Insurance news

• Alliant hires Kenny to drive Eastern US growth

  29-06-2017 22:08
  Alliant has hired former Wells Fargo executive Kevin Kenny as it
  looks to expand its middle market division's platform through
  the Eastern US.
  The Newport Beach, California-based retail broker said Kenny has
  taken the position of executive vice president and managing
  director.
  "Kevin is known throughout the East for his ability to
  facilitate exceptional growth through talent acquisition, new
  partnerships, and strategic acquisitions," said Alliant
  Americas senior managing director Bob Bennetsen.
  
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• Lloyd’s at risk of downgrade from Fitch after underwriting dip

  29-06-2017 19:19
  
  Ratings agency Fitch’s negative outlook means Lloyd’s is at risk of downgrade
  
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• Fitch places Lloyd's in downgrade firing line

  29-06-2017 19:16
  Fitch has revised the outlook on Lloyd's AA- financial
  strength rating to negative from stable due rising catastrophe
  exposures and progressively weaker underwriting performance.
  The rating agency repeatedly stressed the size of the cat
  exposures that Lloyd's is now running.
  "Lloyd's exposure to worldwide natural and man-made
  catastrophes is higher than peers'," it said. "Fitch
  believes that exposure to catastrophe risk has increased in recent
  years despite declining margins on this line of busi
  
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• AM Best upgrades Coverys subsidiaries

  29-06-2017 19:16
  AM Best has upgraded the financial strength ratings of four
  subsidiaries of US medical malpractice carrier Coverys from A- to
  A.
  The companies upgraded were Medical Professional Mutual
  Insurance Company, MHA Insurance Company, Washington Casualty
  Company and Preferred Professional Insurance Company.
  The rating agency also moved the outlook for the ratings from
  positive to stable.
  Coverys' other subsidiaries - ProSelect, Coverys Specialty
  Insurance and Coverys RRG - retain their current A ratings
  
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• Aegon closes sale of US run-off businesses

  29-06-2017 19:16
  Aegon has closed the sale of most of its US run-off operations to
  Wilton Re.
  As announced in May, the sale of the payout annuity business and
  the bank and corporate-owned life insurance business will result in
  a capital release of about $700mn in 2017, Aegon said.
  "The transaction is consistent with the company's
  stated strategic objective to reduce the amount of capital
  allocated to its run-off businesses," it added.
  Under the terms of the May agreement, Aegon's Transamerica
  life...
  
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• Brokers being shunned by tech-mad 'faceless insurers' - MGAA chair

  29-06-2017 18:19
  
  Brokers being shunned as insurers race towards technology  killing relationships, says MGAA chairman
  
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• London escapes major cyber loss from NotPetya attack

  29-06-2017 16:22
  The London cyber market will once again see limited impact from
  an international ransomware attack after the NotPetya malware hit
  Europe and the US on Tuesday (27 June).
  The countries worst affected by the NotPetya attack -
  predominantly Ukraine and Russia - have low cyber insurance
  penetration, market participants told The Insurance
  Insider.
  "There is very little cyber insurance penetration in the
  Ukraine, where most of the companies have been affected, and that
  business tends to be written out
  
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• London Bridge terrorism claims hold-up resolved: Enoizi

  29-06-2017 16:22
  The UK government has officially designated the London Bridge
  attack of 3 June as terrorism, allowing carriers to begin paying
  claims to the businesses affected, according to Pool Re CEO Julian
  Enoizi.
  Confirmation from the Treasury came yesterday, within the
  timeframe stipulated in the 1993 legislation that underpins Pool
  Re.
  That law gives the government 21 days to issue the
  certification, which begins from the point Pool Re requests
  confirmation that an event is a terror attack. Pool Re can..
  
