Insurance news

• Prudential reviews 17,000 accounts after administrative glitch

  23-06-2017 19:45 via ft.com
  Customers unable to withdraw their money from service launched just last year
  
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• Opinion: Political artistry and the NFIP

  23-06-2017 19:19
  Critics of Congress may scarcely have noticed the significant step
  forward lawmakers took in reforming and preserving the National
  Flood Insurance Program (NFIP) this week, which put a
  Republican-backed initiative in line for consideration in the full
  House of Representatives with at least some bipartisan support.
  Sure, there were many voices of dissent among members of the
  House Financial Services Committee, including Democratic leader
  Maxine Waters, a representative from California who has cal
  
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• Malaysia enforces local ownership rules for insurers: report

  23-06-2017 19:19
  Malaysia's central bank has reportedly asked foreign insurers
  to ensure that at least 30 percent of their Malaysian units are
  owned by domestic shareholders.
  Reuters reported that Bank Negara Malaysia has written to
  Malaysian insurers that are wholly owned by foreign entities to
  insist their parents reduce their stakes to 70 percent or less, in
  line with regulation introduced in 2009.
  The Malaysian units of Japan's Tokio Marine Holdings and
  Hong Kong's AIA Group were reportedly among the recipie
  
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• JLT Re adds to Bermuda ranks with Chubb hire

  23-06-2017 19:19
  JLT Re has added a new partner to its Bermuda operation with the
  appointment of Deanna Williams.
  Williams will report to Charles Withers-Clarke and will focus on
  specialty lines. She will work closely with the company's
  London teams, Withers-Clarke said in a statement.
  Williams comes to the company from Chubb Tempest Re, where she
  was a vice president underwriter focused on international property
  catastrophe excess-of-loss.
  Prior to that she held key roles at Ace Tempest Re, XL
  Reinsurance and X
  
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• Weekend catchup — this week’s personal finance headlines

  23-06-2017 19:14 via ft.com
  China stocks, IHT record, interest rates clash
  
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• New solution to allow customers to buy additional policies through Amazon Echo

  23-06-2017 16:49
  
  Software provider CDL has integrated its retail solution, Strata, with Amazon Echo's Alexa bot to allow customers to change and check their insurance policies via a conversation with the robot.
  
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• Industry guilty of tech 'navel gazing': Flanagan

  23-06-2017 16:45
  (Re)insurers' recent emphasis on developing new technologies
  and tackling the threat of disruption is "navel gazing"
  which distracts from more pertinent issues, according to Shore
  Capital director Eamonn Flanagan.
  Speaking at The Insurance
  Insider's Insurance Finance Forum in London
  yesterday, Flanagan warned the industry risked failing to grasp
  larger challenges such as meeting the demand for new types of cover
  due to the resources and focus given over to tech.
  He said: "Surely the insurers sho
  
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• Aviation insurers forge Brexit intra-group policy transfer clause

  23-06-2017 16:45
  Aviation underwriters and their representatives have agreed on new
  policy wording to limit the impact of Brexit on multi-year
  insurance coverage.
  However, they also pulled an attempt to forge a clause that
  would work for insurance policy transfers to third parties.
  The Aviation Insurance Clauses Group (AICG) published the model
  EU continuation clause after a four-month consultation.
  The clause stipulates that a (re)insurer can transfer the policy
  to another member of the same group under the sam
  
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• Surge of insurance abuse claims likely amid new law

  23-06-2017 16:24
  
  Premium Content: Lawyers warn of insurance abuse claims implications for insurers after Scottish parliament approves changes
  
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• This Week in Post: The Queen's Speech, whiplash and a year on from Brexit

  23-06-2017 15:24
  
  As Her Majesty the Queen delivered her all-important speech toopen parliament, insurers had a lot to think about.
  
