Insurance news

• Ryan Specialty names D'Onofrio as WKFC CEO

  26-06-2017 18:24
  Ryan Specialty Group (RSG) has promoted Dawn D'Onofrio to
  the role of CEO and president of WKFC Underwriting Managers, after
  Mike Sillat resigned last month.
  D'Onofrio has also been made CEO and president of RSG's
  CorRisk Solutions unit. She was previously chief underwriting
  officer at both entities, managing underwriting teams responsible
  for property, casualty and professional lines.
  Her promotion comes less than a month after The
  Insurance Insider reported that Sillat
  had resigned as CEO of t
  
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• NZ government lifts earthquake coverage

  26-06-2017 18:24
  New Zealand's Earthquake Commission (EQC) will expand its
  cover for residential buildings damage by 50 percent under upcoming
  reforms to the regime for the country's public disaster
  insurance.
  The changes will see the EQC take the first NZ$150,000
  ($109,231) of any residential buildings insurance claim due to a
  natural disaster, up from a NZ$100,000 cap at present.
  Any claims above this cap would be covered by the
  homeowner's private market insurer.
  However, the government scheme will drop its o
  
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• Lloyd's expands oversight and targets expense reduction

  26-06-2017 18:24
  Lloyd's CEO Inga Beale has signalled that the Corporation
  will shift its syndicate oversight activity to focus on all
  elements of the combined ratio, rather than almost exclusively on
  the loss ratio.
  In a half-yearly circular sent to the market earlier today,
  Beale said the move was designed to better protect the Central Fund
  in the current "challenging environment".
  However, at an individual class and aggregate level the
  Corporation will continue to focus on the loss ratio and downside
  risk...
  
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• Delek and Yango drop $610mn Phoenix deal

  26-06-2017 18:24
  Israeli energy conglomerate Delek Group's 2.2bn shekel ($610mn)
  sale of local insurer Phoenix Holdings to Chinese conglomerate
  Yango Investments has collapsed after both parties agreed to walk
  away from the deal.
  In a statement released today, Delek Group said both companies
  had agreed to rescind their agreement and waive their right to
  claim losses from the process after "prolongation of the
  proceeding for receipt of approval to transfer control in The
  Phoenix to Yango".
  The statement did not s
  
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• CNA Hardy hires Lloyd's cargo head from Neon

  26-06-2017 18:24
  CNA Hardy has hired Alistair Marriott from Neon to lead its cargo
  division at Lloyd's, it announced today.
  Marriott was joint deputy head of marine and cargo class
  underwriter at Neon. Prior to that, he spent 13 years as a cargo
  portfolio manager at QBE.
  At CNA Hardy, Marriott will report to Carl Day, head of energy
  and marine.
  The appointment adds to the list of hires the carrier has made
  to its marine and energy division over the past...
  
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• Aspen Re trio gearing up for MGA launch

  26-06-2017 18:24
  Aspen Re's former London head Stefan Long is working with
  Martin Reith's Neon to establish a rare London market
  reinsurance MGA as the boom in company formation in EC3 continues,
  The Insurance Insider can reveal.
  Long, who has a background in property catastrophe reinsurance,
  will be working alongside former Aspen Bermuda chief underwriting
  officer (CUO) Tom Meyer and the carrier's erstwhile head of
  marine and terrorism reinsurance in London, Ed Wheatley.
  Sources said that Neon, the American Fin
  
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• AM Best affirms credit ratings of Grenfell insurer Ocaso

  26-06-2017 18:24
  AM Best has affirmed the A financial strength rating and a+
  long-term issuer credit rating of Spanish insurer Ocaso.
  Both ratings were given a stable outlook.
  AM Best said its ratings "reflect Ocaso's excellent
  risk-adjusted capitalisation, solid operating performance, and
  strong business profile".
  It added: "Offsetting rating factors include the
  company's almost exclusive focus on its domestic market and the
  impact that the strengthening of legacy funeral expense insurance
  reserves has on its p
  
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• Lloyd’s to reduce UK staff headcount by 10% in Q4

  26-06-2017 18:17
  
  London Market is looking to reduce costs, improve efficiency and drive forward a modern agenda.
  
