Insurance news

• New AIG chief set to call time on $25bn buyback plan

  28-06-2017 21:37 via ft.com
  Duperreault plans to go different route to predecessor and target possible acquisitions
  
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• Travelers Syndicate A&H head dies

  28-06-2017 18:29
  Clive Hatto, head of accident and health (A&H) at Travelers
  Syndicate 5000, has died.
  Hatto, 49, had been head of A&H at the syndicate for almost
  four years, having moved across from Alterra in 2013.
  Prior to his time there, he was a senior class underwriter of
  A&H at the Catlin Syndicate for nearly three years, and a class
  underwriter for the Wellington Syndicate 2020. He also worked for
  Duncanson & Holt, Cigna and Private Patients Plan.
  A spokesman for...
  
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• PartnerRe takes Willis Re's Sforza

  28-06-2017 18:29
  Senior Willis Re broker Brad Sforza is set to leave the
  intermediary for an underwriting role at PartnerRe, The
  Insurance Insider can reveal.
  Sforza is an executive vice president at Willis Re, where he has
  been working for more than 14 years, according to his LinkedIn
  profile.
  It is understood that an internal memo was sent to Willis Re
  staff last week informing them of his departure.
  Sforza is expected to join PartnerRe as an underwriter reporting
  to the reinsurer...
  
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• LMA calls for pitches to run claims expert hub

  28-06-2017 18:29
  The Lloyd's Market Group (LMA) is running a tender for a
  technology company to build a claims expert database, the managing
  agent association said today.
  The LMA is planning to set up a Claims Expert Management Hub to
  help managing agents measure the value added by claims experts such
  as lawyers and loss adjusters.
  The initiative will utilise a single technology solution and be
  linked to Lloyd's central market systems, the LMA said. The hub
  will assess the how well...
  
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• InsurTech innovation vital to executing plan for growth, says CDL

  28-06-2017 17:04
  
  According to the firm continual investment in research and development is an important part of its strategy.
  
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• Stronger dollar lifts EU reinsurers' US hurricane exposure

  28-06-2017 15:45
  Euro-denominated reinsurers have increased their exposure to US
  hurricane risks ahead of the Atlantic hurricane season because of a
  stronger dollar and rising US premium levels, according to data
  from Deutsche Bank.
  Swiss Re has begun the 2017 Atlantic hurricane season with the
  highest exposure among the European reinsurers at $5.1bn in
  absolute numbers, followed by Munich Re on EUR4.4bn ($5.0bn), the
  bank said.
  The research note, published on 19 June, said those figures were
  based on 2016 risk
  
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• QBE Chile to rebrand as Unnio following MBO

  28-06-2017 15:45
  The management team of QBE Chile has successfully completed a
  management buyout (MBO), and will rebrand the firm Unnio.
  The MBO was led by CEO Diego Panizza, with capital provided by a
  Capsicum Re affiliate.
  The team was advised by independent financial adviser Gustavo
  Zang, Capsicum Re Latin America and its parent company Capsicum
  Reinsurance Brokers LLP in London.
  Capsicum Re advised on the reinsurance structure, pricing and
  distribution element of the transaction and also facilitated the
  capi
  
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• MS Amlin to establish EU hub in Brussels

  28-06-2017 15:45
  MS Amlin has become the third major insurance entity to announce
  plans to establish an EU hub in Brussels in order to retain
  passporting rights after Brexit.
  The carrier is following in the footsteps
  of QBE, which made its decision earlier this month, and ofLloyd's, which chose Brussels as its EU hub in March and
  said this week it plans to submit regulatory paperwork for the
  business in September.
  Earlier this month Tom Franck, the Belgian government's
  deputy director...
  
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• Ed bolsters P&C with Blacker hire

  28-06-2017 15:45
  Ed has recruited James Blacker from AJ Gallagher (AJG), as managing
  director of P&C, as the wholesale and specialty broker
  continues its hiring spree.
  Blacker was an executive director in AJG's casualty division
  for more than a decade. Before that, he was a casualty broker at
  JLT, where he started his career in 1996.
  At Ed, Blacker will report to Chris Bonard, CEO of Ed
  Specialty.
  The London market broker has made a swath of hires in 2017.
  Ed recruited...
  