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• Canadian reinsurers' premiums fall in Q1: MSA

  29-06-2017 16:22
  Canadian reinsurers' net written premiums declined by 10.4
  percent in the first quarter of 2017, as retro costs climbed in the
  aftermath of the Fort McMurray wildfires last year, according to
  MSA Research.
  The firm noted that reinsurers' direct written premiums
  (DWP) fell by 8.1 percent to C$62.8mn, while ceded premiums were up
  15.93 percent to C$342.5mn. Net written premiums came in at
  C$314.8mn.
  The segment's combined ratio worsened by 17.91 percentage
  points year-on-year to 101.21 percent, as
  
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• AGCS gains approval for South Korean branch

  29-06-2017 16:22
  Allianz Global Corporate & Specialty (AGCS) has won regulatory
  approval to set up a branch in South Korea, as the commercial lines
  carrier eyes growth in the east Asian country.
  AGCS said it was the first international non-life insurer in
  nearly a decade to gain approval from the Financial Services
  Commission of South Korea to set up a new unit.
  The company has picked Noh Chang Tae as CEO of the branch. Chang
  Tae was previously working for AGCS in...
  
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• Fitch turns negative on Lloyd’s outlook

  29-06-2017 15:53
  
  Rating remains the same at AA-.
  
  Read more

• Nexus buys marine cargo MGA from Aquila

  29-06-2017 14:15
  
  The business has now moved to Nexus’ headquarters in Leadenhall Street.
  
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• AIG plans acquisitions under incoming CEO

  29-06-2017 14:15
  
  AIG is planning to slow the pace of share buybacks and instead spend on acquisitions, CEO Brian Duperreault has said.
  
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• Korean Re defers start-up ambitions until 2019

  29-06-2017 13:31
  Top 10 reinsurer Korean Re has extended its timeline on a
  Lloyd's start-up and does not now expect to have a
  fully-fledged syndicate operating until 2019, The
  Insurance Insider can reveal.
  Korean Re launched a special purpose arrangement (SPA) with
  Beazley in mid-2015 as part of a broader strategic relationship,
  with the Lloyd's sidecar always intended as a precursor to a
  standalone operation.
  Last November, The Insurance Insider
  reported that the Seoul-headquartered reinsurer hadcommenced discu
  
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• Jinzenji named Japan CEO at Munich Re

  29-06-2017 13:31
  Brian Jinzenji has been appointed CEO and country representative
  for Japan at Munich Re, effective from 1 July.
  Jinzenji has more than 25 years of experience in the non-life
  insurance industry in Japan and the US.
  He was previously CEO of Axa Assistance Japan, a role he took on
  after being head of commercial lines at AIU Insurance.
  Munich Re has run a life reinsurance business out of its
  Japanese branch since 2010, but will now expand its offerings from...
  
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• IDA Ireland sees end to Brexit licence rules divergence

  29-06-2017 13:31
  The international financial services head of Ireland's
  investment and development agency expects a reduction in
  "inconsistencies" between EU watchdogs assessing licence
  applications from Brexit migrants, after a central regulator issued
  guidelines.
  IDA Ireland's Kieran Donoghue welcomed intervention last
  month from the European Securities and Markets Authority (Esma),
  which warned local regulators against accepting applications from
  "letterbox entities". Esma intervened after a complaint
  of "cre
  
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• Argo Pro makes FI and A&E hires

  29-06-2017 13:31
  Bermudian carrier Argo has hired Mary Henderson as its new head of
  financial institutions within its Jersey City-based Argo Pro unit.
  The company also named Dan Gmelin as vice president of
  underwriting for the architects' and engineers' (A&E)
  line at Argo Pro.
  Both appointments are effective immediately. Henderson will
  report to Argo Pro president Craig Landi, while Gmelin will report
  to Bill Kelly, senior vice president of errors and omissions
  (E&O) underwriting.
  Landi was named preside
  
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• Boss of AIG Duperreault reveals new direction for insurer

  29-06-2017 11:52
  
  CEO of AIG Duperreault says he wants a marked departure from predecessor 
  
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• Worried insurer staff reveal fears of insurtech firms swiping revenue

  29-06-2017 11:44
  
  Insurers to invest in data analytics to fend off threat from insurtech firms
  
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• InsurTech Futures: 86% of insurers worried about losing revenue to start-ups, says PwC

  29-06-2017 11:44
  
  PwC says insurers' perception of InsurTech has changed over the last year.
  
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• Exin buys 75% stake in Ethniki as it looks to drive 'renaissance for the industry'

  29-06-2017 11:26
  
  Exin Financial Services has purchased a 75% stake in insurer Ethniki Hellenic General Insurance from National Bank of Greece for €718m (£631.8m).
  