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• Lloyd's boss warns brokers over 'unsustainable' models

  26-06-2017 17:13
  
  Beale warns brokers as pressure mounts over their distribution costs 
  
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• Newbie news: Clarke Williams

  26-06-2017 16:58
  
  Gap in the market: Clarke Williams co-founder Henry Clarke reveals how he navigated the authorisation process and why independents are resurgent
  
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• American Club slips to 2016 loss but surplus grows in '17

  26-06-2017 15:35
  The American Club swung to a $2mn operating loss in 2016 even as
  total premium climbed 17 percent and investment returns improved,
  the New York-based member of the International Group of protection
  and indemnity (P&I) clubs said today.
  Formally known as the American Steamship Owners Mutual
  Protection & Indemnity Association, the club said 2016 losses
  and other expenses jumped 30 percent year-on-year to $108.5mn, led
  by a 43 percent surge in losses and related expenses to about
  $70.8mn.
  T
  
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• Nance named Axis US E&S property head

  26-06-2017 15:35
  Axis Insurance has appointed Marc Nance as head of its US excess
  and surplus (E&S) property division, the company announced
  today.
  Nance will be based in Chicago and will report to Carlton Maner,
  CEO of Axis Insurance's US division.
  He replaces Chris Endsley, who recently retired after almost
  nine years in the role, according to his LinkedIn profile.
  Nance first joined Axis in January 2003 following its
  acquisition of Combined Specialty Insurance Company.
  The executive most recently served a
  
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• Currency weakness weighs on Latin American non-life market

  26-06-2017 15:35
  The Latin American non-life insurance market contracted by 11.3
  percent in 2016 as currencies in the region depreciated against the
  dollar.
  A Mapfre study put the dollar-denominated size of the non-life
  market at $78.7bn. The top 25 groups in the market accounted for
  60.3 percent of non-life premium in the region.
  Mapfre was the market leader in non-life with a 7.6 percent
  share, compared with second-ranked Porto Seguro's 4.1 percent.
  Zurich came in at number five with a share of...
  
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• Axa appoints Hong Kong CEO

  26-06-2017 15:35
  Etienne Bouas-Laurent has been named the new CEO for Axa's Hong
  Kong office, the carrier announced earlier today.
  Bouas-Laurent has been in Asia since last year, focused on
  expanding the life and health business in the region. He was
  formerly chief financial officer at Axa Germany and will continue
  to report to Axa Asia CEO Jean-Louis Laurent Josi.
  He has worked at Axa since 1997, holding a variety of roles
  including deputy chief financial officer at Axa France, head of...
  
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• Secret video helps NIG bat away £200,000 hosepipe trip claim

  26-06-2017 14:24
  
  Premium Content: Law firm DWF partners up with NIG to help defend monster trip claim 
  
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• Insurance Cares: FCA calls for “meaningful change” for vulnerable customers

  26-06-2017 13:28
  
  Christopher Woolard calls on sector to work together to help customers with pre-existing medical conditions gain access to insurance.
  
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• UK needs EU transition deal to prevent business failures: Euler Hermes

  26-06-2017 12:52
  
  A transition deal on goods and services between the UK and the European Union is needed to prevent a sharp rise in UK business insolvencies in 2019, according to Euler Hermes.
  
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• ABI warned government about flammable cladding

  26-06-2017 12:40
  The Association of British Insurers (ABI) said it warned the UK
  government as recently as May about the risk of fire being spread
  by external cladding made from combustible material.
  The warning, which was first reported by the Insurance
  Post, came the month before the fire at Grenfell Tower in
  north Kensington left at least 79 occupants missing, presumed dead,
  and scores homeless.
  The ABI issued the warning in its response to the
  government's Housing White Paper, the industry body...
  