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• Motor premiums rise sharply on Ogden rate cut

  23-06-2017 15:14
  
  Motor premiums rise sharply, hit by the cut in the injury compensation discount rate
  
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• Cancer patients short-changed by travel insurance industry

  23-06-2017 14:37 via ft.com
  ‘Critical time’ to discuss the issues faced by travellers, says regulator
  
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• Tarian adds legal and underwriting hires

  23-06-2017 13:32
  Neon-owned cyber venture Tarian has recruited Heather Marsden as
  legal officer and Dan Wall as assistant underwriter as the start-up
  continues to build out its team.
  Marsden formerly served as commercial counsel at Willis Towers
  Watson and as in-house counsel at Brit, according to LinkedIn,
  while Wall joins the start-up from Maven Underwriting, where he was
  also an assistant underwriter.
  Tarian, which is led by former Barbican cyber head Geoff White,
  launched earlier this year to write cyber and
  
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• Icat attracts wide trade and PE interest

  23-06-2017 13:32
  US property cat specialist Icat has been the subject of multiple
  indicative offers from potential trade and private equity buyers
  during the early stages of a Evercore-run process expected to
  result in a sale, The Insurance Insider
  can reveal.
  This publication reported in March
  that Icat and its parent Paraline Group had appointed the boutique
  investment bank to advise on strategic options.And according to sources, the firm received initial approaches
  that number well into the double figures aft
  
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• R&Q sells Lloyd's managing agency to Coverys

  23-06-2017 12:39
  
  Randall & Quilter has sold its Lloyd's managing agency, R&Q Managing Agency, to Coverys, a US-based medical professional liability insurer for $22.6m.
  
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• Quizzical questions: 23 June 2017

  23-06-2017 12:11
  
  Test your knowledge of the week's news with our topical quiz.
  
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• New Towergate group to rebrand as formation completes

  23-06-2017 11:43
  
  The new Towergate group structure has been completed following an £800m bond offering
  
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• New Towergate group to rebrand as formation complete

  23-06-2017 11:43
  
  The new Towergate group structure has been completed following an £800m bond offering
  
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• New Towergate group structure completed as acquisitions concluded

  23-06-2017 11:43
  
  The new Towergate group structure has been completed following an £800m bond offering
  
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• R&Q sells Lloyd's MGA

  23-06-2017 11:31
  
  R&Q sells Lloyd’s MGA to US firm Coverys
  
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• Opinion: Age of the MGA

  23-06-2017 11:25
  Or so it certainly feels at the moment. It appears the London
  market has entered the age of the MGA, with incubators and fresh
  start-ups hitting the headlines on a near-weekly basis.
  Just seeVibe's MGA incubator launch, the two new start-ups in the
  M&A insurance space, or the work-in-progress brainchild of
  former Hiscox Re head of specialty Rob Ashton, for reference.
  You could also argue that many of the underwriting-focused
  InsurTech firms, such as Trov or Lemonade, are essentially...
  
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• Mitchell to expand recall business at MS Amlin

  23-06-2017 11:25
  Former XL Catlin head of product recall Ed Mitchell is to join
  MS Amlin in September to expand its recall offering,
  The Insurance Insider understands.
  MS Amlin already has a small UK product recall book,
  underwritten by Bryn Samuel, which falls under the international
  liability division.
  The London carrier's product recall book currently focuses
  on products outside of the food and beverage arena in the UK. It is
  understood it also writes a small amount of recall business through
  a...
  
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• KIRS formed as pair of M&A deals complete

  23-06-2017 11:25
  The structure for new broad-based insurance group KIRS is now
  fully in place after the David Ross-led holding company closed the
  acquisition of Ryan Direct and Chase Templeton.
  The company announced that the two additional operating entities
  had joined the group, which also houses Towergate, this morning
  following the successful completion of its roughly £800mn
  ($1.01bn) refinance.
  KIRS, which is set to rebrand shortly, has backing from HPS
  Investment Partners and Madison Dearborn.
  The ins
  
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• Alliant promotes Dalia to Specialty CFO

  23-06-2017 11:25
  US broker Alliant has named Reshma Dalia chief financial officer
  (CFO) of its recently formed specialty unit Alliant Specialty
  Group.
  Dalia previously served as senior vice president, operations and
  finance, for the construction services group in the
  intermediary.
  Prior to joining Alliant in 2011 the executive spent over two
  years with Aon Risk Solutions, initially as financial director and
  CFO of the East region and finally as global managing director for
  finance, according to LinkedIn.
  She wil
  
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• Pen and CNA Hardy partner on new construction offering

  23-06-2017 11:20
  
  Product expected to help brokers win and retain business in competitive and challenging market.
  
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• Towergate backers complete £800m fund raising

  23-06-2017 10:11
  
  Chase Templeton and Direct Group purchases also completed.
  