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• Darag names Stuart Davies chairman

  29-06-2017 11:22
  
  European run-off insurance company Darag has named Stuart Davies as chairman of the group.
  
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• Reinsurers team up with World Bank on pandemic initiative

  29-06-2017 11:00
  Munich Re and Swiss Re have joined forces with the World Bank,
  World Health Organization and financial sector peers to create a
  product to fight epidemics and pandemics in developing
  countries.
  Created in response to the Ebola crisis in West Africa in 2014,
  the Pandemic Emergency Financing Facility (PEF) is a
  first-of-its-kind mechanism designed to quickly channel funding to
  developing countries facing a major disease outbreak with pandemic
  potential.
  The PEF will provide more than $500mn to cov
  
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• Opinion: QBE Chile spin-off

  29-06-2017 11:00
  A fresh sign came yesterday that the model of a truly global,
  all-country P&C insurer is somewhat out of fashion, when QBEspun off its Chilean operations to management.
  The move has followed a raft of disposals and divestitures over
  the last year or two from heavyweightsAIG,Zurich andRSA, whileGenerali has signalled pending surgery and QBE itself has
  dismantled other parts of its own empire.
  Where previously these groups had looked to expand their
  footprint to generate...
  
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• Nexus agrees to buy marine cargo MGA from Aquila

  29-06-2017 11:00
  Expansive MGA Nexus Underwriting has acquired Vectura
  Underwriting, a Lloyd's coverholder and marine cargo
  specialist, from Aquila Underwriting.
  The deal is the first to be completed ofthree acquisitions planned by the company, as first reported by
  The Insurance Insider in April.
  Established in June 2007, Vectura Underwriting is headed up
  Stephen Fletcher, together with Tim Hancox. Both have relocated to
  Nexus' headquarters in Leadenhall Street, London.
  Hancox began his insurance career in 1969
  
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• Guy Carpenter launches Asia Pacific retro unit

  29-06-2017 11:00
  Guy Carpenter has launched a new unit offering retrocession
  services to clients in the Asia Pacific region.
  GC Asia Pacific Retro provides a range of retrocession property
  solutions, including retrocessional solutions, capital raising, and
  product and capacity development, and links in with Guy
  Carpenter's existing marine and aviation global specialties
  units in the region.
  The unit is headed up by managing director Simon Hughes and
  senior vice president Ben Dunnett.
  Hughes has worked exclusivel
  
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• Exin seals $1.1bn deal for Greek insurer Ethniki

  29-06-2017 11:00
  Matt Fairfield's start-up Exin has signed a deal to acquire
  a 75 percent stake in Greek state-owned insurer Ethniki in a
  transaction valuing the business at EUR958mn ($1.09bn).
  Exin, which is backed by Calamos Asset Management on the deal,
  said it will pay EUR718mn for its stake, while National Bank of
  Greece (NBG) will retain the remainder of Ethniki as part of a new
  10-year partnership covering life, savings and non-life insurance
  products.
  Ethniki has been the subject of a...
  
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• Debbie claims near A$1bn: ICA

  29-06-2017 11:00
  Insured losses from Cyclone Debbie, which struck the east coast of
  Australia in late March, have neared A$1bn ($767bn), the Insurance
  Council of Australia said today.
  As of 28 June, Australian carriers had received more than 58,000
  claims in Queensland and New South Wales as a result of the storm
  costing the industry A$988mn.
  The cyclone caused storm surges and extensive flooding. More
  than 80 percent of the claims were for property damage or home
  contents damage, the council said....
  
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• Axa Asia CEO Laurent Josi steps down

  29-06-2017 11:00
  Axa Asia CEO Jean-Louis Laurent Josi has stepped down, the
  company said today.
  Laurent Josi has resigned as CEO of Axa's life, savings,
  health and P&C operations in Asia, but will stay on at Axa as a
  senior adviser until year-end to help with the leadership
  transition in the region.
  The executive has also left the French insurance titan's
  group management committee.
  Axa said it would announce a replacement as Asia chief before
  the end of September.
  Laurent Josi, a...
  
