Insurance news

• Trisura spun off as listed Canadian insurer

  22-06-2017 23:19
  Trisura Group has completed its estimated $110mn spinoff from
  Brookfield Asset Management, an alternative investment manager and
  private equity investor in Toronto that distributed its controlling
  interest in the Canadian specialty carrier to holders of certain
  classes of Brookfield stock.
  The business is led by CEO Greg Morrison and has operating units
  that focus on surety, risk solutions, corporate insurance and
  reinsurance.
  The group has been trading on the Toronto Stock Exchange on a
  when-is
  
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• Chawhan completes switch to RBC from KBW

  22-06-2017 20:40
  Neil Chawhan has begun his new role as managing director with
  RBC Capital Markets in New York after moving over from Keefe
  Bruyette & Woods (KBW).
  The investment banker, who focuses on deals in the P&C
  insurance sector, had been with Stifel Financial's KBW unit
  since joining in 2015 from Bank of America's Merrill Lynch
  business.
  In his more than 17 years in the sector Chawhan has advised on a
  range of M&A, IPOs and capital market raises for clients...
  
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• Beazley Irish insurance application 'well advanced'

  22-06-2017 17:45
  Beazley is nearing the end of the application process to create an
  insurance subsidiary in Dublin, and expects to share news on its
  Brexit contingency planning next month.
  The carrier has written reinsurance from Ireland since 2009 and
  last year applied to the Central Bank of Ireland (CBI) for
  permission to also write insurance from its Irish entity.
  The company would be a separately capitalised subsidiary, which
  would enable Beazley to retain market access to the rest of the EU...
  
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• Aston Scott in advanced talks to buy Lark

  22-06-2017 17:45
  Aston Scott, the broker consolidator led by erstwhile Oval CEO
  Peter Blanc, has been awarded exclusivity in the sale process for
  Hiscox-backed broker Lark, The Insurance
  Insider can reveal.
  Sources said that the firm, which is supported by Bowmark
  Capital, appeared to have fended off competition from other bidders
  including private equity house Phoenix and Hyperion.
  The Insurance Insider reported in May
  that thewinning bids could value the business at 12x-14x forward
  Ebitda.However, sources sugg
  
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• InsurTech Futures: Technology will shrink the insurance market, says RSA's Leitch

  22-06-2017 17:37
  
  RSA global connected insurance director Kenny Leitch states InsurTech will stop claims from happening.
  
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• Grenfell Tower insurance bill could be one of 'most complex payouts'

  22-06-2017 17:29
  
  Grenfell Tower insurance bill could hit £1bn -  reports
  
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• Data analytics will impact property underwriting but could lead to 'uninsurable' properties

  22-06-2017 16:09
  
  Increased analytics will be integral to the future of underwriting global property but could lead to uninsurable properties, insurers have said.
  
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• ABI previously warned government over hazards of flammable cladding

  22-06-2017 15:33
  
  Exclusive: The Association of British Insurers warned the government last month over the hazards of flammable cladding on high rise buildings like Grenfell Tower, according to documents seen by Post.
  
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• Effective use of Big Data is growing challenge for insurers, ABI warns

  22-06-2017 15:20
  
  The effective use of Big Data will be the biggest challenge to insurers, James Dalton, director of general insurance policy at the Association of British Insurers said.
  
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• The battle for London’s insurers

  22-06-2017 14:35 via ft.com
  Dublin was expected to be a big winner, but continental Europe has been more popular
  
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• Regulation is a hindrance to industry innovation: Axa

  22-06-2017 13:47
  
  Regulatory pressures are a barrier to innovation within the insurance industry, a market expert has said.
  
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• Insurers issue warning as government to test cladding on 600 buildings

  22-06-2017 13:46
  
  Exclusive: Insurers have issued advice to local council customers, after it emerged that the government will test the fire risk of cladding on 600 buildings.
  
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• Insurers issue warning as 600 buildings found to have similar cladding as Grenfell Tower

  22-06-2017 13:46
  
  Exclusive: Insurers have issued advice to local council customers after it emerged that 600 buildings use the same flammable material as Grenfell Tower.
  
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• Insurance Cares: Risk management – an opportunity to do good for society

  22-06-2017 13:08 via insuranceage.co.uk
  
  Ecclesiastical’s John Blundell calls on brokers and insurers to work together to help not-for-profits prevent risk.
  
