resources
  committee of the City of London Corporation, having held the
  chairman role for five years until May.
  Boleat was previously chairman at competition regulators in both
  Guernsey and Jersey, and since February has been chair
  
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• Arch Re installs Dagneau as Canada head

  19-06-2017 11:20
  Arch Re has hired Aon Benfield executive François Dagneau to
  lead its Canadian operations.
  Dagneau will replace Patrick McGuinness as CEO of Arch Re's
  Canadian unit when McGuinness retires. Arch Re said Dagneau will
  take the helm in June.
  He joins the reinsurer from the position of senior vice
  president at Aon Benfield Canada. According to his LinkedIn profile
  he joined the reinsurance broker in September 2001.
  Arch Re is led by president and CEO Jerome Halgan, who said
  Dagneau...
  
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• Travelers etrade offering boosted for brokers

  19-06-2017 10:53
  
  Travelers etrade proposition is updated with slick new online system allowing fast quote and bind 
  
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• FCA chairman to step down

  19-06-2017 10:39
  
  Departure follows five years in role for FCA chairman
  
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• Travelers adds management liability to e-trade platform

  19-06-2017 10:29
  
  The insurer said brokers can get quotes in four steps for various management liabilities.
  
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• John Griffith-Jones to leave the FCA

  19-06-2017 10:12
  
  John Griffith-Jones, chairman of the Financial Conduct Authority is to step down from his role at the regulator next year.
  
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• #Insagepeople: 19 - 25 June 2017

  19-06-2017 10:04
  
  Keep up to date with the latest people moves.
  
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• FCA chair John Griffith-Jones to leave in March 2018

  19-06-2017 10:03
  
  Government starts process of looking for a replacement.
  
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• Scor branches out into US medical reinsurance

  19-06-2017 09:05
  Scor has entered the US medical reinsurance market, offering
  reinsurance coverage for health maintenance organisations (HMO) and
  insurers.
  The reinsurer will offer provider excess and employer stop-loss
  insurance, subject to regulatory approval.
  The coverage will be written through wholly owned affiliate
  General Security National Insurance Company (GSNIC), within the
  Scor Global Life division.
  Kelly Munger leads the initiative, after a promotion from the
  position of senior vice president of grou
  
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• Portuguese forest fires leave 61 dead

  19-06-2017 09:05
  Forest fires have killed 61 people in the Pedrógão
  Grande region of Portugal, according to media reports.
  The fires began on Saturday (17 June) after an intense heatwave,
  with temperatures of up to 40 degrees Celsius, and rainless
  thunderstorms.
  About 60 forest fires broke out in the region, which is around
  200km north-east of Lisbon, and close to 1,700 firefighters were
  deployed to battle them, the BBC reported.
  Firefighters are still tackling the blaze, which has spread
  across se
  
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• UK financial services group cuts pension liabilities 10% in 6 months

  19-06-2017 06:07 via ft.com
  Unprecedented drop at unnamed company as staff jump to cash in final salary schemes
  
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• UK financial firm cuts pension liabilities by 10% in six months

  19-06-2017 06:07 via ft.com
  Final salary scheme members jumping at offers to cash in benefits
  
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• UK financial firm cuts its pension liabilities 10% in 6 months

  19-06-2017 06:07 via ft.com
  Unnamed group’s liabilities slashed as staff jump to cash in final salary benefits
  
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