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• ABI warned about cladding danger just before Grenfell Tower fire

  26-06-2017 12:31
  
  Government ministers were warned about outdated building regulations a month before the Grenfell Tower fire
  
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• Insurance adds £40bn to UK economy

  26-06-2017 12:20
  
  The insurance and long term savings sector adds more than £40bn to the UK economy, new analysis shows.
  
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• Insurance Island Risks - Kelliher Group's Imogen Coggan

  26-06-2017 12:15
  
  The CEO of Kelliher Group tells all about her love for small venues, her best gig ever and her journey from accountant to broker
  
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• Finch sees 2016 profit fall

  26-06-2017 12:09
  
  Broker also reports operating profit and turnover drop.
  
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• Direct Line hit by unexplained IT outage

  26-06-2017 12:00
  
  Direct Line’s online services suffered an outage this weekend, leaving customers unable to renew their policies and thereby drive to work this morning.
  
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• Medical indemnity scheme set up by Servca

  26-06-2017 11:33
  
  The Lloyd’s broker said other brokers would be able to white label the scheme which is backed by A rated cover.
  
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• InsurTech Futures: Use of tech by consumers growing in insurance

  26-06-2017 11:29
  
  EY says that the future use of FinTech in insurance is projected to rise to 55%.
  
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• Insurance is driving FinTech adoption

  26-06-2017 11:29
  
  EY says that the future use of FinTech in insurance is projected to rise to 55%.
  
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• Blog: Diary of an insurtech start-up, episode 4: The heat is on

  26-06-2017 10:44
  
  As start-up Digital Fineprint learns about the benefits of collaboration, James Stuart Clarke describes what else the young company has been up to in the insurtech world.
  
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• #Insagepeople: 26 June - 02 July 2017

  26-06-2017 10:42
  
  Keep up to date with the latest people moves.
  
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• FCA seeks input on how to help vulnerable insurance customers

  26-06-2017 10:33
  
  Insurance customers are increasingly finding it difficult to navigate the market, the Financial Conduct Authority has warned.
  
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• Opinion: Motor mood music

  26-06-2017 09:59
  The Queen's Speech last Wednesday (21 June) rekindled optimism
  among bruised (re)insurers that reforms to cut spiralling
  compensation costs are in reach.
  The Civil Liability Bill would first and foremost restrict
  whiplash claims, including by stopping payouts backed by no medical
  evidence. But the government appeared, pointedly, to leave open the
  possibility of bundling in sorely needed reforms to the Ogden
  methodology for calculating personal injury compensation.
  Cheered by the revival of the s
  
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• CIRC tightens company launch regulations

  26-06-2017 09:59
  The Chinese regulator has strengthened its oversight of newly
  formed (re)insurers in the latest example of stricter controls over
  the industry.
  The China Insurance Regulatory Commission (CIRC) last week
  issued new guidelines that will include tougher tests of the
  "qualification and authenticity" of shareholder funds and
  stricter controls of share transfers during companies' set-up
  period.
  In addition, the regulator said it will now conduct interviews
  with the new firms' board members, executive
  
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• Allianz sells Oldenburgische bank stake 'at loss'

  26-06-2017 09:59
  Allianz has sold its 90.2 percent stake in German regional bank
  Oldenburgische Landesbank AG (OLB) to Bremer Kreditbank AG for
  EUR300mn ($335.7mn).The German insurer announced the sale on Friday and on Sunday
  said it would book a EUR200mn loss on the transaction, according to
  Reuters.However, Allianz added the loss will not affect its profit
  outlook for the year as it had already been taken into account, and
  that the move would actually improve the company's Solvency II
  ratio....
  
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• Axa appoints Bouas-Laurent as Hong Kong CEO

  26-06-2017 08:27
  
  Axa Asia life CEO Etienne Bouas-Laurent will become Axa Hong Kong CEO on 1 September.
  
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