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• Ryan Specialty closes Direct sale to Kirs

  23-06-2017 09:01
  Chicago-based Ryan Specialty Group (RSG) has completed its sale
  of UK broker Ryan Direct Group to newly created Towergate parent
  Kirs Group.
  In a statement released this morning RSG said the Ryan Direct
  leadership team of CEO Derek Coles and CFO Scott Hough would remain
  in place and that it will now operate under the name Direct
  Group.
  Thesale of the insurance services and claims management business
  to private equity firms Madison Dearborn Partners (MDP) and HPS
  Investment Partners,...
  
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• R&Q sells managing agency to Coverys

  23-06-2017 09:01
  US medical malpractice specialist insurer Coverys has struck a
  deal to acquire Randall & Quilter's (R&Q) Lloyd's
  managing agency for $22.6mn, the London-listed business said
  today.
  The deal does not include the sale of the tenancy rights for
  R&Q Syndicate 1991, which currently largely sit with
  R&Q.
  Coverys and R&Q will cooperate in certain areas, with
  R&Q Managing Agency Ltd (RQMA) continuing to manage
  R&Q's 100 percent aligned reinsurance-to-close syndicate
  3330 in a
  
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• Blog: Trade credit insurers mustn't waste the Brexit opportunity

  23-06-2017 08:00
  
  Trade credit insurers can prove their worth by helping their customers mitigate the risks associated with Brexit, writes Richard Reynolds, regional manager at Atradius.
  
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• Luxembourg pulls ahead in race for footloose insurers post Brexit

  23-06-2017 06:26 via ft.com
  
  Country dismisses claims it engages in ‘regulatory arbitrage’ to attract companies
  
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• Brexit draws Luxembourg into competition for business

  23-06-2017 06:26 via ft.com
  
  Officials say country will not engage in public beauty parade for finance companies
  
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• Insurers look to broaden policies to cover terrorism

  23-06-2017 06:10 via ft.com
  Recent attacks have exposed gaps in the market and left businesses without cover
  
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• Insurers look to broaden policies to cover terror attacks

  23-06-2017 06:10 via ft.com
  Insurance industry recognises that it has to create new policies to cover the new terror threat
  
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• US cyber premiums rise 35% to $1.34bn: AM Best

  23-06-2017 01:25
  Total direct written premium in the cyber line of business
  written by US companies climbed almost 35 percent to $1.34bn last
  year, according to data from AM Best.
  And the ratings agency reported that there was a strong shift
  among the top cyber writers away from packaged policies to
  standalone cover which now dominates the segment.
  More than two-thirds of the $1.34bn in direct premium - 67.9
  percent - was written on a standalone basis, with the balance
  offered as...
  
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• HCI expands flood offering beyond Florida heartland

  23-06-2017 01:25
  Florida homeowners insurer HCI Group has expanded its flood
  offering beyond its heartland in the Sunshine State.
  The insurer has begun the regulatory process to secure approval
  to write the business in nine additional states, according to a
  statement today from its Tampa headquarters.
  If it gets the go ahead, HCI will be permitted to write flood
  insurance in Arkansas, California, Maryland, North Carolina, New
  Jersey, Ohio, Pennsylvania, South Carolina, and Texas, in addition
  to Florida.
  The insu
  
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• Everest Re takes casualty boss from Hiscox

  23-06-2017 01:25
  Everest Re has appointed Matt Kelly to head up its international
  casualty facultative division, the reinsurer said today.
  In the new role, Kelly will take responsibility for casualty fac
  writings across the globe, with the exception of US or Canadian
  business.
  He joins the Bermuda-headquartered firm's Miami office from
  Hiscox where he was regional head of casualty and specialty
  lines.
  The executive has also spent time working for insurers in
  Mexico, Puerto Rico and Argentina.
  Everest Re executiv
  
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• China scrutiny focuses on Anbang and Fosun

  23-06-2017 01:25
  China-based insurers Anbang and Fosun have come under
  investigation by regulators examining the financing for billions of
  dollars in overseas deals involving high-profile assets such as the
  Waldorf Astoria Hotel in New York and the Cirque du Soleil theatre
  troupe, the Financial Times said.
  The China Banking Regulatory Commission has placed the insurers
  under a forensic microscope along with Dalian Wanda and HNA Group
  in a probe that has put the brakes on dealmaking by the companies,
  the Times sa
  
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