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• Opinion: Paul Upton on the consequences of the shock general election result

  22-06-2017 12:55
  
  The new normal: Big issues that affect the insurance industry could be put on the back burner or entirely dropped as the fallout from the dramatic general election continues
  
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• Lewis leaves Morgan Stanley for Deutsche Bank

  22-06-2017 12:47
  Deutsche Bank has bolstered its insurance advisory capabilities
  with the appointment of Meir Lewis from Morgan Stanley.
  Lewis becomes managing director and head of insurance investment
  banking at the German institution, reporting to Celeste Guth, who
  is global financial institutions co-head.
  The new arrival spent seven years at Morgan Stanley advising
  North American insurers, with a focus on large-cap P&C
  carriers, specialty mid-cap companies, and life carriers and
  reinsurers. He started his
  
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• Cindy makes landfall in US

  22-06-2017 12:47
  Tropical Storm Cindy has made landfall in the US near the
  Texas/Louisiana border, according to the US Met Office.
  The third storm of the 2017 hurricane season, Cindy is
  continuing to produce heavy rain over the northern Gulf Coast, the
  National Hurricane Center (NHC) said.
  As of 07:00 London time, the NHC said the storm was moving
  north-northwest with a maximum sustained wind speed recorded at
  45mph, down from the 60mph recorded yesterday.
  The NHC hadpreviously issued a tropical...
  
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• Brown & Brown picks up Nashville-based agency

  22-06-2017 12:47
  Listed US intermediary Brown & Brown has added another
  independent agency to its growing stable of broking houses with the
  acquisition of Spann Insurance.
  The newly acquired business has revenue of roughly $3mn, Brown
  & Brown said.
  Spann, which was family-owned, will become part of Brown &
  Brown's profit centre for Brentwood, Tennessee. That operation
  is overseen by the broker's regional president John
  Esposito.
  The Spann team will join Brown & Brown's Nashville
  office, which is
  
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• Aon Benfield names Marcell president

  22-06-2017 12:47
  Aon has appointed Andy Marcell president of reinsurance division
  Aon Benfield with immediate effect.
  Marcell moves up from the role of head of strategy at Aon
  Benfield, which he joined in August 2015.
  He was previously CEO of Guy Carpenter's US operations and
  head of its global facultative business.
  Based in New York, Marcell will report to Eric Andersen, who
  became Aon Benfield CEO in October 2013.
  in a short statement posted on www.insurancenewsnet.com, Aon
  Benfield said that Marcell &quot
  
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• Chaucer picks Dublin for its EU base

  22-06-2017 12:00
  
  Specialty carrier Chaucer has chosen Dublin for its post-Brexit insurance hub.
  
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• AXA claims chief: AI will destroy 80% of motor market

  22-06-2017 11:57
  
  Premium content: AXA technical chief says driverless cars will dramatically reduce the size of the UK motor market 
  
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• Opinion: Marriages of convenience

  22-06-2017 10:32
  Is there such a thing as the perfect marriage?
  Disney films would have us believe that this is the case. HBO
  dramas cheerily put a nail (occasionally literally) through that
  idea.
  But for companies considering the option of lifelong partnership
  and co-habitation via M&A, the prospects for perfection are
  rarely contemplated.
  Rather, it is the degree of benefit and convenience which can be
  derived from such a move that dominates the thinking of parties
  considering tying the knot.
  Can this...
  
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• MS Amlin names Hamburg marine and aviation lead

  22-06-2017 10:32
  MS Amlin has hired Björn Gehrcken as lead class underwriter
  of marine and aviation based in the company's Hamburg
  office.
  Gehrcken joined the carrier on 1 April and will focus writing
  cargo and cargo liability business in the German market.
  Prior to that he worked in transport sector insurance brokerage
  for intermediary Oskar Schunck.
  In addition, he will act as development underwriter for MS
  Amlin's other classes in the country....
  
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• BBi Horsham awarded chartered status

  22-06-2017 09:51
  
  New status places emphasis on professional qualifications and high standard of advice and service, says broker.
  
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• Europe: Post-Brexit travel insurance

  22-06-2017 08:00
  
  It is unclear whether UK nationals will be able to use the European Health Insurance Card after Brexit. If they don’t, travel insurers expect higher claims costs and higher premiums.
  
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• Blog: Brexit is making travel claims more expensive

  22-06-2017 08:00
  
  Brexit is increasing the costs sustained by travel insurers, which can no longer afford to cut premiums, says Phil Carr, director of sales at Rock Insurance.
  
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• Reforms to pry open US flood market head to full House

  22-06-2017 00:50
  A Republican-backed initiative to extend and reform the US
  National Flood Insurance Program (NFIP) passed a key hurdle today
  as lawmakers in Washington cleared a bundle of related bills for
  consideration in the full House of Representatives.
  One of the components of the legislative package would require
  the Federal Emergency Management Agency, or Fema, which runs the
  NFIP, to offload a portion of the risks covered to reinsurers,
  catastrophe bond markets and other ILS mechanisms. The proposal is
  
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