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• Brexit prompts MS Amlin to shift huge block of premium out of UK

  28-06-2017 14:27
  
  MS Amlin to move European business in response to Brexit
  
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• MS Amlin picks Belgium as post-Brexit hub

  28-06-2017 14:23 via insuranceage.co.uk
  
  According to the firm the change is expected to be completed in time for 2019 renewals.
  
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• Zurich enters global car rental market following acquisition of Halo

  28-06-2017 13:30
  
  Zurich has acquired Halo allowing it to enter the global car rental market.
  
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• Perils raises Debbie losses to $1bn

  28-06-2017 13:24
  Catastrophe data aggregator Perils has estimated Australian
  insurance losses from Tropical Cyclone Debbie at A$1.41bn
  ($1.07bn).
  This is a 26 percent increase on Perils' initial loss
  estimate in Mayof insured losses of A$1.116bn.
  Debbie is the first loss event captured by Perils in Australia
  and comes less than a year after the release of the company's
  database for the territory.
  The third loss estimate for the storm will be released on 28
  September, six months after the event.
  The...
  
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• Facility economics require scrutiny: Horton

  28-06-2017 13:24
  The London market needs to scrutinise how the benefits of broker
  facilities are distributed throughout the (re)insurance value
  chain, according to Beazley CEO Andrew Horton.
  Speaking at sister publication
  Reactions' London Market
  (Re)insurance Conference on the future of the sector today, Horton
  said the underlying economics of the structures must be examined,
  but that they were likely to be a permanent fixture.
  He said: "My view is (facilities) are good for the
  insurance market. They are not go
  
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• Davies brought in as Darag executive chairman

  28-06-2017 13:24
  Stuart Davies, former CEO of Sompo Canopius, has been appointed
  executive chairman of run-off specialist Darag, The
  Insurance Insider understands.
  Davies is currently a partner at Edi Truell's private equity
  house Disruptive Capital, after leaving Sompo Canopius in November
  last year following parent company Sompo's $6.3bn acquisition
  of Endurance.
  Davies - who will continue to work at Disruptive - will replace
  Claus Stenbaek, who has been chairman of the legacy firm since
  2014. Stenbaek will no
  
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• Ascot Group names Currie executive chairman

  28-06-2017 13:24
  Bermuda-based Ascot Group has appointed former RenaissanceRe CEO
  Neill Currie as executive chairman.
  Ascot said today that Currie's tenure in the newly created
  role began on 21 June.
  Currie co-founded RenaissanceRe in 1993, and was CEO of the
  reinsurer from 2005 until his retirement in 2013.
  Ascot noted that Currie has a mandate to expand the company
  through organic growth, strategic investments and acquisitions.
  Currie will work alongside Ascot CEO Andrew Brooks.
  Ascot Group is the holding comp
  
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• Antares announces board promotions

  28-06-2017 13:24
  Lloyd's managing agent Antares has promoted internal candidates
  to the roles of chief operations officer and finance director and
  added both executives and its chief actuary to its board.
  Antares said David Hobbs, previously head of planning and
  analysis, has become COO. Mike Finch has moved up from the role of
  finance controller to finance director.
  Both men have joined the board, alongside chief actuary Paul
  Grimsey.
  Antares Syndicate 1274 has expanded its capacity to £350mn
  ($446.3mn) f
  
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• MS Amlin's European business heads to Belgium due to Brexit

  28-06-2017 13:24
  
  MS Amlin is to re-domicile its European business, Amlin Insurance Societas Europaea to Belgium in response to Brexit.
  
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• Profits up 32% for Acturis in 2016

  28-06-2017 12:33
  
  Software specialist delivers 20% rise in revenue.
  
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• LMA sets up claims hub

  28-06-2017 12:31
  
  LMA sets up claims hub for expert management
  
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• Zurich buys travel disruptor Halo

  28-06-2017 12:22
  
  The deal to buy the car rental insurance platform was for an undisclosed sum.
  
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• CDL's profit after tax soars 42% in 2016

  28-06-2017 12:01
  
  Operating profit and turnover also rose.
  
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• Government looking to drop 'outdated' discount rate formula

  28-06-2017 11:39
  
  The government is looking to move away from the “outdated” Ogden discount rate mechanism, the City Minister said.
  
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• Businesses to face bigger costs for ransomware attacks

  28-06-2017 11:22
  
  Businesses could face greater financial fall-out if they become victim to a cyber or ransomware attacks, following the Petya attack on Tuesday.
  