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• European broker merges with tech firm to create Digital Insurance Group

  29-06-2017 10:57
  
  European digital insurance broker Knip has merged with tech firm Komparu to create Digital Insurance Group.
  
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• Acturis profit jumps as it woos brokers from rivals

  29-06-2017 10:47
  
  Paying off debt also helps Acturis profit rise
  
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• InsurTech Futures: Pay-per-mile broker gets £350,000 investment

  29-06-2017 10:14
  
  The on-demand motor start-up is gearing up for UK launch as it awaits FCA authorisation.
  
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• Ryan Direct Group eyes acquisitions as it rebrands after takeover

  29-06-2017 10:11
  
  Company was bought by Towergate owners earlier this year.
  
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• Insurers fear revenue is at risk to disruptors entering the market

  29-06-2017 09:24
  
  Insurers are worried that their revenue is at risk from insurtech, with over one in eight insurers fearing that they could lose revenue to disruptors entering the market.
  
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• CNA appoints tech underwriter

  29-06-2017 08:05
  CNA has taken Zurich's Gregg Fergot to lead underwriting in
  its technology segment, the Chicago, Illinois-based insurer.
  In the role, Fergot will be responsible for implementing
  CNA's strategic and operational objectives, the company said in
  a statement.
  At Zurich, he was head of technology for the firm's middle
  market commercial segment. But he has also held roles at Travelers
  and Chubb.
  He will be based in San Francisco and report to Dieter Korte who
  is senior vice president of customer...
  
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• Axis takes primary casualty writer from Western World

  29-06-2017 08:05
  Axis Capital's insurance division has taken on Jim DeSimone
  to lead its primary casualty business in the Northeast and Midwest
  of America.
  DeSimone joins the insurer from Western World as a senior vice
  president, the same role he held at his previous employer, which
  saw him run its primary casualty and professional lines brokerage
  units.
  The newly-appointed executive will be based in New York and
  report to Axis Insurance's executive vice president for primary
  casualty Janet Jordan-Foster.
  In a s
  
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• International: Marine losses

  29-06-2017 08:00
  
  Marine losses are flowing again as ever larger, more sophisticated ships take to the seas.
  
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• Allianz's global commercial arm opens Seoul office

  29-06-2017 07:35
  
  Allianz Global Corporate and Specialty, the international business division of the Munich-headquartered insurer, has opened an office in Seoul.
  
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• Beijing mulls relaxing controls on insurers’ offshore investments

  29-06-2017 03:39 via ft.com
  As FX levels stabilise China considers easing controls on cross-border acquisitions
  
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• Personal auto to contribute to 2017 US P&C loss

  29-06-2017 03:36
  Rising personal auto losses will contribute to a second annual
  loss in a row for the US P&C industry this year, according to
  S&P Global.
  The P&C industry as a whole in the US is projected to fall
  to an underwriting loss this year, with a combined ratio of 100.7
  percent, the firm's market intelligence division said in a
  report.
  In personal lines the combined ratio is expected to be higher,
  at 103.0 percent, with a private auto combined ratio...
  
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• PartnerRe's P&C CEO to step down

  29-06-2017 00:29
  PartnerRe's CEO of P&C Tad Walker is set to leave the firm
  early next year, the reinsurer announced in a statement today.
  Marvin Pestcoe, a long-time PartnerRe executive and currently
  chief risk and actuarial officer, is also set to leave, with
  external recruitment exercises to replace both now underway.
  Walker has been with the Bermudian, now owned by the Agnelli
  family's investment vehicle Exor, for more than 15 years after
  first joining as head of catastrophe in 2002.
  The executive...
  
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• Duperreault signals shift from buybacks to acquisitions

  29-06-2017 00:29
  Newly-appointed AIG CEO Brian Duperreault has suggested he would
  redirect the company's excess capital from share repurchases
  towards acquisitions if he can show them to be value-adding.
  "Shareholders want to see value creation. If I can present
  them something that is better value creation than a share buyback,
  I won't get a hard time," the executive said after the
  company's annual general meeting today in New York, according
  to a WSJ report.
  "I'd love to find great additions to the...
  
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