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• Opinion: When speed dating works

  28-06-2017 10:57
  Matchmaking can be a slow process. And sometimes the strongest and
  longest relationships are forged out of a patient, measured
  courtship.
  And M&A can often be a drawn-out affair too, even in a
  bilateral transaction.
  But if any further evidence was needed of private equity's
  unbridled passion for the intermediary space, it was on full
  display withyesterday's quick-fire announcement of an agreement for
  KKR-backed USI to buy Wells Fargo's insurance broking
  business.
  A deal timetable of less tha
  
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• IAG lifts margin guidance on reserve releases

  28-06-2017 10:57
  Australian insurance company IAG has lifted its full-year profit
  margin guidance because of greater-than-expected reserve
  releases.
  After a review of prior-year reserve releases, the carrier said
  reserve releases would amount to at least 5 percent of net earned
  premiums in the fiscal year ending 30 June, up from a previous
  estimate of at least 2 percent.
  As a result it lifted its margin guidance range for the year to
  June to 13.5 percent to 15.5 percent, from 10.5 percent to...
  
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• Petya, WannaCry highlight need for cyber cover says Lloyd's

  28-06-2017 10:54
  
  Ransomware attacks Petya, WannaCry and Petya highlight need for cyber cover, otherwise businesses face huge bills, says Lloyd’s 
  
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• Insure fully against cyber threats, urges Lloyd's

  28-06-2017 10:54
  
  Lloyd’s says businesses need to insure fully against cyber threats properly or face huge bills and reputational damage
  
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• Interview: Matthew Crummack, Go Compare

  28-06-2017 10:09
  
  When Matthew Crummack took the driving seat at Go Compare a year ago this month, the business was in the midst of a demerger from parent Esure. The CEO of the price comparison site sat down with Ryan Hewlett to discuss his first year in the job, taking the business solo and a future of an industry faced with numerable challenges and opportunities.
  
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• Open GI partners with Equifax on fraud prevention

  28-06-2017 09:58
  
  The software house is making Equifax checks available to brokers via its fraud validation platform.
  
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• IAG lifts full year guidance on higher reserve releases

  28-06-2017 09:50
  
  After a tough year of natural catastrophes Sydney-headquartered insurer IAG has raised itsmargin guidance range for the full financial year after announcing higher than expected reserve releases.
  
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• Blog: When the Apple takes a bite out of you

  28-06-2017 09:50
  
  Does Apple and Cisco’s move into cyber insurance herald the start of technology firms truly disrupting the insurance chain?
  
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• Axa revamps mid-market manufacturing product

  28-06-2017 09:31 via insuranceage.co.uk
  
  New offering includes a £1m public liability clean-up cost cover as standard and up to £10,000 for recalibration of damaged production equipment.
  
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• Group risk: A group safety net

  28-06-2017 07:00
  
  With state benefits set at low levels, the safety net of group risk cover has never been more valuable. But although sales are creeping up, providers and advisers believe there is much more that could be done to grow the market
  
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• New Zealand's Tower backs Suncorp's bid

  28-06-2017 03:32
  
  New Zealand insurer Tower's board is now favouring Suncorp's bid for the company over Fairfax Financial.
  
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• InsureTech could decimate costs: Lemonade CEO

  28-06-2017 01:32
  Costs in the industry could be slashed by a factor of ten, the
  CEO and co-founder of insurance startup Lemonade has said.
  Speaking at a conference in New York, Daniel Schreiber claimed
  new entrants to the market had a significant advantage over
  incumbent insurers.
  "We've got a much easier job than traditional insurance
  companies," he said. "Starting from scratch and being
  legacy free is incredibly empowering."
  He claimed that in US homeowners insurance, the space in which
  Lemonade plays, expense
  
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• Beazley adds US management liability underwriter

  28-06-2017 01:32
  Beazley has taken management liability underwriter Jason Lowney
  from rival Nationwide.
  The newly-appointed underwriter will be based in Beazley's
  New York office and report to its head of management liability
  Jeremie Saada.
  At Nationwide he led the development of the management liability
  business as director of commercial D&O. He previously held
  positions at Hartford Financial Products and AIG.
  Beazley's management liability focus group leader, Neal
  Wilkinson, said: "Jason will be a great ad
  
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